The financial crime sector has grown rapidly in the past couple of years thanks to new anti-money laundering regulations. As a result, an increasing number of Legal Risk & Compliance professionals are moving into the sector to take advantage of the growing opportunities there. On Episode 22 of The UNCOVER Podcast, I spoke with Che Odlum, the Head of Financial Crime at Clyde and Co, about the key skills and attributes that these professionals will need to succeed in the sector. Read on for her insights.
From what you’ve seen, what are the key skills and attributes that somebody needs to be successful in this space?
Intellectual curiosity is important. You have to be able to look at information and, rather than accept it at face value, probe it until you are satisfied with what it means. That means interrogating everything from the very basics of looking up acronyms and finding out what they mean, to looking at information about a deal and being able to probe it without any specialist knowledge of that particular area so that you can understand the financial crime risk. Being analytical in our area means not simply identifying the risk but being able to bring it into a narrative and fundamentally understand what is happening, what the risks are, and whether there is a situation that might promote financial crime.
Are there any channels you would recommend following to ensure that people are staying ahead and up to date with what’s coming out in the financial crime area?
I think it’s a brilliant time to be in this particular field because there is so much information available, and information is power. Whether you’re an analyst just entering into your first role in financial crime or you are further along as a financial crime lawyer, it is really important that you stay updated. LinkedIn is a brilliant way to stay involved because you can follow various law firms, newsletters, and regulators there. I really like podcasts as well. If you feel you don’t have a lot of information about a particular area, start listening to some podcasts in that niche. Networking is powerful as well. Network with your peers. It doesn’t have to be somebody in a much more advanced area than you; talk to analysts at other firms to find out how they’re dealing with things and how their firm is working around various issues.
What advice would you give to candidates who are looking to make headway in the financial crime space?
What I say to my team members is that you have to take responsibility for your own knowledge and learning. There’s a certain amount that can be done within the firm, but you have to make it a personal goal to understand when there are changes in legislation and what cases might impact your work. Don’t wait for somebody to drip-feed that information to you. Go out and get it. I also tell my team that if you find an article or hear about a case, bring it into the team and share that knowledge. Show that you are passionate about what you do. Take advantage of opportunities like free webinars that exist now too. Finally, don’t be afraid to take on new projects or tasks that might be handed over to you. Give it a go. Sometimes success resides just beyond fear, and that has been really important in my growth.
To hear more from Che about financial crimes, tune into Episode 22 of The UNCOVER Pod here.