With over thirty years of experience in banking and insurance, Summaiya Macan Markar has carved a niche for herself as a leading legal and compliance expert. Currently serving as the Chief Legal, Compliance, and Data Protection Officer at Allianz Insurance Lanka Limited, she has pioneered compliance functions across multiple banks and adapted to the evolving regulatory landscape. A dedicated professional, multitasking wife, daughter, sister, and mother of two, Summaiya's journey is a testament to resilience, adaptability, and passion. In this insightful conversation, she shares her career path, leadership philosophy, and the lessons learned along the way.
Q Can you share your career journey and how you became the Chief Legal, Compliance, and Data Protection Officer at Allianz Insurance Lanka Limited?
My journey into law was accidental but transformative. With Sri Lankan universities closed in 1989/1990, I enrolled at Sri Lanka Law College, graduating with honours. After interning at the Supreme Court and Attorney General’s Department, I joined National Development Bank as a Management Trainee and was soon absorbed into the Legal function. Later, I pioneered compliance roles at multiple banks, including HSBC and Peoples Bank. In 2019, I transitioned to Allianz Insurance Lanka as Chief Legal, Compliance, and Data Protection Officer, embracing new challenges in insurance and data privacy while expanding my expertise beyond banking.
Q What inspired you to specialize in regulatory compliance, financial crime prevention, and data privacy?
My specialization in compliance started in 2000 when the role was primarily focused on regulatory compliance with the Central Bank. However, after Sri Lanka enacted Anti-Money Laundering and Counter-Terrorist Financing laws in 2005/6, the compliance landscape transformed. I was fortunate to be at HSBC, where extensive training helped me refine my expertise. When I joined Allianz in 2019, I delved into Data Privacy due to the company’s European roots and GDPR compliance requirements. This further broadened my skill set, and I now look forward to implementing Sri Lanka’s Personal Data Protection Act. Passion for my work comes from continuous learning and the ability to contribute meaningfully to these evolving fields.
Change is inevitable, and adapting to new roles is crucial for growth
Q How has the legal and compliance landscape evolved in the financial sector over the past decade?
The shift towards a risk-based approach, including Non-Financial Risk Management (NFRM), has been significant. Understanding risks and implementing controls is now a fundamental part of legal and compliance functions. The compliance sector has evolved with increasing local and international regulations due to globalization.
Organizations must stay informed and protect themselves from potential risks. This dynamic nature of compliance requires constant upskilling and adaptability to remain relevant in the workforce.
Q You’ve worked across state banks, private banks, and the financial sector. How did you navigate these transitions?
Change is inevitable, and adapting to new roles is crucial for growth. My first major career move, from NDB to Peoples Bank, was the most challenging, as it was my first C-suite position with immense responsibility. However, embracing the challenge helped shape my career. The key to successful transitions is thorough preparation, accepting uncertainty, and maintaining a forward-looking approach. Each move has been a learning experience, making me more agile and adaptable.
Q Coming from a business family, why did you choose a career in law?
From an early age, I was determined to build my own career, and my family fully supported that decision. Despite choosing law, I have applied valuable business lessons from my late father, Ferrin Careem. His expertise in customer management, public relations, finance, and people management has greatly influenced my professional journey. Today, while I focus on my career, I also support my
brother in key business decisions as a trusted advisor.
Q What is your leadership philosophy, and how do you foster a culture of integrity within your team?
I strongly believe in ‘Tone from the Top.’ If senior leaders consistently uphold ethical standards, the entire organization follows suit. Integrity is non-negotiable; businesses must prioritize ethical conduct over short-term gains. Encouraging fair customer treatment and ethical decision-making creates a workplace culture rooted in integrity.
Q How do you balance being a high-level corporate leader and a mother of two?
Balancing work and family life is challenging, and there is always some guilt involved. However, it is possible with the right support system. My husband has been my strongest pillar, and my parents' proximity was a blessing. We also had an incredible nanny who remains part of our household. Organizational skills, advance planning, and multitasking have helped me manage both responsibilities without compromising either.
From an early age, I was determined to build my own career, and my family fully supported that decision.
Q What lessons from motherhood have influenced your professional life?
Motherhood has shaped me in many ways, putting others before myself, managing time effectively, prioritizing tasks, delegating, and multi-tasking. These skills are not just parenting essentials but also key professional competencies. Many aspects of work-life balance resemble motherhood’s daily challenges, reinforcing my ability to navigate corporate responsibilities efficiently.
Q How do you unwind outside of your demanding career?
I am a sports enthusiast, particularly enjoying cricket, tennis, and motorsports. Our daily family dinners are an important tradition, where we disconnect from devices and engage in meaningful conversations. I also love rewatching sitcoms like Friends and reading lighthearted books. Additionally, my family jokes about my ability to nap anywhere, which helps me recharge!
Q What advice would you give to young legal professionals aspiring to specialize in compliance and financial crime prevention?
The legal profession is not limited to courtroom practice. A legal background equips professionals with analytical skills that are valuable across various fields like Compliance, HR, and Data Protection. Young lawyers should explore opportunities beyond traditional roles and embrace continuous learning. The possibilities today are vast; one just needs to be open to them.
- Three words that describe you? Decisive, Dependable, Determined!
- One book you recommend for aspiring legal professionals? Life itself; your successes and failures teach more than any book.
- Your biggest professional achievement to date? Breaking societal norms and building a successful career over 30 years.
- Morning person or night owl? Definitely an early bird.
- A skill essential for legal professionals? Embrace digital advancements; IT, Data, and AI are the future.
- Go-to stress relief activity? Quality time with close friends, full of laughter and honesty.
- A role model who inspired you? No single one, I adapt based on the situation.
- What does success mean to you? Balancing family and career without compromise, by God’s grace.
- Tea or coffee? Coffee, always!
- One piece of advice for working mothers? Never feel guilty; you’re doing your best.
