Review - Financial Intelligence Specialist (FIS) from ManchesterCF
Ian Messenger
The Financial Intelligence Specialist (FIS) designation is awarded by ManchesterCF, a Canadian financial intelligence company, and accredited by University of New Haven.
Manchester CFs Financial Intelligence Specialist (FIS) designation was on my radar for a while because it is, in the world of financial crime certifications, unique. There are 12 modules, all completed via an online learning platform, on a range of subjects and each with their own knowledge assessment. Successfully obtaining 80% means you pass the module, and passing all 12 modules awards the Financial Intelligence Specialist designation.
Unlike many other certifications, there are no ongoing CPD or renewal costs.
From the outset I will say that the FIS has quickly become one of my recommended certifications, for reasons I will elaborate in this review.
Overview of the 12 modules
FIU CONNECT (Trade-Based Money Laundering)
The FIU CONNECT (Trade-Based Money Laundering) program provides training on how financial institutions can spot patterns of money laundering and terrorist financing in international trade.
FIU CONNECT (Correspondent Banking)
The FIU CONNECT (Correspondent Banking) program is designed for correspondent banking sales, payments operations, risk management, audit and AML compliance staff to strengthen their defences against financial crime.
FIU CONNECT (Private Banking)
The FIU CONNECT (Private Banking) program is designed to place critical knowledge into the hands of private bankers to recognise the potential patterns of financial crime.
FIU CONNECT (Capital Markets)
The FIU CONNECT (Capital Markets) program provides in-depth training to front office and back office staff on recognising and defending against financial crime vulnerabilities.
FIU CONNECT (Fundamental AML)
The FIU CONNECT (Fundamental AML) training program strengthens staff knowledge by placing a cornerstone of knowledge about AML/ATF in place.
FIU CONNECT (Economic Sanctions)
The FIU CONNECT (Economic Sanctions) training program advises participants on the purpose of sanctions, the consequences of non-compliance and methods that can be used to detect and mitigate sanctions risk.
FIU CONNECT (Corruption)
The FIU CONNECT (Corruption) training program examines real-life case studies and looks at prevention tactics to protect financial organisations from the threat of corruption.
FIU CONNECT (Terrorist Financing)
The FIU CONNECT (Terrorist Financing) training program has been developed to assist financial services firms bolster their defences and prevent misuse by people or entities linked to terrorism.
FIU CONNECT (Critical Thinking)
The FIU CONNECT (Critical Thinking) training program has been developed for AML/ATF compliance, corporate security and risk management professionals to strengthen the analytical capabilities of financial investigators.
FIU CONNECT (Human Trafficking)
The FIU CONNECT (Human Trafficking) training program advises participants on suspicious financial patterns that may indicate potential human trafficking through detailed case studies, examples and red flags.
FIU CONNECT (Report Writing)
The FIU CONNECT (Report Writing) training program helps participants understand the purpose and uses of reports and offers techniques on how to eliminate extraneous or irrelevant details when reporting.
FIU CONNECT (Environmental Crime)
The FIU CONNECT (Environmental Crime) training program advises participants on suspicious financial patterns that may indicate the trafficking of illegal environmental resources.
Each module contains 3 elearning sessions (in HTML5) - Fundamentals, Vulnerabilities, and Detection and Mitigation - as well as a Digital Booklet. There are also Glossary and Additional Resources sections.
Each module has a knowledge assessment (of which you get 3 attempts to obtain the 80% pass mark).
Review of the 12 modules
Presenting the FIS “Study Guide” as 12 independent, interactive, modules rather than a singular PDF is a unique approach in financial crime certifications and this is where the FIS really sets itself apart from the competition. The choice of the 12 specific topics was well thought out and, in my opinion, very relevant to the modern financial crime professional.
From the list of topics above, there are the “basic” components of any certification - Fundamental AML, Terrorist Financing, TBML, Economic Sanctions, Correspondent Banking and Corruption. There are also a number of subjects which are, quite rightly, emerging as “must have” in a financial crime professionals' toolkit - Human Trafficking and Environmental Crime. Then there are “specialised” or niche topics of Capital Markets and Private Banking; rarely covered in more traditional certifications but of increasing interest and job opportunities. The inclusion of these latter topics in the FIS curriculum adds an additional knowledge stream.
