Authority collaborates with UCM to support compliance training and mentoring

The Isle of Man Financial Services Authority is partnering with University College Isle of Man (UCM) to support the delivery of in-demand training and education in business administration, compliance, and anti-money laundering.

The collaboration aims to help students gain the relevant qualifications they need to pursue a rewarding career in the finance sector. Compliance and supervisory skills are currently much sought after in the Island, with many public and private sector organisations looking to recruit suitably-qualified candidates across a wide range of roles.

UCM is helping to meet that demand through a course that combines the City and Guilds Level 3 Diploma in Business Administration, with Microsoft Office Specialist (MOS) and International Compliance Association (ICA) qualifications.

The full-time, two-year course is tailored towards people seeking to work in business support roles, or those wishing to improve their administrative and supervisory skills.

Students learn about topics such as communication in business, principles of administration, managing personal and professional development, management information systems, and contributing to the success of an event. The MOS element covers packages including Word, Excel, PowerPoint and Outlook.

The course also features modules on compliance and anti-money laundering and countering the financing of terrorism (AML/CFT), with the option to complete the ICA Certificate in Compliance.

Staff from the Authority, together with industry professionals, will assist the delivery of these modules, providing information and first-hand knowledge about the Island’s regulatory framework and AML/CFT landscape. A number of Authority officers have also volunteered to act as mentors to help students work towards their ICA qualification.

Ashley Whyte, Head of the Authority’s AML/CFT Supervision Division, said: ‘This is an example of how the Authority is working collaboratively with other agencies to enhance compliance skills in the Isle of Man. The UCM course provides an opportunity to learn the fundamentals of business administration, while gaining an insight into the world of compliance and AML from regulators and industry professionals. We are proud to support this initiative and hope to play a part in its continued success.’

Joanne Richardson, UCM Vice Principal – Quality and Curriculum, added: ‘We listen to Island employers about the workplace skills they need to recruit in order to grow and flourish. Where possible we aim to offer courses to help meet that demand, while equipping people with qualifications that boost their career prospects. We are grateful for the support provided by the Authority, which will give real relevance to this course, as well as practical assistance to the students.’

City and Guilds Level 3 Diploma in Business Administration is on offer as part of the UCM prospectus for the next academic year, starting in September 2024. Further details are available on the UCM website, including a short video explaining the contents of the course.