A Day in the Life of a Risk & Compliance Director, Emma Barnard, Boodle Hatfield LLP

Welcome to our blog series – A Day in the Life – where we demystify risk and compliance careers by sharing the insights and experiences of professionals to offer a behind-the-scenes look at their workday.

Navigating a career in risk and compliance can be confusing - a title at one firm may have a very different set of responsibilities than at another. By pulling back the curtain, we hope to shed light on what different professionals in different environments do and the challenges they face, and to show how diverse and rewarding a career in risk and compliance can be.

In this piece, we meet Emma Barnard, the Risk and Compliance Director at Boodle Hatfield LLP, a specialist UK law firm. She offers an insider’s look at her role and how she navigates the complexities of risk and compliance.

How did you get into law firm risk and compliance? How did you first find out about this career path? Why did you choose to work in this space?

In my final year of university, I lodged with a couple who both had law firm business support roles. One worked in Risk and Compliance and encouraged me to apply for a role. I didn't know much about what it involved beforehand and hadn't initially considered it a long-term career choice but it sounded interesting and I was keen to start work. Once I got experience, I realised how broad an area it was and the opportunities it could bring. Now there is no looking back!  

Tell us about your career journey so far and how it led you to your current role. What were the key roles and experiences that prepared you to get your current position?

In my first few years, I was completely focused on improving my analyst skills. In one role, the team went through multiple staff changes in a short space of time, so it was a sink or swim environment where I learnt to be self-sufficient and trust my instincts. I had a very different experience in a later role working with knowledgeable and supportive colleagues in a more structured environment with a contrasting client base. Between these polars, I learned so much and it helped me identify that I thrive in a busier role with more variety. 

I was still looking to improve on my analyst skills when a manager role came along. I thought the recruiter was mad when she suggested I apply for it! I had no desire to be in management at that stage and still knew I had so much to learn. I was blown away when I got the role and had huge imposter syndrome.

I think self-reliance took me a long way driven by my interest in the field and hunger to keep learning and pass that onto others. In a field where there is a strong emphasis on judgement and taking a risk-based approach, you have to work on your confidence in informed decision-making early on or you could find yourself relying too heavily on seeking a second opinion. There are so many helpful free resources out there and free events to meet experts and peers and I would say it is never too early to get stuck in and get ahead. 

What does a typical day look like in your role? Tell us about your responsibilities and what you get up to on a day-to-day basis.

A typical day usually consists of a combination of planning or executing project work, advising on more complex queries from partners or those escalated by the team, and keeping up to date with regulatory and market changes. 

Some days I will be considering, reviewing or working with the team on policies and procedures in response to a change in risk, regulation, best practice guidance, or our risk appetite and approach. On a different day, I could be coordinating firmwide risk assessments or the risk register and reviewing and presenting trends and insights to senior management. 

As the firm's MLCO and Deputy MLRO, I am responsible for the firm's AML compliance and day-to-day, I advise the MLRO and Executive Committee on our reporting duties and provide expertise on higher-risk issues. Thankfully such issues don't arise daily, but you often find they come like buses!

Much of my time is spent strategising and planning macro work driven by goals I have for us as a department and where we're heading as a firm. This involves laying the groundwork for projects including budget planning, preparing business cases, considering the shape of the team and the skills needed to reach our goals, and putting in place the right training and resources to get us there. I chair the firm's Risk Committee and sit on our Operations Committee where I can garner views and support for initiatives and ask for expertise and opinions on issues faced. Equally this time is spent updating on project milestones and considering broader coordination on projects with the other directors, department heads and the executive team to ensure our plans are aligned. 

If someone shadowed you for a day, what do you think would surprise them the most?

I think the sheer variety would be surprising as it's such a broad field. There is so much to learn continuously, and you're relied on as an expert in many areas. Real proactivity is required to get ahead of what's coming down the track - if you're lucky enough to have the headroom to do so – if not, you find a way! You learn to capitalise on the times where you’re not up against deadlines to make a dent in a longer-term project. To keep multiple plates spinning, you'll break projects down into smaller tasks to keep them moving, resulting in a rather diverse week. 

If a fee earner shadowed our analysts for the day, I think they would be most surprised by the amount of work and detail that goes into client due diligence and related risk assessments.

What are the most rewarding aspects of your job?

Growing and training the team has been by far the most rewarding part of my role. When I joined, I had one team member and now we are a team of eight! Seeing each individual grow into their role and have those 'click' moments where something falls into place for them is super rewarding. It's also a wonderful community to be in when everyone cares about and enjoys what they do and supports each other. 

I also really enjoy building something up from scratch – throw me a new regulation any day (but not every day, please)! I like the initial uncertainty of where it will end up, poring over the interpretation and discussing with peers the spirit of it and practical application. It's incredibly rewarding to see it in practice and working well once it's been implemented – and dare I say it, you get a big tick from an auditor.   

Simply knowing you are being helpful to others is ultimately rewarding, especially when it's acknowledged. A sincere thank you means a lot. 

What are the biggest challenges you face in your job?

