Breaking barriers: women leading the way in compliance
As we celebrate Women's Day in 2024, we embark on a journey to explore a realm where determination meets regulation and resilience confronts compliance: the world of women in compliance.
The representation of women compared to men remains an area of examination and reflection. Women continue to face challenges such as gender bias, stereotypes, and gender pay gaps in top-tier compliance roles.
Despite these challenges, progress towards gender diversity within the compliance profession is underway. Recent data and statistics indicate a steady rise in the presence of women in compliance positions, a clear reflection of the concerted measures taken to foster diversity and inclusivity within organizations.
Trans World Compliance aims to illuminate a more inclusive and equitable future. So, to commemorate Women's Day, join us as we celebrate the achievements and contributions of some women in compliance.
Eugenie Meijer
Eugenie Meijer, the Director of Support and Training at Trans World Compliance, hails from the Netherlands. Her professional journey commenced as a military police officer specializing in border control. After moving to Chile, she focused on political and risk research for an AML and KYC database. She eventually moved to the USA and has been working at Trans World Compliance for over eight years, contributing to its success. 
What is compliance for you?
I have always been a "good" girl. I like to play it by the book, fulfilling responsibilities and tasks in accordance with all internal, external, national, and/or international policies and regulatory requirements by being analytical, taking a logical approach to tasks, and having good problem-solving ability.
Please share a bit about your journey to becoming a leader in the industry. What inspired or motivated you along the way?
I have worked with an example of a bad leader for several years, and I do not want to be or act like this person. When I started to work for Trans World Compliance, I loved the way Dave Olenzak treated his people, and now I try to follow his example.
What are some of the biggest challenges you've faced as a woman in a leadership role in this industry, and how have you overcome them?
I have not faced that many challenges so far. In this AML/KYC world, women predominate, especially in the Caribbean, and I love that!
Why is gender diversity important in the compliance/banking sector, and how does it contribute to overall success?
Gender diversity is essential in all sectors because we complement each other. Gender shouldn't be an issue, just like the color of your skin, your religion, or your soccer preferences.
What advice would you give to young women who aspire to pursue careers in compliance/banking?
Go for it! The compliance/banking industry is a great and exciting sector to work in! Women tend to be very meticulous and detail-oriented, which is very important in this area.
Can you share a gratifying moment or accomplishment from your career that you're proud of?
I love my job. I am surrounded by great people here at TWC. We have built an excellent support team, and it is gratifying to hear from clients, especially when meeting them personally, that they love our product and support!
B. Roxanne Forde
B. Roxanne Forde is Regional Compliance Consultants Ltd.'s Principal Consultant; she specializes in providing practical Regulatory Compliance Solutions and guidance to SMEs in the region, developing and implementing Regulatory Compliance Policies and Procedures, and conducting Gap Analyses and AML Risk Assessments. She has over 15 years of experience as a Compliance Professional facilitating training across industries throughout the Caribbean on Regional AML/CFT/CFP legislation, Data Privacy, FCPA/Anti-Corruption, and Ethical Sales Practices. Ms. Forde is a registered Insurance Consultant with the Central Bank of Trinidad and Tobago and a Lecturer at UWI Roytech and the Arthur Lok Jack School of Business. 
What is compliance for you?
A way to make the world a better place, especially for women, I think we are generally more compliant!
Please share a bit about your journey to becoming a leader in the industry. What inspired or motivated you along the way?
I genuinely enjoy helping people and have committed myself to a life of service since my college days when I joined Delta Sigma Theta Sorority. My studies were a Bachelors and Masters in Psychology, and I chose HR as a profession initially. In 2004, my CEO recommended me for the compliance role, telling me when I resisted that I had the personality for it and that he could teach me compliance! I enjoy learning, so I took up the challenge, got the training, and was responsible for Risk and Compliance in the Caribbean Region. Now, in addition to helping my clients, I also lecture at a local institution on AML/CFT. So, sharing my learning to help in the fight against money laundering and terrorist financing is an extension of this commitment to service.
What are some of the biggest challenges you've faced as a woman in a leadership role in this industry, and how have you overcome them?
I approach business as a seasoned professional who just happens to have the advantage of being a female, sensible, sensitive, and willing to work with people where they are and bring them to where they need to be. I haven't allowed my gender to get in my way. Being a knowledgeable woman is one of my best attributes!!
Why is gender diversity important in the compliance/banking sector, and how does it contribute to overall success?
In my view women and men approach problems differently, our emotional and social intelligence gives us the edge and adds a necessary amount of empathy to the conversation.
What advice would you give to young women who aspire to pursue careers in compliance/banking?
Get to know and understand the reason for the FATF's recommendations. Attend as many training opportunities as you can. READ!! On social media, don't just follow; read what people recommend.
