Compliance Influencer of the Month of January
Nizam Ismail
Founder and CEO of Ethikom Consultancy
Why did you choose a career in compliance?
To some extent, this was a natural transition. After Law School, I served as a Deputy Public Prosecutor at Singapore's Commercial Affairs Department and handled corporate and securities fraud. I also applied for the first Confiscation Order in Singapore when anti-money laundering laws was first introduced in Singapore in the late 1990s. I then joined the Monetary Authority of Singapore as a regulator. Given my background, a compliance role was a natural transition. The compliance function was relatively nascent in Singapore then. I enjoyed it because there is never a dull moment. You are constantly dealing with a fast-evolving regulatory landscape. Businesses are introducing new and complex business models that call for rigorous and risk-focused analysis. And when new business models evolve (such as the FinTech wave, and then the Blockchain-focused platforms), regulatory changes follow suit. That makes it tremendously exciting.
What has been the most important skill set you believe is necessary for a role in compliance?
Communications. Whether you are communicating to the business, or to regulators, this is a key skillset. Sometimes, it's not difficult to find out what a regulatory position is, but if communicated wrongly to the business, it can be disastrous. I have seen it happen many times.
What is the best thing about your job?
You are constantly growing.
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)?
I have attended many training programs, but the one that stood out was on communications and negotiations. This may come across as a "soft skill" to some, but I have applied it many times as a compliance professional - whether dealing with regulators or business.
What has been your proudest moment(s)/achievement(s)?
I like working on a blank canvas. I had that opportunity to start a new policy division at the MAS, building out compliance teams in some of the banks I was in, and now, building out Ethikom Consultancy. Beyond the awards (which is nice, but not definitive), what matters more to me are the relationships that I build out with my clients (whether internally, as an in-house compliance officer, or externally, as a consultant). A lot of my clients have become good friends. That cannot happen without trust. Trust cannot happen without excellent communications. Endearing friendships is what I am proudest of.
Who has been your role model(s) during your career?
Too many to list. I have had some really inspiring bosses who have each helped me grow as a professional and a person in different ways. Many peers whose critical view or encouragement has helped me along my journey. Clients or friends that I look up to.
What inspires you?
Learning new things.
Compliance can be a 24/7 job. How and what do you do to make sure you switch off?
Always remember to self-love and take care of yourself. I like cycling, listening to vinyl records, or playing the piano and jamming with my musician friends.
What advice would you give to aspiring compliance officers?
It's a long journey and there will be many frustrating moments, but learn to pick out the many positives, and grow.
To some extent, this was a natural transition. After Law School, I served as a Deputy Public Prosecutor at Singapore's Commercial Affairs Department and handled corporate and securities fraud. I also applied for the first Confiscation Order in Singapore when anti-money laundering laws was first introduced in Singapore in the late 1990s. I then joined the Monetary Authority of Singapore as a regulator. Given my background, a compliance role was a natural transition. The compliance function was relatively nascent in Singapore then. I enjoyed it because there is never a dull moment. You are constantly dealing with a fast-evolving regulatory landscape. Businesses are introducing new and complex business models that call for rigorous and risk-focused analysis. And when new business models evolve (such as the FinTech wave, and then the Blockchain-focused platforms), regulatory changes follow suit. That makes it tremendously exciting.
What has been the most important skill set you believe is necessary for a role in compliance?
Communications. Whether you are communicating to the business, or to regulators, this is a key skillset. Sometimes, it's not difficult to find out what a regulatory position is, but if communicated wrongly to the business, it can be disastrous. I have seen it happen many times.
What is the best thing about your job?
You are constantly growing.
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)?
I have attended many training programs, but the one that stood out was on communications and negotiations. This may come across as a "soft skill" to some, but I have applied it many times as a compliance professional - whether dealing with regulators or business.
What has been your proudest moment(s)/achievement(s)?
I like working on a blank canvas. I had that opportunity to start a new policy division at the MAS, building out compliance teams in some of the banks I was in, and now, building out Ethikom Consultancy. Beyond the awards (which is nice, but not definitive), what matters more to me are the relationships that I build out with my clients (whether internally, as an in-house compliance officer, or externally, as a consultant). A lot of my clients have become good friends. That cannot happen without trust. Trust cannot happen without excellent communications. Endearing friendships is what I am proudest of.
Who has been your role model(s) during your career?
Too many to list. I have had some really inspiring bosses who have each helped me grow as a professional and a person in different ways. Many peers whose critical view or encouragement has helped me along my journey. Clients or friends that I look up to.
What inspires you?
Learning new things.
Compliance can be a 24/7 job. How and what do you do to make sure you switch off?
Always remember to self-love and take care of yourself. I like cycling, listening to vinyl records, or playing the piano and jamming with my musician friends.
What advice would you give to aspiring compliance officers?
It's a long journey and there will be many frustrating moments, but learn to pick out the many positives, and grow.