Levels of Responsibility of Compliance Officer

compliance officer

Compliance is something that we are preached right from the beginning of our existence. Since humans began to settle in societies, they started to comply with the situations and surroundings. The same thing goes for three companies as well.

Businesses and companies abound in the era we are living in and every company/organization comes with its own set of rules and guidelines. Commendable management along with a strict code of conduct and business ethics is a must. Thus, there must be a person/regulating body, to safeguard and improve the policies for the employees and its management. A compliance officer is thus, extremely essential.

Role of a Compliance Officer

A compliance officer is one who looks after the compliance of a company. Evident to every company. It is a post reserved by every other company for employing the individuals who supervise whether the company complies with its external and internal regulatory and legal requirements. The team of the compliance officers reports to a chief compliance officer, who is usually the head of the compliance department of the company.

The compliance officers are entrusted with numerous duties and responsibilities in order to build an infallible, smooth and compliant management. In this process, they need to verify a range of processes and policies of the organization and amend them when required.

The main objective of the compliance department of a company is to assure that the company is equipped with internal controls that appropriately detect and tackle the risks it faces.

The sole motive of recruiting the Compliance officers is to develop an in-house team that effectively supports the key business areas. This is done with a view of making the company comply with the relevant laws and regulations and the internal procedures. The compliance officer is most often the company’s general counsel; however, it varies with the company to the company.

The Levels of Responsibility of a Compliance Officer

Though every company has its own team of compliance officers, the field of healthcare and banking happens to be the most crucial departments. The compliance officers are basically entrusted with the task of corporate governance and determine the management, direction, and governance of an organization. Besides, they also oversee the relationship between the stakeholders and the other members of the company and its management. The Compliance officers report their work to the CEO or COO.

According to the International Compliance Association, the responsibilities of a compliance officer can be subdivided into two distinctive levels:

  • Level 1: Compliance with the external rules. The rules that are enforced upon an organization as a whole.
  • Level 2: Compliance with internal systems of control. The controls that are enforced upon a company so that it can hope for absolute compliance with the externally imposed rules.

Raising awareness of risk, conducting proper training, and framing advice are critical elements of the CO’s mission. Therefore, an ideal Compliance Officer “has the demanding and complex task of fulfilling all these roles,” going by the words of Robert Mossman.

12 thoughts on “Levels of Responsibility of Compliance Officer

  1. Every weekend i used to pay a visit this web site,
    because i wish for enjoyment, as this this web page conations truly nice funny
    information too.

    0
  2. Do you have a spam problem on this blog; I also am a blogger, and I was wondering your situation; we have developed some nice practices and we are looking to exchange solutions with others, please shoot me an e-mail if interested.|

    0
  3. Howdy I am so glad I found your weblog, I really found you by error, while I was looking on Digg for something else, Regardless I am here now and would just like to say thanks a lot for a fantastic post and a all round exciting blog (I also love the theme/design), I don’t have time to go through it all at the moment but I have book-marked it and also included your RSS feeds, so when I have time I will be back to read more, Please do keep up the superb work.|

    0
  4. Howdy! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My web site looks weird when viewing from my apple iphone. I’m trying to find a theme or plugin that might be able to resolve this problem. If you have any recommendations, please share. Thank you!|

    0
  5. I got this web site from my friend who informed me concerning this web site and now this time I am visiting this website and reading very informative articles at this place.|

    0
  6. Hey There. I discovered your blog the use of msn. That is a very neatly written article. I will make sure to bookmark it and return to learn extra of your useful information. Thank you for the post. I will definitely comeback.|

    0
  7. Hey there are using WordPress for your site platform? I’m new to the blog world but I’m trying to get started and create my own. Do you require any coding expertise to make your own blog? Any help would be greatly appreciated!|

    0

Leave a Reply