By Jennifer Roe
for the 2024 Risky Women Writing Competition, presented in partnership with Bovill Newgate
This article advocates for greater inclusion through mentorship, flexible policies, and diverse leadership, emphasizing the importance of empowering women to enrich the industry and drive innovation.
Throughout my professional career, I have dedicated myself to the field of bank compliance, recently expanding my focus to encompass overall risk management. As women in the banking compliance profession, we navigate a landscape that is increasingly vital, shaped by complex regulatory demands. Despite the growing opportunities, many of us encounter substantial challenges that can hinder our career advancement and diminish our contributions to the industry. In this piece, I would like to address some of the key obstacles I have personally encountered, with the hope that together we can work towards fostering a more inclusive environment for all women in compliance.
One of the most significant hurdles we often face in banking compliance is the burden of gender stereotypes and biases. Historically, this industry has been dominated by men, leading to perceptions that men are more suited for leadership roles, especially in compliance. Many women grapple with biases that question our competence as we compete for promotions or seek leadership positions. It’s disheartening to find ourselves overlooked for important projects or to have our ideas dismissed in meetings. As a woman with an Executive MBA living in an area of the U.S. with lower overall educational attainment, I often feel the need to advocate more aggressively for my ideas and contributions solely because of my gender.
Research shows that women encounter a “double bind,” where being assertive may attract negative judgments, while being accommodating can undermine our professional credibility. This pressure can lead to diminished self-advocacy, making us feel marginalized and discouraging our confidence and career growth.
The demands of the banking compliance profession, especially during periods of regulatory change or audits, can make achieving a work-life balance exceptionally challenging. Many of us, both men and women, juggle professional responsibilities alongside family obligations, creating a constant struggle between work demands and personal life. This struggle often leads to burnout and diminished job satisfaction, causing some to withdraw from roles where they could otherwise thrive. Without supportive policies, such as flexible work arrangements, organizations risk losing talented women who bring significant value to the workplace. Studies suggest that flexible work options can substantially improve employee retention, with organizations implementing these policies seeing a 25% decrease in turnover rates. By offering greater flexibility, employees can more effectively manage their personal and professional responsibilities, resulting in enhanced job satisfaction and loyalty.
The presence of women in leadership roles not only inspires but also demonstrates how diverse perspectives can enhance decision-making and contribute to a positive organizational culture. Unfortunately, the underrepresentation of women in senior leadership positions within banking compliance remains a considerable barrier. The lack of visible role models makes it challenging for us to envision successful career paths. Without relatable leaders to guide us, many may feel isolated or unsure about their place within the profession. Addressing this issue is crucial for creating an inclusive environment that inspires all of us to pursue our ambitions.
Now, more than ever, we need a collective effort to build a more equitable environment in banking compliance—this mission is both urgent and meaningful. We must prioritize gender diversity by advocating for initiatives that genuinely foster inclusion. This could involve establishing specialized mentorship programs for women, highlighting the accomplishments of female leaders, and encouraging diverse networking opportunities. Too often, the successful women I encounter in the risk sector come from global organizations, leaving many women in smaller towns feeling sidelined and disconnected from the notion of being strategic partners. I share these thoughts to remind us all that our voices matter. Each of us has the power to play a vital role in earning a seat at the table and creating a more inclusive space for everyone.
The challenges we face as women in the banking compliance profession stem from a complex interplay of societal norms, organizational cultures, and biases. However, we have the power to transform these obstacles into opportunities. By addressing these issues through intentional practices and policies, we can unlock the tremendous potential of a diverse workforce. Empowering women in compliance is not just about fostering equality; it’s about enriching our field with a variety of perspectives and expertise that drive success. As our industry continues to evolve, supporting female voices and leadership in compliance will be essential for fueling innovation and achieving lasting success for us all. Together, we can pave the way for a brighter, more inclusive future in compliance.