Malika Bissoonauthsing: "Mauritius has the potential to become the regional training center for compliance"
Malika Bissoonauthsing, the Training & Development Manager at the Malaysian Consortium for Education Mauritius (MCEM), believes that Mauritius can become the regional hub for compliance training. The financial sector has showcased robust resilience during the COVID-19 lockdown, yet the need to continuously update in light of global financialization remains a challenge. This is a challenge that MCEM aims to tackle through the inclusion of International Compliance Association (ICA) qualifications in its curriculum, which Bissoonauthsing describes as one of the most significant and inspiring projects.
The primary mission of the ICA is to promote a culture of compliance, ethics, and professionalism within the financial sector. With a vision for Africa and the Indian Ocean, the ICA aims to support the development of transparent and responsible financial ecosystems, contributing to the stability and international reputation of centers like Mauritius.
The ICA has intensified its presence in Mauritius due to the growth of the financial sector, the country's commitment to enhancing compliance standards, and the dynamism of its institutions. Mauritius positions itself as a secure and reliable platform between Africa, Asia, and Europe, encouraging the ICA to offer training tailored to local needs while remaining aligned with global requirements.
Mauritius plays a vital role in the global landscape of compliance and financial governance. Its reputation as an international financial center and the vigilance of its regulatory bodies make the country a model in the region, encouraging organizations to invest and collaborate with Mauritian partners, thereby strengthening the influence of Mauritius as a center of excellence.
The ICA currently provides qualifying training (diplomas, professional certificates) in compliance, anti-money laundering, financial crime prevention, and corporate governance, specifically accessible to students and professionals in Mauritius. These programs are regularly updated to meet the evolving regulatory landscape and local job market needs.
What sets ICA's training apart from other international compliance or governance programs is its adaptation to Mauritian reality. The courses include modules on local regulation, case studies, and are internationally recognized, effectively preparing Mauritian professionals to tackle both local and global challenges.
The ICA is considering establishing sustainable partnerships with educational institutions in Mauritius to enhance local training offerings and strengthen local skills. Opening a training center or partnering with Mauritian establishments would anchor compliance excellence on the island.
All ICA courses are regularly updated to reflect local laws and market specifics, integrating the particularities of Mauritian legislation, regulatory expectations, and common practices within the local financial sector.
Strengthening the skills of compliance professionals in Mauritius is crucial for establishing the country’s reputation as a trustworthy international financial hub. This contributes to safeguarding the system against financial risks, attracting investors, and consolidating the country's integration into global networks.
Over the past few years, there has been an increase in the number of Mauritian professionals pursuing ICA training, reflecting a growing awareness of compliance importance. Participant profiles have diversified, with heightened interest from recent graduates and professionals seeking career transitions.
ICA training significantly enhances foreign investor confidence in the Mauritian financial center, adding value by assuring international partners. Qualified personnel knowledgeable in compliance issues instills trust in the Mauritian market and guarantees its competitiveness.
Mauritius has the potential to emerge as a regional compliance training center for Africa and the Indian Ocean, thanks to its advanced regulatory environment, multilingualism, and strategic geographic position. The island can thus serve as a model for African and Indian Ocean countries, facilitating the exchange of best practices.
Emerging countries face the pressing challenge of rapidly adapting their regulatory frameworks to international standards, enhancing the fight against financial crime, and training specialized experts. Mauritius has proactively addressed these challenges through ambitious public policies and international partnerships.
The ICA collaborates locally with Mauritian universities and regulators, as well as regionally in Africa, to build joint curricula, support research, and provide mobility opportunities for Mauritian students.
In the coming years, compliance in Mauritius will evolve with the rise of fintech, artificial intelligence, and crypto-assets. Continuous training for professionals will be essential to anticipate new risks and maintain Mauritius's positioning as a responsible financial center.
Compliance is among the most promising and well-paid fields in the Mauritian financial sector today. For young individuals wishing to enter this field, the advice is straightforward: obtain recognized certifications such as those from the ICA, stay informed about regulatory developments, and seek international exposure when possible.
The salary landscape for compliance professionals is particularly attractive, with competitive remuneration, especially in functions related to money laundering, risk management, or governance. ICA-certified profiles are among the highest-paid in the market, as the demand for experts vastly exceeds supply, creating rapid advancement opportunities, making the career even more appealing for young graduates and professionals in transition.
Young Mauritians aspiring to build a career in compliance, risk management, or governance should focus on recognized certifications like those from the ICA. They should gain international experience and keep their skills updated to leverage growth opportunities in Mauritius and abroad.
Malika Bissoonauthsing has been with the Malaysian Consortium for Education Mauritius (MCEM) for nearly ten months, playing a key role in the Training & Development department. With a background in academic training and support, she also serves as a lecturer, combining pedagogical expertise with strategic project management.
At MCEM, she has managed several significant projects related to educational program development and coordination with local and international institutions. Among these initiatives, one of the most notable and inspiring projects is the deployment of the International Compliance Association (ICA) programs in Mauritius.
Thanks to her facilitative role and ability to collaborate with educational partners and financial experts, Malika has contributed to structuring access to ICA certifications in Mauritius. "My involvement has helped bridge the ICA with local market needs and strengthen the connections between international standards and Mauritian professional realities," she explains.
With her organizational skills, rigor, and dedication to enhancing professional competencies, Malika is fully committed to promoting quality programs, aiming to support the growth of the education and training sector in Mauritius.