As a Compliance Officer, you will be taking responsibility for all compliance matters, ensuring that the practices of the company in which you work meet official rules and regulations usually set by external authorities, as well as the company's own in-house compliance procedures. These procedures need to be regularly assessed, ensuring they are capable of protecting the company's day-to-day operation. By carefully monitoring the company's procedures, as well as responding to any issues that arise, you will be able to protect the company's investors, reduce the operational risks and increase the confidence of the company's customers.
You will also develop strong in-house codes of practice for other employees to adhere to, thereby managing the company's regulatory risk on a daily basis. Depending on the nature of the business within which you work, other areas that you would be expected to tackle include anti-money laundering (when working with the banking and insurance sectors), as well as data protection laws.
On a day-to-day basis you will be expected to operate a duty of care towards your company's customers and clients. Overseeing and monitoring regulatory processes, keeping vital records, and reacting to any issues that arise on an ad hoc basis. Having a keen eye for detail is a must, as is being able to convey a sense of trust to your colleagues and to shareholders of the business.
You will support all areas of the business in order to assist them to comply with all regulations and laws that are relevant to your company's business - meaning that, in the most basic terms, you protect your company, its customers and its investors from any kind of fraudulent activity or mistakes made within the business. From looking closely at individual sales to ensuring that good practice has been carried out, to looking at the business as a whole, you will also asked to deal with ombudsman from independent organisations should any problems or issues arise.