Navigating a Career in Compliance in Northern Ireland

Recently, I had the pleasure of recruiting graduates to join fscom for the first time in my career. It got me thinking, if you were passionate about pursuing a career in compliance or Anti-Financial Crime (AFC), how should you go about it? ?

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First, why should you consider pursuing a career in this field????

A career as compliance or an AFC professional offers a challenging, varied and rewarding career where you can have a positive impact, safeguarding the financial system from bad actors and protecting vulnerable people.????

It is also a skill set that is in high demand, with money laundering estimated to cost between 2 and 5% of the global GDP, more than $2 trillion, each year.

Specifically in the UK, 64% of businesses have experienced fraud, corruption or other economic/ financial crime within the past 24 months.?

?It also just so happens that Northern Ireland is a hot-bed of compliance (especially anti-financial crime) talent and opportunity.?

So what should I do if I want to pursue a career in this field??

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1. Develop a Strong Foundation?

Gaining an understanding of the financial systems, criminal behaviors (typologies), and relevant legislation will give you a strong basis to build on. Typical degrees that you could pursue would be Accounting, Finance, Criminology, or Law.??

While it’s undeniable that this underpinning could give you a head start, it’s not a ‘showstopper’ if you do not come from this background.

The typical adage you hear a lot is that a lot of professionals ‘fall’ into compliance or AFC and as a recruiter, I have seen all sorts of routes into this line of work.??? ?

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2. Obtain Professional Certificates??

If you do not have the academic background, or are looking for a professional certificate to complement your degree, professional certifications can enhance your employability and demonstrate your commitment to the field.??

Certifications you can pursue include Certified Anti-Money Laundering Specialist (ACAMS), Certified Fraud Examiner (CFE), International Compliance Association (ICA), or Certified Institute for Securities & Investment (CISI).??

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3. Seek Internships and Work Experience?

This is an obvious one for anyone passionate about pursuing opportunities within any industry.

Relevant to this space, you can seek opportunities within financial institutions, regulatory bodies, consultancies, or law enforcement agencies.??

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4. Stay Informed and Networked:?

One of the most engaging aspects of this industry is that it is continuously evolving, whether it be an ever changing regulatory landscape or emerging technologies relevant to financial crime (and prevention).??

You can engage with industry associates, attend conferences, and participate in webinars and workshops (fscom, for example, regularly produces webinars, blogs and newsletters for industry practitioners) to help stay up to date on current trends and network around the industry.??

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5. Showcase Relevant Skills:?

Beyond building knowledge of the financial system and regulatory landscapes, here are some relevant skills you can shoutout on your CV:??

a. Analytical Skills: Demonstrating your ability to analyse complex financial data, detect patterns, and identify suspicious activities is fundamental in financial crime investigations.?

b. Communication Skills: Strong verbal and written communication skills are essential to convey your findings, write comprehensive reports, and collaborate with diverse teams.?

c. Attention to Detail: The ability to pay meticulous attention to detail and adhere to legislation is crucial when building compliance programs, or conducting financial crime investigations.?

d. Ethical Awareness: Exhibiting a strong ethical mindset and understanding the importance of adhering to legal and regulatory frameworks is imperative in the field of compliance or AFC.??

e. Collaboration and Relationship-Building: As a compliance or AFC professional, you will work closely with various teams within an organisation, such as sales teams, legal, risk management, and internal audit. Building strong working relationships and collaborating effectively with these teams is essential for successful compliance or risk mitigation programs.?

f. Problem-Solving Abilities: Professionals in this industry often face complex and ambiguous situations. Being able to analyse problems, think critically, and develop practical solutions is crucial. You should be proactive in identifying potential risks and finding ways to mitigate them effectively.?

6. Explore different routes:

The financial services industry in Northern Ireland offers a range of regulatory compliance, risk and anti-financial crime related roles. These can include Anti-Money Laundering (AML) or Know-Your-Customer (KYC) analysts, Fraud Investigators, Compliance Officers, Risk Managers or, at a Consultancy like fscom, Regulatory Consultants.??

If you are looking to build a career in financial services, have a law degree but not sure you want to become a solicitor/ lawyer, are interested in emerging technology, or just really enjoyed the Bernie Madoff documentary on Netflix, Compliance or Anti-Financial Crime offers a dynamic and rewarding career with plenty of progression opportunities and equips you with skill-sets that are very much in demand.?

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Hi! I am a Senior Talent Associate at fscom, a specialist Governance, Risk and Compliance consultancy that services the Fintech and Investments market across the UK and Ireland.?

If you are a regulatory compliance or financial crime professional and interested in opportunities with fscom, or the fintech market, reach out to [email protected]?

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