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By Bronwyn Williams, Founder and Director, Agile Group SA (Pty) Ltd
In the compliance sector, women have made groundbreaking strides, emerging as trailblazers in a profession renowned for its high pressure, stress, and intricate hurdles. Their journeys not only reshape the compliance landscape but also set a compelling example of gender empowerment in the workplace.
What is compliance?
This is when an organisation meets all its compliance obligations, which include applicable statutory, regulatory, supervisory and voluntary requirements, as well as relevant industry and general codes, requirements and best practice guidelines collectively.
Let’s delve into the unique obstacles faced by women in compliance, how they’ve overcome these barriers, and the profound impact they have on thought leadership and gender empowerment.
Barriers faced by women in compliance
1. Breaking through the glass ceiling
Women in compliance often face barriers that impede their advancement. Despite their qualifications and expertise, systemic biases and a lack of representation in senior leadership roles can restrict their career growth. This “glass ceiling” limits their opportunities for leadership positions compared to their counterparts.
2. Balancing work and life
Compliance roles are notoriously demanding, requiring long hours and high levels of stress. For many women, juggling these professional demands with personal responsibilities, such as family and caregiving, presents a significant challenge. This balancing act can lead to burnout and affect overall job satisfaction.
3. Navigating gender bias
Women in compliance may encounter gender biases that undermine their authority or underestimate their capabilities. These biases can range from subtle microaggressions to overt discrimination, making it difficult for women to assert themselves and gain recognition for their contributions. Ensuring the adequacy and effectiveness of a compliance function should not be viewed as incompetence; having the necessary tools and recognition is essential for success.
Overcoming the barriers
1. Building support networks
One effective strategy for overcoming these barriers is by building robust support networks. Mentorship programmes, professional associations, and women’s groups within the industry offer invaluable support, guidance, and advocacy. These networks help women navigate career challenges and create opportunities for professional development.
2. Advocating for change
Many women in compliance are spearheading efforts for systemic change within their organisations and the industry as a whole. By advocating for inclusive policies, fair promotion practices, and flexible work arrangements, they are fostering a more equitable environment for future generations.
3. Developing resilience and leadership skills
Resilience is crucial for women in high-pressure professions. By cultivating strong leadership skills and a resilient mindset, women not only navigate the demands of their roles but also set a standard for others to follow. Their ability to handle stress and lead with confidence inspires others and reinforces their positions as industry leaders.
Impact on thought leadership and gender empowerment
1. Redefining leadership
Women in compliance are redefining leadership within their field. Their approach often emphasises collaboration, ethical decision-making, and inclusivity. Women in leadership roles frequently provide close mentorship and coaching to aspiring compliance professionals, demonstrating empathy and inclusivity. This new model of leadership is transforming compliance functions and setting a precedent for other industries.
2. Championing gender empowerment
By succeeding in a high-pressure environment and attaining leadership roles, women in compliance champion gender empowerment. Their achievements challenge stereotypes and inspire other women to pursue careers in compliance and other traditionally male-dominated fields. Their visibility helps dismantle barriers and promote a more inclusive workplace culture.
3. Influencing industry standards
There has been a notable increase of women in the compliance profession. Women in compliance are shaping industry standards and practices. Their perspectives and experiences contribute to the development of more inclusive and equitable policies within their organisations and across the industry. This influence fosters a more progressive and supportive professional environment for everyone.
Conclusion
Looking ahead, it is vital to recognise and honour the remarkable contributions of women in compliance. Their resilience, leadership, and advocacy are not only transforming the profession but also setting new standards for gender empowerment in the workplace. By overcoming barriers and paving the way for future leaders, women in compliance are advancing their careers and fostering a more equitable and inclusive industry for all.
Bronwyn Williams is an expert in compliance, and was awarded her anti-money laundering (AML) designation at the 2024 CISA awards. The AMLC Prac (SA) is a SAQA-registered designation which provides those tasked with anti-money laundering and anti-financial crime to professionalise their careers specialising as AML Compliance Practitioners.
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