Unlocking Success in FS Regulation with Kat Thomas

From landing an AML role by chance in Poland and moving to the UK in 2014, Kat is now a respected Senior Manager in the Financial Crime Regulatory space. Struggling to fit into a male dominated world, she quickly developed an impressive toolkit to enable her to succeed. Kat shares her insights and wisdom on maintaining a healthy work / life balance and sense of well-being, whilst employing strategies to forge ahead in her career and deal with the gender bias she encountered along the way. Kat is passionate about inclusion and diversity and has some fantastic advice for future women leaders.

Could you explain how you started in your career and how you’ve reached the position that you’re in today?

I started working in Financial Crime prevention eleven years ago.

I got my first job as an AML analyst back in Poland by chance really. I was fresh out of university and made redundant in my earlier job. I received a call from a recruitment agency about a job as an "analyst in a bank". I thought this would be a business analyst or financial analyst type of job, and I went for an interview - that is when I heard about AML for the first time in my life. I got the job (working for a UK bank), got promoted after a year, and in 2014 I was offered a job in London as a Relationship Support Manager in the same bank.

I left my life behind and moved here with two suitcases.

Shortly after I moved into a business controls team, then left the bank in 2016 to work as a CDD Manager in a challenger bank. In 2021 I started working for KPMG as a Manager in the FS Forensic practice. I was promoted to Senior Manager a year later and this is where I am now.

Did you encounter any specific barriers or obstacles when building your career that could be attributed to your gender, and how did you overcome these?

I worked in banking, specifically corporate and commercial real estate finance. Men dominated the industry, and I struggled to fit in. I had to assert myself as a firm, confident person from early on, as at times men dismissed me and overlooked me in meetings and conversations.

I surrounded myself with strong, independent women, built rapport with senior leaders, and drew knowledge and mentorship from influential men in the business.

Something that could definitely be attributed to my gender happened in one of the companies I used to work in. When I came back from maternity leave, I worked part time with Fridays off to stay at home with my daughter. The men who organised team events and socials kept organising them on Fridays even though I raised this several times (I was the only part-time employee). I felt very isolated and did not feel part of that team.

How did I overcome this? I left :)

How do you think that your unique perspective as a female leader might have contributed to any of your career achievements or success to date?

This is quite an interesting question. My perspective as a female leader may be completely different than a perspective of another female leader. What plays into the picture is who I am as a whole- female, mother, wife, immigrant, neurodiverse etc. This made me always work hard- at times maybe even harder than my male counterparts. It made me take a step back and look at the whole picture from a unique perspective, as I was always an outlier.

It made me realise early on in my career that to succeed I need to make strong male allies.

It also made me realise that as a woman I have an obligation to bring the other women on a success path with me.

What positive changes, if any, have you seen over the course of your career in terms of gender diversity in your industry and what strategies or initiatives have brought about these changes?

I think the most impactful change in the recent years came from the pandemic. The general acceptance of flexible working opened the job market to some women who traditionally would not have been able to work in certain industries, like banking or consulting. Unfortunately, I am starting to see a shift back into the old ways, where some companies ask people to be in the office 4/5 times a week and this move may close the market for those women again. This is somehow disappointing as these companies are risking losing extraordinary talent.

How do you maintain a strong sense of well-being in, what can be, a stressful and pressurised working environment?

There are many things I do. I work flexibly to make sure I take breaks during the days when I need to pause. I do gardening during my lunch breaks. I spend time with my husband, daughter, and two cats to clear my thoughts. I go to the seaside, as the sound of waves and the sense of the infinity of the horizon ground me. As I suffer from anxiety, when things get out of balance, I go to therapy. Wellbeing is something I continuously strive to improve upon, and I still have a lot to learn in this space.

How do you strike a healthy work-life balance and juggle conflicting demands on your time and energy?

When working with new colleagues and new clients, I set very clear boundaries. There are non-negotiables in my diary, like Wednesday dinners with my family, that under no circumstances can be replaced with work. Other non-negotiables for me are:

- No meetings during certain mornings and evenings where I do school drop offs and pickups as I share this responsibility with my husband.

- If there is a school event, like an assembly or a sports day, I will attend it.

Work will still be here in 30 years but my daughter is growing up only once.

At the same time, I have a "memorandum of understanding" with my family, for example:

- If I am working from home, I am not available, therefore they need to resolve issues without me (save for emergencies).

- Sometimes I will need to work late, and oftentimes it will be on a short notice. Bring food :)

Have you ever suffered with ‘imposter syndrome’??What advice would you give to women who grapple with self-doubt as they’re climbing the career ladder?

I still do at times :) I would say find a support network of people who believe in you and will push you outside of your comfort zone.

When you still doubt yourself from time to time, look in the mirror and ask yourself- would you be where you are if you were an imposter?

I do not think you would, so chin up, fix your crown and keep going!

How important have you found your network to be during your career? How would you advise a junior to start to build a strong professional network?

My professional and personal network has been key to my career growth and personal development. These are the people who supported me, taught me, and took me on a journey with them across the years.

I do not like the "traditional" ways of networking, as I get overwhelmed with the noise and business of the networking events.

I connect with people on personal level, through small similarities and mutual interests. My advice would be to start with your peers- when you go up the levels of your professional career so will they, and as people change the firms they work for, your internal network will become external. If you like networking events, attend them, but try not to talk about work- build a relationship first, the work conversation can follow later.

Have you had any significant mentors throughout your career? How did they contribute to your success as a female leader?

I had a few and I am grateful to all of them. The most memorable one for me however is a gentleman who was a Head of Operations when I was starting my job as an AML analyst. He would always provide me with advice, push me out of my comfort zone, advocate for me throughout my career, and present me with opportunities for growth. He has since retired, but I owe him my success and when I am facing a difficult decision, I often think what he would say to me in that scenario.

What are your thoughts on the future of FS regulation in the coming years and women’s place at a senior level within it?

With the digital transformation in full force, the FS regulation will only become increasingly stringent. The criminals are also digitally transforming and using the newly available resources, like generative AI, to their advantage. The FS sector and the associated regulators need to be resilient, adaptable, and quick in their responses to the new threats- and these are the features of a lot of senior female leaders I know.

I think the key role of the women at a senior level is to continue to sponsor the inclusion, diversity and equity agenda, as the diversity of teams is the strength we need to play to.

Do you have any more observations or advice that might help women entering the world of FS regulation today?

Be brave, be bold, be agile. Learn to "fail fast", and do not get discouraged by the bumps in the road.

Surround yourself with people that will support you and cheer you on, and do not forget to bring the next generation of women on the journey with you.