This Week We Feature Young Professional Simone E. Martin
At only 35 years of age, Ms. Martin has been entrusted with a most important responsibility in the financial services sector. She is the Deputy Director, Fiduciary Services, Banking and Fiduciary Services Division at the Financial Services Commission.
Among Ms. Martin’s role as Deputy Director, is the oversight of regulation and supervision of all the trust companies in the Virgin Islands. “It involves having daily communication with the trust companies and making sure that they comply with all the existing legislation that they are required to comply with. It also requires certain events to be approved by the Commission. Every licensee has obligations that must be fulfilled and is answerable to the commission. We also carry out onsite inspections, which means going and check to verify what is being said is being done.”
Ms. Martin, however, noted that inspection duties have since been delegated to another unit that was recently established at the Commission. This means that our Young Professional goes into the fields only when necessary, and those times would most likely be to have discussions with management of the various trust companies.Noting that she has a team that ably assists her to effectively and efficiently carry out the tasks of the Commission, Ms. Martin said her work also includes processing any request that is received from a trust company that may want something that requires prior approval. “We review their financial statements, we review their management, resources, cooperate governance, etc. It is a broad scope of areas that we would have to review for the trust companies and there are a lot of them so it keeps you very busy, Ms. Martin said.
One of her many duties also include staff training. “I am also one of the persons within the Commission that assists with the provision of Anti-Money Laundering and Counter Terrorist Financing (AML /CTF) training; specifically, training of staff internally.”
It is well known that the Virgin Islands has undertaken to comply with the International Standards for Anti-Money Laundering Mechanisms and Counter-Terrorism Financing Mechanisms and that the Territory gets a lot of scrutiny because of it being a global leader in off shore corporation and our Young Professional has a critical task to ensure that the Territory remains compliant with the international standards. Ms. Martin also noted that she saw more potential in the BVI's financial services sector, including the trust companies, on which she hopes to assist in this process. She added that the Commission continues to do its part at international meetings.
“Because of the BVI’s stake in financial services and being a reputable offshore centre is so important, we have to make sure that we are in attendance to make sure that when standards are being set that we get to voice our views.” Ms. Martin has also had experience as an examiner with a CFATF delegation in the review of a country's compliance with international standards, which she recounts as an extremely intensive process.
Enough already said but not quite exhausted what our Young Professional does in the financial services industry, Ms. Martin said she was never encouraged to get into financial services but the interest developed at an early age as she was always curious about what it was all about. She comes from a background of parents who both have tertiary education - one of whom is a teacher - and was always encouraged and well supported to pursue her dreams by her parents.
Ms. Martin has taught at the H. Lavity Stoutt Community College (HLSCC), having taught Finance and Economics classes from 2004 through 2008. She commented that the most lively class she taught was in the Spring of 2008, and while teaching Financial Markets and Institutions, that, "The students were so very engaged in the subject, because as the global financial crisis unfolded, the concepts in the text, such as 'Too big to fail' and 'liquidity crisis' were real."
It would be safe to say that this Virgin Islander is very much an over-achiever and her achievements and awards list scrolls to the ground! Going back to the BVI High School she graduated in 1992 as the Outstanding All-Round Student and in 1995 was named to the Dean’s List for maintaining a GPA above 3.25. She has also received a number of certificates and awards in financial services, which add to her Bachelor of Arts in Accounting from the University of the Virgin Islands, Masters in Business Administration, General Management from the University of the West Indies and her International Diploma in Compliance from the International Compliance Association, United Kingdom.
Her work has also taken her on many travels, which have further helped her to broaden the horizon and perspectives on life and people. A chatty, witty, pretty lady are some of the striking qualities of a very accomplished but humble young Virgin Islander.
More recently, Ms. Martin joined the HLSCC Jazz Ensemble in the Fall semester, to 'not let her talents go to waste', having played the flute and also saxophone in the BVI High School Junior, Senior and Jazz Bands. She admits though, that she sometimes struggles to find the work / life balance, but has been consciously working on that.
Ms. Martin has been employed with the Commission for just over 10 years. Prior to her employment at the Commission, she was employed as an Assistant Auditor at the Audit Department of the Virgin Islands Government for three years. While at the Commission, she has worked as a Regulator 1 and 2 at the Investment Business Division of the FSC, with short term appointments to the Insurance Business Division; Senior Regulator of Banking and Fiduciary Services Division at FSC and from Acting Deputy Director of Banking & Fiduciary Services to her current role.
Ms. Martin intends to remain at the Commission and continues to give of her very best of what she was called to do. She, just like any ambitious person, wishes to see herself elevate to more senior promotions as she continues to satisfy, in a most thorough way, her burning curiosity that started in high school.
She advises youths to find what is it they enjoy doing, as doing so makes a job more enjoyable. Ms. Martin also stressed the importance of continued self development and self enrichment as part of any young person seeking to be successful. She added that in work one should always strive to give more (than is expected), be helpful and enjoy what you do, as it makes a job truly more rewarding.
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