By Rita Pessutto
for the 2024 Risky Women Writing Competition, presented in partnership with Bovill Newgate
In a globalized economy, integrating foreign women into risk and compliance is vital for innovation. This article explores the barriers they face, such as ageism and credential recognition, and offers strategies for fostering inclusion and leveraging diverse perspectives in GRC.
In an increasingly globalized economy, the need for diverse voices in risk and compliance (GRC) has never been more crucial. However, foreign women, particularly those around the age of 40, encounter significant barriers when trying to integrate into the workforce in their host countries. These challenges not only affect their professional lives but also stifle the potential contributions that a diverse workforce can bring to organizations.
The Landscape of Risk and Compliance
Risk and compliance is a dynamic field that requires not just technical skills but also a nuanced understanding of cultural and regulatory environments. Women, especially those from different countries, bring unique perspectives and expertise that can enhance decision-making and strategic planning. Moreover, the experience gained in international markets is invaluable, as many compliance and risk management regulations share commonalities across countries. This means that professionals with global experience can contribute insights that are relevant not only locally but also internationally, thereby enriching their organizations with diverse strategies and solutions.
The Impact of Age and Gender
For women around the age of 40, societal perceptions often complicate their job search. Ageism, combined with gender biases, creates a dual challenge. Employers may favour younger candidates, mistakenly equating youth with adaptability and technological savviness. This perception can be particularly pronounced in industries like risk and compliance, which have historically been male-dominated and where younger professionals may be perceived as more aligned with current trends.
Additionally, foreign women may struggle with language barriers and cultural differences that make it difficult to navigate the job market. Even when they possess significant experience in their home countries, their skills and qualifications may not be recognized or valued in their new environment. This lack of recognition can be disheartening and lead to underemployment or career stagnation.
Credential Recognition
One of the most significant challenges foreign women faces is the recognition of their credentials and experience. Many countries have specific licensing and certification requirements in the GRC field, which can be difficult for immigrants to meet. Even if a woman has a strong background in risk management or compliance from her home country, she may find herself needing to undergo additional training or certification processes, which can be both time-consuming and costly.
This process often leads to a frustrating cycle where qualified individuals are forced to accept lower-level positions or roles that do not match their expertise simply to gain local experience. The irony is that their extensive knowledge of risk management practices and compliance regulations from their previous roles could bring immense value to organizations, but without local experience, they find it hard to secure positions that reflect their qualifications.
Building Networks
Networking plays a critical role in securing jobs in any field, and for foreign women, the challenge is even greater. Many established networks in risk and compliance are dominated by individuals who have been in the industry for a long time, making it difficult for newcomers to break in. Women who are new to a country often have limited access to professional networks, making it harder to find mentors and sponsors who can advocate for them.
Creating inclusive networks that actively seek to integrate foreign women into the GRC field is essential. Organizations and professional associations should prioritize diversity initiatives that focus on empowering women from different backgrounds. This could include mentorship programs, workshops tailored to foreign professionals, and networking events designed to foster connections between local and immigrant women.
Strategies for Inclusion
Organizations must recognize the value of diverse perspectives and actively work to create an inclusive environment. Here are some strategies to facilitate the integration of foreign women in the GRC field:
- Create Recognition Programs: Implement systems to recognize and validate the international experience and credentials of foreign professionals. This could involve partnerships with international credentialing organizations to streamline the recognition process.
- Provide Training and Development: Offer programs that help foreign women adapt their skills to local requirements, such as training on local regulations, compliance standards, and risk management practices.
- Establish Mentorship Initiatives: Pair foreign women with mentors who can guide them through the local job market, help them build networks, and advocate for their capabilities.
- Promote Flexible Hiring Practices: Encourage hiring managers to look beyond conventional experience criteria and focus on the competencies and skills that candidates bring to the table.
- Foster an Inclusive Culture: Cultivate a workplace culture that values diversity and encourages open dialogue about challenges faced by underrepresented groups.
Conclusion
The integration of foreign women into the risk and compliance workforce is not just a matter of equality; it is essential for fostering innovation and resilience in the industry. By recognizing the unique challenges, they face and implementing strategies to support their inclusion, organizations can unlock a wealth of knowledge and experience that will benefit them in the long run. By leveraging their international experience, organizations can navigate compliance and risk management challenges more effectively in a globalized market, enriching their strategies with diverse insights that lead to better outcomes.