Cyan have a blueprint for success
By Gill Kay
‘What if?’ That’s a question many people ask themselves when they’re thinking of setting up a new business.
But for former Jersey Financial Services Commission colleagues Chris Cooke and Nicola Crowell, it has led to the foundation of Cyan Regulatory Services Ltd, a consultancy that offers expert advice to businesses in the finance industry sector.
The former regulators, with over 25 years experience between them, made the decision to set up Cyan at the end of last year. ‘I worked with Chris for years at the Commission and we always got on very well,’ said Nicola. ‘For me, having spent nearly ten years there, I decided it was time for a change, but I wasn’t really sure what to do. I’d never thought of running my own business, but one lunchtime with Chris, we had that conversation and started thinking ‘What if?’ Basically that conversation deepened and we eventually decided to take the plunge and give it a go,’ said Nicola, who left her senior position in the Commission’s Enforcement division last year.
Chris left the JFSC as deputy director of the Trust Company Business division in 2012 and became a self-employed consultant for the next three years, principally doing consultancy work for the Commission. For Chris, the attraction of setting up the business was the challenge, and the fact that he always believed there was room for another regulatory consultancy services business.
‘There are a number of other firms providing similar services, but I think that the difference is our considerable experience in senior positions at the Commission,’ he explained. ‘So we know what the Commission want by way of supervisory oversight over financial services businesses. Also, if the Commission see us looking at a business or helping a business, it gives them some assurance as well. It’s all about reputation and doing things that are of value to the businesses where we are engaged. The feedback we’re getting is that we are doing a very good job for them.’
Based in Dumaresq Street, the consultancy services Cyan provide are quite varied and cover everything from helping businesses draft their compliance policy; looking at compliance risk, helping businesses prepare for business examinations, reviewing problematic client structures and policy and procedural work.
The few first months of this year were spent in numerous meetings with various contacts such as law firms and accountants, but enquiries have risen so much recently that there may already be the opportunity to take on another partner.
‘At the moment there’s just the two of us, and until now we have had the capacity to do the engagements we have,’ said Chris. ‘If we were to take on another big assignment we’d be at capacity. So we are thinking about bringing another person on board.’
And having turned ‘What if?’ into ‘What next?’ Nicola is also very happy with the way the business is progressing.
‘It was daunting at first, but it’s really working out,’ she said. ‘What’s great for me is being on the other side – now I’m helping businesses. That’s been really great and people are pleased to see us now!’
For further information call Cyan on 880659, Nicola on 07700 723880, Chris on 07700 720880 or visit the website at www.cyan.je