In this Behind The Desk Interview we caught up with Graham Jelf, Compliance Officer at London Bullion Market Association (LBMA). To discuss all things regulatory compliance, from the latest trends and must have skills to why training is more important than ever. But this isn’t just about rules and regulations, Graham also shares what keeps him inspired, his favourite football team, and a comfort food choice that might surprise you.
What inspired you to pursue a career in regulatory compliance?
I was doing audit for a commodity business as regulation started to evolve in the early nineties, and thought this industry is going to bloom. Little did I know how much! Consequently, I sat the then regulatory exam known as the Registered Representative exam, designed for individuals on the front desks. Having passed that I put myself forward as the company’s compliance officer. With no competition, I got the role…
Can you share a memorable moment or accomplishment in your career that you’re particularly proud of?
That is a good question. There are many I can think of: heading off potential regulatory problems, developing and delivering successful training programmes but I think earning the respect of people in the businesses whose actions my role had to oversee. That trust had to be earned.
What’s a compliance trend that most excites you right now?
Training. The Senior Management Regime has really enforced this aspect of compliance, and it is something I am passionate about.
What’s your top tip for handling a crisis?
Try and stay calm. Remember things are rarely as bad as you initially think. Don’t just focus on negatives but remember to consider positives and risk mitigants.
What’s your favourite software?
Wearing my compliance hat, any answer could be deemed anti-competitive. Only joking, at my age, I’d be deemed a technophobe, but I do like what excel has been able to do for me in my career. I’m sure AI will be influential in the coming years.
Who is your favourite superhero?
Theirry Henry….no guesses as to who I support. More on that later.
What’s your favourite song?
It’s an easy answer. I lost my dad far too young, so it’ must be “I’ll dance with my father again”. I get quite emotional whenever I hear it.
Who is the best compliance consultancy business with L and C in the name?
There are two who have my vote, from recruitment Clarc Recruitment and consultancy it must be Lehman Crellin.
What skills do you think are most essential for future leaders in compliance?
Understand the business you are in, have the ability to listen and the requirement to identify and mitigate risk. Good compliance makes for good business.
What is your favourite chocolate bar?
Showing my age, marathon bar but for the youngsters amongst the readers, they are now called Snickers.
What’s your favourite sports team?
As inferred earlier, Arsenal.
Who inspired you most at work?
To spare his blushes I won’t name him, but Phil M., if you are reading this, your direction and guidance in the nineties stayed with me throughout my career. Thank You.
What’s your go-to comfort food?
Strange answer to this, but boiled eggs and beetroot, I often have both stocked in the fridge!
If you weren’t in compliance, what career do you think you would have pursued?
Another good question, a professional golfer but would have failed miserably so a physiotherapist, I think.
What’s one thing you wish people understood better about regulatory compliance?
It’s not box ticking. Good business practices are essential for a successful sustainable business.
What skills do you think are most important for success in compliance roles?
Diligence, attention to detail and to be able to consider issues from different perspectives.
Can you share a memorable experience from your career.
I’ve been fortunate enough to travel a fair amount, but I think going down a gold mine in South Africa was quite an experience I won’t forget. I know that isn’t a regulatory specific answer but as my business has been commodities compliance it is relevant to my role, understating the business.
What is one regulatory change you would advocate for if you had the power to implement it?
Simplification. Regulation is now a very global business, with different requirements in different jurisdictions, which is understandable. Being unrealistic, I would like to see them unified, which I know will not happen.
How do you stay current with the constantly evolving regulatory landscape?
With difficulty! It’s about having news feeds from many media and regulatory sources while at the same time being tuned into the financial news.
What is a common misconception people have about regulatory compliance work?
It’s boring. That it isn’t, it can be stressful, you can be involved in heated discussions, you must make difficult decisions at times, sometimes you are not always everyone’s favourite person, but it isn’t boring.
In your opinion, what’s the most interesting regulatory trend happening right now?
I’ve mentioned it a few times and it isn’t that new now, but continuous training. The old school approach of doing things a certain way because that is how it’s always been done had to change. Training on culture and ethics underlines what regulatory culture is about. That added to competency training is the foundation for business moving in the right direction.
Do you have any favourite podcasts or blogs that focus on compliance or regulation?
I am biased but I have one currently called Compliance Cozy Chats; however, we are contemplating changing the name to bullion brief or something similar…. watch this space!
