Compliance Influencer of the Month of March
Malcolm Wright
Chief Compliance Officer at 100x Group
Why did you choose a career in compliance?
It chose me, and I think that's the way it is for most people in compliance. But, it's a great sweet spot between my technical, legal, entrepreneurial, and compliance skill sets. It all started on my first day of work at Thomson Reuters when I was given a project called 'World-Check' to oversee - the rest, as they say, is history...
What has been the most important skill set you believe is necessary for a role in compliance?
Flexibility. Without a doubt we move in a fast-changing industry. The work a compliance officer does today will not be the same in 1, 2, or 3 years - there are now so many dynamic forces at play. We need to be flexible to change, and also flexible towards the business as to how we can become business strategy rather than business prevention whilst at the same time remaining compliant.
What is the best thing about your job?
No two days are the same. In fact, no two hours are the same. You get the picture. Variety is so important; it fuels interest and it fuels personal growth as you constantly need to think. It's not for everyone, but for me personally it's a key driver, for sure.
I'm also particularly fired up on the very ethos of what compliance is about; making sure that we're doing the right thing in the best way. It drives ethical behaviour, transparency, and efficiency - and with that, a sense of purpose emerges and a motivation to get up and go to work every day.
We all have learning experiences during our careers, what was your greatest learning experience (something you worked on, a career move or even something someone said)?
OK. So, I'll use a quote from Will Smith in After Earth here "Fear is not real. The only place that fear can exist is in our thoughts of the future. It is a product of our imagination, causing us to fear things that do not at present and may not ever exist." This quote came later than my first steps into a fearless career, but it serves to highlight well and resonates.
We constantly face choices in life, whether our career or personal lives and by observing ourselves we can see where a choice is coming from. Very often, it's possible to be paralysed by fear, and that can hold back some truly extraordinary paths that might be available to us. For me personally, once I realised this it was a huge shift. It's still a journey of constant observation and challenge, but one that can lead to a remarkable life.
What has been your proudest moment(s)/achievement(s)?
Actually most recently being asked to Chair the Global Advisory Practitioner Board for the International Compliance Association. But actually, there have been many moments and many 'firsts' in my career of which I'm equally proud, some of which I can't claim just for myself as they were true team efforts.
What is the biggest risk you've taken in your career?
I'd say jumping out of a well-paid career into running my own company. That firm went on to be really successful winning several international awards, but that would be to hide the hard work it took to get there, especially the first couple of years that were t-o-u-g-h. That was an example of fearlessness but if you ever want to do an MBA in real time, that's the way to do it!
Who has been your role model(s) during your career?
Everyone. I mean that in the broadest sense. You have the chance to learn from every interaction, and so every person can become your teacher and role model for ways to act and interact - or even ways not to!
But I've been fortunate to have some fantastic managers who have helped shape me by giving me the freedom and authority within my role, without micromanaging. And, having a manger like that is priceless. And if you are a manager, please be that manager ;)
What inspires you?
Knowing that I'm making a difference. That might be, for example, interacting with the FATF on crypto guidance, it might be leading the industry responses to regulatory discussions with the Global Digital Finance AML Working Group. Or, more personally, it might be seeing those who work in my teams or who I mentor grow towards their full potential.
Compliance can be a 24/7 job. How and what do you do to make sure you switch off?
Number one on the list, I switch off. I won't check my phone or email unless I am expecting something important, or I get a critical inbound call or notification. Particularly in FinTech there seems to be a real push for an 'always on' culture because of how the business functions.
But, downtime is critical - working 18 hour days, 6-7 days a week is counter-productive and a demand for always-on is reflective of a particular style of leadership that doesn't recognise this. Space to think and do other things can release stress in the mind and body, and with that new, creative ideas and solutions can emerge.
So, I make sure I rest and exercise, and get that space. And nothing gets booked over my pre-planned exercise slots because they are as much for my physical health as mental health. Then, when I work I can come back stronger, faster, and with much better output and responses.
What advice would you give to aspiring compliance officers?
Be inquisitive and learn. Don't think that what you do today will be what you do tomorrow. Explore all aspects of compliance, whether that's regulatory, financial crime, fintech, digital ID, artificial intelligence, and so on. There are so many emerging aspects and your job is going to change, so get ahead of the curve now; find courses, podcasts, LinkedIn posts, articles, and so on. Please, just build your knowledge so that you are ready to be tomorrow's compliance officer - we have an exciting future ahead of us!
What is something people don't know about you?
One of my guiding principles in life comes from an ancient inscription on the temple of Delphi in Greece: γνῶθι σ(ε)αυτόν ("Know Thyself"). Two words, that hide a very deep power.
