WHAT DOES A COMPLIANCE OFFICER DO?

Updated: Jan 01, 2025 - The Compliance Officer translates complex regulatory requirements into actionable policies for Global Payments. This role involves updating and enforcing compliance standards, while fostering strong relationships with internal teams and regulators. Key functions include overseeing training programs and ensuring all company materials meet strict regulatory criteria.

A Review of Professional Skills and Functions for Compliance Officer

1. Compliance Officer Duties

  • Compliance Management System Support: Responsible for supporting the implementation and ongoing development of the company’s Compliance Management System including Fraud and Bribery prevention, Competition Law, Groceries Supply Code of Practice, and Whistleblowing arrangements.
  • Compliance Training Support: Support the company procedures and provide relevant training to employees to comply with existing and upcoming relevant legal requirements.
  • Compliance Solutions Evaluation: Evaluate business objectives and regulatory developments, and propose compliance solutions within the firm's risk tolerance and regulatory requirements.
  • Risk and Legislation Scanning: Horizon scanning to detect emerging risks and changing legislation relevant to the business.
  • Ad-Hoc Compliance Advice: Provide ad-hoc compliance advice on a wide variety of queries from the Sales Regions and International Head Office departments.
  • Regulatory Changes Anticipation: Anticipate changes in regulatory regimes such as the Competition and Markets Authority and Groceries Code Adjudicator.
  • Policy and Procedure Updates Communication: Communicate and implement the appropriate changes with policy and procedure owners.
  • Regulatory Compliance Assurance: Ensure the business is up to date with regulatory compliance matters to continue to trade legally.
  • Policy and Procedure Establishment Assistance: Assist the business in establishing policies and procedures and Key Operating Procedures (KOPs) to avoid regulatory and reputational risk.
  • Third-Party Vendor Oversight: Oversee and communicate with third-party vendors utilized to perform QC checks, track and maintain reports and findings/cures logs.
  • Compliance and QC Reporting: Assist in developing appropriate QC and compliance reports for designated management review.
  • HMDA Process Management: Manage the HMDA process including ongoing staff training, quarterly testing, and the annual submission.
  • On-Site Branch Reviews: Conduct on-site branch reviews.

2. Compliance Officer Details

  • AML Policy Oversight: Oversees AML policy and audits.
  • Vendor Management Oversight: Oversees vendor management and submits quarterly call reports.
  • Fair Lending Compliance Reviews: Conducts reviews of compliance with anti-discrimination Fair Lending laws and regulations regarding residential lending.
  • Lending Data Analysis: Performs analysis of lending data related to compliance.
  • Compliance Training Coordination: Participates in identifying training needs and coordinates the development and implementation of lending compliance policies with department management.
  • Lending Law Monitoring: Monitors state and federal lending laws.
  • Compliance Policy Updates: Recommends updates to internal compliance policies and procedures as specific laws/regulations are revised.
  • Quality Control Program Development: Develops and modifies (as needed) the conforming lending quality control program.
  • Guideline Review: Reviews investor's periodic guideline updates, internal portfolio guidelines, as well as departmental process changes to determine how QC may be affected.
  • Audit Support: Provide outside third-party contracted auditing and QC companies with requested information and files.
  • Audit Response Formulation: Investigates and formulates appropriate responses to third-party audit review findings, including third-party QC vendor, Fannie Mae, HUD, and Mortgage Insurance companies.
  • Examination Preparation Assistance: Assists in examination preparations.
  • Examiner Response Formulation: Investigate and formulate appropriate responses to examiners, when applicable.

