WHAT DOES A COMPLIANCE ASSOCIATE DO?

Updated: Dec 22, 2024 - The Compliance Associate tracks regulatory changes relevant to pharmaceutical compliance, ensuring all promotional activities adhere to updated standards. Oversees auditing and transactional reviews, collaborating across functions to maintain thorough documentation and compliance. Develops and refines internal policies and procedures, acting as a key resource in compliance education and remediation tracking.

A Review of Professional Skills and Functions for Compliance Associate

1. Compliance Associate Duties

  • Compliance Policy Design: Responsible for working with the Compliance Team to design and implement compliance policies, procedures, and systems.
  • Regulatory Obligation Assurance: Ensure that TPG and its respective platforms fulfill legal and regulatory obligations and meet the firm’s high compliance standards.
  • Interdepartmental Collaboration: Regular interaction with business, legal, and compliance personnel across the firm.
  • Policy Development: Develop, update, and implement compliance policies and procedures.
  • Policy Testing: Support and execute testing of policies and procedures.
  • Conflict Management: Identify, escalate, and manage potential conflicts of interests across business platforms.
  • Compliance Training: Develop and conduct employee training.
  • Ethics Program Administration: Administer employee Code of Ethics program utilizing regulatory compliance software (personal accounts, certifications, outside activities).
  • Regulatory Review: Review and assessment of regulatory changes that potentially impact TPG’s business.
  • Due Diligence Execution: Carry out enhanced due diligence on customers.
  • Regulation Expertise Development: Build up strong expertise in regulation and its practical application within a retail stockbroker.

2. Compliance Associate Details

  • Compliance Support: Support of the local and international teams with compliance, AML, and data protection topics.
  • AML Reporting: Regular and Adhoc reporting for compliance and anti-money-laundering (AML) related matters.
  • Risk Management Collaboration: Collaboration with the risk management function (reporting, early-warning system, controls).
  • KYC Monitoring: Regular review, monitoring, and reporting of KYC processes to ensure regulatory compliance.
  • Customer Diligence Monitoring: Monitoring and regular reporting of the first-line customer due diligence activities.
  • Internal Controls Documentation: Monitoring and documentation of internal controls in the areas of compliance, AML, prevention of terrorist financing, and other criminal activities.
  • Database Management: Establishing and documentation of an internal database for the above fields.
  • Guidelines Review: Review and updating of associated guidelines and procedures.
  • Executive Reporting: Draft key notifications and reports to the executive team, the board, and regulators.
  • Process Enhancement: Work to enhance, improve, and scale processes.
  • Customer Complaints Handling: Handle and advise on customer complaints and complex queries.

3. Compliance Associate Responsibilities

  • Compliance Communication: Play a key role in communicating with brokers and internal team members about compliance.
  • Compliance Research and Consultation: Research situational compliance inquiries and consult with senior compliance staff.
  • Response Formulation: Formulate formal responses for all situational inquiries using independent judgment and discretion.
  • Compliance Resource Development: Take the lead on innovating, creating, and maintaining a comprehensive response library for compliance support inquiries, which will also serve as a shared knowledge source for all Compliance team members.
  • Broker Communication and Sales Influence: Speak to the value of the GA's resell product portfolio when communicating with brokers situationally, using this expertise to produce sales of new products.
  • Compliance Collateral Management: Innovate, create, maintain, and distribute compliance collateral to staff, brokers, and employers.
  • Creative Initiative in Compliance: Be creative and take the independent initiative to create and maintain such collateral.
  • Webinar and Educational Tools Development: Conduct webinar presentations and build educational tools to supplement such presentations, for general education purposes and CE education.
  • Web Content Management: Create and maintain compliance web content.
  • IT Support and Expertise Sharing: Act as a subject matter expert for compliance to support the IT team as it improves the GA's website and online resource center.
  • Compliance Monitoring: Conduct in-depth compliance monitoring reviews across the business.

4. Compliance Associate Accountabilities

  • Compliance Program Development: Creating a compliance program with experienced knowledge in debit, deposit, and consumer regulations.
  • Compliance Communication: Communicate with various lines of business including the internal audit team regarding compliance program.
  • Regulatory Advisory: Work with legal team to advise and adhere to new regulations.
  • Operational Compliance Integration: Make the centralized focus on compliance build-out, working with the operations team to create a solid foundation between departments.
  • Risk Assessment Framework: Create a general compliance risk assessment framework to mitigate risk.
  • Compliance Representation: Create the voice of the GA's compliance team to brokers and staff on a daily basis.
  • Relationship Building: Engaging in strong relationship building with brokers and staff.
  • Customer Relationship Management: Work to build successful relationships with customers on a situational basis, with the goal of creating lasting partnerships between brokers and the GA.
  • Independent Research: Independently research and identify new areas for growth and development initiatives.
  • Content Contribution: Contribute to monthly compliance newsletters, blogs, key agency newsletters, podcasts, and all applicable social media outlets in conjunction with management.
  • Market Surveillance: Carry out front line market surveillance of customer trading.