It chose me, and I think that's the way it is for most people in compliance. But, it's a great sweet spot between my technical, legal, entrepreneurial, and compliance skill sets. It all started on my first day of work at Thomson Reuters when I was given a project called 'World-Check' to oversee - the rest, as they say, is history...
What has been the most important skill set you believe is necessary for a role in compliance?
Flexibility. Without a doubt we move in a fast-changing industry. The work a compliance officer does today will not be the same in 1, 2, or 3 years - there are now so many dynamic forces at play. We need to be flexible to change, and also flexible towards the business as to how we can become business strategy rather than business prevention whilst at the same time remaining compliant.
What is the best thing about your job?
No two days are the same. In fact, no two hours are the same. You get the picture. Variety is so important; it fuels interest and it fuels personal growth as you constantly need to think. It's not for everyone, but for me personally it's a key driver, for sure.
I'm also particularly fired up on the very ethos of what compliance is about; making sure that we're doing the right thing in the best way. It drives ethical behaviour, transparency, and efficiency - and with that, a sense of purpose emerges and a motivation to get up and go to work every day.
We all have learning experiences during our careers, what was your greatest learning experience (something you worked on, a career move or even something someone said)?
OK. So, I'll use a quote from Will Smith in After Earth here "Fear is not real. The only place that fear can exist is in our thoughts of the future. It is a product of our imagination, causing us to fear things that do not at present and may not ever exist." This quote came later than my first steps into a fearless career, but it serves to highlight well and resonates.
We constantly face choices in life, whether our career or personal lives and by observing ourselves we can see where a choice is coming from. Very often, it's possible to be paralysed by fear, and that can hold back some truly extraordinary paths that might be available to us. For me personally, once I realised this it was a huge shift. It's still a journey of constant observation and challenge, but one that can lead to a remarkable life.
What has been your proudest moment(s)/achievement(s)?
Actually most recently being asked to Chair the Global Advisory Practitioner Board for the International Compliance Association. But actually, there have been many moments and many 'firsts' in my career of which I'm equally proud, some of which I can't claim just for myself as they were true team efforts.
What is the biggest risk you've taken in your career?
I'd say jumping out of a well-paid career into running my own company. That firm went on to be really successful winning several international awards, but that would be to hide the hard work it took to get there, especially the first couple of years that were t-o-u-g-h. That was an example of fearlessness but if you ever want to do an MBA in real time, that's the way to do it!
Who has been your role model(s) during your career?
Everyone. I mean that in the broadest sense. You have the chance to learn from every interaction, and so every person can become your teacher and role model for ways to act and interact - or even ways not to!
But I've been fortunate to have some fantastic managers who have helped shape me by giving me the freedom and authority within my role, without micromanaging. And, having a manger like that is priceless. And if you are a manager, please be that manager ;)
What inspires you?
Knowing that I'm making a difference. That might be, for example, interacting with the FATF on crypto guidance, it might be leading the industry responses to regulatory discussions with the Global Digital Finance AML Working Group. Or, more personally, it might be seeing those who work in my teams or who I mentor grow towards their full potential.
Compliance can be a 24/7 job. How and what do you do to make sure you switch off?
Number one on the list, I switch off. I won't check my phone or email unless I am expecting something important, or I get a critical inbound call or notification. Particularly in FinTech there seems to be a real push for an 'always on' culture because of how the business functions.
But, downtime is critical - working 18 hour days, 6-7 days a week is counter-productive and a demand for always-on is reflective of a particular style of leadership that doesn't recognise this. Space to think and do other things can release stress in the mind and body, and with that new, creative ideas and solutions can emerge.
So, I make sure I rest and exercise, and get that space. And nothing gets booked over my pre-planned exercise slots because they are as much for my physical health as mental health. Then, when I work I can come back stronger, faster, and with much better output and responses.
What advice would you give to aspiring compliance officers?
Be inquisitive and learn. Don't think that what you do today will be what you do tomorrow. Explore all aspects of compliance, whether that's regulatory, financial crime, fintech, digital ID, artificial intelligence, and so on. There are so many emerging aspects and your job is going to change, so get ahead of the curve now; find courses, podcasts, LinkedIn posts, articles, and so on. Please, just build your knowledge so that you are ready to be tomorrow's compliance officer - we have an exciting future ahead of us!
What is something people don't know about you?
One of my guiding principles in life comes from an ancient inscription on the temple of Delphi in Greece: γνῶθι σ(ε)αυτόν ("Know Thyself"). Two words, that hide a very deep power.