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CISI on offer from FINSIA

by Lewis Panther | 14 May 2019
FINSIA’s latest suite of professional education qualifications will give members the tools to tackle the type of crime that is costing Australia billions a year.

That’s the message from Head of Standards and Education Kylie Blundell SA FIN as she discusses the Chartered Institute of Securities and Investment courses that are being rolled out in Australia by FINSIA.

“There is a real need for financial services professionals to understand this area. Australia has clearly had a problem with financial crime in all forms over the past few years,” she said.

“Cyber crime costs the economy $1bn a year according to the government. AUSTRAC had a report a couple of years ago highlighting money laundering was costing about the same annually.

“So the scale of the problem in Australia shows there is a huge amount of work to be done.

“It’s certainly an area where members can develop new skills and expand their expertise.

“The course modules we have developed here at FINSIA focus on the global reach and impact of financial crime.

“To steal a line from that old climate change motto. Think global, act local. There is a real problem here at home. But it’s driven globally. 

“Learning to counteract what’s going on in this murky world is certainly an opportunity as it will also give members the chance to operate outside Australia - as CISI is an internationally-recognised qualification.”

Going into more detail about the courses focusing on the risk of financial crime that have a starting cost $375 for Combatting Financial Crime and Managing Cyber Security, Blundell added: “They’re both globally portable as they address international threats and ways of tackling them.

“While these courses are aimed at compliance officers and money laundering reporting officers, they could be very useful to those in law enforcement and regulation as well as trade and commerce.

“We’ve all seen he reports about how much money has been laundered in property, so I’m certain these courses could and should be studied by real estate agents.

“Combatting Financial Crime looks at how laws and regulations are continuing to evolve. 

“It goes into detail about the background to money laundering, terrorist financing, bribery and corruption.

“As the online threat is growing at a breakneck pace, it can affect all parts of financial institutions. The Managing Cyber Security program will give those on the course the weapons to develop effective methods to prevent, detect and mitigate cyber attacks.”

Once any of the courses are completed by computer-based testing, they can be bolted together to build up a personal portfolio of expertise.

Blundell added: “As well as the portability, the beauty of these courses is the flexibility they offer in how students package them.  

“Even if they only complete one course they will come away with a certificate. 

“However, by packaging them with other courses FINSIA is able to award higher level qualifications including the Investment Operations Certificate.”

The qualifications in Risk in Financial Services and Global Financial Compliance, which start from $555, are aimed at a broad range of members - or non-members who want to use the opportunity to join FINSIA - from risk and compliance teams, branch managers, corporate lawyers as well as existing and aspiring non-existing directors.

“Global Financial Compliance is apt for all compliance staff and especially relevant to compliance officers,” said Blundell.

“It covers all aspects of the subject from the international regulatory environment, managing the risk of financial crime, risk management, ethics, integrity and fairness.”

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