AGEFI Luxembourg - Juin 2022

Juin 2022 39 AGEFI Luxembourg Emploi / Droit ByRymDelcroix,DirectoratCONNECTreg C ollaborating effectively can often create a special chal- lenge for the financial and funds management sectors. Re- warding individual performance was a priority at the expense of developing collaboration skills. As regulation piles up and is more dynamic and interconnec- ted, there is an urgency to res- pond to the pressure of building operational resilience and increa- sed productivity. That requires, partly: reducing the impact of or- ganizational silos and focusing on collective intelligence of cross- functional teams. “Individual” talent, knowledge or skill is no longer enough. Freeing ourselves from the blind spots that surround us to blend our collective intelligence is part of the journey to success. No one brain is enough. Financial sector’s (including IT) leaders ought to recognize there isnoone size fits all model for developing teams and can no longer be dependent on a fully“command-and-control" approach. Some elements of command persist; however, we have no choice than use the power of influence rather than only controlling. As the walls go down, we create “new” relationships by impro- ving the quality of the conversations takingplace and leverage fromdifferent leadership styles. Influencing to engage and align people equips themwith amindset of personal responsibility, accountability, and ownership. When controls and over- sight of all sorts are predominant, an environment of trust andmutual respect allows positive outcomes and fuels a good risk culture. When for example simply looking at the revamped CSSF circular 22/806 on out- sourcing in the financial sector: its com- plexity, the responsibilities and the liabi- lities resulting from it; it is suggested to adopt adistributed leadershipapproach that allows sharing expertise and streng- thening collective responsibility. By dis- tributed leadership, what dowemean? A combination of: (a) recognizing and using internal intellectual and experien- tial resources, (b) using top-down and lateral decision-making processes, and (c) building culture through dialogue and employee participation. In the finance industry, when it comes to human capital, intellectual brilliance in people is not lacking, but the problem is that we often have the wrong culture. As a result, not onlywe lose talents, but it leads to the cerebral and creative ener- gies not going towards problemsolving and learning, but towards self-apology instead. As innovation at all levels will dominate the future of our economy and regula- tion ramification will continue, leaders are greatly encouraged to broaden their set of skills and adopt the right mindset for themselves and their employees. Individuals equippedwith the capability to pivot in view of added information, processes, and regulation will thrive. At contrary, closing communication by a culture of blame creates the suppression of the informationand thehidingofmis- takes becomes self-justification. Now and for the years to come, work- place diversity and safety are becoming key features of competitive advantage. They are an imperative for the industry in constant search for efficiency gains and value added. Obviously, working with diverse teams also means dealing with diverse profiles including disrup- tive rebels whose ideas are offbeat but nevertheless pertinent to specific issues or bottlenecks unblocking. Keeping them into the equation and understan- ding them is crucial to stay in business. To build dynamic networks and remain competitive also requires checking out of “impression management” to feel saferwhen challenging the status quo. It alsomeans learning to disagreewith the boss, learning todiscloseproblems, be at ease with asking questions or asking for helpwithout the fear of lookinguninfor- med, learning to admit a weakness without fearing to look incompetent, fee- ling comfortable with offering ideas, etc.... It is about finding the right balance between managing interpersonal risks and business risks. Mindful leadership isnot beingweakbut lead better. It is about being present and engaging with employees more fully at every level. The fund industry’s success is partly based on its ability to collabo- rate, build partnerships and strategic alliances to improve execution and pro- ductivitywhilst inparallel increase regu- latory agility. CONNECTreg - Improving the financial sector’s relationships and efficiencies with collaborative and distributed leadership By Carole HOUPERT – Director & Anke ZWETSCH – Learning Coordinator, Arendt Institute W hen you first start plan- ning your dreamhouse, the initial tasks on your to-do list probably won’t include ordering cutlery for the kitchen, or even shingles for the roof. Of course not – that wouldn’t be ef- fective! Instead, you’d set up a meeting with an architect: someone who could guide you in sketching out the overall design, and the layout of each floor. That person would also help you set a budget, being sure to point out any specific equipment needs or other factors that could impact theendresult.Finally,thearchitectwould prepareabuildingplanwithprojectmiles- tones,andselectthebestpeopleforthejob (mason, electrician, painters, etc.), so that in the end your dreamhousewould turn out just how youwanted, and you could enjoy living in it to the fullest. When it comes to developing talent within your organisation, the best approach is surprisingly similar: the trai- ning that you give your staff should be planned in terms of aholistic experience, not as a piecemeal string of sessions. Your people will see the most benefit if you provide them with a well-crafted, far-sightedplan inwhicheach step is tar- geted to pave the way for further career and skills development. Not only will thishelpevery individualmeet their stra- tegic objectives, but the sound and rele- vant progress they make will, of course, remain with your organisation in the long term. As Carole Houpert, Director at Arendt Institute, explains, ‘Arendt Institute is Arendt’s dedicated learning and deve- lopment team – like an architect plan- ning a client’s dream house, we approach your people’s development in terms of a comprehensive curriculum, insteadofmerelyproviding a list of sub- jects. In fact, it’s also what we do for our own staff here at the firm.’ We start by helping you clearly identify the business outcomes you expect to see fromthe learningprogramme thatweare being asked to deliver. For this purpose, we conduct preliminary interviews with both your training sponsors and a range of subject matter experts. Our goal is to definenot just theknowledge tobeacqui- red, but also how this knowledge will create efficiency for the tasks and respon- sibilities of the programme participants, while bringing additional value to their department. We also discuss the partici- pants’ different levels of proficiency and the best pace of learning to suit yourwor- kload and corporate culture. Once all this is clear, our training experts andsubjectmatter expertswork together to propose a curriculum based on buil- dingblocksthatfittogetherlogically.This curriculumcandrawupon the full scope of our theoretical and practical expertise. For instance, it could include introduc- tionstocertainlegalandregulatoryrequi- rements, delivered by our lawyers; les- sons on how such requirements are implementedinmarketpractice,through stimulatingexchangeswithourexperien- cedregulatoryconsultants;andevencoa- ching to practice implementing require- ments correctly, using examples from case studies and the day-to-dayduties of our corporate services team. All of these experts work together with our pedago- gical team to create a curriculum that is interactive, blending learning formats in anoptimalwayforyourstaff(liveclasses, virtual materials accessible at the employee’s convenience, quizzes, long- termcourses with examinations, etc.). Wecandothisforagiventopic:forexam- ple, a personalised AML/KYC com- pliance curriculum, to be administered over a three-year period. Or we can do it for aparticular teamon the client organi- sation’s staff, such as the fund adminis- tration teamof amanagement company. We can even do it for individuals – for example, a bank CEO who just arrived in Luxembourg and needs a customised learning plan to become authorised by the Luxembourgish regulator. Anke Zwetsch, Learning Coordinator, illustratesthisbydescribing‘howwehel- ped a Head of Compliance to set the annual learning plan for their team. The trigger for their request was the list of development objectives compiled at the end of their annual review cycle. Using those development goals and topics, we createdacomprehensivelearningplanfor the Compliance team which offers all mandatorytopics(AML,GDPRandmar- ket abuse), but also more specific modules. Some are geared towards a smaller group (financial sanctions and outsourcing), while otherswill target dif- ferent levels of experience across the whole Compliance team (ESG essentials and SFDRobligations).’ Todefinethescopeandobjectivesforeach module, the training sponsors in this case worked with in-house experts from Arendt&Medernach,ArendtRegulatory & Consulting and Arendt Services. As a group, these professionals possessed all the knowledge and practical experience needed to set the right objectives. During the programme, the experts delivered face-to-face sessions, including practical case studies that mirrored the daily busi- ness reality of the participants. They also facilitated Q&A exchanges during class, inwhichthefocuswasonlisteningtopar- ticipants’ frequently recurring issues and providing solutions for them. Finally, a convenient video-learning modulewas provided, accompanied by a set of knowledge checks to confirmthe acquisition of key learning objectives. Thewhole programmewas coordinated by the implementation team at Arendt Learning. This modular programme structure allowed both the client orga- nisation’s Head of Compliance and its Head of Learning to meet their respec- tive objectives, and deliver learning modules that responded appropriately to the needs of each member of the Compliance team. The programme also gave each individual in the Compliance department a clear overview of their annual development path. Of course, even a perfect learning plan is not enough to ensure that knowledge actually transfers to the workplace. The other side of the coin (which must not be neglected) is the impact and added value of honing the newly acquired skills on the job. ‘And yet, hybrid wor- king conditions do not make this easy. That is why our learning programmes employ different tools to suit different environments, administered through various user-friendly technologies’, Carole Houpert explains. Such tools range from knowledge tests and chal- lenges, to co-development, to Q&A ses- sions, to problem-solving fromcase stu- dies. All of these are memory triggers that can be implemented digitally as needed. The goal is to ensure that the knowledge that is created and consoli- dated in the learning modules lasts in the long run, having a real effect onyour business. ‘At Arendt Institute, we draw plans, lay foundations, build in levels andmake long-lasting impact.’ Any big project – whether it’s a dream house, or a career –will benefit fromthis philosophy; a training journey is not just a series of classes, anymore thanahouse is just a pile of assorted bricks.Aholistic approach taken from the beginning has been proven to save money and time, while getting great results. When plan- ning training, be sure to pave the most effective path by startingwith your des- tination inmind. * @: T: +352 40 78 78 558 Dream houses and training journeys: when the whole is greater than the sum of its parts DU MANAG LES RENCONTRES ST saison (2021-2 ème , 4 © B ER RATÉGIQUES 022) S@BSPK.LU VIP BUSINESS ONFERENCE « LE DR DE GUER FREDER LE 30 JUI IC PIERUCCI EVENT SERVATIONS C OIT EST UNE ARME RE ÉCONOMIQUE ! » N 2022 RÉ T NFOS E I LIÈGE