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GRC Professional : GRC Winter 2012
END NOTE 40 GRC Professional • Winter 2012 My career » What led you to a career in compliance? I applied for a role at a regulator because I wanted to use my degree in economics in a different way. I wanted to change the world for the better and thought this was one way to partially achieve that. I was very young. » What is your role at MFAA? I look after internal regulatory governance and statutory requirements. I am also (to a greater or lesser extent) the governance/compliance guru for the membership in general, especially those I like to call ‘orphans’ — members who are too small to have their own compliance resource or don’t have access to such resources through their aggregator group or similar. » What is your favourite part of the job? Meeting our members and helping to address their concerns. I ’m a firm believer in compliance by GOYA (get off your acre). External relationships are also part of my job description: attending regulator and stakeholder committees and interest groups, and talking to external law firms and other advisers too. That’s fun, especially when we don’t see eye to eye. » What have you learnt about managing change from a governance/compliance perspective that you can share with GRC professionals? The first thing I learned is that ‘being right’ doesn’t always work out the way one might expect. You have to take into account members’ perceptions and feelings. Neglect that particular aspect at your peril. Also that if you think you have done enough ‘ c ommunicating’ with your audience about forthcoming changes, then think again. Double your throughput of communications at the very least because you can never deliver those messages about the changes to come too often. And it’s best to do it face-to-face if possible. » What advice can you give those embarking on a career in compliance on how to make a difference in their organisation? Compliance’s function is to ensure that the business is ‘compliant’ – not a little but a lot compliant (it is not only about mitigation of consequences). And you either comply or you don’t. One cannot choose to ‘obey’ some laws and ignore or, worse, breach other laws, without casting loose the essential tenet of compliance – to comply. The compliance professional helps their organisation do that in a commercially viable way (quickly, simply and cheaply). A good compliance professional is the Minister for ensuring you have a sustainable business, with few shocks and fewer fines for breaching the law or, worst-case scenario, loss of a licence to operate. ••• CAlVErT DUFFY Calvert Duffy, Executive Director – Governance & Compliance at Mortgage and Finance Association of Australia (MFAA), reflects on his journey so far. A good compliance professional is the Minister for ensuring you have a sustainable business, with few shocks and fewer fines for breaching the law or, worst-case scenario, loss of a licence to operate.
GRC Autumn 2012
GRC Spring 2012