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