3. Compliance Officer Responsibilities

  • Cash Management: Review cash activity and balance on hand, ensuring all are accurately reconciled; manage cash flows for clients.
  • Reporting Coordination: Run reports from the firm’s client portfolio management system, coordinate performance reporting and manage new/developing reporting packages.
  • Bank Reconciliation: Reconcile bank statements and process corporate actions, coordinate and prepare client meeting decks.
  • Liquidity Monitoring: Track and monitor client liquidity levels, ensure the proper execution of all client portfolio investment decisions.
  • Fund Performance Management: Manage and oversee fund performance and related portfolio data, while collaborating with the fund’s administrator and transfer agent.
  • Client Onboarding: Create and initiate new client paperwork.
  • Valuation Reconciliation: Create a quarterly log report for the Portfolio Manager, produce daily valuation reconciliations between internal accounting system to custodian data.
  • Client Database Management: Manage various client databases and foster relationships with counterparties and vendors to improve operational efficiencies.
  • Metrics Consultation: Serve as point person for fund and portfolio metric questions while preparing relevant materials; monitor corporate actions.
  • Account Monitoring: Monitor account changes, new accounts, and terminating account tasks in relation to the reconciliation system.
  • Performance Analysis: Prepare performance summaries and other performance metrics.
  • Safety Compliance: Perform the position safely, without endangering the health or safety of themselves or others and will be expected to report potentially unsafe conditions.
  • Regulatory Compliance: Comply with occupational safety and health standards and all rules, regulations, and orders issued pursuant to the OSHA Act of 1970, which are applicable to one’s own actions and conduct.
  • Data Protection Handling: Handle Data Protection issues, e.g., breaches and subject access requests.
  • Compliance Policy Development: Develop and update compliance policy documents.

4. Compliance Officer Accountabilities

  • Relationship Development: Develop good relationships and work closely with Senior Leaders and key managers across the Division.
  • Policy Communication and Implementation: Ensure policy information, supporting processes, and systems are communicated clearly and implemented effectively.
  • Compliance Investigations Coordination: Coordinate the response to compliance investigations, audits, and concerns raised as they become apparent and the appropriate reporting thereafter.
  • Collaborative Reporting: Work collaboratively with business process owners and report on initiatives.
  • Compliance Risk Mitigation: Mitigate known and emerging compliance risks to the Senior Leadership Teams, and Group.
  • Compliance Reporting Metrics Development: Develop reporting metrics and KPIs to demonstrate the effectiveness of the compliance program.
  • Compliance Training Program Development: Develop an awareness and training program for key initiatives, such as ABC, Anti-competition, Sanctions, Speak Up/whistleblowing across the Divisions.
  • Incident Management Coordination: Manage and coordinate the Speak Up incident management process, providing appropriate guidance and reporting.
  • Anti-Bribery and Corruption Program Delivery: Work with the Group Compliance team to deliver the Group’s Anti Bribery & Corruption program across all three Divisions, including gifts & hospitality registers and audits, training, and due diligence.
  • Communication Program Enhancement: Enhance the effectiveness of the current communication program through stakeholder engagement with key internal functions.
  • Due Diligence Processes Implementation: Implement appropriate due diligence compliance processes, and escalation methodology to cover key regulatory requirements including Sales Agents, JVs, and high-risk third parties.
  • Due Diligence Response: Respond to DD requests to facilitate the commercial side of the business.
  • Compliance Violation Investigation Support: Support the Head of Compliance in investigating and responding to alleged violations of rules, regulations, policies, procedures, and standards.
  • Compliance Training and Awareness: Provide training to employees on compliance areas and conducting awareness-raising activities.
  • Division Representation: Attend/represent the Divisions at regular management meetings/Group Compliance forums across Informa.

