As a new federal administration gets underway, some in the regulatory compliance roles may wonder how the change may affect their job. Here, Kerry McInerney ’98 provides a practitioner’s perspective on job security for regulatory compliance roles under a new administration.
Is a career in regulatory compliance a good choice in today’s legal market?
Yes! Regulatory compliance remains one of the fastest growing legal careers. In fact, job satisfaction among compliance professionals is also at an all-time high—in its 2021 list of “Best Jobs,” U.S. News & World Report ranks compliance officer as the seventh best business job and in the top 50 of the best 100 jobs overall. Following the results of the November 2020 elections, job security can almost certainly be included among these statistics.
What is one challenging aspect of working in a compliance-related role?
One of the most difficult aspects of a compliance professional’s life is keeping track of new and changed laws and regulations, not to mention how those changes impact the company’s or client’s business. For compliance and risk management professionals seeking to set themselves apart from their peers, specialized knowledge and skills are crucial, especially in today’s fast-changing political climate.
How do current events affect federal legislation when it comes to regulatory compliance?
Ideally, federal legislation would be proactive, passed in a bipartisan compromise furthering the interests of people and policy over party and power. Reality seldom matches the ideal. All too often, federal laws are passed either in response to significant events or as part of reactionary, pendular swings in political ideologies.
Consider, for example, the first major acts regulating the sale and exchange of securities, the Securities Act of 1933 and the Securities Exchange Act of 1935. Both were signed into law in response to the causes of the Great Depression. Similarly, the events of 9/11 produced the USA Patriot Act in 2001. In response to another economic crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act passed in 2010.
Other times, legislation is enacted because a shift in voter sentiment vests control of the Congress and presidency in a single party. Examples of laws enacted by a unified government include the Fair Labor Standards Act of 1938 and the Civil Rights Act of 1964. More recently, a unified government enacted the Affordable Care Act (“Obamacare”) in 2010.
Of course, many factors contribute to the passage of any federal legislation—the Patriot Act passed when Republicans controlled government, and the Civil Rights Act was enacted in response to the Civil Rights Movement. January 2021 marks the 23rd time since 1933 that both houses of Congress and the presidency have been controlled by the same political party and the sixth time in the past 40 years.
How should professionals in compliance roles be encouraged when it comes to job security under a new administration?
If history is our guide, then we should expect the current unified government to pass new legislation, rollback or amend existing laws, and likely generate a host of implementing regulations with which our citizens and industries must comply. From the perspective of the practitioner, 2021 is truly a great time to pursue a career in compliance.
Kerry McInerney ’98 is the director of Cumberland’s online graduate programs. The online Master of Laws (LL.M.) for lawyers and Master of Studies in Law (M.S.L.) for nonlawyers can be completed in as little as 24 months and include four specialized concentrations: Financial Services Regulatory Compliance, Health Law and Compliance, Higher Education Law and Compliance, and Legal Operations. The M.S.L. also offers a custom option.
