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How to maintain a strong compliance function in a remote/hybrid working environment, using ESG as both the objective and the driver
Journal of Financial Compliance,
8
(1),
43-53
(2024)
Abstract
The new realities of the workplace have had a significant impact on how compliance experts are engaging staff in organisations across all sectors and in particular in the financial services sector. Remote/hybrid working arrangements as well as flexible hours have changed the way people interact with each other and how they live and absorb the company's culture. It has also led to an increase of existing risks, such as cyber risks, and created new risks, such as inspections from authorities of staff members' homes. In addition, an increased focus on Environmental, Social and Governance (ESG) principles in the corporate space presents challenges for companies from a regulatory point of view, in terms of dealing with new compliance requirements, requiring additional resources to cover reporting requirements and exposure to reputational or litigation risk. However, this paper sets out a number of opportunities that companies can benefit from by leveraging their ESG activities to attract and retain talent. This paper details the abovementioned challenges, laying out the main consequences that have been observed. It also offers a number of practical tips to leverage creative and novel methods to cultivate a culture of compliance, despite the challenges of the new realities of the workplace, and it gives insights on how to leverage ESG to promote compliance and general staff engagement.
Keywords: compliance culture; ESG; remote working; employee engagement
The full article is available to subscribers to the journal.
Author's Biography
Jessica Ramos is the Head of Regulatory and Financial Affairs at EBA CLEARING. Prior, she held a number of positions at SWIFT, namely in Oversight Affairs, Legal & Compliance, Finance and as Chief of Staff to the global CEO. She was also responsible for diversity and inclusion initiatives for the business. She started her career in 2006 as an Associate in Consortium Central America, focusing on banking, finance and corporate law. She is a member of the Belgian Company Lawyers Bar, the New York Bar, the Honduran Bar and the In-house Competition Lawyers Association. In addition to her Law Degree, Jessica holds an MBA in Finance, an LLM in Corporate Law from New York University (NYU) and an LLM in Competition Law and Economics from the Brussels School of Competition. She is certified in Governance, Risk and Compliance (GRC), Cyber Security for Business Leaders and Social Media Marketing and Law, Cognitive Technologies & Artificial Intelligence. Jessica is a Board Member of PRETA, S.A.S., a Board Adviser to CyberWayFinder and The Nine, a Goodwill Ambassador for European Women Payments Network (EWPN) and a ConceptionX Expert. She founded Mizbiz in 2016, an organisation aiming to connect, inspire and empower women in Belgium. Jessica is a frequent speaker at financial industry events on topics ranging from Payments, Technology, RegTech, Compliance, Financial Crime, Cybersecurity, Diversity and Inclusion and Environmental, Social and Governance.
Ella Adler is a regulatory lawyer, with experience with EU, US and UK authorities in private practice and in-house. As Regulatory and Oversight Affairs Counsel at EBA CLEARING, Ella ensures that EBA CLEARING complies with all applicable sector-specific laws and regulations, as well as competition law. Prior to joining EBA CLEARING, she worked for an American law firm in Brussels, where she advised clients on competition and trade law matters. She also completed a traineeship at the European Commission. In addition to a law degree from her native Ireland, Ella holds a Master in International Affairs from Sciences Po Paris, and an LLM from Georgetown University Law Center. She is admitted to the New York Bar and is a member of the European Women in Payments Network.
Erietta Exarchopoulou is an expert in the field of financial regulation, governance and compliance. As a Regulatory & Oversight Affairs Adviser at EBA CLEARING, she is responsible for ensuring compliance with the applicable rules and regulations, as well as liaising with the overseer on an ongoing basis. Erietta started her career in investment banking in London, advising banks on compliance and risk management topics. She has also served as a civil servant in the Chair's cabinet at the Single Resolution Board, engaging with European institutions and international authorities. In addition to her UK law degree, she holds an LLM in Banking and Environmental Law from University College London. Erietta completed her traineeship at the Court of Justice of the EU in Luxembourg and has been certified in compliance practices for anti-money laundering and counter-financing of terrorism. She is a member of the European Women Payment Network and the Institut des Juristes d'Enterprises in Brussels.
