Hot on the heels of appointing renowned regulation expert John Burns, My Compliance Centre is pleased to welcome another financial services heavyweight to its advisory board.
With immense experience in asset management compliance, Chude Chidi-Ofong, co-founder of Montague Square Advisors, will play a pivotal role in enhancing the My Compliance Centre platform’s capabilities.
Chude’s journey, starting as a lawyer before moving into operational roles in investment banking and subsequently managing operations at a major hedge fund, gives him a unique perspective on the critical role compliance now plays when it comes to future proofing a business and driving down overheads.
We recently sat down with Chude to discuss the ever-changing landscape. Here are some of his key insights for asset management firms attempting to stay abreast of today’s complex environment.
Compliance: from back office function to pivotal company role
Since entering financial services, Chude says he has witnessed a significant increase in the gravitas that compliance now holds within asset management businesses.
“It’s gone from being a back office function to front and centre of everything we do,” he explains, adding: “I recall being on the periphery of a conversation with a trader early in my career and a compliance colleague wanted a word. The colleague was shrugged off with a ‘not now, I’m too busy’. I don’t think that kind of interaction would or could happen today.”
“Compliance is now a much more respected function within organisations,” he notes. This, Chude says, is partly due to an explosion of new regulations that have been introduced since the financial crisis of 2008, and the fear of the repercussions in the vent of breaches.
“Firms now recognise that a robust compliance framework is fundamental to sustainable business,” he says.
But this means compliance practitioners have had to evolve too. They’ve moved beyond being mere technicians to strategic advisors, playing an integral role in navigating the complex operational and regulatory challenges companies face. “The ability to delegate compliance tasks is now essential to effectiveness,” he summarises.
Investor demands: the push for granular transparency
The shift in compliance’s status observed by Chude goes beyond internal processes. Investors, particularly institutional investors in markets like the US, are demanding unprecedented levels of transparency regarding a firm’s compliance history.
“Investors want to see granular detail about how a business has fared,” Chude explains. “They want to know about any issues – for example, have there been fines, letters of non-compliance, non-standard interactions with the regulator? They expect this information to be readily available.” This level of scrutiny, Chude argues, makes having easily accessible, well-organised compliance records absolutely crucial not only to satisfy one’s regulatory obligations but also for attracting and retaining capital.
Gaining the edge on efficiency: the difference modern tools can make
Meeting internal and external demands, whether from regulators or investors, requires accurate, efficient and institutional-grade systems. On this, Chude shared a compelling example from his own experience – highlighting the difference technology can make.
Tasked with producing a comprehensive report for regulators within a tight three-week deadline, the process would typically involve manually sifting through disparate records from across an organisation.
However, using robust regulatory technology, Chude was able to create the report in just three hours. “The final document was ready for sending in under 48 hours, after completing several rounds of checks. But it shows the incredible difference a purpose-built system can make,” he recalls. “Without a solution like My Compliance Centre, my ability to respond rapidly and accurately to such requests is severely diminished,” he added.
This isn’t just about saving time; it’s about having the confidence that your data is accurate, complete and instantly accessible when regulators or investors come knocking. Platforms like My Compliance Centre provide the infrastructure to manage compliance proactively and demonstrate robustness effectively.
One final point Chude made on modern platforms is their relative ease of implementation. “Nowadays, because there are so many vendors on the market, businesses have become used to adopting this technology while suppliers have optimised interoperability. Onboarding simply isn’t the pain it used to be,” he said.
Future proofing asset management: a meaningful partnership with Chude
Chude Chidi-Ofong’s deep understanding of the operational realities and compliance pressures facing asset managers makes him an invaluable addition to our advisory board. His insights will be crucial as we continue to develop My Compliance Centre into the essential platform for firms grappling with the complexities of modern financial regulation. To learn more about how My Compliance Centre is making a difference to asset management companies, talk to us today.
