Compliance

What is Compliance?

Compliance roles involve taking care of an organisation’s financial conduct (ensuring it complies with all applicable laws, rules and regulations) and of its reporting (providing financial information to the financial services regulator).

Depending on the business of the financial institution, compliance duties may range from monitoring trading activity, preventing conflicts of interest and ensuring compliance with regulations to preventing money laundering.

In the context of financial services businesses compliance operates at two levels.

Level 1 - compliance with the external rules that are imposed upon an organisation as a whole
Level 2 - compliance with internal systems of control that are imposed to achieve compliance with the externally imposed rules.

 

Compliance and financial services

There are a number of areas within compliance that are relevant to financial services businesses. These may include but are not limited to:

  • Financial Crime Compliance
  • Internal audit
  • Compliance advisory
  • Regulatory compliance
  • Compliance monitoring and surveillance

 

Examples of job roles within compliance:

  • Fraud Investigator
  • On-boarding Administrator
  • Compliance Monitoring Officer/Assistant
  • Compliance Audit Manager
  • Risk/Governance/Regulatory Compliance Manager
  • Money Laundering Reporting Officer (“MLRO”)/Money Laundering Compliance Officer (“MLCO”)
  • Head of KYC Client On-boarding
  • Head of Group/Internal Audit
  • Chief Compliance Officer/Head of Compliance and Risk

 

Skills you may need:

  • Integrity
  • Ability to balance interpretation of regulations with the business objectives
  • Quick thinking
  • Analytical skills
  • Problem-solving skills
  • Communication skills
  • Conviction in your judgements

 

Qualifications you may need:

  • Relevant university degree
  • Relevant practical experience
  • Professional accreditations from organisations such as International Compliance Association (ICA)