5 Questions With..

Each month, I will be asking 5 Questions to a member of Studio Retail Limited's Financial Services, Compliance & Risk teams...

October's edition is with our Head of Compliance - Matt Tavener

Question One - How has the role of a compliance function changed over the years? This is a great question, and one I have been asked several times, for me I would say ‘significantly’, and I don’t see that changing.?The pace of evolution across not only Compliance but the many wider functions that it touches is constant.?One key point I always refer to is where there is change, there is ‘opportunity’,?opportunities where Compliance functions and businesses as a whole can seek out improvement and time to challenge the status quo.??I recall the recent introduction of the Senior Managers & Certification Regime (SM&CR), the requirements upon firms, the rollout and ultimate embedding of change.?A number of years on, this has absolutely bought about many great news stories, those where firms have really had to self-reflect, consider how they operate and proactively bring about continual improvement.?Technology, landscaping, ownership and frameworks are key areas where Compliance need to be at the forefront…… I see very exciting times ahead.?

Question Two - What are your 2023 compliance predictions?? This is a really interesting question, as I think the answer could be so vast. 2022 has been a really busy period across Compliance, not least the volume of work firms are doing across implementation of the new Consumer Duty. For 2023, I would say effectiveness,?evaluation and challenge across many areas will be high on a number of firms priority lists.?Having great policies and procedures in place is really important, but it is absolutely critical that the evaluation of such and the effectiveness to which they deliver is understood, challenged and communicated.?Essentially, it is about ensuring that ‘fit for purpose’ approach, alongside where opportunities are highlighted, owning them through to fulfilment.??

Question Three - How can systems or technology support Compliance departments What is vitally important across any system or framework whether in compliance or another department is the ‘fit for purpose’.?As technology evolves there are a mass of providers offering systems and solutions for almost every consideration…..but with that comes a degree of challenge, not least in the ‘number of systems’ firms end up using, but also how to ensure the embedding of a system or framework is adaptable and scalable.?As regulation changes, so too must the ability of firms and their frameworks architecture to adapt and react timely.?Embedding any system or framework can bring about huge improvements and successes, my key for achievement here is ensuring you approach such projects with open communication, key stakeholder engagement throughout and drawing on expertise often from within.??

Question Four - What is your favourite part about being in Compliance? For me, there are two key areas, pace and people.????I think the pace of change across Compliance is so interesting.?Whether it be relating to the Senior Mangers & Certification Regime,?Financial Crime, Data Protection or Consumer Duty to name only a few. I have worked with many people in the Compliance arena over the years and the interest and thought-provoking dialogs that come around such subject matters is vast. Another area that I really enjoy being part of is around people development and growth, there is so much opportunity in Compliance and as I reflect on seeing a number of people join teams that I have led, and how even in relatively short periods of time, they took on greater challenges, responsibilities and made it their goal to consistently outperform….this is great to see.?I really like to meet proactive, driven characters who have a thirst for challenging themselves further.

Question Five - Why should someone join Studio? Opportunity is a mass, and it is a really exciting time at Studio now!?There are a number of roles available, and specifically within Compliance we are really keen to speak with Compliance Monitoring Advisors, Compliance Monitoring Managers?and Compliance Assurance Managers..

If interested in joining Matt's team then please contact Sarah Dovaston on [email protected] or visit our careers website for further details.