Compliance officer training scheme launched
A new scheme to train compliance officers for Bermuda businesses is to start in April.
The programme, which is a first for offshore jurisdictions, will prepare students to work in the investment and financial world as in-house regulators.
The scheme was set up by the Regulatory Compliance Association (RCA) working with Government and Bermuda College.
George Thomas, a Bermudian based in New York and chairman of the advisory committee that set up the RCA Bermuda Compliance Certification Course (RBCC), said: “The programme is aimed at increasing career opportunities for Bermudians as well as increasing Bermuda’s capacity to meet the growing demand for compliance professionals in the global marketplace.”
He added: “Our vision, which may be bold, is that some Bermuda companies will recruit promising high school graduates into newly-created compliance apprenticeship roles, leveraging the first level of the RBCC to enhance training.”
While RCA courses are normally aimed at graduates, the Bermuda course, set up with assistance from local experts and experience gained through a pilot course, was designed for those who do not have a first degree.
Students will carry out their studies online at their own pace and can achieve diplomas, advanced diplomas and professional certification in compliance in specific business areas.
The RCA, based in New York, has donated 150 scholarships for qualified applicants for the course, which will otherwise cost between $1,750 and $8,000 depending on the level of qualification.
The course was launched at Hamilton’s City Hall last week by Michael Dunkley, the Premier, and Grant Gibbons, the Minister of Economic Development, in front of an audience of business leaders and others.
Mr Dunkley said: “It’s ultimate success will be achieved through the continued support and active engagement of the Bermuda business community.”
And Dr Gibbons added that business chiefs should encourage staff to enrol in the programme, as well as promote or hire people who have gained certification.
He added: “For those students in the programme that do not have prior experience in compliance, we need employers to create opportunities that will allow them to gain experience through internships, apprenticeships or other positions that will enable growth over time.”
A Ministry of Finance spokesman said 22 people, recommended by various employers, had completed the pilot programme.
He added: “The input we gained from the pilot session was very valuable in determining the overall structure of the programme.
“The pilot participants are all encouraged to go on and complete the full programme.”
Applicants for the programme will require a high school diploma, with four years of mathematics and successfully completed college-level English or equivalent, have relevant work experience or relevant professional certification.
Extra eligibility requirements for one of the full scholarships will apply.
The RBCC course starts on April 11, with applications to register submitted to Bermuda College by March 11, although scholarship applicants should apply by February 28.
Due to the flexible nature of the programme, students will be able to start the course at a later date.
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