Beyond the hiring process, as referenced, nurturing talent is also key. Access to training and education can develop technical skills, but in developing the potential of employees, coaching is increasingly seen as adding a competitive advantage. Coaching offers tangible support for employees, it demonstrates a growth culture, and the ROI can be quickly realised. Interestingly, aside from companies directly accessing coaching for their own employees, demand from compliance and risk professionals who want to invest directly in their own career has increased exponentially.
From the related perspective of the education/trainer provider more than ever it is critical to work with industry and clearly identify the skills in demand. By definition, gaining practical workbased experience takes more time, but providers such as PAT Fintech are attempting to bridge this with a commitment to industry/practitioner driven education/training.
As regulation continues to adapt to innovation in the provision of financial services – the recent transition the 6AMLD and implications for Virtual Asset Service Providers (VASP’s) being a good example – it is imperative that education/training is agile and adaptive to the industry’s demands. And, aside from developing the requisite technical competencies, the focus must also be upon providing the ecosystem with curious, dynamic individuals who can communicate effectively and manage appropriate stakeholder relationships.
Looking beyond the current situation, from a longer-term strategic perspective, perhaps especially in a Fintech operating environment, the perpetually misconceived compliance function can no longer be seen as a back-office barrier to innovation. In a digitised, data driven environment, compliance cannot be seen to be a static, black and white (legalistic), rules based function. In an environment where the effectiveness of AML/CFT frameworks, all things Data Protection/Privacy, and the evolution of 3rd party integrations seem likely to dominate the horizon, the role of compliance is more critical than ever to financial service provider’s