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GRC Professional : GRC Summer 2013
35 WHEN ISAACUS ADZOXORNU HEADED to Sydney's northern beaches with a group of 10 senior compliance professionals for ACI's five day residential CCP course last year, he didn't expect to end up with a new approach to the understanding of compliance and risk management. But that is what he is now implementing in a "piecemeal and gradual manner" at BOQ Finance. "I came back armed with the knowledge to make my organisation look at compliance as a part of our risk management systems," he says. "My organisation is not doing badly, but when you are benchmarking against industry standards there is always room for improvement." Adzoxor nu joined BOQ Fina nce (Aust) Limited, a consumer and commercial credit company in 2010. Consumers are provided credit to finance the purchase or lease of personal assets, including motor vehicles, motor cycles, boats a nd computer s. Commercial credit is provided towards commercial hire purchases, finance leases, novated leases, rental and operating leases and inventory finance. Adzoxornu said he won the graduate award because he did well in both the final assignment and class participation, but emphasises that the CCP cou rse is "not about who ends up being at the top". "The community expects that financial institutions will implement good governance structures and processes and observe certain ethical standards to protect the interests of their customers and shareholder s. "I'd wanted to validate being a compliance professional through an organisation that could certify that I was okay. The course makes you move outside the regulatory framework to look at compliance, not as something you do to just keep The course makes you move outside the regulatory framework to look at compliance [as] not just about making the regulator happy but assisting the organisation achieve its goals and objectives. Blueprint for Graduate of the Year Dr Isaacus Adzoxornu, BOQ Finance's Compliance Manager, Risk, in Sydney, did the Certified Compliance Professional (CCP) Residential - Vocational Graduate Certificate in Compliance Management in March 2012. His outstanding results and classroom commitment earned him CCP Graduate of the Year at the annual ACI awards in November. BY DENISE MCNABB the regulator happy, but as an integral part of an organisation's risk management systems. Once an organisation has defined its goals, it needs to consider all significant risks that may prevent the organisation from achieving those objectives. Non- compliance with legal and regulatory requirements and failure to implement and enforce a good code of conduct are some of the risks that may prevent an organisation from achieving its goals or objectives." Adzoxornu has worked in general and specialist compliance roles for 15 years in Melbourne, Canberra and Sydney. This has been in the capacity as consultant and as risk and compliance manager with credit unions, banks and in funds management. Like many in this field, he started in law as a barrister in Victoria and the ACT before deciding a legal career "wasn't my cup of tea." "Complia nce is not always about law. It's also about ensuring your organisation meets industry and accepted community and ethical standards and the organisation's own principles of good governance. To do this successfully a compliance professional needs to understand human behaviour and how to interact with people internally to deliver those compliance outcomes," he says, A legal background stood Adzoxornu in good stead when he first sought entry into the compliance profession and in his role as a consultant during the transition to the Financial Services Reform regime. "I became intimately acquainted with the Australian Financial Services licensing process and understood the regulator's expectations when I started working at BOQ Finance. My initial brief was to assist a project team apply for two Australian credit licences," he says. •••
GRC Spring 2012
GRC Autumn 2013