The compliance profession, which is cloaked in mystery and misperception, is one that requires a sharp eye for detail, an in-depth knowledge of constantly changing rules, and a firm grasp of the complexities of business ethics. The question of whether compliance professions are intrinsically stressful remains, however, notwithstanding these requirements.
The Elusive Answer: Is Compliance Stressful?
Is it difficult to work in compliance? The obvious solution is “yes.” However, the full scope and range of stress levels are still unknown. Job satisfaction, rates of depression, anxiety, and burnout, and other aspects of mental health among compliance officers are mostly unknown domains.
The Stress Conundrum
Some compliance tasks may actually be more stressful than the usual work because of the unique demands placed on them. There is some evidence that compliance officers may be more likely to suffer from mental health problems, report greater rates of sadness and anxiety, and have difficulty finding professional satisfaction in their work. However, this is still conjectural because there is a lack of definitive evidence.
On the other hand, there is an opinion that working in compliance is not very stressful. CareerCast conducts an annual stress level review using data from the Bureau of Labor Statistics across several occupations, and compliance is routinely ranked as one of the least stressful. This view is shared on online forums like Reddit, where users compare working in compliance with working as a lawyer and conclude that the former offers a better work-life balance.
The Quest for Clarity: A Survey on Compliance Working Conditions
To help solve this mystery, we’ve designed a poll to collect information on compliance professionals’ experiences in the workplace. Our goal is to make contact with working people in many fields and learn from their insights. Their mental health, the emergence of antagonistic relationships, and their perceptions of their compensation will all be explored through the questions that will be posed.
Why This Initiative Matters
At CCI, we strive to provide an objective resource for the compliance industry. Our poll is conducted autonomously, without any external funding, to maintain its objectivity. We hope to provide our readers with useful information while also setting a standard that may be used in the future. Promotional and marketing partnerships do not include any other parties.
Furthermore, we recognize our shortcomings in areas such as knowledge of mental health, survey design, and data analysis. So, we’ve teamed up with Tamara Altman, a Ph.D. holder in clinical psychology from UCLA with over twenty years of experience doing research for universities, NGOs, the government, and private companies.
Defining a Compliance Officer
Although CCOs receive a disproportionate amount of attention in surveys, most compliance officers are not at the executive level. According to the United States Bureau of Labor Statistics, a compliance officer is someone whose job it is to ensure that all contracts, licenses, permits, and other compliance and enforcement activities are in compliance with all applicable laws and regulations. The wide variety of occupations encompassed by the term “compliance” is shown by this definition.
There is a wide range of possible working circumstances for compliance officers. In certain organizations, they work with other divisions to ensure that the company’s goals are met while risks are minimized and regulations are followed. When operational tensions rise, they can operate as a pressure release valve, although this role typically draws the attention of regulators.
The Stress Associated with Compliance: What We Know
There hasn’t been a lot of work done to measure stress in the compliance industry. In 2011, the Society of Corporate Compliance and Ethics (SCCE) and the Health Care Compliance Association (HCCA) conducted a survey to assess the mental health of its members. The results were striking, showing that a sizable fraction of respondents had pondered quitting their employment and that many felt lonely or involved in antagonistic relationships.
After ten years, we need to revise it. Significant legislative shifts, expanded roles, and greater individual accountability for compliance officers have all contributed to a dramatically altered compliance picture. Environmental, social, and governance (ESG) concerns, diversity, equality, and inclusion (DEI), data protection, cybersecurity, cryptocurrencies, and artificial intelligence are just some of the emerging areas of emphasis in this fast growing field.
In Conclusion
Deeper investigation is needed to answer the topic of whether or not employment in compliance are stressful. Different people in the compliance area experience different amounts of stress, thus it’s important to investigate the causes and effects of stress in this industry.
The purpose of this survey is to gather this information so that compliance officers working in the field may learn from the experiences of their colleagues and that corporate executives may gain a deeper understanding of what makes for a strong compliance program. Understanding the stress dynamics within the evolving compliance industry is more important than ever. If you work in the compliance industry, we encourage you to take part in our survey to help us better understand your field.