What is a compliance officer?
A compliance officer makes sure that the company they are employed by follows the laws, rules and regulations in the countries in which it operates and meets the professional standards expected. They may also set internal company policies. Their aim is to make sure companies do the right thing and prevent misconduct by the business.
Where have you heard about compliance officers?
Just after the financial crisis of 2008 many commentators were asking if compliance officers had done their jobs correctly, given the number of failing banks and the scandal and fall out from the events. You may also have seen jobs for compliance officers advertised in the press or on websites.
What you need to know about compliance officers.
Compliance officers are the ethical heart of a business. They are also risk managers. What they are responsible for depends on the business sector they operate in. For example, in some industries it may be to make sure that their raw materials are ethically sourced. Commonly, in the finance industry, compliance officers will make sure that companies are complying with rules laid down by industry regulators and watchdogs.
Compliance officers will also monitor and review whether the business is sticking to policies and deal with issues and concerns raised internally about concerns over compliance. They may help with training staff to be aware of the compliance regulations they have to abide by.