Compliance is the process of ensuring that a company or organisation adheres to statutory reporting guidelines and ways of working as laid down by relevant government bodies. Compliance may also involve working to agreed industry standards and codes of practice.
Financial compliance is the act of conforming to specific rules and regulations set out by governing authorities such as (but not exclusively) the Financial Services Authority in the UK or the Securities and Exchanges Commission in the USA.
Financial compliance specialists ensure that their company or organisation complies with all such regulatory requirements in all financial dealings, operations, systems and processes. Compliance specialists will also be responsible for ensuring that colleagues are complying with internal rules and regulations which have been established to ensure regulatory compliance.
Recent global accounting scandals have led to increased regulatory control (such as the Sarbanes Oxley Act in the USA) which means that companies operating in multiple locations are faced with complying with more than one regulator, thus increasing the importance of employing expert Compliance Officers.
Some duties include:
Maintaining an expert knowledge of all relevant rules and regulations.
Understanding and employing methodology such as Generally Accepted Accounting Standards (GAAP) or International Financial Reporting Standards (IFRS).
Advising senior colleagues on legal/compliance issues.
Reviewing processes and controls and implementing improvements with the aim of reducing risk of non compliance.
Completing corporation tax and VAT returns and ensuring compliance to relevant regulations.
Drafting FSA reports and returns.
Completing other compliance documentation such as MLRO reports.
Qualifications
Compliance specialists are typically part or fully qualified finance professionals. Qualifications may be related to the area for which compliance is required - for example, a taxation compliance specialist may be a Chartered Tax Adviser (CTA). All compliance specialists must have a detailed knowledge of relevant rules and regulations and a rigorous approach to adherence.
Salary Snapshot
Recent salaries advertised on TopFinancialJobs (November 2009) include:
£30-40,000 per annum for a qualified (ACA, ACCA, ATT) Vat Compliance Manager working in Southampton for one of the largest and most successful niche retailers in the world.
£65-70,000 per annum for a qualified (ACA, ACCA) Financial Compliance Officer working for a global pharmaceutical company in Hertfordshire.
£65-80,000 per annum for a Compliance Consultant working for an international professional services firm in London.
£60,000 per annum for a qualified (ACA) Compliance Office working for a Fund of Hedge Funds in Dubai.
Are you a compliance specialist? Would you like to contribute to our "Day in the Life of..." series? Email us at info@topfinancialjobs.co.uk for more details.
