KYC, Due Dilligence and Compliance Roles and Why You Should Consider Them as a Career
So many roles exist in today’s corporate world that one could be easily overwhelmed with the enormity of information. Data analytics, corporate governance, spread sheets…oh god the spread sheets. But have no fear, because there’s one faction of the corporate world that is expanding and that sector is Compliance. But what does any of that mean? Well, let’s look at the similarities between all three phrases and they all have one word in common below the surface, and that word is Risk, aka Risk Management. Risk Management roles over the past two years have grown nearly 70% across all corporate sectors making them a close competitor to tech roles out of Silicon Valley.
These roles all encompass different aspects of risk management practices and play vital roles in back-office operations across the globe. While Risk Management is an ever changing and evolving industry, some roles stay pretty much the same. One of those roles is KYC Analyst, aka Know Your Client Analyst. Think of KYC like this, you go to open a new bank account at the local branch and want to deposit $1,000.00, how do you think banks and financial institutions determine who they do business with? I’ll give you a clue, they run a background check, but not just any old background check, we are talking a multi-phase background check that gets all the nitty-gritty for the bank. By the time you review your Instagram feed the bank already knows your income, address, bankruptcies (or lack thereof hopefully), citizenship and any hits on possible past criminal activity (especially financial crimes). Based upon these factors, a bank may or may not open your account, OR they may open your account and KYC Analysts will continue to dig up information relating to said KYC reports. Welcome to the life of a KYC Analyst, the background researcher who will vet potential clients and validate them as either reputable or risk based. With a sound resume and some education mixed with research experience, one could easily land a role as a KYC Analyst in any major banking firm like Meryl Lynch, Citigroup and maybe after a few years Goldman Sachs. Keep in mind these roles require a great amount of focus and investigative experience, so showcasing those skills on your resume is crucial.
Due Diligence and Compliance often go hand in hand with each other, and usually require a bit more moving parts in these roles. Despite this, with the right resume, cover letter, education and personality anyone can make this into a very prosperous career. Due Diligence is a component of a Compliance Officer’s daily tasks, but what is due diligence? Basically, it’s the enhanced research on one or many factors surrounding a case or investigation relating to a company’s operational risks. These risks include but are not limited to client due diligence (backgrounds), account activities (money movement), political affiliated parties, geographical regions of concern and financial risks (Chapter 11 bankruptcies, Company Debt etc.). These are the usual areas of focus for Compliance Officers who perform EDD (Enhanced Due Diligence). Once the research is complete, Compliance Officers compile this research into comprehensive reports and rate the risk. Essentially, you act as a detective for your firm or company with a focus on mitigating risk factors. Keep in mind, financial firms all vary in policy and procedures relating to these practices and often times have their own company specific trainings for onboarding staff.
More or less, these roles usually require a bachelor’s degree and at least some experience (legal research, internships and even college research papers). The good news is that these roles are currently abundant, so the next time you’re browsing LinkedIn check out Compliance Officer roles and see where you fair in relation to the job requirements. Keep in mind, these roles require a good deal of writing, so make sure your cover letters are on point and grammatically correct. Remember, a poorly written cover letter can make or break your application, even if you qualify for the position!
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