CAREER GUIDANCE
Inevitably, this will generate many false positives. Banks can address this by adopting a continuous improvement mindset in order to increase the efficiency of their systems without compromising their effectiveness. This approach can reduce costs, thereby benefiting the organization as a whole while also making compliance roles more attractive to potential candidates.
Adopting new technologies
By the same token, talented professionals will be attracted by opportunities to take advantage of new and emerging technologies. As banks work to improve the effectiveness and efficiency of their processes, they are exploring the use of artificial intelligence, robotics and machine learning to tackle financial crime. For instance, in the area of sanctions screening, banks might use robotics to identify and close false positives automatically by sourcing information that proves an alert is not relevant.
Where talent is concerned, being exposed to cutting-edge technologies is an attractive part of the job. Many of these developments are being driven by Fintech and Regtech companies, providing an interesting learning experience for compliance professionals. Such developments also free up people’ s time, enabling them to focus their intellectual powers on the cases that need the most advanced analysis, rather than spending time on false positives that can easily be dismissed with supplementary information.
“ Easier access to information means that compliance professionals won’ t have to spend their days chasing customers or filling out forms, removing an element of repetition and‘ grinding’ from the job,” comments Mark Brotherton, director of fraud and financial crime at Lloyds Bank Commercial Banking.“ Instead, these workers will be able to focus their energy on tasks that require more critical thinking, such as building relationships and educating customers and banking partners. Plus, more interesting work helps to attract young talent and to retain high performing staff.”
Collaboration
The focus on innovation makes compliance an exciting place to be, but beyond this, the collaborative nature of the job provides further opportunities for professionals to grow their networks while enhancing their skills and reputation.
Where talent is concerned, being exposed to cut ting-edge technologies is an attractive part of the job
For one thing, internal collaboration is an important part of the job. In order to achieve the necessary level of compliance, professionals working in this area need to engage with colleagues across all divisions of the organization, from operations to sales.
Rather than imposing requirements on their colleagues, compliance professionals will need to develop interpersonal skills in order to secure their cooperation.
Furthermore, compliance professionals have the opportunity to interact extensively with their peers across the industry. Financial crime compliance is a non-competitive area: financial institutions do not as a rule win market share by being more compliant than their competitors. As such, banks are generally willing to talk to each other and share information to the extent possible within privacy constraints. Compliance utilities are being developed to facilitate information sharing, drive process standardization and increase transparency across the industry.
That said, banks’ ability and willingness to share information can vary depending on their geographical footprints. While some countries have a national framework in place allowing for this type of information exchange, less is available at the international level. At the same time, large banks may find it more difficult to share information given the complexity of their legal structures, the broader geographical spread of their activities and the complexity of their legal environments.
Nevertheless, many banks are willing to participate in information sharing in the interests of increasing effectiveness and efficiency across the industry. Industry working groups and forums may provide an opportunity to achieve this, while public / private partnerships are taking this to the next level. Examples include the Australian Transaction Reports and Analysis Centre( AUSTRAC), Australia’ s financial intelligence agency which works in partnership with industry and government agencies. Meanwhile, in the U. K., the Joint Money Laundering Intelligence Taskforce( JMLIT) was set up in 2015 to improve intelligence sharing arrangements and to combat highend money laundering.
By sharing practices, innovation and ideas in this way, compliance professionals can help to tackle financial crime at an industry level. They can also benchmark their institutions against others in the industry in order to identify opportunities for improvement.
Conclusion
In the current market, financial institutions have much to gain by developing a strong compliance culture. As well as mitigating risks and generating cost savings and efficiencies, institutions can also position themselves to attract top compliance talent in an increasingly competitive recruitment market.
Rather than simply focusing on meeting requirements, the individuals who work within a strong compliance culture can enjoy fulfilling and challenging careers. As well as the satisfaction of contributing to the industry-wide fight against financial crime, compliance professionals can leverage cutting-edge technology to drive efficiency within their own organizations. Furthermore, they have the opportunity to build strong networks both within the organization and beyond— potentially contributing to collaborative initiatives that can improve standards and practices across the industry.
Luc Meurant, head of financial crime compliance services, SWIFT, Brussels, Belgium
64 ACAMS TODAY | SEPTEMBER – NOVEMBER 2017 | ACAMS. ORG | ACAMSTODAY. ORG