Good evening, distinguished guests, ladies and gentlemen.

 

Thank you, ICTA, for inviting me to speak this evening at the ICA Award Ceremony. It is an honor and a privilege and I appreciate the opportunity.

 

Question: “Does anyone know why I am standing in front of you?”

Obviously, is to deliver a keynote address, right?

But why me…?

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Now, George Saunders gave a very apt illustration: -

“Some old fart, who over the course of his life has made a series of dreadful mistakes…gives some heartfelt advice to a group of shining, energetic, beautiful young people with all their best years ahead of them.”

Yes, this is me and why I am standing before you --

 

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Now that you have successfully graduated with the requisite qualifications, have you ever considered (and looked at the mirror and asking) what this really mean (to you)?

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Most people are elated when examinations are over, when they collect their certifications, etc.  Finally, IS OVER [with emphasis].

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Graduation marks the start of a new journey.  In fact, it should be an unchartered one, as you explore, forward.

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In a rapidly evolving world, success and satisfaction will not come from mastering a fixed body of knowledge but from constant adaptation and creativity.  The mindset should not be fixated but prepared for constant re-skilling and re-tooling.  Yes, Continuous Professional Development is essential.  CPD is essentially a way of enabling professionals to enhance and maintain their knowledge and skills.  However “crude” an illustration, why do you think a progressive black-belt martial artist seeks out for different martial arts schools and techniques.  Fundamentally, it is never enough.  Good today, lacking the day after.

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Being relevant is imperative to survival; not upwards (career) climbing.

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In the past, the IT professionals were always lamenting on how competitive the IT sector is and obsolescence being a real risk.  In fact, the Compliance industry is similar.  Know-how is constantly subject to challenge.

 

Why is ongoing learning & development important?

 

Let me share with you something that I have observed for the past 5 years during my interview sessions with the prospecting employees.

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Questions that are increasingly featured being: -

• What is/are the avenues for training and professional development?

• How easy is it for staff to be nominated for train?

• What are the opportunities for rotation?

• What is the organization view of external courses (versus internal courses)?

• What is the training budget?

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This dawned upon me the landscape has changed.  Prospective employees are looking at training and learning opportunities as a Must-Have, as opposed to “Nice-to-Have”.  In the past perhaps, it could be an “entitlement” but the current environment is that, training is seen as the baseline to demonstrate competency.

 

From a human resourcing, staff motivation and retention perspectives, being in a job that offer little in terms of training and personal development will not get the best out of individuals, and will, more than likely, see the brightest of professionals look elsewhere for a job that does offer some kind of professional development.  Human capital development is the “in-thing”.

 

From a Regulatory perspective, the regulators are focusing on the quality of staff training expenditure.

The Regulators will evaluate:-

1. The types of qualification-based training and certification;

2. The Service Provider(s);

3. The weightage assigned to non-conformance in training.

 

In my final note, I want to add my congratulations to each and every graduate.

You are an accomplished group, balancing between your career and professional study requires much hard work, dedication and drive.

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I am going to ask all of you to do 3 things and consider it your final assignment: -

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1. First, I ask you to remember to use your Compliance education / knowledge wisely. 

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Most important of all, never misuse your knowledge. Stay clear of these 2 danger zones:-

• Participation in misconduct; &

• Misleading or hampering Auditors / Regulators.

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Professional training gives you the technical knowledge but it does not necessarily train you in the “Character”.  If competence represents the "Head", then Character would represent the "Heart". 

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As you would see for yourselves, how the financial sector has witnessed (i) Irresponsible Risk-Taking, (ii) Opaque Practices, (iii) Ethical and Conduct-related lapses.  Nothing is more important to one’s reputation and bearing in mind, the Individual Accountability regime.

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Keep out of trouble at all times.  If you are faced with unsurmountable challenge, remember to share / escalate accordingly.  Don’t bent back.  The sooner you escalate the issues, remedial measures are less expensive, less painful and solutions may come faster.

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2. Second, I ask you to keep learning and stay curious.

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• Learning is a continuous process.  As Compliance is a very broad and encompassing domain, remain intellectually broad, be well-read, well-informed and be open to new experiences.

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• Seek out ways to make a difference, solve problems, help others and have a positive impact to your organisation and the Compliance industry.

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• The strength of the Compliance industry is dependent on the generation who is prepared to make a REAL difference.  Yes, it will not be an easy path.  Regardless of your own story, whatever obstacles you might face, despite them, remain optimistic and persistent, as YOU will be shaping it.

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3. Third, I ask you to remember ICTA and to keep in touch with the faculty and staff.

 

Thank you for listening to me today and finally, to the ICTA graduates, my challenge for you is.......

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“… whatever problems that come along, Take the Bull by the Horns & Fix It!”

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