5. Compliance Associate Functions

  • AML Reports and Risk Mitigation Review: Review of AML reports & risk mitigation processes, including the preparation of written reports/recommendations.
  • Investor Identity Assessment: Investor identity review and assessments to determine appropriate ‘next steps’ in the due diligence process.
  • PEP Review and Reporting: Review of Politically Exposed Persons and associated parties, including report writing with findings and recommendations.
  • Issue Escalation: Escalating issues as they arise to management, together with assessments/recommendations.
  • Screening Output Review: Review of screening outputs and making recommendations and/or progressing further.
  • Financial Crime Risk Mitigation Duties: Ad-hoc duties as same relates to financial crime risk mitigation.
  • Data Protection Assistance: Assisting with data protection issues, including subject access requests or other privacy-related matters.
  • Data Protection Duties: Ad-hoc duties as same relate to data protection.
  • ACD Role Understanding: Understanding the role of the Authorised Corporate Director (ACD); the company’s regulatory obligations as ACD either directly or on a delegated basis, and the business implications.
  • Residency Proof Collection Support: Support the collection of residency proof from families during enrollment and re-enrollment.

6. Compliance Associate Job Description

  • AML Risk Identification: Help identify and measure the AML (Anti Money Laundering) risks associated with products and services offered and assist with the development of policies, procedures, systems, controls, and training to address those risks.
  • Compliance Program Maintenance: Work with the rest of the compliance and legal teams to maintain compliance programs for regulated entities, encompassing all business lines and legal entities for which corporate compliance is responsible for day-to-day operations.
  • Risk Assessment: Determine potential money laundering and terrorist financing risks associated with merchant and partner activities.
  • Compliance Reporting: Assist the preparation of regular reports to various Financial Institutions (FI’s) on compliance and activities to Federal and State Regulators.
  • Regional Compliance Assurance: Ensure that the company meets compliance requirements in each regional jurisdiction where the company operates and services are provided.
  • Management Reporting: Provide periodic updates and reporting to the executive management, and external audit organizations.
  • Procedure Compliance Verification: Assist teams and managers with ensuring departmental procedures are current and in compliance with regulatory/agency requirements and company policy.
  • Examinations Coordination: Coordinate all internal and external examinations of company activities.
  • Audit Preparation: Assist with the preparation of audit, examination responses, license applications.
  • Regulatory Monitoring: Monitor industry developments and maintain advanced knowledge of new and amended laws and regulations impacting operations.

7. Compliance Associate Overview

  • Final Paperwork Collation: Collation of final paperwork on breaches when received from the business area, and updating of register.
  • Register Updating: Updating of register/GRC to track progress of when a breach has been chased or returned to the business for further update.
  • Chaser Report Production: Production and issue of chaser reports to the business areas on outstanding cases.
  • Breach Reporting: Reporting on details of breaches to depositaries, clients, or the regulator.
  • Management Reporting: Production of weekly and monthly MI and risk reports to senior management outlining the levels of current breaches and compensation paid.
  • Investment Report Production: Production of weekly, fortnightly, and monthly reports for Investment Managers and Depositaries.
  • Trend Analysis and Feedback: Analysis of trends and errors and requesting feedback on these from the business.
  • Policy Administration Assistance: Assist with administration of the firm’s personal trading policy and review electronic communications.
  • Client Reporting Assistance: Assist with monthly / quarterly and ad hoc client reporting.
  • Marketing and Client Service Liaison: Liaise with marketing and client service on reviewing and responding to Requests for Proposals (RFPs) and Due Diligence Questionnaires (DDQs).

8. Compliance Associate Details and Accountabilities

  • GRC Case Review: Review of cases in GRC ensuring narrative can be adequately understood by an external party.
  • Rectification Measures: Rectification and preventative measures should be reviewed to ensure adequacy to correct and prevent a repeat including validation of any rectification calculations.
  • Rule Allocation: Ensure the allocation of the appropriate rule reference ensuring any potential Client Money/Client Asset cases are identified at the earliest and notified to key stakeholders through GRC.
  • Pricing Error Management: Where a material pricing error has occurred ensure completion of price rework and compensation payments to investors as required.
  • Notification Preparation: Preparation of initial notification forma for clients and Depositaries.
  • Case Prioritization: Cases being worked in order of priority, considering if reportable to the Depositaries and in turn the FCA, reportable to clients or within the various SLA deliverables.
  • Breach Form Issuance: Before closure breach forms are to be generated and issued to Clients or Depositaries where required to do so.
  • Breach Closure: Follow up and closure of final breach notifications on receipt of sign off.
  • Group Mailbox Management: Managing a group mailbox.
  • Data Reconciliation: Initial keying and reconciling of breaches from GRC to the old register during continued parallel run until MI requirements met and GRC reporting completed.

