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Compliance


Competitive advantage Markus Kubeck, Managing Director of Active Services (Jersey) says that any businesses on the island that still think compliance can be ignored only stand to lose out. “One thing is certain,” he says. “The island has a stringent regulatory regime which won’t become less strong. To cope with this, businesses need to have processes and procedures in place to comply with these laws and regulations.” Understandably, this creates a burden on the individual company


because, regardless of size, every single one has to meet the standards set down by the Jersey Financial Services Commission (JFSC). Markus, however, offers no apologies on behalf of the regulator because, as he sees it, from the Commission’s perspective, the risk is to the reputation of the island rather than the individual business. Like Helen, Markus believes that a good compliance culture


is the only way for a business to move forward, and this can provide a competitive edge. “Truly knowing your clients and having the information to hand means you’re able to respond quickly to third-party requests for information,” he explains. “By being proactive you save time, and this also creates the impression of good customer service.” But, as many relationship managers know, it’s not


always easy to keep requesting information from clients. Having efficient processes across the business certainly cuts out the pain for clients, but Markus also feels that companies need to carry their clients with them.


“As part of the overall relationship, if the client understands you are looking to work in a best practice environment, and that by doing so you’re looking after their best interests, then this can only be a good thing,” he says. “If frontline administrators are led by a compliance culture, then


the attitude will feed through to the client. If they can sell the concept and demonstrate that they are looking to be as compliant as possible in an effort to increase efficiency, then it can grease the wheels of doing business.” Importantly, complying with the rules can also translate into clear


savings. As Markus points out: “If staff as a whole are sold into the idea of compliance as a good thing and they proactively work within it, the business will not only save money but will avoid having to undertake ghastly autopsies or run remediation programmes when the JFSC visits. The costs and time involved with these are horrendous.” Autopsies aside, in just 15 or 20 years Jersey has changed the


way it conducts business in the finance sector, which, as Helen Hatton points out, has enabled the island not only to stay in the game but to lead it. This means that individual companies can’t afford to take compliance with a pinch of salt. Doing business in Jersey now comes with strong demands, but approach them in the right way, and those demands can be used to guide a firm to greater success. n


KIRSTEN MOREL is on the businesslife.je editorial board


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