5. Compliance Officer Functions

  • Legal Compliance Program Development: Develop and implement an effective legal compliance program in accordance with DIA programs and policies.
  • Internal Controls Creation and Monitoring: Create sound internal controls and monitor adherence.
  • Contractor Policy Drafting and Revision: Draft and revise contractor policies.
  • Proactive Auditing: Proactively audit processes, practices, and documents to identify weaknesses.
  • Compliance Risk Evaluation: Evaluate programmatic activities to assess compliance risk.
  • Collaboration with External Auditors: Collaborate with external auditors when needed.
  • Crisis and Compliance Violation Management Planning: Set plans to manage a crisis or compliance violation.
  • Regulation and Industry Practice Training: Educate and train employees on regulations and industry practices.
  • Legal Compliance Inquiries Response: Address employee concerns or questions on legal compliance.
  • Compliance Standards and Policies Updating: Keep abreast of revisions to applicable DIA compliance standards and policies and legal executive orders, directives, and other governing documentation.
  • Innovative Task Management: Assignments may be broad in nature, requiring originality and innovation in determining how to accomplish tasks.
  • Contribution to Deliverables and Performance Metrics: Contribute to deliverables and performance metrics where applicable.
  • Management Information Improvement Assistance: Assist with the production and development of improved Management Information.
  • Broker Compliance Oversight: Oversight of Broker compliance including Terms of Business Agreements (ToBAs) and annual due diligence checks.

6. Compliance Officer Job Description

  • Regulatory Update Maintenance: Keep up to date with, and understand, relevant laws and regulations.
  • Compliance Monitoring: Monitor compliance with laws, regulations, and internal policies and procedures.
  • Compliance Investigation: Investigate irregularities and non-compliance issues.
  • Risk Identification: Identify potential regulatory risks, determining likelihood and consequences in order.
  • Business Advisory: Advise and assist the business to make informed decisions.
  • Risk and Compliance Reporting: Report to business functions on current risk and compliance performance.
  • Issue Rectification Follow-Up: Ensure that findings are recorded and followed up with management so that issues are rectified.
  • Concern Escalation: Highlight or escalate areas of concern.
  • Compliance Controls Contribution: Contribute to robust and effective compliance controls.
  • Regulatory Information Assistance: Assist in the gathering of information for regulatory requests and/or business partner requests.
  • Audit Support: Assist in the preparation and coordination of on-site audits.
  • Compliance Culture Collaboration: Collaborate with other departments to create a culture of compliance.
  • Compliance Reporting: Prepare and deliver compliance reports for Senior Management and Directors.
  • Compliance Management: Assist with the day-to-day management of general compliance tasks including but not limited to maintaining various compliance registers, monitoring the compliance log, and submitting regulatory returns.
  • Complaints Handling: Deal with complaints and maintain the complaints log.

7. Compliance Review Officer Overview

  • Compliance Audit Performance: Perform compliance audits as scheduled by the Associate Director of Compliance.
  • Audit Quality Assurance: Ensure the quality of all audit work complies with professional standards and is completed within scheduled timeframes.
  • Audit Results Review and Presentation: Review and present audit results to various levels of management.
  • Lending Audit Exception Monitoring and Reporting: Monitor and report on the status of lending audit exceptions.
  • Lending Risk Assessment: Perform lending-related risk assessments.
  • Examination Preparation Assistance: Assist with preparation for state and federal examinations.
  • Policy and Procedure Review: Review policies and procedures to ensure they remain current and accurate.
  • Compliance Problem Solving and Collaboration: Work with the Associate Director of Compliance and the compliance team to solve problems, collaborate on new initiatives, implement regulatory changes, and remedy issues as they arise.
  • Technical Compliance Facilitation: Facilitate and assist with technical compliance related to lending regulations.
  • Broad Compliance Assistance: Assist with other areas of compliance (deposit, BSA, etc.) as deemed necessary.
  • Compliance Inquiry Assistance: Respectfully assist bank personnel with compliance-related questions.
  • Banking Regulation Proficiency Maintenance: Maintain proficient knowledge of applicable banking rules and regulations and complete required training.
  • Bank Goals Support: Support the Bank’s goals and values, and benefit the Bank through outside activities.

