It’s a chilling thought, isn’t it? The stark reality that any one of us could be facing the consequences of a compliance misstep, no matter how diligently we strive to do the right thing. I’ve come back to this regularly, ever since the SRA unveiled its stricter approach, slapping hefty fines on firms for even historic AML compliance lapses. The wave of prosecutions coming before the SDT just adds to the sense of unease.
If you’re in the compliance world, these stories are far from abstract. They become your daily bread and butter – not just for sharing with colleagues but as an ever-present reminder of the potential pitfalls that lurk around every corner.
The weight of the role
Being a compliance professional is a demanding job. The pressure is immense, especially for those in smaller firms, often juggling all compliance responsibilities—from Accounts Rules and AML to data protection—while also managing the firm or generating revenue (or indeed, both).
Even in larger firms with dedicated teams, the pressure doesn’t let up. Compliance officers are constantly juggling a million balls in the air: making sure their colleagues are properly trained and resourced, and actually doing the job, often across multiple offices and jurisdictions.
I’ve spoken before about the liability of compliance officers (see here), but one crucial aspect I didn’t delve into is the devastating impact on reputation when things go wrong. COLPs, COFAs, MLCOs, and MLROs are the public face of compliance, and their names are often inextricably linked to the failings discovered and pursued by the SRA. It’s a harsh reality that some compliance officers have been singled out for criticism in SRA AML audits for perceived lack of understanding or commitment. We’ve supported professionals in this exact situation—and it can be a crushing blow for someone who genuinely strives to do the right thing.
The social media dilemma: help or harm?
What’s worse is seeing other people capitalise on these negative headlines. LinkedIn, in particular, seems to be a breeding ground for this – blurring the line between informative posts about lessons learned and posts that simply take cheap shots. This trend is especially noticeable when the poster has a product to sell – a supposed “solution” that promises to revolutionise your compliance.
LinkedIn can be an incredibly useful tool when used well. It’s one of the quickest ways to stay on top of regulatory developments, SRA decisions, enforcement actions, and new guidance. Practitioners and thought leaders share valuable commentary and practical insights that genuinely help others in the field. The ability to join the conversation, ask questions, and hear how other firms are tackling similar challenges can be both reassuring and enlightening. For time-poor compliance professionals, following the right voices on LinkedIn can cut through the noise and help prioritise what actually matters.
But let’s be honest: the majority of people who’ve walked in the shoes of a compliance officer can see straight through the more opportunistic content. We know these figureheads are just one part of the puzzle and rarely solely responsible for the failings. Often, in fact, they’re the very people trying to fix things before they escalate. We understand the challenges, the grey areas, and the pressure.
Let’s not forget either that many enforcement actions are for historic breaches – either from a time when that individual or wider team wasn’t in place, or (dare I say it) from a time when the AML compliance regime wasn’t being embraced as fearfully as it is now. Hands up who got their SRA decision letter and thought: “Well, thank goodness they didn’t look at that person’s files…”
We’re all in this together
The compliance world is tight-knit. We recognise each other by name, by reputation, through LinkedIn, and often even in person. It’s a tough gig. We revel in the wins, but when the SRA, insurers or accreditation bodies come knocking, it’s enough to make you lose sleep, stress-eat, and wring your hands in despair. And it can happen to any of us—suddenly and without warning.
So, find your tribe. Reach out, offer support, and don’t hesitate to ask for it when you need it. Read the news stories—but don’t succumb to curtain twitching or gossiping. Instead, ask yourself:
What lessons can I learn from this?
Am I truly as on top of things as I think I am?
If not, what steps can I take to improve—and who can I turn to for help?
If you’re a compliance officer, make sure you’re properly resourced, trained, and have the full support of your firm’s management board. If you feel like you’re the only one banging the compliance drum, you’re facing an uphill battle. And you have to ask: is it really worth risking your reputation for a company that doesn’t seem to value your efforts?
On 30 April (12:00pm – invitations to follow for all newsletter subscribers), we’ll be hosting a webinar dedicated to showcasing practical sources of support and advice for those who feel overwhelmed or in need of guidance. Join us. You can’t be there for everyone else if you’re not looking after yourself first.
