Marios Skandalis: The role of compliance professionals is decisive for rebranding success

“The role of compliance professionals is decisive for rebranding success,” stated Marios Skandalis, Chief Compliance Officer at Bank of Cyprus Group and Chair of the Board of the Cyprus Integrity Forum.

He was addressing the 10th International Compliance Forum, presented by Bank of Cyprus, that is currently taking place at the Hilton Nicosia Hotel.

Skandalis, also the conference’s Chairperson, underlined the need for a radical overhaul of the way compliance is applied in business, pointing out that the new era requires innovative approaches and intelligent use of technologies.

In his presentation, entitled "Re-Branding Compliance", Skandalis said that over the next decade, compliance will be decisively influenced by artificial intelligence and machine learning.

These technologies will enable compliance professionals to predict and prevent problems before they arise, while automating routines, he explained; and further underlined the need to challenge rigid regulatory requirements that do not materially contribute to business value.

The role of compliance professionals, according to Skandalis, is decisive for the success of the rebranding. They are the ones who will strengthen the culture of ethics and integrity in business, inspiring a new perspective on compliance, not as a necessary evil, but as a path to excellence.

As he said, leaders must set the right example, ensuring that compliance functions have a say in the strategic formation and direction of the business with vision and courage.

By leveraging cutting-edge technologies and cultivating a culture of integrity, compliance can become central to business success in Cyprus and beyond, he added.

2024 marks a very special year for the International Compliance Forum as it celebrates its 10th anniversary with a prestigious event that has brought together the greatest professionals in the field.

The Compliance Forum, which has established itself as the leading forum for compliance issues in Cyprus, has attracted more than 400 participants from Cyprus and abroad.

Experts from globally recognised organisations, such as the Office of Financial Sanctions Implementation (OFSI) and the US Office of Foreign Assets Control (OFAC), arrived in Cyprus to share knowledge, views and developments.