Regulatory specialists are subject matter experts on regulatory and legal aspects, in particular with respect to new/emerging technologies. Their role involves advisory in respect of best-practice adoption of regulation.
Broadly there are two elements to their responsibilities:
- To ensure compliance with current requirements. This will need a thorough understanding of applicable regulations, and their implications for the process, data and governance mechanisms needed within the organisation.
- To have an understanding of evolving thinking within the regulator and overall direction of travel, so that the organisation’s working practices do not fall foul of possible changes/updates that are anticipated.
For example the new GDPR regulation imposes significant new requirements in terms of data management and security, and regulatory advisors must be able to map these changes to implications for the business.
Note: In addition to working in companies, this could also be a policy role within a regulator itself.
High level competencies required by regulatory specialists include:
Governance, Risk and Control
A. Evaluates organisational structures and governance to protect the long-term interests of stakeholders.
B. Recommends appropriate strategies to ensure adherence to governance structures and application of best practice internal controls.
C. Identifies and manages risk appropriately.
D. Uses risk management for the best interests of an organisation and its stakeholders.
E. Monitors and applies relevant legislation, policies and procedures.
Stakeholder Relationship Management
A - Positively develops relationships with internal and external stakeholders.
B - Communicates and gains commitment from internal and external stakeholder.
C - Uses emerging technologies to collaborate and communicate effectively with stakeholders.
D - Applies professional and ethical judgement when engaging with stakeholders.
E - Aligns organisational strategic objectives with stakeholder needs and manages expectations.
Ethics and Professionalism
A. Develops advanced ethical values and professional skills in the promotion of public interest and the profession.
B. Demonstrates personal effectiveness in fast changing environments.
C. Encourages innovative thinking within the context of professional scepticism.
D. Thinks proactively about the future, applying professional judgement and commercial intelligence and seeks specialist input when needed.
E. Communicates effectively and influences others.