8. Compliance Officer Details and Accountabilities

  • Compliance Culture Leadership: Champion a culture of compliance to ensure everyone understands the principles and meets external regulatory requirements and internal policies and procedures.
  • Regulatory Communication: Communicate effectively with the FCA and keep the Board, management, and staff informed.
  • Regulatory Awareness and Advisory: Raise awareness and provide an advisory role for regulatory aspects across the firm, ensuring best practice and compliance as required by the FCA and PRA.
  • Compliance Framework Definition and Review: Define and review a conduct risk and compliance framework for the Society, including best practice guidance.
  • Breach Recording and Reporting Systems Management: Ensure that systems and controls are in place to record breaches and report material ones to the Financial Conduct Authority (FCA).
  • Anti-Money Laundering Management: Manage the anti-money laundering policies and procedures and ensure compliance.
  • Sanctions Watchlist Maintenance: Assist in the maintenance of sanctions-related watchlist.
  • Sanctions Development Monitoring: Keep abreast of sanctions development, analyze the risk impact of various jurisdictional sanctions laws and regulations developments that are material to the Group’s operations and disseminate relevant updates on such developments.
  • Sanctions Training Development: Assist the team in developing training slides on sanctions developments.
  • Sanctions Advisory: Provide timely sanctions advisory to internal stakeholders and businesses on sanctions-related queries.
  • Sanctions Policy Implementation: Contribute to the implementation of Group Sanctions Policy & Procedures across the Bank to ensure alignment and consistency.
  • Sanctions Initiative Participation: Participate in sanctions-related initiatives, investigations, task force, and projects.

9. Compliance Officer Tasks

  • Health and Safety System Development: Work with Consultant and Operations Managers to develop and maintain a health and safety management system ensuring compliance with all statutory legislation and regulation.
  • Policy Drafting Liaison: Liaise with key stakeholders to draft policies and procedures for review and sign off.
  • Compliance Monitoring Enhancement: Liaise with Consultant to develop and enhance the use of the online system (i-auditor) as a tool to monitor, manage, and record full compliance across the business.
  • Incident Investigation: Investigate recorded incidents to ensure that cases are identified, and action is taken to prevent reoccurrence.
  • Incident Reporting: Maintain accurate incident statistics and report these to the board through a monthly report.
  • Workplace Safety Enforcement: Stop any unsafe systems of work or poor working practices where there is deemed to be a risk to the health, safety, and wellbeing of employees.
  • Health and Safety Support Provision: Provide health and safety support to the wider team in conjunction with external consultants to develop and support delivering training to employees.
  • Training Needs Analysis Management: Manage including conducting training needs analysis on health and safety related competencies.
  • New Starter Induction: Responsible for inducting all new starters, coordinating with Stores department to ensure all appropriate equipment is issued & leavers.
  • Auditing Programme Management: Overall responsibility for managing the auditing programme across the company.
  • Health and Safety Procurement Management: Manage all procurement requirements in relation to health and safety.
  • Employee Training Organization: Ensure ongoing training for all employees and organize yearly AML training.
  • AML/CFT Reporting: Prepare regular AML/CFT reports to the attention of the Conducting Officers and Board of Directors.

10. Compliance Officer Roles

  • Compliance Reporting Coordination: Coordinate and/or develop policies and programs for reporting noncompliance issues.
  • Compliance Reporting System Development: Develop a reporting system for all persons associated with the practice to utilize when necessary to inform the compliance officer of potential noncompliance issues.
  • Contractor Arrangement Review: Review/or coordinate the review of independent contractor arrangements to ensure that all applicable laws and regulations have been followed.
  • Compliance Documentation Maintenance: Responsible for maintaining a file of all areas of the compliance plan.
  • Compliance Audit Documentation: Document the initial baseline audit, periodic compliance audits, training of personnel and agents of the practice, results of screening of individuals, any reports of suspected or actual noncompliance, all reports of investigations, and all reports of corrective action taken after the investigation has been completed.
  • Compliance Program Continuation: Continue the momentum of the compliance program and the accomplishment of its objectives long after the initial implementation.
  • Compliance Budget Development: Develop a budget necessary to perform all of the compliance duties.
  • Interdepartmental Interactions: Regular interaction with all departments, management, employees in various departments, health plans, and vendors.
  • Compliance Issue Escalation: Escalate any issue of importance to the Conducting Officers.
  • Compliance Advisory: Provide compliance advice regarding rules and regulations relating to the wealth management business and internal compliance policy requirements.
  • Regulatory Inquiry Assistance: Assist with regulatory inquiries, surveys, consultations, and examinations from/by applicable regulators. 