Can you share a gratifying moment or accomplishment from your career that you're proud of?
Yes, I'M MOST PROUD OF THE VERY BEGINNING. The very beginning, not being afraid to embrace change and having the risk appetite that allowed me to say YES to the move from HR to Compliance! I would not have my business today if I hadn't taken that initial leap of faith!
Elizabeth McMorrow
Elizabeth McMorrow is an attorney in the US who provides an alphabet soup of compliance services to the financial industry: FATCA/CRS/BSA/AML/KYC/OFAC/FCPA/CTA. Before starting her law firm in 2016, her experience included in-house counsel at The Coca-Cola Company and Genzyme Corporation, a Senior Associate with Dewey Ballantine LLP, and a law clerk at the US Court of International Trade.
What is compliance for you?
When I was in-house, I told one eager sales colleague I was there to keep him out of jail, but if he failed to do the right thing, I was there to protect the company from his wrongdoing (I used more colorful language). Over the years, my view has evolved to include protecting society. In my client training, I encourage employees to realize they have the privilege of protecting the US financial system and individual members of their community.
Please share a bit about your journey to becoming a leader in the industry. What inspired or motivated you along the way?
I fell into the financial industry through FATCA. I leveraged my understanding of my previous professional experiences to understand the financial industry and where the weak points for compliance improvement are. It is critical to want to learn more through a variety of sources. I also have the luxury as a solo practitioner to say what I think.
What are some of the biggest challenges you've faced as a woman in a leadership role in this industry, and how have you overcome them?
There are still some in the US who take part in what we call "the good ol' boys" network or mistake a woman's kindness for weakness. However, my late father was an international business executive raised in Brooklyn, NY, to Irish immigrant parents. He taught my sister and me not to stand down, which has helped me push forward through adversity.
Why is gender diversity important in the compliance/banking sector, and how does it contribute to overall success?
Men and women bring different views to the table. Why would you exclude greater than 50% of the world's view? A simple example: women in the US are more likely to care for elderly family members, and I did that for several years. I am able to remind clients that we are not just looking for Russian oligarchs; we also need to focus on elder fraud.
What advice would you give to young women who aspire to pursue careers in compliance/banking?
It is important to research thoroughly, reach a conclusion, and then stand your ground. Do not let someone cause you to doubt yourself because they do not want to hear bad news. With the first draft opinion I wrote as a federal law clerk, I had to convince my (awesome) judge that one of his previous opinions had an error. He reinforced that I absolutely did the right thing in telling a far more experienced person, let's fix this and move forward.
Can you share a gratifying moment or accomplishment from your career that you're proud of?
Take time to encourage and mentor others. There is always someone with less experience than you, so there's no excuse not to help a student or someone already on their career path.
Statistics on Gender Diversity in Compliance
Workforce demographics, wage differences, and representation in leadership roles influence gender diversity in the compliance profession. Let's look at some insights into the trends affecting women in compliance leadership.
According to the Census Bureau, the number of compliance officers in the United States increased significantly from 2014 to 2021. The overall growth rate was 14.1%, and it was 15.8% for women. In 2021, the workforce comprised 300,599 individuals, with women accounting for 53.2% and men for 46.8% of compliance officers. Despite the majority representation of women in the compliance workforce, wage disparities persist. Male compliance officers earned an average of $91.9k in 2021, while female compliance officers earned $81.3k on average, showing a gender wage gap.
Deloitte's "Women in the Boardroom: A Global Perspective" data delves deeper into leadership positions in financial services institutions and shows gender disparities in representation.
In 2021, globally, women occupied only 21% of board seats, 19% of C-suite roles, and a mere 5% of CEO positions. There is clearly still a significant gender gap in leadership positions.
On a regional level, Oceania stands out with the highest levels of gender diversity, boasting women in 23.2% of C-suite roles, 23.5% of senior leadership roles, and 34.4% of next-generation positions. Conversely, South America showed lower levels of gender diversity, with women holding only 11.6% of C-suite roles, 17.8% of senior leadership roles, and 21% of next-generation positions.
By acknowledging the current state of gender diversity within the compliance profession and addressing the challenges women face, organizations can work towards creating inclusive cultures that empower and support women in their pursuit of successful careers in compliance.
Conclusion
As we conclude our exploration of the world of women in compliance, it becomes clear that while challenges persist, so do resilience, determination, and progress. Through personal anecdotes, statistical insights, and industry analysis, we have revealed the complex landscape of gender diversity within the compliance profession.
As we celebrate the achievements and contributions of women in compliance, let us also recognize the work that lies ahead. Let us amplify their voices, champion their successes, and create environments where diversity thrives, and inclusivity reigns supreme.
Together, let us forge a future where every individual, regardless of gender, background, or identity, can excel, lead, and impact the world of compliance and beyond.
