Industry Position: President, Bahamas Association of Compliance Officers
What attracted you to the sector?
When I entered the industry in 2000, it was all new and I was intrigued about the future of the financial services industry and the recent black-listing of The Bahamas. Being an avid reader, I found the compendium of legislature interesting coupled with the new regulations and guidelines. I so acquainted myself with them that I began to acquire an extensive knowledge of risk within financial institutions inclusive of market, credit transactions, processing compliance and legal liability and reputational risks.
How long have you been in the industry?
Since 1984, I've worked in various areas of banking, mainly operations, firstly as a Securities Administrator which was quite exciting as it involved interacting with clients and traders which gave me tremendous versatility in Operations, Controlling and Management. I was also intimately involved in the creation and implementation of cross-functional controls, procedures and verifications to ensure quality of processes and controls within organizations, conducting cross-functional risk assessments of new business products or processes and funds, heading Special Project teams and managing the same, providing support to the CEO or managing directors of my organizations and to the boards of directors.
What keeps you motivated?
My son Nathan is my number one motivator, followed by my peers in the industry, as we feed off of each other while the industry continuously evolves.
Why do you think you have been successful?
I think my success is driven by my passion for the field of compliance and I definitely believe that I am blessed and that it is the favor of God in my life. I have a zeal for getting things done and in a timely and professional manner; I have an ability to work independently and handle ad hoc requests in a timely and reliable manner and have a resilience to stress and a capacity to deal with strict deadlines. My industry peers have also advised me that I am an effective diplomat and have effective interpersonal and communication skills and of course computer literacy.
Did mentoring play a part in your success?
Mentoring most certainly played a major role in my life. I entered this profession back in 2000 when everything was new: legislation and the Bahamas Association of Compliance Officers. The past presidents, Senator Cheryl Bazard, Natasha Rolle-Bastian, Tanya McCartney, Cherise Cox-Nottage, Robin Scavella, Fabian Bain, Edward Cooper and Kesna Pinder all played a part in my mentoring through my involvement in the association.
In fact, I'm referred to as the longest serving member of the Excom having served in various roles since 2001: the Education Committee, secretary, vice president and now president.
What qualifications do you feel are the most useful in helping you perform in the sector?
I am a planner, and although I agree that we cannot plan everything, it helps to eliminate some unnecessary stress. My strong point has always been my ability to meet deadlines. Of course, it's not always within the eight hour period, so one will have to find ways to strategize and get results.
What has been the biggest challenge in your career? How did you overcome it?
Change is always the x-factor ... but to be successful you have to learn to embrace it and at times love it. It certainly avoids monotony.
Why is it important to encourage our youth to think of careers within financial services?
For our future. As professionals it is important to ensure good succession planning within financial services. Someone has to carry on the traditions and as such it is important for us to mentor and encourage our youth to pursue careers within the financial industry. The industry requires talent from all of the traditional and non-traditional professions i.e. we have lawyers, accountants, trust professionals and also croupiers . BACO encourages participation in the control and oversight aspects of financial services through our annual speech competition which provides high school students an opportunity to discover the widest opportunities within financial services through their personal research after which they present their speeches in a public forum, and a winner is chosen.
What advice would you give young people just starting out in the industry?
We are gatekeepers for our various financial institutions and more importantly this jurisdiction, and we must ensure that, above all, integrity and accountability are everyday tools of the trade. Not only are our stockholders depending on this but, compliance essentially at its core, is concerned with such issues as the viability and sustainability of an organization; whether dedicated employees will ultimately have a pension on which to retire and whether parents would be enabled to pay for the school and university educations of their children. In short, we always emphasize this truth, compliance, if utilized thoughtfully, as a tool of national development, is about advancing the Bahamian dream.
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