The New "Rock Stars" of Information Services
As access to information becomes more decentralized, the role of the corporate librarian has undergone significant change. Once the guardians of access, today they are more frequently involved in developing the strategies for how information is consumed at the desktop and throughout the enterprise.
But even as more and more end-users become proficient in accessing information, there are areas where the skills and experience of information services professionals is critical. One emerging area for those skills is Compliance.
This week, at the Special Libraries Association annual conference in Baltimore, Alacra hosted a breakfast entitled “Getting to Know Your Clients”. The speakers for this event were two executives from Lehman Brothers Compliance Department, Marty Cullen, Vice President, Client Identification and Verification, and Jim Holderman, Senior Vice President, Financial Crimes Prevention. Each leads a critical function within Lehman’s efforts for Anti Money Laundering and Bank Secrecy Act Compliance.
As Marty pointed out in his presentation, the Know Your Customer provisions require financial institutions to understand “Who”, “What” and “How” about all of their customers. And, he adds, “are those questions not the definition of the library profession?” In performing this due diligence, his group’s role is to tell a story about a person, an organization or situation, utilizing public information. And, while many financial institutions have hired former law enforcement and regulatory personnel, the key skills for performing and interpreting the research is a perfect fit for information services professionals.
That being said, the transition from the library to the compliance department is not always an easy jump. Jim Holderman described the complexity of moving from a service function to a control function. It requires you to know your own capabilities and to understand the corporate culture of your organization. According to Jim, there are three key things to consider:
- First, does your organization have a culture of compliance? If there’s no commitment from the top, you won’t succeed.
- Second, do you believe that your opinion really adds value? Are you able to bring disparate information together and add valued interpretation? If not, you will quickly be marginalized.
- Third, are you prepared to deal with regulatory scrutiny? Unlike most jobs, failure to perform your compliance function can lead to civil or even criminal penalties.
While decentralization and outsourcing continue to impact the traditional corporate library role, information services professionals are finding that their MLS degree and research skills can gain them prominence in other roles. Whether its Compliance for financial institutions or eDiscovery at law firms, information services professionals willing to consider a switch may find lucrative, high profile opportunities for their skills.
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