Does this sound familiar? You have an entry-level opening in your department. You place a help wanted ad on a job board. You’re overwhelmed with resumes from recent college graduates. You pluck a few that look promising. You complete a few weeks of interviews.
And after that’s done you lean back in your chair, cross your arms, and wonder, what are they teaching those kids? Because not one candidate you talked to could be quickly plugged into your organization without costly tutoring and advising by you.
Clearly something is missing in the way academia prepares students for a career in corporate compliance. And that missing piece is mentoring.
Academia has traditionally played a parental role in corporate compliance. Educators train students on rules and regulations, and how to adhere to them. But with today’s rapidly changing regulatory landscape, training alone is not enough to prepare students to hit the ground running when they enter the corporate compliance industry.
Rather, academia needs to stir in a mentoring program—something that works closely with the compliance industry to prepare students for the world as it exists, and gives them the basis for developing their moral and ethical compass to apply to whatever compliance challenges they’ll face.
This is the only way in today’s environment that we can prepare our students to become the business leaders of tomorrow — professionals who are ready to think through their actions, manage risk, and minimize negative outcomes on their organizations and communities on day one of their career. Here are the new roles academia, as well as corporate compliance should be playing to achieve this.
Restructuring College Curriculum to Add Mentoring
Many college and universities’ compliance curriculums have a firm basis in teaching rules and regulations. However, most aren’t structured to work with a mentoring program. Here is the focus academia should place on its curriculum to enable it to integrate with a mentoring component.
Focus on consequences. Regulations in and of themselves do not make for proper conduct. Students should know how to apply logic and ethics when adhering to regulations. Educators should give students the tools to think through problems and solutions, and understand the consequences of their actions—not blindly follow regulations that could potentially harm their organization. This helps develop well-rounded individuals who have holistic views of business operations and can lead their organization through compliance challenges.
Be practical. Academic institutions need to incorporate into their curriculum practical, real-world application of regulations. Educators should immerse students in how regulations play out in actual business settings. For example, students should understand the environmental ramification of a product before it’s brought to market. They need to think past the use of the product to its disposal or recycling, where EPA and FDA regulations come into play. This helps students better understand what regulations to apply in a given situation, and how it affects the way we do business.
Emphasize responsibility. Organizations are assemblages of individuals. The actions those individuals take and decisions they make mold the organization. Academic institutions should be shaping students to be “missionaries” for their organizations. Students should learn how to take responsibility and be accountable for their actions and decisions. This helps students understand they are in a position to not only guide, but improve, their organization’s regulatory adherence and ethical conduct.
Compliance’s Mentoring Magic
Next, academia needs to reach out to the compliance professionals in their area and offer them the opportunity to participate in a mentoring program to help shape the next generation of compliance leaders. Here are three effective ways compliance professionals can work with educators to run such a program.
Guest lectures. This can also include on-campus presentations and webinars where compliance professionals discuss myriad topics and trends affecting their industry. You can share your passion for what you do—something you probably rarely get the opportunity to discuss with family and friends. In addition to transferring knowledge, you’re also whipping up excitement in students about the possibilities that are ahead of them and how they can bring innovation to the industry. In a nutshell, you are passing the baton every time you stand and speak.
Peer reviews. Compliance professionals can regularly review and critique academic programs and coursework, looking for strengths and weaknesses. Are educators touching on all aspects of a certain topic? Are they covering all of the areas necessary for students entering the field? Compliance professionals’ feedback is crucial knowledge educators can use to improve their curriculum and help ensure it is relevant and comprehensive so students are well prepared to enter the industry.
Business advisory boards. Educators can work with compliance professionals to form advisory boards that help guide and shape their curriculum. This can also be a more formal extension of peer reviews. Compliance board members can share what they see happening in their industry that should be filtered down to the classroom. It also gives them the opportunity to make connections and gain a broader perspective on their own business challenges, while helping educators keep their curriculum relevant and valuable.
In the end, our goal is to not just train students to take up certain functions within a business. We can work together to give them the foundation to be leaders—independent thinkers who can apply their knowledge and skills to the ever-changing regulatory landscape.
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About the Author
Stephen Paulone is an Academic Program Manager in Post University’s Master of Business Administration degree program. He has more than 25 years of experience in manufacturing, marketing and finance, and has held such positions as marketing manager, manager of new product development, marketing program manager, and finance director.
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