11. Compliance Officer Roles

  • Compliance Program Development: Responsible for the development of the company compliance program.
  • Compliance Documentation: Draft formal compliance program documents and work with outside counsel.
  • Compliance Program Oversight: Oversee and monitor the implementation of the compliance program.
  • Compliance Training Coordination: Develop, coordinate, and participate in a multifaceted educational and training program that focuses on the elements of the compliance program and seeks.
  • Regulatory Compliance Assurance: Ensure that all appropriate employees and management are knowledgeable of, comply with, pertinent Federal and State standards.
  • Standards of Conduct Verification: Ensure employees have received, read, and understood the standards of conduct.
  • Compliance Program Revision: Periodically revise the program in light of changes in the organization's needs and in the law and policies and procedures of Government and private payer health plans.
  • Compliance Reporting: Report on a regular basis to Legal and Compliance Manager, VP Operations, CEO, and compliance committee on the progress of implementation.
  • Internal Compliance Coordination: Assist management in coordinating internal compliance review and monitoring activities, including annual or periodic reviews of departments.
  • Independent Compliance Investigations: Independently investigate and act on matters related to compliance, including the flexibility to design and coordinate internal investigations and any resulting corrective action with all departments, contracted vendors, and if appropriate, independent contractors.
  • Compliance Program Adherence Monitoring: Ensure that all areas of the company’s compliance program are being adhered to.
  • Compliance Auditing: Audit the human resources department, billing, and reimbursement departments and all areas of the practice that fall under the HIPAA guidelines.
  • Regulatory Compliance Training and Auditing: Coordinate and/or audit the training and reporting elements of all the regulatory compliance manuals.

12. Compliance Officer Additional Details

  • Compliance Risk Assessment Review: Review the Compliance Risk Assessment and the Compliance Risk Program.
  • Compliance Risk Management: Identify, assess, monitor, and report all compliance risks to the Management, the Board of Directors, and the CSSF according to the Compliance Work Program.
  • Regulatory Compliance Assurance: Ensure compliance with applicable regulations concerning legal and compliance matters.
  • Policy and Procedure Compliance: Ensure compliance and adequacy of policies and procedures.
  • Conflict of Interest Management: Handle, monitor, and record any conflict of interest.
  • Code of Conduct Compliance Monitoring: Monitor and ensure compliance with the Code of Conduct.
  • MIFID Regulation Compliance: Ensure compliance with the MIFID regulation.
  • GDPR Compliance: Ensure compliance with GDPR.
  • Market Abuse Policy Monitoring: Monitor the market abuse policy and the personal transactions reported by the staff.
  • Internal Governance Updating: Ensure that the internal governance framework, the company's organization chart, and job descriptions are up-to-date.
  • Customer Complaints Handling: Handle, monitor, and record all customer complaints.
  • AML/CFT Risk Assessment: Perform an AML/CFT risk assessment and a country risk assessment.
  • AML/KYC Due Diligence: Perform an initial and ongoing AML/KYC due diligence over clients, assets, and business relationships.
  • PEP and Sanctions Screening: Perform the screening against PEP and sanctions lists.

