Why Compliance and Risk Management Skills Are Critical Across Industries

Regulatory scrutiny is on the rise in the modern business world. Governments around the globe are looking more closely at how businesses manage risk, ethics and legal responsibilities, from stricter financial compliance regulations to tech companies' data privacy crackdowns. This intensifying landscape is redefining what it takes to succeed in compliance management roles.¹

Regulatory bodies aren’t just paying attention to large corporations, either. Small and midsize firms are under the microscope as data security breaches and ethical missteps make headlines almost daily.² For professionals in these fields, legal knowledge has become a powerful differentiator, transforming compliance management from a checklist into a strategic advantage.³

Keep reading to understand how compliance and risk management are evolving, why legal literacy is now essential and how earning a Master of Legal Studies (MLS) equips you to lead confidently in this complex landscape.

The Expanding Role of Compliance in Business

Compliance isn’t just an internal issue but also a public and strategic imperative for brand reputation, operational integrity and market competitiveness. The need for powerful compliance management systems is becoming increasingly prevalent in industries such as finance, healthcare and technology.

In finance, new, tighter rules introduced after the 2008 financial crisis have only added to the complexity. Today’s professionals must navigate through a convoluted set of anti-money laundering (AML) regulations, Know Your Customer (KYC) regulations and SEC reporting regulations at every turn.⁴ In healthcare, between HIPAA and a growing ensemble of state privacy statutes, extreme care in protecting patient information is required by law. Anything less will result not only in hefty fines but also in a devastating breach of patient trust.⁵

In technology, the regulatory environment is perhaps changing fastest. Data privacy frameworks like the General Data Protection Regulation (GDPR) in Europe and California’s Consumer Privacy Act (CCPA) are creating legal obligations that tech companies cannot afford to ignore. These, combined with growing conversations around AI governance, have put the issue of compliance at the forefront for tech companies. A recent Forbes article highlights how the disjointed world of data privacy now requires businesses to comply with numerous overlapping laws at the national and international levels.⁶

Legal risk taking is no longer just a legal department issue. It's a strategic business issue that directly influences expansion, digital innovation and competitiveness in global markets.³ This change highlights the risk management importance for leaders who want to future-proof their organizations.

What Risk Management Really Involves Today

When people hear the term “risk management,” they often think about avoiding lawsuits or regulatory fines; however, modern risk management is much broader. These days, risk isn’t just a question of liability; it’s also about reputation, data security and ethics. Shielding your business requires knowing how the law overlaps with every part of your operation, from vendor contracts to product development.⁷

Legal consciousness is the first defense against internal and external threats. Internally, companies face risks such as employee misconduct, privacy breaches or ethical lapses in leadership.⁸ Externally, companies contend with competitors’ claims, regulatory investigations and public scrutiny, all of which can escalate rapidly in a hyperconnected world.⁹

Today’s interdisciplinary risk management teams require professionals who can speak the language of the law. Compliance officers, data privacy specialists and operational risk leaders who understand legal frameworks are positioned to contribute meaningfully to strategic discussions and decision-making.⁸

Risk management now encompasses operational, financial, strategic and compliance risks, each with legal implications that cannot be ignored.⁹ For professionals seeking impactful legal compliance careers, building fluency in this area can unlock leadership opportunities and give them a leg up.

How an MLS Equips Professionals for These Challenges

An MLS equips non-lawyers with legal fluency. This kind of degree can help you navigate today’s complex compliance environment with confidence in the following ways:

Understanding Legal Frameworks and Case Law

MLS programs provide essential knowledge for professionals overseeing compliance management initiatives, including a grounding in regulatory structures, contracts, liability and ethics. Explore the MLS curriculum to see the specific courses that build these competencies.

Applying Legal Reasoning to Real-World Business Risk

It’s one thing to read a regulation; it’s another to interpret it in context. MLS coursework trains students to analyze statutes and case law critically, empowering them to assess how laws affect business operations in practical, strategic ways.

Becoming a Bridge Between Business and Legal Strategy

Professionals with legal literacy are trusted partners to general counsel, compliance teams and executives, enabling more effective collaboration across disciplines. Learn more about the William & Mary faculty who bring real-world expertise to this training.

Advance Your Career With Legal Fluency

Legal compliance is no longer optional; it’s foundational to every aspect of business success. Today’s complex regulatory environment demands more than gut instinct. It requires a deep understanding of the laws and frameworks that shape business decisions. Leaders who can foresee potential challenges, protect their organization’s integrity and drive strategic decisions with confidence are highly valued and sought after.

If you’re ready to expand your impact and unlock new leadership opportunities, William & Mary’s online Master of Legal Studies in Compliance and Risk Management will prepare you to thrive in a legally complex business world.

An MLS equips you with the knowledge and skills needed to become a go-to professional who understands both the operational realities of compliance management and the legal nuances that underlie them. The online MLS in Compliance and Risk Management is designed specifically for working professionals who want to lead in this space without becoming attorneys.

Each course in our comprehensive curriculum blends legal theory with practical application and is taught by expert faculty with extensive industry and academic experience. Throughout the program, you’ll build confidence in navigating regulatory compliance law, understanding case studies and applying legal reasoning to real-world business challenges.

To get started, review our admissions requirements and connect with an admissions outreach advisor today to learn how you can set yourself up for a successful and fulfilling career with an MLS.