PSP’s and compliance: putting together your ideal team


The pressure on financial institutions to monitor the integrity of their customers continues to increase. This is one reason that Payment Service Providers (PSPs) need to fulfil their role as gatekeepers as best they can with the means available. One of the challenges in doing so is finding the right experts to carry out this crucial task. In our previous blogs we wrote about the importance of PSPs investing in compliance and how these companies can attract the right candidates in a tight market. Today, we step into the next phase: how do you put together your ideal team?

The best people don’t necessarily form the best team

Particularly with the growing importance of compliance and integrity, it’s tempting to only use ‘the best people’ when putting together your team. Employers look for experts with years of experience at banks or credit card companies. There are some drawbacks to this approach. For example, employees with that kind of profile often already have a good job, making them expensive and unable to start immediately.

In addition, experience shows that it’s not necessarily the best people, but a variety of profiles, that creates the best team. This starts with a good mix of experience and beginners. Naturally, it’s important to have people in your team who know their way in the financial world and are familiar with the rapidly changing laws and regulations. At the same time, the work of a compliance team consists to a large extent of audit work which requires a certain degree of speed. And a background in the financial world is not necessarily essential. That’s why it’s good to have a few graduates in your team to strike the balance between thorough research and speed.

Your team members can come from a variety of educational backgrounds, too. The compliance experts we’ve placed at clients in the financial sector have degrees in topics varying from criminology, business and economics to history and journalism. After all, the latter two qualifications teach a great deal about source research and pinpointing the essence of large amounts of information. This analytical capacity is the most important quality a compliance expert needs. In other words: don’t focus exclusively on ‘standard’ profiles in the selection process.

A good mix of fixed and flex

To build a sustainable compliance department, we also advise using a good mix of fixed and flex. Using exclusively flexible workers on a project-by-project basis is expensive and means the loss of specialized expertise when each project ends. By employing a number of compliance experts full time, you offer qualitatively good experts not only a feeling of importance, but you also protect the department’s expertise levels. Of course, it is sensible to make part of the team more flexible, so you can scale up and down as necessary. In this way, you create a department that is both agile and sustainable.

A placement arrangement works well here. By collaborating with one agency to provide the experts for your compliance department, it’s easier to scale up when required. As a recruitment agency, we employ these experts ourselves. In doing so we offer them the security they consider important, and we can make the right match for our clients. Because we know our experts well, we know exactly how they’ll suit a specific project or work environment.

As a recruitment agency, Interim Valley supports organizations in the financial sector to fill roles in Compliance, Data Science & BI, Trade Finance and Lending. In Compliance, we work together with PSPs, banks and insurers, recruiting experts for short as well as long term assignments. In our approach, personal growth and professional development are key, using tools such as our personal development program Live Your Potential.

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Contact Christian de Vos at c.devos@interimvalley.com / 020 2444 921 or Mark Baerveldt at m.baerveldt@interimvalley.com / 020 2 444 923.

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