Bank customers barely know that compliance professionals exist until they want to complain, said a veteran in the field, but that has not stopped him from enjoying his work.
Mr Conrad Lim, 50, deputy chief executive of LGT Bank (Singapore), said: "I am proud to be part of the compliance profession, and believe that we do make a difference and impact in our work. There are many misconceptions surrounding the role of compliance in a bank. The ignorant believe it to be an inconvenience or, even worse, a hindrance.
"For bank customers, the role is not visible and many barely know it exists - until they want to register a complaint."
He said that as a profession, banking compliance has grown and evolved to become an essential function, through which banks discharge their responsibilities such as governance and corporate social responsibilities.
"Compliance helps ensure that the business activities of a bank do not breach and are in accordance with its licensed scope and the laws covering such activities, or if mishaps or breaches do occur, to be part of the solution."
Mr Lim, who read law at Bristol University in Britain, practised for several years in London. He returned to Singapore in 1991, and worked at Drew & Napier.
He recalled: "In I996, I was attracted to the international aspects of working as an in-house banking legal counsel and joined a European bank that covered corporate banking and private banking in the region.
"Shortly after joining, I was asked to take on compliance responsibilities as well. "
He later worked at various international financial institutions, holding regional legal and compliance roles.
He joined LGT Bank in 2008, as regional head of legal and compliance, and later took on the role of Singapore deputy chief executive.
The Institute of Banking and Finance Singapore (IBF) last month conferred on him the title of IBF Fellow for Compliance, in recognition of his career.
Said Mr Lim: "Essentially my role is a management trouble- shooter, whose job is not just to deal with problems only when or after they occur, but to set up frameworks and processes that anticipate, deter or possibly prevent them."
The main risks for the private banking business, for instance, include money laundering, fraud and investment suitability.
He described a bank's compliance officer as "a risk navigator".
This person has to analyse the circumstances or the situation, decide and take action in order to protect the bank and its customers and is, ultimately, accountable to the bank's stakeholders.
Those who enter at a relatively junior level will be able to get a good overview of and insight into a bank's business and operations, as well as exposure to management and key functions in a bank.
He said candidates should enjoy problem solving, have good analytical skills and must be able to communicate well.
"An ability to cope with pressure and not shy away from difficult situations is a must."
This article was first published on December 30, 2014.
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