Your InFinance Publication

FINSIA’s InFinance keeps you up-to-date and in-the-know. 

Interviews of two successful participants of BFO's 2019 Young Ambassador Program

by Anita Poppi SA FIN | 02 Apr 2019

The Banking and Finance Oath (The BFO) organise the Young Ambassador Program that encourages and supports students and graduates to adopt a strong ethical foundation as they begin their careers in the banking and finance industry. Against the backdrop of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services, there is an opportunity for individuals with strong ethical principles and integrity to assert themselves, reflect on what they want to stand for as a future leader, and consider how they can contribute to the betterment of the industry going forward.

For this InFinance’s issue, we interviewed two of the successful participants to the 2019 Young Ambassador Program, Alisa Doronina, ANU and Philip Joseph-Hauser, AMP Capital.

 

Alisa Doronina, Student at ANU

  • Why is integrity important as a young leader?

My generation has grown up with information overload, political spin and fake news - it's hard to find truth in the world, but moral authority flows from integrity. To be someone who can motivate others, you need to demonstrate that you are trustworthy, dedicated, responsible and ethical.

  • What are the three attributes a leader should possess?

 Vision, responsibility and integrity. These complement each other. You need to picture success and solutions, take responsibility for working towards them with your team, and set an example through your ethics.

  • What role does digital such as AI play in your leadership style?

When communicating with people, I prefer to rely on my emotional intelligence and a personal touch to lead. However, I've seen how AI can be useful in data analysis and removing biases from recruitment. Speaking as a formal internal auditor, AI could improve governance, for example, by analysing in real time how people behave when completing desktop ethics training at work. A clever algorithm could adjust the questions to engage the user better.

  • What are the challenges you face as a young leader especially in a post Royal Commission world?

 Both regulators and industry are still working out responses, so I sense uncertainty within the industry as to what exactly needs to change, how much and how soon. It's hard to get banks and financial institutions to focus on specific changes, but I've had some success in getting new institutions interested in the BFO.

  • Why is professionalism – raising standards of ethical conduct and competency important?

To restore the trust of the community following the Royal Commission, those working in banking and finance must demonstrate greater professionalism through more client-centric behaviour, better quality advice and fairer processes. This requires not just raising ethical conduct and capability, but a cultural shift in how people approach their work.

 

Philip Joseph-Hauser, Investment Specialist at AMP Capital

  • Why is integrity important as a young leader?

At the start of your career, the learnings and experiences you acquire will set the foundations for the rest of your career. Integrity is one of those core principles that needs to be established from day one of your career. It’s the needle that points your moral compass north and its one thing you can depend on. Without it, I think you lose a sense of purpose in what you do.

  • What are the three attributes a leader should possess?

The ability to lead by example, an open mind to listen and consider all perspectives, and giving your team a sense of purpose for why they come in to work each day.

  • What role does digital such as AI play in your leadership style?

The changing digital landscape has had a significant impact on our economy and society as a whole. It has increased our efficiency, it has brought us closer together, and it has shown us new possibilities of what we can achieve. On the other hand though, the impacts have not all been positive. Some might argue that technology has actually brought us further apart and hindered our ability to understand people on a human level through face-to-face interactions. I think there is great potential to harness the digital world in my leadership style but I am also cautious in how it is implemented as I don’t believe it will ever be a pure substitute for people.

  • What are the challenges you face as a young leader especially in a post Royal Commission world?

I think the toughest thing I experienced during the royal commission was being labelled by friends and family as a culprit for the outfall of the Royal Commission simply for being an employee at AMP. For many young people who are just beginning their career in finance, it has been a rough introduction to the corporate world. But with every challenge lies an opportunity, and although I do not believe many of the younger generations had any responsibility to play in the failings the RC brought to light, I do believe we have a responsibility to win back the trust of the Australian people. It is not something that is going to happen overnight but it is certainly a challenge I look forward to undertaking.

  • Why is professionalism – raising standards of ethical conduct and competency important?

Similar to my point above, I think it all boils down to trust. They say ‘money is the root of all evil’, which doesn’t bode very well for our industry which quite literally revolves around money. Naturally, people are going to be distrusting of the banks and big financial institutions which have unprecedented power in our society. I think this is a reason for our industry to go above and beyond what is expected of us in terms of raising the standards of our ethical conduct and competency.

Comments

Share this