Financial-focused career prospects for legal professionals are abundant, not just in Lithuania, but throughout Europe, thanks to their specialized skills.
In the ever-evolving world of FinTech and cryptocurrency, the demand for compliance specialists is on the rise. Two institutions, the European Compliance Professionals Association (ECPA) and Vytautas Magnus University (VMU), have identified specific competencies required for professionals in this field.
Veronika Matiušovaitė, a fifth-year student of integrated law studies at Vytautas Magnus University, emphasizes the importance of critical thinking and analytical skills for a modern lawyer. These skills are equally vital for compliance specialists, as they navigate the complexities of legal frameworks, financial regulations, and the technical aspects of FinTech and cryptocurrency operations.
Aurelia Mari, a Senior Financial Investigator at the European Public Prosecutor's Office (EPPO), concurs. She underscores the need for critical thinking skills and the ability to adapt to different circumstances for future legal professionals. Mari, who believes human interaction remains an important part of her job despite the younger generation's preference for remote work, is a testament to the human element that remains integral in this digital age.
The EPPO, an institution fighting fraud, corruption, and financial crime affecting financial interests across the EU, contributes to a faster resolution of cross-border financial fraud or corruption crimes through international cooperation. The EPPO consists of a central level and a decentralized level. The central level is based in Luxembourg and includes the European Chief Prosecutor, 24 European Prosecutors, one per participating EU country. The decentralized level consists of European Delegated Prosecutors working in each country.
The financial sector in Lithuania, particularly the FinTech sector, has a high demand for compliance specialists for financial institutions. Gabija Noreike, a second-year master's student in Financial Law, values the lecturers who are professionals in their field and share their accumulated knowledge during lectures. Noreike, currently working as an ESG analyst at one of Lithuania's banks, believes that interdisciplinarity and the ability to adapt to changing conditions are among the key qualities required of a modern lawyer.
One of the most frequently mentioned competences by employers is the ability to understand how financial technology works and the main risks involved, such as cybersecurity. Professionals with knowledge of DORA (Digital Operational Resilience in the Financial Sector) regulation are expected to be in demand. The VMU Faculty of Law has launched a Master's degree study program named Financial Law, aimed at combining law and finance knowledge.
The ECPA and the Faculty of Law of VMU are launching a study to analyze the competence levels of compliance professionals, the need for them, their salary situation, and the trends in the use of artificial intelligence tools. This research will provide valuable insights into the future of compliance roles in the FinTech sector, particularly focused on cryptocurrency services and the use of artificial intelligence (AI).
In conclusion, compliance specialists in the FinTech sector need a blend of legal, financial, technological, and soft skills, combined with deep knowledge of AI applications and cybersecurity, to effectively address evolving regulatory and operational challenges in the sector. The future focus is on continuous upskilling and technology integration, ensuring compliance specialists remain at the forefront of this dynamic industry.
Read also:
- Must-see eco-friendly exhibitions to check out this summer in London for nature enthusiasts
- AI's environmental footprint unveiled by Mistral's latest sustainability tool, painting a grim picture
- Identity Verification Processes in Neobanks Across Asia-Pacific
- Premium Organic Avocado Crib Mattress: Top Eco-conscious Bedding Selection
