A new compliance course could provide Bermudians long-lasting jobs in a growing field, according to Curriculum Committee chairman George Thomas Jr.

Mr Thomas said the RCA Bermuda Compliance Certification Programme, developed through a partnership with the RCA, the Bermuda Government and Bermuda College, is designed to both give Bermudians opportunities in the compliance industry and help the island meet the growing demand for compliance professionals.

“As a Bermudian that has worked overseas for several decades in financial services, I can attest to Bermuda’s hard-earned reputation as a buttoned-up, sensible offshore jurisdiction,” Mr Thomas said. “In the current climate of regulatory scrutiny our island’s reputation can work to our advantage.

“Developing world-class intellectual capital in the field of compliance is consistent with the perception of our island and adds more credibility, is valuable to companies, both here and abroad and enhances the skills and marketability of our most abundant resource. Our people.”

He said that compliance jobs require an understanding of regulations, a thorough nature and an attention to detail, they do not require a bachelor’s degree, meaning that suitable students could begin to work towards qualification straight out of high school, adding that the participant who completed the pilot programme the fastest did not have a bachelor’s degree.

“I think there’s huge opportunities for Bermudians who do well in high school and have the capacity,” he said. “We just have to create the avenues and these tracks for them so they can develop their skills or they may flounder.”

The programme could also help provide a new career path for those who may have found themselves out of work or who are simply looking to upgrade their skill set, with funding already in place for 150 scholarships.

Mr Thomas also stressed that the jobs are not just local, saying that compliance professionals are in high demand across the world. He said that last week, an online search found 20,000 compliance jobs listed in the United States, with 4,000 listed in New York alone.

Theresa Andrade said she was recommended the pilot programme and found it was a worthwhile experience. While she had not sought her BA after graduating high school, instead taking the general secretarial course at the Bermuda College, she said her experience at work gave her a leg-up with the course.

“For me, it was comfortable,” she said. “Some others found it more difficult, but I was able to break it down for them so they could understand.”

Asked what is the most important trait for success in the industry, she said: “A lot of attention to detail.”

Another participant in the pilot programme, Dale Jackson, also said the course was recommended to him. After the conclusion, he said he joined two separate committees to help make the programme as suitable as possible for Bermudians.

“It really is about creating opportunities,” he said. “It’s really a great initiative and a great experience. I think it’s a great opportunity to create some employment in Bermuda, long-lasting jobs for the community, and I think it has the potential to do so.”

Progressive Labour Party MP Rolfe Commissiong hailed the programme yesterday as a means to provide opportunities for not only young Bermudians, but also those formerly in middle management who may have found themselves unemployed or underemployed.

“There has been a significant change in the nature of the Bermuda labour market,” he said. “We have seen a decline in decent paying jobs in the banking sector in the last 15 years, so we have a lot of people who were in middle management who are now sort of all at sea in terms of their careers.

“Not only does this provide a real opportunity for our young people in an internationally expanding industry, but it also provided a great opportunity for people to retrain.”

He said that compliance is a key niche in the global economy, and will be an expanding industry in which Bermuda needs to play a key role.

• For the full text of George Thomas Jr’s remarks, click on the PDF link under “Related Media”.