Day in the life: Mairead Kirwan, Deputy Head of Compliance

Next in our series of features profiling key roles in financial services, we speak with Mairead Kirwan, Deputy Head of Compliance with PTSB. Mairead has developed extensive experience in risk management, compliance and anti-money laundering throughout her career in financial services. We speak with her about what it’s like to work in a compliance leadership role, her advice to those interested in developing a career in compliance and how her learning journey has supported her career path.

Hi Mairead, thank you for speaking with us. Can you tell us what initially motivated you to pursue a career in compliance?

The financial services industry has transformed since the financial crisis, evolving to have a far more mature, risk-aware culture that is also committed to delivering the right customer outcomes in a sustainable and responsible way. This motivated me further to pursue a career in Compliance.

I have seen the dial shift considerably over the years, with compliance professionals being a welcome and valued voice working alongside the business to deliver on our organisational objectives in a compliant and customer-centric manner. Seeing where compliance can add real value is another motivator.

What is a typical day like in your role?

My role brings a lot of variety, engaging with many stakeholders, both internally and externally and working on projects to support the delivery of organisational objectives. The role involves providing guidance, oversight and challenge on a broad range of topics including prudential compliance, conduct risk, consumer protection, data protection, supervisory engagement and upstream regulation.

I really enjoy collaborating with colleagues across the organisation and I feel very fortunate to work with an amazing team of talented compliance professionals who are as passionate about what they do as I am.

As a leader, what skills and competencies do you look for when recruiting compliance professionals?

When recruiting for compliance roles I look for specific technical competencies depending on the role e.g. data protection, consumer protection, anti-money laundering or prudential regulation. Also, there is a need to understand broader compliance risk management concepts along with the ever-changing regulatory landscape applicable to banking.

Other very important attributes for compliance professionals are being able to; effortlessly collaborate with people (and enjoying it is also helpful!), support and guide colleagues, be an agent for change and be a customer champion. You will need the confidence and skill to both support and challenge the business in equal measure, ensuring that the interests of many stakeholders (customers, employees, shareholders, investors, regulators and the bank itself) are considered and at the heart of decision making.

What technology or trends do you think will have the biggest impact on compliance roles in the next 2-3 years?

We need to consider the new ethical dilemmas that Artificial Intelligence (AI) might bring to the banking industry. Some questions below that banking and compliance professionals need to ask and seek answers to are:

• Do we actually know what AI is doing, do we understand the models?

• Who is accountable for AI and who really understands how it works? How do we ensure the necessary oversight and assurance?

• There is a strong business imperative to go fast, keep up, however do we fully understand the risks?

• Will AI actually make things better for the consumer?

• How do we achieve AI literacy across an organisation?

From an ethical and cultural perspective, we need to be asking ourselves these questions at an early stage as we embark on the AI journey. Keep asking ‘why’, keep testing any new technologies.

I think AI will bring huge benefits to compliance, however I think there will always be a place for human intelligence alongside advanced technologies.

What advice would you give to someone aspiring to enter your field?

I would ask them to consider a number things about the importance of a role within compliance

• In banking we are custodians of people’s hard-earned money, and it is important that we regularly remind ourselves of this. We should recognise the valuable role that compliance plays in protecting customers, colleagues, the bank and ultimately the financial system.

• When considering the role of compliance ask; ‘would we do the right thing if we weren’t compelled to because of regulatory requirements?’ I’d like to think yes, however we must acknowledge that regulation and guidelines play an important role. In addition, they help the industry to adopt a common set of standards.

• Consider the risk and the results of people doing the wrong thing or doing things wrong i.e. conduct risk. Will you be an advocate in ensuring that colleagues have the necessary tools to support them in getting things right?

• Consider the impact of the risk and compliance culture on the organisation and on consumers. Given the overall importance of banks in the economy and to society and how quickly banks can fail, the risk and compliance culture within a bank is fundamental to a stable and well-functioning financial system and will be the cornerstone of your role within compliance.

If these things resonate with you, that’s a great starting point in pursuing a career in Compliance.

How important has education been in your career journey?

I consider that I have been on a learning journey for my whole career. Continuous learning and investing in my own professional and personal development have always been incredibly important to me and this includes learning from those around me.

Throughout my career I have taken on study aligned to the needs of role I was in at the time, e.g. Diploma in Compliance, IOB Professional Certificate in Conduct Risk, Culture & Operational Risk, QFAs. I recently completed the IOB Certified Bank Director (CBD) Programme which was one of the most impactful programmes for me. It provided me with the opportunity and the environment to take a step back and consider alternatives in the delivery of the priorities and responsibilities within my role. My technical banking knowledge increased significantly, and I gained valuable insights from the lecturers and other industry professionals who participated in the programme.

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