I think there can still be a stigma attached to this area where you can be seen as red tape. If the regulator makes an unpopular move and you are the messenger, it no doubt has an effect. Whilst the SRA have reduced prescriptions over the years, there are still areas of confinement with little wiggle room. Most people want to do the right thing but this can conflict with doing things quickly and there are always deadlines to meet. Our value comes to the fore when we can implement procedures that reduce this friction insofar as possible. 

One real challenge can be a misconception that as a centralised team, you own risk management. It's paramount to continuously educate everyone in the firm about the important role they play. It's subjective to risk appetite so it relies heavily on good judgement and a one firm/one team mindset, which can be tricky when there are commercial pressures at play, and everyone responds to this differently. 

I naturally think of the onslaught of new and changing regulations as a challenge, which of course it is, but it really is the norm in this area and if you enjoy what you do, that challenge can be a real positive. It helps to have good networks of peers who are all in the same boat, working it out together. 

What are the most valuable lessons you’ve learned while working in law firm risk and compliance?

Risk and compliance's presence on the board is critical for a well-rounded and optimally functioning senior management team. It is not an adjunct or a siloed function and must be considered an essential component for the future success of a firm as it has a thread through the entire firm's operations. Firms that aren't already prioritising this will fall behind. 

You won't lose respect for taking a hard-line decision or saying no. In fact, it will be critical in some cases that you do. You quickly learn that your success and that of your team and its function depends on this candour. You won't always be popular but your expertise coupled with your semi-independent vantage point is invaluable in steering important firm decisions, and you will be remembered for that in the end.  

What skills and attributes do you think are needed to excel in a law firm risk and compliance career?

I think you need to have a real interest and genuine curiosity in the field to excel as well as a willingness and passion for helping others. 

Patience is key in so many respects. Some of the work in this area requires a meticulous approach and you may be the last line of defence on some outputs where you'll need to be confident in your review. You won't always work with people who see things the way you do, and there will always be someone who is up against a deadline. Your patience in helping them in that time of need will need to surpass your differences in opinion. A patient and calm manner will be priceless to someone who has a concern or needs a quick solution. 

I think a sense of humility is important and being honest about what you don't know. In this broad and ever-changing field, you won't always have the answers there and then, and that is ok. You will build up a toolkit of resources to help you, be they online materials, subscribed content, a network of peers, or professionals on retainer for niche queries. You will gain knowledge with experience, but you can show value early on by applying good judgement.

Owning your development is so important. If you are in a supportive team where you have the space to test your work and put your views forward, really use that space to learn from others, ask questions and have a go at something out of your comfort zone. The times where you might not quite hit the mark present significant learning opportunities - grab them with both hands.  

What are your future plans for your career? Where do you see yourself in 5 years?

I am almost a year into my director role and have laid the foundations for some really positive improvements for the department and the firm. My focus now and in the next few years is on making an impact in my role and seeing those plans through to fruition. Of course, the time will come to pass on the baton, and it's important to stimulate that movement in the market for people to move up and into new roles. What comes next is a bit of a question mark. I have a few ideas. I like the idea of testing the water outside of the legal sector – there is so much to learn from other industries. Equally I'd be interested in exploring new challenges at firms with different practice areas or offices internationally. It's an open road! 

How do you think the risk and compliance space will change over the next 10 years? What challenges do you think law firm risk and compliance professionals will face in the future?

Well as we know, change is a certainty around here! But I don't see any indications of drastic change in the next decade. Yes, there will be more regulation, improved technology, and almost certainly a continuation of de-risking practices across professional services but these aren't new as such. Any real changes are likely to be more subtle in my view and will emanate from attitudes. 

It is evident already that changing attitudes, certainly those from new generations, both internally and externally, are shaping the landscape in terms of the perception of compliance, and I think that will continue. The importance of Risk and Compliance's contribution to both the firm and the profession's wider role in national and economic security, could not be clearer in today's political and geopolitical climate. 

That easing of tension coupled with technological advances absorbing administrative tasks should see expansion within R&C teams to focus on more technical and business advisory functions, and the 'nice to haves' beyond everyday compliance.

I do think this could present further challenges in the recruitment space, compounding existing skilled personnel shortages in the field. This area has boomed in the last decade with firms recruiting heavily into their R&C teams, but I don't think it has necessarily been done sustainably with training and investment prioritised. There is no time like the present to invest in your self-development. 

There is also something in changing social attitudes more broadly. We have seen the call in the profession to act ethically and you are seeing more and more firms walking away from legitimate business for reputational or other non-compliance reasons. Those social pressures are growing and this will no doubt continue to have an impact on how new and continued business relationships are considered. R&C professionals may be interested in a firm's stance on this when thinking about risk appetite and a firm's values, which will factor into career choices. Firms will have an even bigger battle on their hands to find the right people to lead and manage their R&C function. 

 

Thank you for taking the time to read this day in the life of a compliance professional!

We hope these pieces can offer useful insights, as there’s a lot to learn from each professional’s perspective, so make sure to explore the rest of the series to gain even more insights. 

If you’re curious to learn more - or you just want to chat about your next step in compliance - don’t hesitate to reach out. We’re here to discuss opportunities, provide support, and help you navigate your journey in compliance. 

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