the bank and the communities we serve . However , on the other side , criminals are also leveraging this technology , especially in the fraud space , when you think of the possibilities such as deepfakes . It is all moving incredibly fast . You can say we are in a type of arms race against criminals .
AT : As an innovator , what do you see as the next big investment for banks as they strive to prevent financial crime ?
JSC : The next big investment is going to be people . We often focus on the technology side , but at the end of the day , when a machine produces data , a person is the one who needs to take that data and make a judgment call on what to do with the data . That judgment is not easy . The world is complicated and the decisions that need to be made are extremely complex . As a result , you need to have good people who have experience and who have integrity . Finding these types of people is an investment in your program .
AT : As a follow-up to your comment in the previous question , what key characteristics stand out when you are looking to hire the right person for your team ?
As I look ahead , my focus will be on inspiring and helping prepare the next generation of compliance officers
JSC : I look at a combination of soft skills and technical skills . Technical skills are important because financial crime risk management is a complex area . As I mentioned before , you are not going to pick up the skills overnight . You need some type of formal training , whether it is through ACAMS or otherwise , as well as experience in the industry . The other characteristics that are important in the hiring process are if the potential employee has curiosity , a good mindset and resilience . These qualities are important because financial crime risk management is a dynamic field that is constantly changing . For example , what you learned in technical skills yesterday might be less relevant tomorrow and now you need to learn the next thing . A candidate must have an open mind , be intellectually curious and willing to change , continuously grow and be humble . All these skills are important when looking for a good financial crime risk manager and a compliance officer .
AT : In the past , HSBC has been connected to a worldwide money laundering scheme . What has HSBC done to weather the storm and restore its reputation ?
JSC : There is no easy answer , but we needed to put in the hard yards , and this was across the first , second and third lines of defense . First , we needed to obtain the commitment of all and decide where we wanted to go in terms of becoming the best in the industry . This was done through learning and putting into place the right processes , systems , technology and people across a large institution that covers
ACAMS Today September – November 2023 49