9. Compliance Associate Tasks

  • AML/KYC Project Assistance: Assist the Head of Compliance & MLRO and his team in completing an AML/KYC gold plating project.
  • Client File Review: Review client files to establish the accuracy, completeness, and currency of records contained therein.
  • Investor Relations Liaison: Liaise with the Investor Relations team to obtain any necessary documentation.
  • Transaction Screening: Transaction screening of payments against global sanctions and related watchlists.
  • CDD Review: Review of Customer Due Diligence "CDD" on clients and counterparties, in line with the firm's requirement to comply with AML regulations.
  • Transaction Monitoring: Assist in the periodic transaction monitoring reviews of customers to ensure that the customer is trading in line with its profile.
  • Compliance Training Administration: Assist in the administration of issuing compliance induction training to all new employees.
  • Ad Hoc Compliance Projects: Assist in the execution of ad hoc compliance projects.
  • Compliance Policy Testing: Complete reviews, testing, and monitoring of compliance policies and procedures and ongoing testing of various policies and procedures.
  • Forensic Testing: Conduct forensic testing of trades, political contributions, marketing materials, information barriers, and other testing and monitoring.

10. Compliance Associate Roles

  • Marketing Compliance Review: Review marketing materials for compliance with FINRA/SEC Rules, submit materials to FINRA on a timely basis and work with sales and marketing personnel to address/remediate materials in response to comments.
  • Advertising Log Maintenance: Maintain Firm advertising review log.
  • Policy Update Assistance: Assist in review and update of compliance policies, procedures, and manuals.
  • Audit Support: Assist CCO in managing regulatory audits and examinations.
  • Social Media Compliance: Review firm social media sites to ensure accuracy of information; help resolve any issues related to the same.
  • Investment Compliance Collaboration: Collaborate with other departments to ensure that investment funds are in compliance with all relevant regulations and shareholder reporting thresholds.
  • Regulatory Filings Preparation: Assist with preparation and timely filing of various regulatory filings.
  • Compliance Materials Coordination: Prepare and coordinate with internal personnel and third-party service providers on compilation of Compliance materials for quarterly board meetings, regulatory filings, and related secretarial matters.
  • Training Coordination: Assist with new employee training and help prepare and coordinate annual/periodic training of employees.
  • Screening and Analysis: Perform world check screenings where applicable and analyze the findings, taking appropriate action.

11. Compliance Associate Roles

  • Compliance Query Handling: Acting as the first point of contact for all based Compliance queries relating to technology, products, or data.
  • Compliance Risk Evaluation: Evaluating Compliance risks and controls at proSapient with a focus on technology and data protection, ensuring that the business is compliant with all applicable laws, both on and off Platform.
  • GDPR Compliance Coordination: Working closely with the Data Protection Officer (DPO) on activities to ensure compliance with the GDPR, including but not limited to data mapping, review of security and product processing activities, and contract review.
  • Audit Analysis: Running, evaluating, and analyzing audits across the business.
  • Compliance Feature Development: Working closely with the Product Team on Compliance features and developments.
  • Compliance Function Building: Working in partnership with all departments and functions across proSapient to build a robust Compliance function that supports business activities.
  • Policy Adherence Enforcement: Working closely with employees at all levels to ensure adherence and sound understanding of policies and procedures.
  • Compliance Training Implementation: Creating, enhancing, and implementing Compliance training across the business - focusing on technology and data protection Compliance.
  • Client Onboarding and Support: Working with external clients throughout the onboarding process and an ongoing basis.
  • Compliance Monitoring Management: Managing frequent compliance monitoring activities for proSapient.
  • Stakeholder Collaboration on Compliance: Working with key stakeholders across the business, including the CEO, Co-Founders, CFO, Product Team, Legal Director, and Chief Operations Officer on Compliance-related matters.

