Tell me about a time when you had to resolve a compliance issue by implementing new controls or procedures.

Legal Compliance Specialist Interview Questions

Sample answer to the question

In a previous role as a Legal Compliance Specialist, I encountered a compliance issue related to anti-money laundering (AML) regulations. To resolve the issue, I implemented new controls and procedures. I conducted a thorough review of our existing AML processes and identified areas that needed improvement. I collaborated with the compliance team and conducted training sessions to educate employees about the new controls and procedures. I also worked closely with external auditors to ensure compliance with legal requirements and provided guidance to employees who had questions or concerns. The implementation of these new controls and procedures resulted in improved compliance and reduced risk for the company.

A more solid answer

During my time as a Legal Compliance Specialist, I encountered a compliance issue related to anti-money laundering (AML) regulations. To resolve the issue, I conducted a comprehensive review of our existing AML processes and identified areas for improvement. I collaborated with cross-functional teams, including IT and Finance, to develop and implement new controls and procedures. This involved drafting and revising company policies, conducting extensive employee training sessions, and working closely with external auditors to ensure compliance. Additionally, I regularly communicated with employees to address any concerns or questions regarding legal compliance. As a result of these efforts, we successfully addressed the compliance issue, improved adherence to legal requirements, and reduced the company's risk exposure.

Why this is a more solid answer:

The solid answer provides more specific details about the candidate's experience in resolving a compliance issue, including their collaboration with cross-functional teams and their communication with employees. It demonstrates their knowledge of legal requirements and controls by mentioning the specific AML regulations. However, it could still be improved by providing more measurable outcomes or results of implementing the new controls and procedures.

An exceptional answer

As a Legal Compliance Specialist, I encountered a complex compliance issue related to anti-money laundering (AML) regulations. Through a meticulous analysis of our existing AML processes, I identified significant gaps that needed immediate attention. To address the issue, I spearheaded the development and implementation of a comprehensive compliance program tailored to our organization's specific needs. This involved conducting extensive research to identify industry best practices and collaborating with internal stakeholders to ensure a thorough understanding of our business activities. I also worked closely with external auditors to align our controls and procedures with legal standards. To successfully implement the new controls and procedures, I developed a detailed training program and personally delivered engaging and interactive sessions to employees at all levels of the company. These sessions not only educated employees on legal requirements and controls but also highlighted the potential risks associated with non-compliance. As a result of these efforts, we achieved 100% compliance with AML regulations, reduced the risk exposure by 30%, and received positive feedback from external auditors on our robust compliance program.

Why this is an exceptional answer:

The exceptional answer provides a detailed and comprehensive account of the candidate's experience in resolving a complex compliance issue. It highlights their analytical skills, research abilities, and collaboration with internal and external stakeholders. The candidate demonstrates their expertise in developing and implementing a tailored compliance program and their ability to deliver engaging and informative training sessions. The answer also includes measurable outcomes and results, such as achieving 100% compliance and reducing the risk exposure by 30%.

How to prepare for this question

Familiarize yourself with relevant legal requirements and controls, such as anti-money laundering regulations, to demonstrate your knowledge and understanding during the interview.
Be prepared to discuss a specific compliance issue you have encountered and how you resolved it. Provide specific details about the issue, the actions you took, and the measurable results achieved.
Highlight your collaboration skills by mentioning your experience working with cross-functional teams and external auditors to address compliance issues.
Emphasize your communication skills by discussing how you effectively communicated new controls and procedures to employees, including any training programs you developed or delivered.
Ensure you can articulate the importance of compliance and the impact it can have on the organization's reputation and financial stability.