The role of a compliance officer.docx - The role of a compliance officer sometimes called a compliance manager is to make sure that a company is

The role of a compliance officer.docx - The role of a...

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The role of a compliance officer, sometimes called a compliance manager, is to make sure that a company is conducting its business in full compliance with all national and international laws and regulations that pertain to its particular industry, as well as professional standards, accepted business practices, and internal standards.There is both an ethical component and a pragmatic component to compliance - a role that is crucial in helping organizations manage risk, maintain a positive reputation, and avoid lawsuits.Compliance officers must have an innate and intuitive knowledge of the company’s goals and culture, as well as of the greater industry and standard business law. They are charged not just with keeping a company’s business dealings ethically sound and legally pristine, but with educating the entire company and instituting practices that will ensure the highest possible level of compliance.“The most effective line of defense a corporation can implement against federal prosecution, including both civil and criminal enforcement, is an efficient and effective compliance program. An efficient and effective compliance program is not attainable without the right compliance officer.” - Niki Zotou, Manager of the Legal Division at Robert Walters, New York.Levels of responsibilityMost often found in healthcare and banking, compliance officers are an important component of corporate governance, determining how an organization is managed, directed, and governed, including the relationships between stakeholders and the structure by which company objectives are set and followed. They usually report to the CEO or COO.The International Compliance Association breaks down the role of a compliance officer into two levels of responsibility:Level 1: compliance with the external rules that are imposed upon an organization as a wholeLevel 2: compliance with internal systems of control that are imposed to achieve compliance with the externally imposed rules.“Most agree that raising awareness of risk, training, and advice are critical elements of the CO’s mission. Therefore, a good Compliance Officer has the demanding and complex task of fulfilling all these roles.” - Blandine Cordier-Palasse, Vice-President andCo-founder of the Compliance Circle.The quintessential personality of a compliance officer
One aspect of a compliance officer’s job is communicating compliance-related issues to employees across all divisions of the organization. Sometimes this requires deciphering confusing or abstract laws or ethics and determining how to establish and integrate bestpractices. A compliance officer must therefore have great people skills and be able to communicate and cooperate up, down, and across the employee chain - and must simultaneously have a firm grasp of the business.

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