12. Compliance Associate Additional Details

  • Regulatory Training: Provide guidance and training to internal stakeholders and external vendors regarding federal and state transparency and limitation laws and regulations, including the federal Sunshine Act provisions of the Patient Protection and Affordable Care Act.
  • Data Management: Prepare and review aggregate spend data and manage data remediation efforts in preparation for federal and state reporting.
  • Regulatory Monitoring: Monitor updates and changes in federal, state, and local jurisdictions relevant to transparency reporting and pharmaceutical representative licensing and reporting requirements.
  • Compliance Assessment: Assess and monitor the compliance of promotion and/or non-promotional business activities including conducting live monitoring, transactional reviews, and audits.
  • Record Review Assistance: Assist in the record review processes for transactional monitoring and auditing activities, including collaborating cross-functionally.
  • Compliance Resource: Serve as a compliance knowledge resource on internal processes, policies, and procedures.
  • Findings Tracking: Track remediation of any monitoring/auditing findings and related follow-up activities.
  • Policy Development: Assist in the development of processes, policies, and standard operating procedures to be used across the company.
  • Compliance Partnership: Work in partnership with the Global Compliance & Legal teams on all other tasks.

13. Compliance Associate Essential Functions

  • Compliance Database Maintenance: Maintain and update compliance database with new information on a daily basis.
  • Bank Reconciliation and Payroll Processing: Reconcile bank accounts and process client payroll.
  • Campaign Finance Report Assistance: Assist with the drafting of required state and federal campaign finance reports.
  • Income and Expense Reporting: Prepare reports of income and expenses.
  • Client Correspondence: Correspond with support teams and clients.
  • Payment Initiation: Initiate payments for clients and special projects as arise.
  • Bilingual Form Support: Support the development, maintenance, and distribution of bilingual online information collection forms for families to complete for new student enrollment and for returning student re-enrollment.
  • Enrollment System Management: Support the management of the enrollment information system and ensure compatibility with the receiving school information system.
  • New Student Enrollment Support: Support the enrollment of new students in the school information system and maintain accuracy of student enrollment information in the school information system.
  • Enrollment Tracking Tool Development: Support the development and maintenance of an integrated tracking tool to offer real-time counts per grade level of both returning and new students, including notations for non-returning students and non-public placements.

14. Compliance Associate Role Purpose

  • Team Collaboration: Coordinate with staff across the school to work collaboratively in teams (SIS, LIT, Data, Development, IT, Student Services, Instructional Teams) to support processes that ensure accurate reporting to external agencies.
  • Audit Support: Support October enrollment audit, including oversight of residency documentation.
  • Stakeholder Engagement: Attend meetings with PCSB, OSSE, and other organizations as necessary and related to data sharing and reporting.
  • Technical Liaison: Coordinate with external technical support teams to provide feedback, recommend product enhancements, and share success stories.
  • Compliance Support: Support Compliance department efforts to ensure all required information is submitted in an accurate and timely manner to OSSE, PCSB, etc.
  • Departmental Coordination: Work with relevant department heads to support submission of all required information (including, but not limited to attendance reports, financial reports, discipline reports, homeless, SPED and/or ELL students, health and safety requirements, etc.) by specified deadlines.
  • Data Management: Support Compliance department work with the school information services team to manage and collect accurate information with a focus on Compliance fields, and to update/audit relevant school information systems, including data migrations and manual entry as needed (ex: student schedules, demographic information, etc.) for each system.
  • Record Archiving: Properly archive electronic records for the schools.
  • Family Engagement Coordination: Support coordination with the Family Engagement team to manage information from My School DC that determines which students are eligible to complete Capital City PCS enrollment.
  • Preference Verification: Support coordination with the Family Engagement team to ensure students entitled to staff or sibling preference are correctly identified for My School DC.

15. Legal & Compliance Associate General Responsibilities

  • Drafting Internal Agreements: Draft internal corporate agreements and documentation not requiring the involvement of external legal advisers.
  • Legal Monitoring and Advising: Monitor, review, and advise on the company’s legal conduct and any changes of laws affecting the company.
  • Liaison with Credit and Legal Advisers: Liaise with credit management officers and external legal advisers.
  • Resolving Legal Issues: Resolve legal issues and concerns with respect to customer financings.
  • Litigation Management and Legal Advice: Oversee and manage litigation cases, provide legal advice in relation to business activities, employment laws, personal data protection, and intellectual property activities amongst other legal issues that may arise from time to time.
  • Senior Management Assistance: Assist senior management to resolve such issues.
  • Compliance Officer Duties: Serve as the Compliance Officer under the provisions of the anti-money laundering, anti-terrorism financing, and Proceeds of Unlawful Activities Act 2001.
  • Legal Compliance: Ensure compliance with all other applicable laws and regulations for operations in the company.
  • Government Liaison: Liaise with the relevant ministries and government agencies on businesses and operations.
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