Leading the way in compliance: Eavan Garvey on being a true people champion

Eavan Garvey began working in compliance when the field was in its infancy. Following her first role in online banking, she saw a job advertisement for a compliance role in 2002. “Nobody really knew what compliance was, including myself at the time!” Eavan says.

The dynamic and analytical nature of the work was a great fit for Eavan’s skillset and interests. “The thing I love about compliance is that it is very much a role where you need to know a bit about everything.”

Developing a compliance mindset

To understand the requirements of a compliance role in an organisation, you must first understand the organisation. Eavan says, “You need to know the ins and outs. The back office, the front office, and everything in between... There’s really no excuse for a compliance officer to not know the business well.”

In addition to deep knowledge of the business, compliance roles require extensive knowledge of regulatory requirements, strong analytical skills and an ability to engage with key stakeholders really well. “There aren’t that many of us, and those of us working in compliance have a certain mindset,” Eavan says.

Throughout her career, Eavan has made an incredible impact through her compliance leadership for many of Ireland’s leading financial services organisations. She has held manager and senior manager compliance positions with AIB, Ulster Bank and Bank of Ireland. As the field of compliance has evolved and transformed, she has embraced new ways of approaching the role.

“My mindset has shifted, from just considering what the regulatory requirements are, to focusing on what’s the best thing for our customers, our colleagues and our communities. Over the years I have learned that a focus on doing the right thing often results in us naturally meeting regulatory requirements and expectations,” Eavan says.

Communication, partnership, prioritisation

When Eavan began her current role as Chief Compliance Officer with U.S. Bank – Europe / Elavon, it was very different to any compliance role she held previously. It’s a challenge that she has really enjoyed. “It’s a great organisation, with really great leaders, supporters and advocates,” she says.

Overseeing compliance for an organisation across multiple jurisdictions poses unique challenges. Eavan explains. “We have to deal with many regulations and regulators at any point in time… It’s very important to be on top of that and to understand all the priorities and needs of all our regulators.”

Prioritisation is a crucial aspect of the role. Eavan reflects on other key skills and competencies required within her work: “Really being able to effectively engage with the business. U.S. Bank is really focused on building partnerships across the organisation. This approach recognises the importance of collaboration and in particular, there is a recognition that where we don’t support our colleagues, we wont be successful in delivering on our strategic priorities, or providing a good service to our customers. So I guess communication, partnership and prioritisation are really key.”

A true people champion

Eavan recently won the Compliance Champion category at the IOB Future of Finance Awards 2024. Her nominator for the Award called out Eavan’s excellent leadership skills in risk and compliance, citing her as a strong advocate for vulnerable customers and a ‘true people champion’.

The Award recognised Eavan’s leadership in strengthening risk culture, enabling her organisation to understand ‘pinches before they become pain points’.

Since joining U.S. Bank – Europe / Elavon, Eavan introduced progressive risk management frameworks that have ensured the effective identification, assessment, monitoring, mitigation and reporting of compliance and other risks within her organisation.

Introducing this complex framework had many challenges. “There are policies, metrics, training requirements, expectations relating to assessing risk that we need to make sure is in place… And we also need to think about the business, that the framework enables them to successfully do their job every day, and in particular that the framework is manageable, is easy to digest and implement. The other element that we have had to reflect on is whether the framework proposed is in line with the U.S. Bank enterprise compliance programmes and policies.”

Bringing stakeholders along the journey was so important – meeting every team at the beginning and right through the entire project development process. When asked about milestone achievements with the project, the collaboration and people are immediately what Eavan highlights. “It's about making sure they feel comfortable in terms of what's expected, making sure they understand that this might not be as difficult as it might seem at the outset.”

Compliance is a passion

At the core of Eavan's approach to compliance lies a firm belief in placing customers, colleagues and communities at the heart of every decision. “It's about doing the right thing in the right way at the right time for the right reason”.

Supporting customers is always at the forefront of Eavan’s mind – one customer in particular. “When I work on customer initiatives or customer information, I always think about my mum. Would she understand this? Would that make sense to her? If messages aren’t simple, they get confused or lost.” She believes that making products and services accessible for vulnerable customers, ensures they are accessible for all customers.

Winning the IOB Future of Finance Award for Compliance Champion was a special milestone for Eavan. “It was unbelievably brilliant… Compliance is a passion for me. I know it sounds crazy for anybody who doesn’t work in compliance, but I'm so passionate about compliance because it's so much more than just laws and regulations.”

IOB Future of Finance Awards

Eavan Garvey won the Compliance Champion award at the IOB Future of Finance Awards 2024. Learn more about the IOB Future of Finance Awards 2024 winners here.