Against a backdrop of rapid technological disruption, shifting geopolitical sands, and an ever-more intricate regulatory web, the concepts of risk management and compliance have evolved from back-office necessities to board-level strategic imperatives.

For businesses operating within Malta’s thriving financial services hub, navigating this landscape requires not just diligence, but foresight, and a holistic understanding of the interconnected challenges they face – and few understand this better than Mark L. Zammit, the Managing Shareholder of ATCS Consultancy Ltd.

Since its inception in 2012, ATCS has distinguished itself by moving beyond what Mark describes as mere “tickbox exercises.” The firm’s approach is built on an integrated model that combines risk management, compliance, governance, training, and even specialised multilingual translation services. This, he explains, is crucial for providing true value.

“We create a gap analysis,” Mark begins, “but we go one step further in that we interpret the regulations and how they relate to what is expected of financial services companies. It’s not just about ticking a box; it’s about anticipating the regulator’s perception and requirements.”

This holistic perspective allows ATCS to see the bigger picture. A compliance issue is rarely just that; it can have knock-on effects on risk management, internal controls, and even legally binding documentation. “Having the background in all these areas,” he notes, “we can say, ‘Look, this is affecting your risk management here; it has a knock-on effect on your legally binding translations.’” This 360-degree view ensures that solutions are robust, comprehensive, and strategically sound.

"Regulated compliance roles are extremely important. More important is having the right people who are knowledgeable, experienced and connected in the industry," Mark continues, adding, "we offer our services for independent regulated roles such as Compliance Officer, Risk Manager, Directorship responsible for Compliance, Risk Management and also Investment Committee member. With 30 years of experience in financial services, we can provide the utmost level of professionalism that the regulators look for in these roles.”

Certainly, the nature of risk itself has evolved dramatically. While the 2008 financial crisis and the COVID-19 pandemic served as stark reminders of systemic vulnerabilities, Mark points to a new, more insidious threat as the most significant challenge on the horizon today.

“The next major risk, the next black swan event we perceive, is cybersecurity,” he states with conviction. He explains that the pandemic acted as a catalyst, creating a ‘contagion risk’ as companies scrambled to facilitate remote work, often without the necessary infrastructure to secure their hardware, software, and connections.

“Hackers have leveraged that situation, and we are now at a point where a major hit in our cybersecurity is a global threat,” Mark warns.

This isn't just about data breaches. Mark paints a picture of a world where cyber warfare and terrorism can cripple everything from financial markets to traffic lights. “What I’m talking about in terms of a black swan is a major blackout effect which basically knocks out everything… You’ll have chaos.”

For businesses, this means proactively identifying blind spots and understanding that everyone, from the top down, is a risk manager. ATCS focuses on training and helping clients assess their risk appetite, ensuring their strategic goals are not built on fragile foundations.

Moreover, in an increasingly interconnected financial ecosystem, communication is paramount. ATCS’s inclusion of multilingual translation services might seem unusual for a risk consultancy, but Mark insists it is a core component of modern compliance. For companies operating across the EU, for example, language is not simply a tool for communication but a legal necessity.

“The legally binding language is German for Germany, Italian for Italy,” he clarifies. “A lot of companies use AI for translation, but when you are drafting a contract you want to draft it legally and properly. You need somebody that is fluent in the language, knows the culture, knows the industry, and is professional. That’s what we offer.” This commitment to human-led, specialised translation ensures that complex regulatory documents are not just understood, but are legally sound across jurisdictions – a critical detail that automated services often miss.

Looking to the future, with Malta re-establishing its position as a significant financial hub post-grey-listing, Mark sees renewed confidence and significant opportunities for growth, particularly in emerging sectors like the crossover between iGaming and investment services.

However, the ultimate goal for ATCS is to foster resilience from within its client organisations, rather than create dependancy. This philosophy is embedded in the company’s motto: ‘Aspire to Cultivate Success.’

“We allow the customer to understand what needs to be done so that they don’t need consultancy for a long time,” Mark reveals. “It sounds contradictory, but it is the model that we base ourselves on. We want to aspire to customers being able to do things themselves.”

His final piece of advice to other professionals is twofold and reflects this ethos of proactive self-awareness: “One, don’t be afraid to ask for help when you need it,” he urges, noting that many see risk management as an expense until a risk materialises. “And two, we’re here to allow companies to spread their wings, to see what’s right in front of them, and to be able to streamline their services.”

It’s a powerful message for a business world where the only certainty is uncertainty, and the greatest asset is the ability to adapt, anticipate, and act with clarity.