13. Compliance Officer Essential Functions

  • Conflict of Interest Management: Assist with the assessment and management of material actual or potential conflicts of interest.
  • Policy Implementation Assurance: Ensure the effective implementation of the policies and directives relating to the reporting of violations and concerns.
  • Investigation Leadership: Use the case management system and lead and/or support investigations.
  • Stakeholder Reporting Management: Manage reporting to relevant stakeholders where applicable compliance-related reports of misconduct, investigations, and remediation efforts.
  • Regulatory Coordination: Work with local head(s) of legal and other stakeholders to ensure that interactions with local authorities and regulators are coordinated and implement processes to identify and handle regulatory requests and deadlines.
  • M&A Compliance Support: Assist with or conduct compliance-related merger and acquisition due diligences and complete integration activities in countries.
  • Compliance Reporting: Draft compliance-related reports as required by the Compliance Office and the MA Head Compliance.
  • Senior-Level Project Management: Manage projects, consulting activities, and assessments conducted at the senior executive level within the company.
  • Improvement Recommendation: Provide and follow up on recommendations for improvement possibilities and for consequence management.
  • Management Presentation: Prepare and present information to senior management at internal and external meetings.
  • Audit Support: Assist in audit findings in relation to sanctions-related issues.
  • Sanctions Data Analytics Support: Support the team in the deployment of Sanctions Data Analytics.

14. Compliance Officer Role Purpose

  • Compliance Culture Leadership: Lead in developing a culture of compliance, setting an example for clarity and promoting an environment where speaking up in a professional manner is encouraged.
  • Legal Entities Supervision: Supervise a select group of legal entities within one or more Customer Units (CUs) that typically spans multiple countries, handling not only internal stakeholders (e.g., management, legal, internal controls, sourcing, and HR colleagues, compliance network) but also external stakeholders, such as customers and other third parties in relation to compliance demands.
  • Compliance Program Updates Provision: Provide regular updates to management teams, the compliance organization, and others as needed regarding the implementation of the compliance program, including relevant Key Performance Indicators (KPIs) in the area of responsibility.
  • Local Business Understanding Maintenance: Maintain a sound understanding of local business activities and applicable laws and regulations.
  • Local Compliance Priorities Identification: Identify local compliance priorities, plan and prioritize activities based on risk on a prescribed cycle (e.g., development of annual compliance plan).
  • Compliance Document Publication: Ensure the publication of compliance-related Group steering documents and localize in alignment with the Group.
  • Compliance Risk Assessment: Alongside colleagues from headquarters, perform compliance risk assessments, reviews, and monitoring.
  • Local Compliance Training Supplement: Supplement group trainings to ensure local requirements are addressed.
  • Compliance Training Conduct: Conduct compliance trainings and ensure appropriate monitoring of compliance training and awareness programs.
  • Commercial Project Compliance Review: Review commercial projects to identify and mitigate compliance risks presented.
  • Third Party Due Diligence Implementation: Ensure effective implementation of the Third Party Due Diligence (TPDD) process and train functions involved in the process as well as third parties completing the process.
  • Compliance TPDD Process Point of Contact: Act as a single point of contact for the compliance TPDD process.
  • Compliance Advice Documentation Maintenance: Maintain documentation of compliant, timely, and practical advice.

15. Compliance Officer General Responsibilities

  • Money Laundering Detection: Detect money laundering transactions made by clients.
  • Compliance Policy Update: Update, adjust to local requirements, and support the implementation of Codes of Conduct, other internal regulations, and Compliance manuals by translating applicable laws, rules, and standards to the day-to-day practice of staff.
  • Daily Compliance Management: Deal with day-to-day Compliance issues and queries.
  • Transaction Monitoring Organization: Organize transactions monitoring checks and reviews.
  • Action Follow-Up Organization: Organize a follow-up for the open actions to meet recommended deadlines.
  • Corporate Action Oversight: Ensure corporate actions are properly performed and followed-up.
  • Internal Training Provision: Organize and provide internal trainings to the staff.
  • Client KYC Evaluation: Evaluate and analyze new client KYC paperwork, conduct diligence checks on new and existing clients, and verify documentation.
  • Due Diligence Conduct: Conduct periodic and non-periodic due diligence reviews.
  • Compliance Database Management: Record and keep the customer database in the Compliance software (AMLSpotter/CDDS) up to date.
  • CDD Follow-Up: Follow up on missing CDD information in the clients/UBOs database as well as in the Compliance software.
  • Ongoing Monitoring: Responsible for ongoing client/UBO monitoring, as well as preparing and reacting to client and third-party requests.
  • Collaborative Relationships Development: Develop collaborative work relationships within OEC and across board areas and functions.
  • Advisory Role: Serve as a trusted advisor and functional peer.

