What skills do you need to work in compliance?

Ability to dissect and interpret. There are very few black-and-white rules, so the ability to interpret the true nature of the rule as well as the actual language is important. Compliance staff need to be able to work within the gray areas.

Attention to detail. This seems obvious because so many regulations require detailed analysis, but it's important to attend to the details while maintaining a view of the big picture.

Attention to the big picture. Compliance officers must understand the bigger picture and what the regulators are trying to accomplish with the regulation. They must also have the attention to detail to help them figure out how to implement it.

Ability to apply rules to real-life facts. Knowing the regulations inside and out is great, yet staff must have the ability to apply real-life facts to the rules and regulations.

Risk assessment capabilities. The ability to assess the alternatives and make a decision based on the risk is critical. Compliance officers must understand the risk tolerance of the credit union as well as the litigation environment in their area.

Communication skills. Written and verbal communication skills are essential. The compliance officer must have the ability to communicate at all levels in the organization, from front-line staff to the CEO and board of directors. Having compliance expertise adds little value if it can't be communicated effectively.