As Compli-Serve SA turns 20 years old in May 2023, I’ve been reflecting on the journey to this milestone and the lessons learned over the years. The financial services industry and the role of the compliance officer have changed dramatically since the beginning but the steps to grow a business can apply across industries. Below is a summary of some reflections on running a business for two decades, including some musings on the changing compliance landscape.

  • Trust your passion: On the assumption we only live once, if you are passionate about doing something and you have a reasonable chance to pursue it, even if it’s not the easiest, it’s extremely rewarding when you do make it happen. Starting Compli-Serve was a big dream and a big risk where I had naysayers dissuading me and I had to be confident turning down an appealing corporate job. I trusted myself, cashed in my investments to self-fund the start of the business and with the help of a loan from my father-in-law, here we are. I wouldn’t do anything differently.
  • Find your why: Compli-Serve was never built with maximizing profit in mind. Of course, regular income, salary increases and opportunities for growth make all the difference to a happy working environment. If you run a business where the maxim of “profits über alles” applies, you tend to have a higher turnover of staff as you’re constantly focused on the bottom line. Instead, we have focused on building a “staying business” – one that can weather storms and in turn, we’ve kept the doors open and retained staff, many for a decade or more.
  • Be patient: After three years we had made progress, but it was only after five years that we had a proper business set up with internal policies in place and the various aspects that meant Compli-Serve SA was a fully “up and running” compliance firm. The first few years were about finding the right clients and there were scary times, which is why you must keep the faith consistently and push through self-doubt, particularly if it takes longer to be successful than you’d like.
  • Keep a rainy day fund: As soon as we could, we built and have maintained since, a rainy day fund for the business and we’ve avoided going into debt. Because of this, we were able to manage unexpected costs when the pandemic first hit and it has ensured we don’t have cashflow concerns. This is such an important tip that applies to any business of any size.
  • Your staff will appreciate a personal approach: I was recently told that being a family man has had a positive influence on my staff. I started the company when I already had a young family and mothers on the Compli-Serve team have noted flexibility and considerations around personal circumstances to be part of company culture, and I appreciate that as a balance between family life and work is very important to me.
  • Look for like-minded partners in business: Make sure you involve people in your business who understand the industry your business is in and subscribe to your ethical values. I’ve found it important that all our shareholders also work in the business. Over the years, there has been investor interest, which has been tempting sometimes but not more so than avoiding the risk of ending up with an inappropriate shareholder.
  • Be a reliable leader: Paying salaries on time is so important. Your employees are not interested in excuses around delayed payments – you will do better if you walk the walk, and talk the talk, delivering on your word and commitments. This extends to making the office a great place to be, where good coffee is served, and secure parking is provided.
  • Invest in your team: I believe empowering your staff is important, wherever possible. Our current General Manager, Tanya van Aswegen and our Financial Manager, Cindy Scott both started as receptionists in the business. Compli-Serve is proud to facilitate the professional development of staff.
  • Share in the rewards: Paying performance bonuses and sharing in the benefits of progress within the company is another great incentive to retaining loyal employees that perform well in their jobs.
  • Don’t micro-manage: If you can achieve this, you’ll be a happier boss with happier, independent employees. Learn to trust that staff can do their jobs without you looking over their shoulder all day long
  • Be flexible: You need a company culture where everyone is on the same page but leaving some room for life to happen in between counts. It’s important to have rules and these apply for most days, but one can be flexible on the leave policy from time to time.
  • Be thorough with staff selection: You might pick a bad apple, but due diligence has of course become much more thorough since the old days of checking a CV and relying on a good interview. I have found some of the best staff despite them not having had the best interviews. I have also hired some shockers who had a great interview and an impressive CV. Be open and be thorough in the vetting process.
  • Ensure a genuine approach across the board: As a compliance firm, being compliant ourselves is a no-brainer and has been part of our ethical approach to doing business since the beginning. Looking for genuine people to be part of a business makes all the difference to how it is run – honesty and integrity are invaluable attributes to always prioritise.
  • Provide good biscuits: A long time ago I was told when you do a presentation, make sure you offer good biscuits to guests during the break. Quality always counts – you do not want to be remembered for the awful snacks.
  • Choose clients wisely: It’s easy to be tempted by big bucks to take on a client, but you should trust your instincts. If something doesn’t feel right, don’t go into business with the potential client in question. A bad gut feeling rarely works out well.
  • Be seen and heard: Stand up and show yourself. Let your customers know who you are and be proud of that and the story your business has to tell.
  • Be resilient: Compliance has changed significantly and continues to evolve, most notably moving from a tickbox approach to principles based. Ethical principles in business are essential (and particularly for Compli-Serve, ensuring these are adhered to by clients to remain compliant with the regulator).
  • Prioritise client-centricity: Many businesses may think they are client-centric but there could be more work needed to treat customers fairly (and in line with what the regulator expects).
  • Expect the unexpected: I’m not a serial entrepreneur and I am immensely proud that Compli-Serve is still here two decades later. When I first started in compliance, it wasn’t a profession you jumped into. Very few volunteered for the job, indeed it was considered a career-limiting move to work in compliance. The profession has really evolved with it now being a career of choice. I recently presented on Market Conduct Risk to a very bright and insightful audience, 90% of whom were half my age! The rise of the compliance profession has been intensely satisfying to see and gives me great hope for the future of compliance, particularly in financial services.
  • Balance technology with the personal touch: The next twenty years will see the continued rise of technology. It is likely the compliance officer of the future will require different skills to interpret technology and embrace AI solutions. It is my hope that the individual touch isn’t entirely lost in the process. While Compli-Serve has embraced technology and continues to invest in our digital future, I’ve personally signed every welcome letter by hand with the same fountain pen over the last twenty years. This might not be practical for every business, but a personal touch can have a lasting impact if my pen’s history has anything to say about it.

Article by Richard Rattue, Founder and Managing Director of Compli-Serve SA