As one of the fastest growing areas in Cayman we have been seeing more and more compliance roles in the market recently. So, I wanted to delve a bit further and find out a bit more about what a Compliance Manager does day-to-day. Last week I met one of our recent placements to find out more…
Can you give me a brief description of what your role entails?
I work for an investment bank and ensure we are legally compliant. This means reviewing new accounts and making sure all the documentation is present, filled out correctly and the information is compliant. I also have to monitor the internal processes so that these are best practice.
At the end of the day I have final say on the documentation and it is up to me to decide if something is sufficient to go ahead. If I don’t feel that everything is OK I can refer back for more information.
I also need to keep up to date with new regulation and prepare presentations of new policies that come in, so I can pass onto all my staff.
What is your favorite element of your job?
I’m definitively a people person, so I’d say dealing with people. As a manager and dealing with compliance a large part of my role is answering various questions. I love that members of the team just come in and and ask me anything they need.
How do you like to start your day?
It can be busy, so I like to get in before everyone else so that I can review everything that came in the day before and try and get ahead of myself.
What helps to keep you motivated each day?
It’s a job where there can be large volume, and so when we get the job completed I feel very satisfied. Keeping that end goal in sight helps to keep me motivated.
What do you dislike about your current role?
As its compliance, there is a lot of paperwork involved and alongside that we get a lot of emails and queries that we have to deal with. It can just be the volume really!
Who do you communicate with most regularly both inside and outside your organisation?
Inside the company I deal with Investment Advisors and Associates, and anyone who has any compliance questions. Outside the business I deal with CIMA and other regulatory bodies who are checking what we do!
Since you first started, what do you think has been your biggest challenge?
Trying to keep attention to detail high during busy times.
What advice would you give someone who is seeking the same line of work?
It is a good career choice as it is a growing market and there’s lots of opportunity, but it can be challenging. You need to be prepared to deal with people with positive and negative responses – it is a big part of the job!
How did your past experience and education prepare you for this role?
My previous role was very similar, so it was just about familiarising myself with new company policies and procedures. Prior to that my trading background gave me the knowledge of the industry and helped me to know what I was looking out for. Educationally, my ACAMS designation as been a great asset.
What is your proudest accomplishment through work?
I was extremely proud when I was promoted to Compliance Manager from Senior Compliance Officer as it showed the hard work was paying off!
Where do you think this industry is headed next?
It’s definitely a growing industry with the introduction of many new policies and regulations to be followed. It is a massive sector and I don’t see the growth slowing down soon.
What is your team culture like?
Currently, I am in a team where we all contribute to the overall task. Each Manager has certain companies that they look after. At manager level you are often on your own overseeing things and I am comfortable with that but also enjoying getting involved in projects.