The day to day role of a Compliance Officer is multi-faceted. On a typical day, they will monitor operational processes and procedures using a compliance management platform to ensure that the company complies with all legal regulations and ethical standards. They will manage the information flow by researching, recording and analysing data and information. This is an important part of their role as it helps them identify and manage regulatory risk.
What does a Compliance Officer do?
They must also build and design internal policies to mitigate the risk of non-compliance. They are expected to train and educate staff so that they are informed of any legal changes and updates to compliance guidelines. Furthermore, they need to act as a contact person and liaison between department heads and senior management and with regulatory bodies.
Their tasks also involve coordinating, reviewing and updating existing accounting policies and procedures. They have to manage the ongoing review of materials and communication tools to ensure departments meet compliance requirements. Additionally, they must adhere to regulatory reporting guidelines and filing deadlines. They are responsible for conducting compliance audits and interpreting these reports for various departments.
Moreover, Compliance Officers must explain in layman’s terms the nature of a problem, offer a correction plan and invite stakeholders to provide solutions and then monitor for remediation. Employers are seeking professionals who stay abreast of technology advancements, and who offer a work history of preventing, detecting and remediating compliance violations. They must have a deep understanding of the company’s culture and industry experience in highly regulated areas such as financial services.
Managing Systems and Processes
Finally, Compliance Officers must set up a compliance management system and whistleblowing hotline, if the company is new to compliance. If the company already has a compliance management system in place, they take over the supervision and organisation of this system. They ultimately advise business leadership on any actions or changes that should be implemented.