Compliance Interns – Why You Need One, and The One You Want

Source: compliance monitor
Source: compliance monitor

Making sure your company is following regulations and that your staff are adhering to legal standards seems to be one of the most important things in business, does it not? That’s because it is. Given that a Compliance Officer’s job is concerned with just that, that makes them a very important person. This important person’s London salary is an average of £47,500 per year, reaching up to £58,750. That is a hefty sum to be paying if you need a new Compliance Officer in your office. So how can you find somebody who is qualified for the position, degree-trained, eager to impress and won’t cut too big of a chunk out of your wallet, in exchange for training and experience? An intern, of course! We’ve compiled a few more reasons to consider an intern if you are still on the fence, and, given that this role carries a good deal of responsibility, it can be difficult to determine what kind of intern you are looking for – so we’ve got a few pointers to aid you.

 Why you need a Compliance Intern

Enthusiastic approach – Students and graduates are typically keen to prove themselves worthy in the paid position they have been given, and will work extremely hard to impress you and the permanent staff. Another incentive for them is university credit and the hopes of securing a permanent position with your company.

They are up to date on the latest regulation policies, as well as academic content – Their studies will have them savvy in legal, financial, business and management contexts, giving them a great background and foundation to jump off of to maintain your business performance.

Reputation in academic circles – Hiring interns raises your profile amongst other students, graduates and institutions as a company with opportunities and stature. This can only mean good things for you! Stronger applicants and more applicants to choose from whenever you have another internship vacancy.

Train someone your company’s way – without much prior experience, an intern is open-minded and malleable in regards to training, so you won’t need to manage past their previous habits from other firms and businesses to suit your workplace.

Create a future hire –  There is no better way to create a future permanent staff member than by trialing them with an internship, treating them well and letting them settle in. That expensive recruitment process is out of the window!

See how well members of your team can mentor others – An intern requires guidance, support and training, and a great way to see how well somebody in your team works is to assign them as an intern’s mentor. This bodes well for the intern, the mentor and you.

What would a Compliance Intern do?

  • Assess employees to ensure they are adhering to compliance rules
  • Determine whether or not the company is following net capital rules
  • Make sure the business complies with trading, state security and marketing laws
  • Observing and reviewing activities on the sales and accounts front
  • Responding to and logging customer issues or complaints

What you’re looking for in a Compliance Intern

  • Somebody who can work in a fast-paced and demanding environment
  • A candidate who has previously undertaken a high-responsibility role
  • degree in business, law, finance, management or economics – but being flexible also gives you a wider scope of candidates
  • High levels of organisation
  • Analytical mind and adaptable in personality
  • Experience with client service and customer-handling
  • Somebody willing to learn and take direction
  • An understanding of legal practice and conduct
  • An ability to efficiently analyse and understand large amounts of data
  • Someone who is well-versed in the FINRA rules (Financial Industry Regulatory Authority)
  • A person of high integrity and professionalism

A compliance intern, or any intern, is highly beneficial to your business and to the student/graduate rates of employment. The best selection of interns can be found right on Intern Avenue, and a membership will permit you to view, search and contact the best ones, post internship vacancies and receive expert advice from our team. Contact us today for a free consultation!

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