16. Compliance Officer Key Accountabilities

  • Asset Management Guidance Provision: Provide enabling guidance and technical expertise to Asset Management on initiatives and compliance requirements including the implementation of the Compliance Program, regulation review, regulatory submissions, and reporting, investment restriction guidance, and financial crime due diligence topics.
  • Compliance Risk Identification: Identify Compliance Risk exposure that might impact Group Asset Management and businesses, and coordinate accordingly with the relevant Compliance Officers or team.
  • Compliance Program Development: Develop, maintain, and deliver the Compliance Program and associated compliance risk mitigation standards for existing and new regulations including policies, guidelines, training, and communication.
  • Regulatory Developments Monitoring: Monitor and act upon regulatory developments (including trade and transaction reporting, ESG, market conduct) relating to Compliance Risks and the associated regulatory obligations.
  • Compliance Risk Assessment Performance: Perform Compliance Risk assessments and reporting to Senior Management.
  • Cross-functional Relationship Building: Build and maintain cross-functional relationships with other team members & teams.
  • Coordinated Assurance Framework Support: Support the Coordinated Assurance Framework, working with Group Internal Audit and Risk Management.
  • Regulatory Requirements Understanding: Understand each regulated entity’s regulatory requirements and implement necessary licensing and registration.
  • Interdepartmental Collaboration: Collaborate with different departments and affiliated companies to enforce rules and regulations.
  • Trade Reporting Communication: Communicate with various exchanges for trade reporting matters.

17. Compliance Officer Duties

  • Compliance Project Support: Support the compliance team with management, execution, and coordination of projects.
  • External Communication Compliance Maintenance: Maintain compliance relating to external communication.
  • Policy and Guideline Establishment: Establish policies and guidelines.
  • Safety and Compliance Program Review: Review safety and compliance programs.
  • Report Composition and Delivery: Compose and deliver reports.
  • Compliance Framework Creation: Create a Compliance Framework & Annual Compliance Plan and deliver it.
  • Compliance Standards Monitoring: Monitor the business on compliance standards.
  • Regulatory Updates Management: Ensure that the broker keeps on top of regulatory updates.
  • Compliance Training: Train the business on compliance.
  • Regulatory Advice Provision: Advise the business on FCA, PRA, & ICO regulations.
  • Regulatory Project Leadership: Lead regulatory projects and regulatory reporting.
  • Compliance Culture Development: Create a positive and proactive compliance culture within the business.
  • Compliance Training Conduct: Conduct compliance-related trainings periodically for all employees.
  • Internal Control Efficiency Evaluation: Evaluate the efficiency of internal control, procedures, and processes and keep them current and updated.

18. Compliance Officer Details

  • Policy Development: Collaborate across both Group and divisional Compliance and Regulatory teams to develop/maintain policies and procedures, and investigate and monitor incidents and breaches.
  • Stakeholder Support: Provide information, advice, and support on compliance policy and issues to ensure internal stakeholders are up-to-date and aware of key issues.
  • Compliance Training: Conduct group communications and training to support understanding and adherence to Compliance policies and understanding of emerging areas of compliance risk.
  • Compliance Team Support: Support the Head of Group Compliance and the wider Group Compliance team.
  • Compliance Framework Enhancement: Review and, where applicable, enhance the swap trading framework of the firm's existing compliance monitoring program.
  • Compliance Implementation Advising: Advise on and support the implementation process of compliance requirements.
  • Trading Rules Implementation: Support the implementation of current and new trading rules & regulations.
  • Compliance Monitoring Development: Identify potential areas of compliance concern in order to develop policies, procedures, and compliance monitoring for the given area.
  • Compliance Audit: Audit and review existing monitoring systems and controls.
  • Compliance Training Delivery: Issue memos and conduct trainings on new or changed rules and acceptable business practices.
  • Quality Monitoring Analysis: Identify themes/learning outcomes following quality monitoring reviews and assist business areas by providing root cause analysis and training to staff.
  • Regulatory Compliance Review: Work with the CEO, COO, and/or Group Conduct Officer to review internal processes and procedures to ensure compliance with FCA regulations and company procedural standards.
  • Audit Coordination: Act as the point person in the coordination of Coverholder Audits.

