As a dedicated compliance officer, you're no stranger to the intricacies of navigating regulations and ensuring your organization's adherence to them. But have you ever considered adopting a technique straight out of the software engineering playbook to bolster your compliance efforts? Enter "rubber ducking," a seemingly odd yet surprisingly effective approach that can revolutionize the way you tackle compliance challenges. Let's explore how this technique, which originated in the world of code debugging, can be harnessed to drive innovation and excellence in your compliance endeavors.
The Unusual Origin of "Rubber Ducking"
The concept of rubber ducking found its roots in the pages of 'The Pragmatic Programmer.' It's a practice that emerged in the software engineering realm, where programmers would take their debugging sessions to a new level by explaining their code, step by step, to a rubber duck. Though it may sound whimsical, this process had a remarkable outcome – it helped developers uncover bugs and refine their code by breaking down complex concepts into simpler terms. The rationale is simple: when you verbalize intricate ideas as if explaining to a child, you unveil nuances that might otherwise go unnoticed.
This unique technique, though born in the coding world, has transcended its origins and found relevance in various domains, including compliance.
Adapting "Rubber Ducking" to Your Compliance Journey
1. Unveiling Risk Appetite Checks
Think about the complexity of configuring transaction monitoring logic for AML or fraud detection. Amidst mathematical calculations involving dollar thresholds, transaction velocity, and historical averages, it's easy to get lost in the details. But viewing it purely as math risks missing the bigger picture.
By meticulously explaining the logic of a transaction monitoring rule in simple terms, you can identify scenarios that would or wouldn't trigger it. This approach provides deeper insights into your risk tolerance. You'll gain the ability to communicate risk parameters effectively to stakeholders and make well-informed decisions about rule implementation.
2. Navigating Process & Policy Review
Processes and policies serve as the backbone of compliance, but their intricacies can be overwhelming. By walking through each step of a process or policy and offering explanations for the what, who, when, how, and most importantly, why, you can uncover potential gaps and risks.
This method also sheds light on how processes impact the customer experience. Just as some risks are acceptable, some level of friction is expected. However, using the "rubber ducking" technique helps you identify when the friction becomes excessive, maintaining a delicate balance between compliance and providing a positive customer journey.
3. Bridging the Gap in Communication with Non-Experts
Explaining intricate compliance concepts to individuals outside the compliance sphere can be challenging. "Rubber ducking" comes to the rescue here as well. By simplifying your explanations and avoiding industry jargon, you can ensure your communications resonate with all stakeholders, regardless of their expertise level.
Harnessing the Full Potential of "Rubber Ducking"
"Rubber ducking" is a practice that transcends the boundaries of its origin. Its versatility and effectiveness make it an invaluable tool for compliance professionals like you. Whether you're deciphering complex calculations, refining policies, or enhancing communication strategies, this technique has the potential to reveal fresh insights and provide a profound understanding of the challenges you encounter.
So, the next time you're faced with a complex compliance task, consider incorporating the spirit of a software engineer and embracing the concept of "rubber ducking." By breaking down challenges, simplifying explanations, and utilizing this innovative approach, you'll pave the way for ingenious compliance solutions. In a landscape that demands creativity and adaptability, "rubber ducking" offers a unique perspective on compliance challenges. Now, armed with this unconventional tool, how else can you envision reshaping your compliance approach?
