In September, the CISI asked its members to submit their nominations for this year's Outstanding Compliance Professional Award. The annual accolade celebrates thought leaders who have made a significant contribution to the financial services industry and as the second CISI member to receive the award, Alex Lander, Chartered FCSI, was understandably elated to accept it. "I'm obviously delighted - and a little overwhelmed," reveals Alex, who is Compliance Director at City Asset Management (CAM).
Alex's colleague Helen Angove, Chartered FCSI, Director of Business Development at CAM, nominated him for being "an incredible role model for young compliance professionals", and it is easy to see why she made this call.
In September 2006, fresh out of university, Alex joined CAM as a Life and Pensions Analyst. "As we know, eight or so years ago, compliance really started to be a big focus in financial services. But for a number of firms, it wasn't absolutely necessary to have a have a full-time dedicated compliance department," he says. "It definitely is now."
Learning the ropes
Alex's father also worked in compliance, so perhaps this sparked his interest. But interest alone will not get you to the top. After running a few compliance projects across the firm, he was soon asked to join CAM's compliance department and, in 2008, he became a Senior Compliance Analyst. Alex feels that the time he spent working across the firm's various departments in those first two years helped him secure the promotion. "There isn't a day that goes by where I don't speak to someone from each of the various departments," he explains. "That's the thing about working in compliance: you really do need to leave a footprint in every division. It is also important that all staff buy into the process and we are fortunate that CAM has embraced this approach."
"I've had to ensure that we continue to manage compliance in a practical and pragmatic way for us, but also in a fair way for our clients"
He also feels that the CISI's
qualifications and
continuing professional development (CPD) support were "absolutely critical". "I think the fact that the CISI maintains high levels of competence and integrity for its members is really important," Alex notes. For the same reasons, he found the Institute's online
Professional Refresher modules and seminar slides very beneficial.
Just seven years after joining CAM, Alex was made Compliance Director. He now enjoys responsibility for the company's day-to-day dealings with relevant regulation and legislation - and feels that there has never been a better time to work in this role. "Over the last couple of years, I've had to oversee updates to a lot of relevant policies and procedures, and I've helped the company's transition through these changes," he explains. "I've had to ensure that we continue to manage compliance in a practical and pragmatic way for us, but also in a fair way for our clients."
Balancing act
Getting this balance right is vital for other reasons, too. "Over-compliance doesn't do anyone any favours," says Alex. "You end up with layers of bureaucratic documentation that burden the client."
Under-compliance, on the other hand, puts clients at risk of being treated unfairly, so it is crucial to apply compliance correctly. Putting together a one or two-page summary that pulls out the main points of lengthy documents is one way to do this, he explains, and that it benefits the firm as well as the client.
Ongoing training and constant communication are also essential. Alex has developed a formalised Management Information system and Training and Competence scheme to help ensure that all CAM staff share responsibility for compliance. This approach helps identify and resolve issues as they arise in a timely manner, but also identifies future gaps that need to be addressed. The aim is to run a compliance function that is integrated seamlessly with the business functions, and is both forward and backward-looking when dealing with risks and consumer outcomes.
Peak performance
It is easy to draw parallels between the qualities Alex demonstrates as Compliance Director and those required for the gruelling Three Peaks Challenge, which he undertook with colleagues last July to raise money for Macmillan Cancer Support.
In the space of 24 hours, the nine-strong team climbed Ben Nevis, Snowdon and Scafell Pike. The participants, pictured (Alex is on the far right) towards the foot of Scafell Pike, came from CAM's various departments.
"Our team had completely differing ability levels, so the challenge required lots of motivation and teamwork to keep everyone moving together," says Alex. "This experience typifies the ideal role of compliance in a business. It is there to assist the business and can only be successful if everyone works together as a team."
For his colleague Helen, it is this level of dedication that has seen Alex progress so quickly in his career and inspire colleagues. She says: "It is his pragmatic, enthusiastic and collaborative approach that has encouraged us all to embrace with vigour good culture and ethics within the business."
Alex's achievement was also praised by Julian Sampson, Chartered FCSI, Chairman of the CISI Compliance Professional Forum Committee, which judged the award. "The Forum was delighted to be able to award this year's prize to Alex," says Julian. "We are always looking for an individual who holds controlled functions within a firm and who is making a positive difference to the way in which the business is run. We were very impressed with Alex's candidacy, and in particular by what he had achieved in so short a space of time, given his youth."
Alex received his prize at the Institute's
London Annual Dinner from CISI Chairman Alan Yarrow, Chartered FCSI(Hon), Lord Mayor of London.