Pennell Hart: Women in Compliance

SO: For many people the route into compliance is nonlinear, can you tell us how you entered the profession and what motivated you to pursue this career path?

AG: Compliance is a field that encompasses a wide range of industries and sectors, and people often enter it through various paths. As a lawyer, my focus on compliance is big. As an inhouse counsel, I have a strong interest in ensuring that my employer operates in a compliant way. I also have a passion for promoting transparency, accountability, and good governance. I also perceive compliance as a way to make a positive impact on society.

SO: What are some of the common misconceptions about compliance, and how do you work to dispel them?

AG: Compliance is just about following rules: Whilst compliance involves adhering to regulations and laws, it's much more than just checking boxes. A good compliance program is about creating a culture of ethics and integrity, identifying and mitigating risks, and making sure that an organization operates in a responsible and sustainable manner.

Compliance is a one-time effort: Compliance is an ongoing process that requires continuous monitoring, assessment, and improvement. Organizations need to be prepared to adapt to new regulations, changes in the business environment, and emerging risks.

Compliance is an obstacle to business: Whilst compliance requirements can be complex and time-consuming, they are essential to protecting the organization and its stakeholders. A good compliance program can actually help to improve business operations by identifying inefficiencies, reducing risks, and enhancing the organization's reputation.

SO: How has compliance evolved in recent years, and what do you see the most significant trends and changes?

AG: There has been a significant increase in the number and complexity of regulations across various industries, including financial services, healthcare, and data privacy not only in the UAE but almost in most jurisdictions. This has led to greater regulatory scrutiny and enforcement, which has placed a greater emphasis on compliance programs. 

SO: What are some of the emerging compliance risks associated with new and innovative digital financial products and services, and how are you working to mitigate these risks?

 AG: Digital financial products and services often rely on the collection and processing of large amounts of data. This creates risks around data privacy and security, including the potential for data breaches, unauthorized access to sensitive information, and non-compliance with data protection regulations.

 As digital financial products and services continue to evolve, organizations need to stay up-to-date with changing regulations and compliance requirements. Failure to comply with these regulations can result in significant financial and legal penalties. 

Organizations need to conduct regular and ongoing risk assessments to identify emerging risks and vulnerabilities. This includes assessing the impact of digital technologies on the organization's operations and compliance risks.

SO: How do you think the compliance market here in the UAE differs from other parts of the world?

AG: The regulatory environment in the UAE is rapidly evolving, with new laws and regulations being introduced to address emerging risks and challenges. This includes the recent introduction of data protection laws and regulations related to anti-money laundering and countering the financing of terrorism (AML/CFT). These regulatory changes have created new compliance challenges for organizations operating in the UAE.

Also, the UAE has a diverse and multicultural workforce, which can create unique compliance challenges related to communication and cultural understanding. It is important for compliance programs to be tailored to the local context and to provide training and support that addresses cultural differences.

I think the compliance market in the UAE is unique and requires a nuanced approach to address the regulatory, cultural, and industry-specific challenges that organizations may face. It is important for compliance programs to be tailored to the local context and to work closely with local stakeholders, including regulators and industry groups, to stay up-to-date with emerging trends and requirements.

SO: Pennell Hart plan to gather some solid data on this over the next few months so the facts remain to be seen, but do you feel women are well presented at leadership level in compliance in the region?

AG: Diversity in the field of compliance is essential as it brings different perspectives, experiences, and skills to the table. This can help to enhance compliance programs by improving risk identification, encouraging innovation, and promoting a culture of inclusivity. Additionally, diversity can help to improve decision-making, as it encourages the consideration of different viewpoints and perspectives. Overall, a diverse and inclusive compliance workforce is essential in today's global and complex business environment.

I don’t have the solid data available, but I think women are well presented at leadership level in compliance in the UAE.

SO: Data Privacy is a hot topic with the new data protection regulations coming to the UAE this year, what are the major challenges that businesses may face?

AG: The cultural change. Awareness around privacy and data protection is quite new for the UAE compared to for example Europe where there is privacy legislation as of 1995. The change in mindset will require time. However, if I look at how rapidly the UAE has grown in the last decade, I don’t expect that the UAE will take a lot of time to keep up with the evolvement in privacy and data protection in the world. 

SO: Tell me something about yourself that has nothing to do with compliance…

AG: I am a certified Chopra Meditation Teacher. I meditate on a daily basis to keep myself centred. Because I am very analytical. My mind takes things over very quickly. By meditating frequently, I have trained myself to create space in my head. Because the benefits of meditation are incredibly high, at one point I decided to teach mediation to other people. By doing this, I believe I make a positive impact on society.