Day in the Life of... Conduct Risk Undergraduate Placement

The Conduct Risk Undergraduate Placement that the Society offers allows me to work across the disciplines of Complaints, Compliance and Financial Crime. This unique position has allowed me to gain a greater variety of experience and increase my understanding of the business and its market position.

The Financial Crime Unit began by introducing me to some of the programs they use to verify customer data against known criminals or politically exposed persons, whilst I became familiar with assessing the validity of ID and proof of residence provided by customers when opening accounts. I have since continued to develop my knowledge in this area and have begun to produce a GAP analysis on the systems of control in place in Gibraltar to prevent money laundering and terrorist financing.

I am also currently part of a project that aims to confirm the ID and current residence of customers who may not have provided sufficient proof when entering into business with the Society or in cases where that personal data is now out of date. This involves liaising with a member of staff from an identity management company who are running checks on these customers whilst I update their details on our systems

One of my daily tasks is to produce the Daily Complaints MI. This involves making sure that each customer complaint that is sent to the Society is logged appropriately on the Complaints Logging Spreadsheet and that this is kept up to date throughout the process of handling and resolving the complaint. This area is heavily regulated by the Financial Conduct Authority (FCA) so it is essential that all complaints are accurately recorded and processed in line with all regulatory rules.

Compliance within the Society interlinks significantly with Complaints work due to the level of regulation that firms in the financial industry must comply with. As a result I have spent time working on research and output reports in relation to new and changing regulation enforced by the FCA and how this will impact the Society. So far I have enjoyed this work the most as I have been able to research and learn about current and significant changes in the financial market. It is imperative that all areas of the Society remain compliant with regulation so the Compliance aspect of my role gives me a good oversight of various departments within the Society