Following her appointment two months ago to lead the Seychelles
International Business Authority, the young and dynamic Wendy Pierre has
among her priorities to build the capacity of her members of staff and
empower them to better deliver in their different positions.

Having
spent some nine years with Siba before being appointed in the new
position, Wendy feels she has the necessary experience to shoulder the
responsibilities the job entails.
Meeting her recently in her office at the Siba headquarters on Bois
de Rose Avenue, the 33-year-old was very enthusiastic when she talked
about her job and her plans for the future.
She said she is prepared to face the challenges that lay ahead and
that she is thankful the experience gained working for many years in the
financial services sector has stood her in good stead.
Before being appointed in the new position she was a manager dealing
with the legal and compliance aspects of the financial services sector
of the Siba.
“My new position will require that I will also have to take care of
business promotion which is a very important responsibility of the
Siba”, Wendy pointed out.
“But I know the sector,” she said, adding that support of Siba’s
various partners, colleagues with whom she has worked for many years and
the collective effort of members of her team is essential to help her
succeed in her mission to propel the Siba to greater heights.
“Our partners’ opinions and contributions are very important and I
make it a must to meet and discuss issues with them,” she added.
“They are all ready to work with whoever is ready to bring further
development in the financial service sector,” she pointed out.
“I’ve always maintained a good and healthy relationship with
everybody and therefore I feel comfortable to address colleagues and all
members of staff and seek their opinion and advice on any issue,” she
said.
“I am encouraged by all the positive feedback and words of encouragement received so far,” she added.
Wendy said there has been several positive contributions as well which together with her team she is working on.
Set up in 1995, the Siba is essentially a one-stop shop that covers
both licensing and regulation of the primary offshore business
activities. It is the Registrar for international business companies,
international trusts, among others. The Siba also regulates
International Free Trade Zone activities in Seychelles.
Education and trainingWendy joined the Siba in
2003 soon after completing her university studies in law. Joining Siba
she concentrated and specialised in the aspect of compliance which is
very important and essential in the offshore business sector.
“In this kind of business there are lots of risks which can
potentially arise and compliance consists of various safeguards which
when put in place ensure the country is not exposed to those potential
dangers like financial crimes,” she said.
“And when I studied compliance I came to know of the various
structures which could help protect our country from those risks,” Wendy
explained.
Three years ago she completed her studies for a diploma in compliance
and now she is a member of the International Compliance Association
which is affiliated to the University of Manchester.
The members share good practices and experiences for the benefit of the financial sector.
Wendy also followed several short-term training relating to other areas of the offshore sector.
At present she is studying for her masters in banking and finance which she is expected to complete next year.
“This is another challenge for me to overcome. I have to manage work,
studies and other aspects of my life. But I can say that I have found
the balance,” she explained.
She pointed out that the good thing about the Siba is the opportunity
it gives its staff to study and work at the same time and this, apart
from allowing staff members to find the right balance, it also gives
them the chance to exercise self discipline.
“Siba strongly believes in training and more training for its staff,
because without training members of staff would lack the skills and
efficiency required to handle the increasing demands of the sector,” she
said.
Wendy recalled when she joined the Siba in 2003 she worked for two
years with a private business within the offshore sector to gain
experience.
“I am grateful for the exposure and experience obtained while working with the private business.
It
has helped to increase my competence and provided me with additional
skills which are essential when handling different types of clients,”
added Wendy.
She explained that her work as a compliance manager has also taken
her overseas to attend various international conferences, meetings and
seminars where she took part in discussions with international
organisations and other bodies involve in the business.
Facing the challengesBut how does Wendy handle all the challenges of her new job?
She says a lot of development is taking place in the financial services industry and one has to be prepared for that.
She gave as example the fact that small island states like Seychelles
are at present under a lot of focus for various reasons and one of them
is the amount of interest in our financial services sector.
“People everywhere want to know what we have to offer,” said Wendy.
Another
reason is that international organisations like the Financial Action
Task Force (FATF) and the Organisation for Economic Co-operation and
Development (OECD) are concentrating to ensure small countries like
Seychelles have in place the necessary framework which meet
international standards when operating an offshore business sector.
Wendy pointed out that she is happy the Siba has in place the
necessary structures and is forging ahead with its plans to modernise
its operations.
“Siba is not only encouraging people to come and do business here but
it also ensures it has in place the right structures for doing good
quality business according to international best practices,” Wendy
stressed.
With regard to the financial crisis affecting several parts of the
world namely Europe, Wendy said its impact on the business sector
locally is unavoidable but she believes Seychelles can withstand that
due to the fact that it also has strong interests in other regions like
Asia and Africa which are still stable.
“These are areas with lots of potentials which the Siba is planning
to explore to ensure continued prosperity in the business sector,” added
Wendy.
Several Bills related to the financial sector which the National
Assembly approved at the end of last year are further proof of Siba’s
commitment to continue to upgrade its operations to meet international
standards. This follows a series of recommendations identified by the
OECD which included making certain amendments to the various laws which
govern the Siba’s operations.
“The Siba is very proud of its effort to meet international standards
and be seen as one of these financial destinations which do good
business and have the right framework in place,” Wendy pointed out.
She expresses her satisfaction that the Siba has managed to carry out
those recommendations and pointed out that towards the end of May it
will have the opportunity to defend the report relating to the work
carried out in line with its effort to put in place those
recommendations.
“Hopefully everything will meet the required standard and we could continue our work and move forward,” Wendy noted.
She further stressed that the important thing is for the Siba to maintain its position on the OECD white list.
Plans for the futureWendy is also very much
encouraged by the amount of interest shown in the services and products
offered by the Siba which is aiming for more value added services.
“The Siba aims to work to ensure that once clients register their
companies they also use services provided here and not those outside
Seychelles,” Wendy said.
Wendy believes that in order to convince
clients to use services provided here, more work has to be done to
improve those services.
“The laws and framework are already in place and we plan to intensify
building the capacity of our people to meet the demands of clients and
retain in the country as much benefits from providing such services,”
she said.
“Having the right people on the ground to provide the standard of
services required by clients is very important and remains among some of
the Siba’s greatest challenges for the coming years,” noted Wendy.
“But I am positive that with the support of our partners and staff
commitment to the objectives of the Siba, we can go very far,” she
mused.
In the coming years, Wendy said, building the capacity of her staff
and empower them to move the authority further will be among her
priorities.
“The effective and smooth running of the Siba can only be achieved
through having efficient and capable managers,” said Wendy.
Family life and past timeThe mother of an
energetic seven-year-old son, Wendy said she derives her strength from
the support of her family first and foremost.
“Family life is very important for me and I believe a strong and
stable family life is what gives me strength and the most joy in life
and at work,” Wendy reflected.
She said she is always attentive to advice and criticisms.
“I am young and I still have a lot to learn. I welcome criticisms
from everyone because I believe this helps you grow and become
stronger.”
Wendy said she always looks forward for some fitness exercises with
her son on the fitness trail, quiet and cosy evenings with her small
family, weekend reunion with both her family and those of her husband’s.
She believes this is the time to replenish yourself, relax and
discuss various matters, share and gain from others around you over some
homemade dishes.
Wendy, who is not good at cooking, enjoys listening to the radio and
watching TV mostly to keep abreast of current events. She also does not
miss the opportunity to watch a good movie every now and then.
Reading she does all the time and it is mostly material related to her job.
By Marie-Anne Lepathy