Finally there are two topics that really set the FIS program apart from others - Critical Thinking and Report Writing. This is the first certification I have seen where training related to soft skills are specifically included in the curriculum. Critical Thinking and Report Writing are both “must have” skills of a financial crime professional and these modules cover the subjects well - I would even recommend them as stand-alone modules. As I have commented before, too often financial crime professionals have the certifications and “knowledge” but lack the ability to critically assess information or write a quality report.
Overall I found the 12 modules to be well presented (unlike some other certifications I’ve reviewed) and sufficiently in depth to add value. The use of slides and digital workbook worked well and created a more interactive experience - something often only seen in a certifications’ “premium” package. On a few occasions there was a bit of overlap where certain subjects and slides made repeated appearances across multiple modules. I suspect this is a consequence of the 12 modules originally being - and still offered as - 12 stand-alone modules; the FIS designation has brought them all together under one banner.
That said, in each occasion where I saw this, the overlap didn’t detract (or distract) from the current module and served as a timely reminder of the concept being discussed, before being applied to the current module. For example, Terrorist Financing is a module on its own, but some of the slides from the TF module also appeared in the TBML and Correspondent Banking modules - however, only the “introduction” to TF slides were used before “new” slides demonstrated how Terrorist Financing impacted the TBML and Correspondent Banking spheres.
I wouldn’t consider reinforcing key concepts to be a bad thing.
Delivery Format
The FIS is delivered via the Blackboard online learning platform with 12 modules. Each module contains 3 elearning sessions (HTML5) - Fundamentals, Vulnerabilities, and Detection and Mitigation - as well as a Digital Booklet. There are also Glossary and Additional Resources sections.
Each module has a knowledge assessment (of which you get 3 attempts to obtain the 80% pass mark).
One of the selling points is the HTML5 content. This is supposedly meant to work across multiple platforms seamlessly. I personally tried it on a laptop and iPad and it worked well. There were a bit of difficultly when trying on my iPhone as the pages could not render - but this may have been user error.
Time investment and Learning Strategy
With no single exam to take at the end, but 12 stand-alone knowledge assessments to be completed in any order and at any time (within 3 years), there is a lot less “pressure” to perform in one sitting. Each module can be tackled in its own time and with its own focus.
This was definitely one of the more relaxing certifications to take - and with the wider range of modules I definitely felt I learnt something at the end.
I spent 2 weeks on the FIS, taking 1 module per day. This may be a little quicker than most would consider - you can stop a module and continue its progress at any time.
Price
As of June 2020, the FIS is subject to a one-time cost of USD 2880. There are no recurring membership or CPD fees. This should reduce long term costs.
Would I recommend Manchester CFs Financial Intelligence Specialist (FIS) certification?
Yes. But as an additional certification.
The FIS has a lot of unique and attracting qualities. The range of topics are broader than other certifications - but without sacrificing on quality or depth - and all are equally relevant to the modern financial crime professional. These topics also include soft skills and more specialist areas of financial crime, which are not present in other certifications. Each module also contained a number of case studies and examples - many of them Canadian. In a US-centric certification market, it was a breath of fresh air to see Canadian examples and this would appeal to the Canadian financial crime professional. A quick search on LinkedIn shows that, as of June 2020, Scotiabank are big fans of the FIS certification.
It was clear that the choice of what to include in the FIS curriculum and how to present it had been well thought out. This is not a version 1.0 offering.
For these reasons I feel the FIS is a worthy investment of time and effort.
However, and this is just the reality of the market, in the US and Canada employers heavily favour CAMS and/or CFE as “preferred” or “recommended” in their job postings and benchmark assessments. Having the FIS on your resume/CV may not have the same impact as CAMS or CFE if you are applying for a job and trying to beat the ATS system (Scotiabank might be the exception). This is a shame because the FIS is an innovative disruption to the more established certifications like CAMS or CFE (which are looking a little stale in 2020). As a result, I would say that the FIS is a worthy additional certification.
At least until the FIS is more widely known!
Even if you don’t pursue the full Financial Intelligence Specialist designation, I would recommend even the most seasoned financial crime professionals to consider the stand-alone modules on Critical Thinking and Report Writing.