"Destined to a career in financial services": Q&A with Penni James

Penni James' interest in compliance was piqued well before it was a recognised profession in the industry. In 2010 she founded Compliance and Risk Executive Women (CREW), a network for women in financial services which she launched with just 10 members. Now, she has facilitated a community of over 700 female executives that meet every few months. She shares with Industry Moves her advice for women starting out in the industry, her thoughts on female board quotas, and the story of her 'international upbringing'.

PENNI JAMES

Penni James' interest in compliance was piqued well before it was a recognised profession in the industry. In 2010 she founded Compliance and Risk Executive Women (CREW), a network for women in financial services which she launched with just 10 members. Now, she has facilitated a community of over 700 female executives that meet every few months. She shares with Industry Moves her advice for women starting out in the industry, her thoughts on female board quotas, and the story of her 'international upbringing'.

What initially attracted you to the compliance area of the finance industry?

I fell into it by accident 22 years ago. I was in the internal audit department at BT and was looking to move into their funds management division. Compliance was a new role, initially focussed on the investment management area. No one really knew what compliance was back then, so I had to figure it out as I went along. In hindsight, this was a great career move given the emergence of both compliance and risk as recognised professions.

What lead you to found Compliance and Risk Executive Women in 2010?

When starting out in consulting 10 years ago, I realised that while I was juggling a busy job at Deutsche Bank with a young family, I had neglected my networks. I think women often do this and a lot of my female compliance colleagues were doing the same thing. I came up with the idea of a few of us meeting regularly to discuss common issues and to provide each other with support. A colleague (who has since left the industry) helped me set this up. The network has grown from 10 people in 2010 to now over 700, just by word of mouth. I hold forums every few months in both Sydney and Melbourne and can have as many as 150 attending. The network is still fairly informal and I am grateful for the support we get from the professional services, legal firms and the banks in hosting us and to the many interesting speakers who volunteer their time. Initially the group was called Women in Compliance (WinC) but, in recognition of the evolution of our membership, which now extends further than compliance and includes many with roles in risk management, we changed the name last year to Compliance and Risk Executive Women (CREW).

Throughout your career, who has been one of the most memorable people that you've worked with?

One of my managers in my early days at BT. She was always honest in her feedback but always put a positive spin on it, which is not always easy to do. She is an incredibly positive person - even in the face of adversity - an amazing role model!

As a well seasoned board member, what would you say are the qualities that make for a good director?

Keeping an open mind and not being afraid to ask questions.

What is your opinion of female quotas on boards?

This is a difficult one! I firmly believe that appointments should be based on ability and yet many very talented women don't get considered because they don't have the right executive or board experience. I think more can be done to ensure women get senior management experience, especially front line experience, while they are still in executive roles to better prepare them for board roles.

What advice would you give to a woman just starting a career in the finance industry?

This is something I often get asked given my role with CREW. The best advice I can give is to be open to new opportunities and experiences, ensure you develop your soft skills in addition to technical skills, build and maintain networks and make sure you have fun and keep a balance in your life.

...and what has been the best piece of advice that you have received?

That diversity of personality and work style is important. Whilst it is easier to work with someone who has a similar style to your own, it's important to recognise and adapt to other styles in order to get a better end result.

Where did you grow up?

Despite my Australian accent, I had a fairly international upbringing. My family is English and I was born just outside London, however, as a child I spent four years in Trinidad, West Indies. After returning to the UK for a few years we immigrated to South Africa where I completed my high school, university and professional qualifications. I then headed back to London to do the work/travel thing and that where I met my Australian husband. I've lived here for 27 years, which is longer than I've lived anywhere else, so I think I can now call myself an Aussie.

What was your very first job?

At university, I worked on a Saturday morning as a bank teller - I was obviously destined to a career in financial services!

You're involved with quite a few different boards, how do you maintain a work/life balance?

My kids are now young adults and my work as a board and committee member gives me a lot of flexibility, so it is a lot easier these days. When the kids were younger and my husband and I both worked full time it was a lot more difficult. We outsourced what we could, shared the load equally and escaped up the coast as often as we could.

Is there a particular charity/cause that you support?

I am a keen hiker, so I enjoy doing sponsored charity walks. In March I did the 60km Fred Hollows Foundation Coastrek which was very challenging given the wet and windy weather conditions on the day. For the past few years I have done the Spring Trek which is a wonderful, but very steep, 30km walk for Room to Read which supports literacy programs for girls in Asia and Africa.