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The Power of Mentorship in Compliance

Lisa Fine and Ellen Hunt recently hosted Melanie Sponholz, recently honored as Compliance Week’s 2024 Mentor of the Year, and Margarita Derelanko, Senior Director of Compliance at Ivy Rehab Physical Therapy, on an episode of the Great Women in Compliance podcast. They had a lively discussion about mentorship, featuring some of the most influential voices in our field. Melanie and Margarita share a mentor-mentee relationship that exemplifies the value of mutual growth and support in our profession.

Mentorship in compliance is more than just guidance; it’s a two-way street that fosters growth and learning for mentors and mentees. Melanie highlights this beautifully, noting that she knows as much from Margarita as Margarita does from her. This reciprocal relationship underscores a fundamental truth about mentoring: an ongoing exchange of knowledge, experience, and support.

Ellen echoed this sentiment, emphasizing the compliance community’s open, sharing nature. In a profession where continuous learning and adaptation are crucial, connecting, sharing, and learning from others is invaluable. Whether through LinkedIn connections, conferences, or casual conversations, every interaction holds the potential for growth and learning.

One of the most critical skills for any mentor is the ability to listen. Ellen stressed that understanding what the mentee needs is paramount. Whether they are seeking career advice, expertise in a specific area, or simply a supportive ear, a good mentor listens first and provides guidance tailored to those needs.

Margarita added that an impactful mentor must be fully present during interactions. This means dedicating undivided attention to the mentee and fostering deep, meaningful conversations that can lead to significant insights and growth. For mentees, being open-minded and receptive to feedback is equally important. Actual progress comes from incorporating the advice and perspectives shared by mentors.

Authenticity and confidence are foundational qualities that mentors should possess. Melanie highlighted the importance of mentors who are comfortable in their skin and genuinely interested in lifting others. This positive energy not only makes mentoring relationships more enjoyable but also more effective.

Lisa shared a personal reflection on the value of vulnerability in mentorship. Early in her career, she found it challenging to relate to mentors who always presented a perfect facade. Only when mentors began sharing their fears and failures did she realize everyone faces challenges. This openness fosters a deeper connection and gives mentees a more realistic view of their journeys.

In today’s interconnected world, mentorship doesn’t have to follow a traditional path. Margarita noted that mentors can be found in various ways, including blogs, newsletters, and virtual interactions. Compliance professionals like Kristy Grant-Hart and Amy Barnard Bahn, who frequently share their expertise online, serve as mentors to many without formal relationships.

This flexibility in mentorship avenues is a testament to the compliance community’s adaptability. Whether through structured programs or informal exchanges, the opportunities to learn and grow are abundant. Ellen related the value of building a diverse network of mentors, akin to having a “kitchen cabinet” of advisors for different aspects of one’s career and personal development.

For those seeking mentors, taking the initiative to reach out is crucial. Melanie encouraged professionals not to be bold and to ask for a virtual coffee or a quick chat. Specificity in your request—highlighting what you admire about their work and what you hope to discuss—can make the approach more effective. Most people in our field are willing to share their knowledge and experiences, especially when approached with genuine interest and respect.

Mentorship is also about fostering confidence. Margarita highlights how influential mentors can instill a sense of belief in their mentees, helping them recognize and harness their potential. This confidence is essential in a field like compliance, where the ability to stand firm in your decisions and actions can have significant implications.

Ellen iterated on the need for safe spaces in mentoring relationships. Whether you are navigating a difficult situation at work or seeking to improve your skills, having a mentor who provides honest feedback in a supportive manner is invaluable. These safe spaces allow growth without the fear of judgment, enabling mentees to tackle challenges head-on.

It is clear that mentorship in compliance is not just about passing down knowledge—it is about building relationships that foster mutual growth, support, and inspiration. Whether you’re a seasoned professional or just starting your career, there is immense value in seeking and providing mentorship.

The bottom line is you need to take action: reach out to someone who inspires you, whether it’s through LinkedIn, a professional network, or an email. Build your kitchen cabinet of mentors and be open to the diverse perspectives and experiences they bring. Remember, the compliance community thrives on collaboration and support; there is always room for one more connection.

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Alexander Cotoia on Continuous Growth and Development: The Key to Success in Compliance

I recently had the opportunity to visit with folks from Diligent we look down the road at key issues in 2024 in a podcast series, sponsored by Diligent, entitled Compliance professionals adapting to change: Industries, Regulations, and Beyond. I was able to chat with Nicolas Latham, Renee Murphy, Jessica Czeczuga, Yee Chow, and Alexander Cotoia. Over this series, we discussed compliant communications in regulated industries, managing conflicts of interest at the Board level, the Board’s role in compliance training and communications, navigating the current ESG landscape and professional growth and mentorship in compliance. In this concluding Post 5, we discuss professional development and mentorship for compliance professionals with Alexander Cotoia.

Continuous professional development is crucial for compliance professionals, especially those in leadership positions. In a dynamic regulatory environment with expanding responsibilities, staying up to date is essential. Compliance professionals must not only understand domestic laws but also international regulations, such as the EU’s Corporate Sustainability Directive (CS 3D). This extraterritorial impact of legislation emphasizes the need for continuous education to address these developments.

Mentorship plays a vital role in the professional growth of compliance professionals. Often, the focus is on the development of hard skills, but soft skills like communication, collaboration, and relationship-building are equally important. Compliance professionals need to be able to speak the language of different stakeholders within the corporate world, such as CFOs or CISOs. Obtaining a working vocabulary in a corporate context is crucial for effective collaboration and building positive rapport with operational functions.

Fortunately, there are numerous resources available for continuous professional development. Platforms like LinkedIn, Coursera, and Harvard Business School online offer courses that focus on soft skills, negotiation, building relationships, and strategic planning. These courses provide compliance professionals with the necessary tools to excel in their roles. Taking courses outside the realm of compliance, such as business fundamentals, can also enhance their understanding of critical business concepts.

Thought leadership is another valuable tool for continuous learning and professional growth. Writing blogs and articles not only showcases expertise but also forces compliance professionals to learn and digest new information. Engaging in thought leadership allows compliance professionals to stay informed, expand their knowledge, and contribute to the compliance community. It also opens doors for networking and potential collaboration opportunities.

The compliance profession offers a challenging yet rewarding career path. It provides opportunities for professional and financial growth. For students considering a career in compliance, mentorship and continuous learning are emphasized as essential elements. Starting in compliance can lay a solid foundation for future success.

Balancing the tradeoffs involved in continuous professional development for compliance professionals can be challenging. It requires finding the right mix of hard and soft skills, staying updated on regulatory changes, and actively engaging in thought leadership. Compliance professionals must consider the impact of their decisions on their own professional growth and the organizations they serve.

In conclusion, continuous professional development is crucial for compliance professionals, particularly those in leadership roles. The dynamic regulatory environment and expanding responsibilities necessitate staying updated on both domestic and international laws. Developing soft skills, obtaining a working vocabulary in a corporate context, and engaging in thought leadership are essential for success in the compliance profession. Mentorship and continuous learning are emphasized as critical elements for professional growth. Compliance professionals must strive to find the right balance and make informed decisions that benefit their careers and the organizations they serve.

Ready for Purpose-Driven Compliance? Diligent equips leaders with the tools to build, monitor, and maintain an open, transparent ethics and compliance culture. For more information and to book a demo, visit Diligent.com