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What does a Compliance Officer do?

The Role of a Compliance Officer is Varied – See the main role functions here.

Compliance officer - intelligence & risk solutions

Experienced Compliance Officers

Compliance Officers have a varied and challenging role. If you’re deploying one in your business you need to ensure they are experienced in role and supported up to the c-suite level. This is the first and most important step because the work they do will involve setting and working to policy. Policy that should be set at the corporate level. If the support for the compliance officer isn’t there, their work will become meaningless.

Compliance Officer and c-suite Engagement

There is often a conflict between compliance officers and other functions within any business. This is especially relevant in the financial sector as staff trying to sell services to push the envelope of what is legal to gain business. The compliance officers role is therefore to remain professional and be resolute to save the business being led down a route that will cause regulatory trouble.

Compliance Officer Regulatory Knowledge.

Compliance officers need to be legally knowledgeable. They can be required to understand various regulatory requirements from the health sector to finance and the environment – they are your second line of defence against regulatory breaches that can cost into the hundreds of millions.

Compliance Officer Policy Setting and Implementation

Compliance officers, or at least the compliance department should be involved in the writing and implementation of policy. They should be adept at training others on the first line of defence (the shopfloor where the business meets its customers) to grasp the basic principles of compliant business behaviour. They should be able to quickly and easily detail to others the risk behaviours to be on the look out for. Whether that is external to the business – a drug dealer trying to deposit cash into a financial account – or an internal employee trying to circumvent due diligence to accept business from a customer who presents risk or is sanctioned.

Compliance Officer Procurement Processes.

Internally the compliance department can be involved in processes involving procurement, to make sure there is no false accounting going on, or up to the C-suite working alongside auditors to double check financial statements for large corporates.

Compliance Officer Whistle-Blowing Investigation

A good way for compliance officers to keep abreast of internal culture is through internal reporting mechanisms. One such mechanism can be whistleblowing. Compliance, and sometimes human resource officers can and are involved in investigating whistleblowing reports as through this mechanism the compliance department can understand what is going on within the business. Frequently without a whistleblowing platform the compliance department wouldn’t know wrongdoing was ongoing within the company.

Compliance Officer skillset

Here are the main skillset for a good Compliance Officer.

  1. Knowledge of relevant regulations
  2. Experience of at least three years
  3. An ability to remain calm under pressure
  4. Good communicator and negotiator
  5. Good at writing internal and external control documents guided by policy.
  6. Scoping risk and implementing processes to reduce it.
  7. Reviewing documents to ensure compliance with regulations
  8. Good at gathering evidence and collating it for investigations.

If you need help with any compliance related issues within your firm, we have specialists who can help. Contact us today, we can react to your need within 24 hours.