The role of a Compliance Office is to ensure a company complies with its outside regulatory requirements as well as internal policies. Their role is essential to companies worldwide and makes sure that the company runs according to the rules. If a company fails to abide by rules and regulations, they’re exposing itself to potential reputational fines and damages.
There are many times of compliance work, these include:
· Financial crime
· Trade Surveillance
What are the responsibilities of a compliance professional?
A Compliance Officer earns a high salary, and this is a good reflection of the high degree of responsibility that comes with the position. Some of their responsibilities include:
· Perform risk assessments to understand the risk level of significance
· Educate employees on regulations and the impact on the organisation if these aren’t complied with
· Assist in gathering internal information in response to regulatory requests
· Monitor compliance with laws, regulations, and internal policies
· Highlight areas of concern
· Perform various general administrative duties
· Create and manage effective action plans in response to audit discoveries and compliance violations
· Regularly audit company procedures, practises, and documents to identify possible weaknesses or risks
What skills are required of you?
There are certain skills that are required in order to fulfil this role. These include:
· Good problem-solving ability
· An ability to analyse and interpret information quickly
· Project management skills, as you’re likely to have to juggle several projects at a time
· Great risk assessment
· Good verbal and written communication skills
· IT knowledgeable
What are the qualifications required?
Many companies will require a bachelor’s degree to enter this role however, there is no specific degree that you must attain to do this role. Although, this is accurate studying these will enhance your chances:
· Business studies
What is the National Average Salary?
The national average salary for a Compliance Officer in the UK is £37,000 however, this may differ depending on geographical area.
If you’re interested in taking the next steps in your career as a Compliance Officer or working in the Insurance sector in general, apply with us today and we can find the perfect placement for you. Feel free to call us on 0203 225 5584 to discuss everything in further detail.