Compliance is the practice of ensuring that an organisation or business operates within specific industry or statutory (national and international) rules and regulations.
In banking and financial services, Compliance Officers ensure that all work, systems and processes are carried out in accordance with the rules and regulations set down by a controlling authority - for example the Financial Services Authority (FSA) in the United Kingdom.
Compliance Officers occupy a high profile position within any financial services company, a prominence that has increased even further given the banking crises of recent years.
Typical duties include:
Maintaining a familiarity with FSA (or relevant governing body) registrations procedures and ensuring that staff are registered in accordance with FSA rules.
Acting as a compliance expert and champion throughout an organisation to ensure that all departments are fully aware of their statutory obligations and are fully compliant therein.
Reviewing/designing and implementing systems and processes to ensure that they meet compliance rules.
Identifying and reporting all compliance breaches. Managing change and improvements required as a result of breaches.
Responding to requests and consultations issued by regulatory bodies.
Compliance Officers must demonstrate diplomacy, determination and influencing skills in order to establish best practices and to ensure that a company works within the spirit and letter of the law.
Qualifications
Some compliance specialists are part or fully qualified accountants. However, not all compliance roles call for specific qualifications. Compliance Officers must, however, maintain a comprehensive and up to date knowledge of all relevant rules and regulations and must also demonstrate a thorough understanding of the market in which they work.
Salary Snapshot
Recent salaries advertised on TopFinancialJobs (February 2010) include:
£20-25 per hour for a temporary Compliance Administrator working for a leading investment bank in the City of London.
£200-300 per day for a temporary Compliance Analyst working for a global investment bank in the City of London.
£300-500 per day for a temporary Regulatory Business Analyst working for a leading financial services company in the City.
A negotiable salary on offer for an Anti Money Laundering Due Diligence Analyst working in London.
Do you work in compliance? Would you like to contribute to our "Day in the Life of..." series? Email us at info@topfinancialjobs.co.uk for more details.
