SPECIAL REPORT: 30 YEARS OF THE CISI
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payments sensitively given the tumultuous political situation, while looking at innovative solutions including sourcing solar power equipment and UPS battery chargers for staff in Sri Lanka to provide them with an alternative power source. With dialogue now taking place
between Sri Lankan authorities and the International Monetary Fund, it is hoped that a way forward can emerge. The CISI has a National Advisory Council in the country, which keeps up to speed with events thanks in part to its links with the British Embassy and Chamber of Commerce. “We keep a very close watch on what’s
happening and make sure that through our network of contacts we understand the macro picture and see how we can support members,” says John. He says a medium- to long-term
concern, if there’s no resolution soon, would be a ‘brain drain’, with younger people opting to emigrate. “We’re already seeing young people encouraged by their families to explore options abroad,” he says. “We’ve had a couple of resignations where that’s been the case, with people emigrating to Australia or Canada, where they have family members, and if that happens too widely, that would be a worrying sign.”
CISI SPAIN PANDEMIC RESPONSE
Adapting to the needs of individuals in specific countries is crucial and since 2015, when the Institute opened its first office in Spain, CISI country head Rosa Mateus has pushed to ensure that learning materials and exams can be taken in Spanish. This helps to broaden CISI membership there beyond those who must speak English for work.
With around 10,000 certificates now completed in Spain, and 500 members (with an impressive retention rate of 94%), the office is flourishing and has recently been given the responsibility of developing relationships across the Iberian peninsula and in Latin America.
This expansion will significantly embrace remote technology, although accredited training providers will be based locally to accommodate any requests for in-person or hybrid training. And it’s expected about 90% of exams will be taken online, even though physical test centres will be available.
This probably seemed inconceivable prior to the pandemic. But Spain, like other regions, adapted well to respective lockdowns, and by implementing remote invigilation, it was able to ensure exams could still be taken even when physical exam centres were closed.
He adds that while some small
businesses and factories have closed, the CISI member firms in Sri Lanka are larger and have remained resilient so far. This character trait of members and
the Institute as a whole has helped it weather volatile periods in the past, and is a central pillar behind the CISI’s growth around the world.
International growth The Institute initially chose markets to enter based on where the large banks were outsourcing jobs to, such as India and
// WE’RE ALREADY SEEING YOUNG PEOPLE ENCOURAGED BY THEIR FAMILIES TO EXPLORE OPTIONS ABROAD //
Singapore, and began developing relationships with other local institutions, says Kevin Moore, Chartered FCSI, CISI director for global business development. It soon began to be approached by regulators, including from Lebanon and the United Arab Emirates in the Middle East, who were looking to professionalise their financial markets. In the 15 years that Kevin has been working on international development for the organisation, CISI relationships with regulators have grown from 15 to 73. Matt Cowan, Chartered MCSI, CISI
regional director Middle East, India, South Asia, attributes the growth of CISI exams in the Middle East (from 500 when he joined the CISI 12 years ago to 6,500 a year) to its relationships with many regulators in the region, including Saudi Arabia. The CISI now contributes 15 exams to, and mandated by, the UAE Securities and Commodities Authority licensing regime. No matter the stage of a nation’s
financial development, the CISI has always focused on encouraging high standards of ethical and professional behaviour in its global members. Its partnerships with other financial organisations all include promotion of the three elements of professionalism as defined by the CISI: a blend of knowledge, skills, and behaviour. But this doesn’t mean imposing a British model on its overseas offices and markets. “We definitely don’t go out and say
‘copy the UK’, or position the UK as perfect,” says Kevin. “Instead, we give our
24 THE REVIEW SEPTEMBER 2022
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