19. Compliance Officer Responsibilities

  • Risk Analysis: Carry out research with the aim to arrive at risk recommendations on the various customers, process instruments.
  • Information Gathering: Gather relevant information pertinent to analyses from all available internal and external sources.
  • Data Review: Review all information so collected and analyze any and all pertinent developments, macro, meso, and micro, in the various customer types.
  • Regulatory Compliance: See to it that the applicable laws, regulations, and internal rules and standards are taken care of by taking decisions regarding the acceptance of clients and transactions and that these are correctly applied.
  • Risk Assessment: See to it that the Compliance risks are identified and assessed.
  • Risk Mitigation: See that all reasonable measures have been taken to avoid occurrence and to mitigate impact should nevertheless occur.
  • Advisory Services: Advise management and staff on specific situations (for example, cases of conflict of interests), the acceptability of certain customers and/or certain business.
  • Control Planning: Present yearly a plan to management for approval, containing the priorities of the control activities to be implemented.
  • Effectiveness Monitoring: Monitor the effectiveness of the control activities using Compliance manuals, other laws, and standards used by staff.
  • Reporting: Report findings and conclusions and produces solidly argued advises.
  • Quality Review: Review opinions and views on quality, research methods, suitability of information for target clients, and, where applicable, indicates areas of improvement.
  • Incident Reporting: Instant reporting of relevant incidents to Management and the Group Compliance in order to provide the Board of Directors and the Audit Committee the assurance on the control of compliance risks.
  • Client Profiling: Build up a picture of clients/prospective clients and risks.

20. Compliance Officer Accountabilities

  • Regulatory Analysis: Analyze regulatory requirements and group policies and standards and translate these into practical policies for Global Payments.
  • Regulatory Knowledge Maintenance: Maintain current knowledge of relevant regulatory changes and recommend improvements.
  • Policy Implementation and Enforcement: Work with functional areas across the business to implement and enforce policies.
  • Compliance Training Development: Develop, implement, and maintain an effective compliance training programme.
  • Compliance Monitoring Contribution: Contribute to and maintain the compliance monitoring programme.
  • Incident Management Assistance: Assist with incident management and regulatory reporting where rule breaches have occurred.
  • Internal Relationship Building: Build good relationships with key internal departments across the group, including Legal and IT Security.
  • Compliance Reputation Enhancement: Enhance the reputation of the Compliance function across the business.
  • Regulatory Relationship Development: Develop positive working relationships with partners, regulators, and auditors.
  • Regulatory Enhancements Implementation: Identify and implement regulatory enhancements to the business through the appropriate channels.
  • Compliance Approval Assurance: Ensure all correspondence, websites, marketing material, and documents comply with regulatory requirements before providing compliance approval.
  • Regulator Relationship Support: Support the relationship management for all regulators (FCA, PSR, HMRC, NCA, etc.).
  • Complaints Resolution Assistance: Assist the operations team with all escalated complaints, ensuring all are investigated, satisfactorily addressed, and resolved.
Relevant Information
What Does A Compliance Analyst Do?
What Does A Compliance Manager Do?
What Does A Compliance Consultant Do?
What Does A Compliance Specialist Do?