Mobile Compliance Officer: Compliance officers make sure companies and governing bodies stay in line with internal policies and regulatory requirements.
In the financial industry, these positions are particularly in demand as the government steps up its enforcement of anti-money laundering laws.
Get expert advice on becoming a successful business owner with BusinessHAB Business category! Our step-by-step articles can help you navigate the ins and outs of the business world, from forming a public limited company (PLC) to measuring company growth of an existing company. Learn how to avoid unionization of a company, identify industry trends, implement efficiency strategies, and more! You can request publication of your article for publication by sending it to us via our Email below. email@example.com or SMS/WhatsApp) or call +2347034920650. Get the 20 Best Strategized Fuel Tanker Business Plan
1. Mobile Compliance Officer
A Compliance Officer, or Compliance Manager, ensures a company functions in a legal and ethical manner while meeting its business goals.
They are responsible for developing compliance programs, reviewing company policies, and advising management on possible risks.
Aside from their sizable presence on Wall Street and within the federal government, compliance officers work in a broad range of industries, including health care, telecommunications and oil and gas extraction.
Due to the growing maze of laws, regulations, licensing and permits, there is an increase in need of compliance officers.
2. Mobile Compliance Officer
Duties may include identifying the risks an organization faces.
Designing or implementing controls to mitigate those risks and reporting the effectiveness of the controls.
Compliance officers may work for the organizations.
They’re reviewing or for external agencies or companies contracted to do compliance work.
Working environments can vary greatly.
3. Mobile Compliance Officer
From permit work and document review in office settings to off-site fieldwork in outdoor and industrial plant settings.
Because of the diversity of employer types and needs, compliance officers often require extensive specialized education and training.
For example, environment compliance officers may need substantial scientific knowledge to perform sophisticated tests that measure the environmental impacts of airborne and waterborne chemical releases.
The Bureau of Labour Statistics projects 8.2 percent employment growth for compliance officers between 2016 and 2026.
In that period, an estimated 23,700 jobs should open up.
4. Mobile Compliance Officer
What Type of Education Do Compliance Officers Need?
And many positions require certification and regular retraining in the business and industry in which the person works.
5. Mobile Compliance Officer
6. The role of a compliance officer
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.
7. Mobile Compliance Officer
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.
8. Levels of responsibility
Most 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 whole
Level 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 and Co-founder of the Compliance Circle.
9. Mobile Compliance Officer
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 best practices.
A compliance officer must therefore have great people skills.
10. Mobile Compliance Officer
And be able to communicate and cooperate up, down, and across the employee chain.
And must simultaneously have a firm grasp of the business.
In addition to being a level-headed, clear communicator.
Here are some other qualities that excellent compliance officers posses:
11. Mobile Compliance Officer
- Ethical and principled: These are the single most important qualities of a compliance manager.
- Fair and modest: Willing to scrutinize all the facts without making a snap judgment, and interview any relevant employees for their perspective.
- Proactive: A honed alertness and vigilance to potential breaches in compliance. This means actively enforcing a mandatory reporting policy and seeking out any weakness in company dealings.
Mobile Compliance Officer
- Intelligent and willing to keep learning: Most industries that employ a compliance officer are subject to constantly changing legislation, so staying on top of things is vital.
- Diligent: Even when it becomes a hassle, a compliance officer must be willing to see an issue through to resolution. Every time
- A strong constitution and extra conviction: Solid backbone and the strength to stand by difficult decisions and be more influenced by right versus wrong than by relationships. Willing to take the lead in setting the tone for corporate integrity.
Mobile Compliance Officer
- Implement and manage an effective legal compliance program.
- Develop and review company policies.
- Advise management on the company’s compliance with laws and regulations through detailed reports.
- Create and manage effective action plans in response to audit discoveries and compliance violations.
- Regularly audit company procedures, practices, and documents to identify possible weaknesses or risk.
- Assess company operations to determine compliance risk.
- Ensure all employees are educated on the latest regulations and processes.
- Resolve employee concerns about legal compliance.
12. Mobile Compliance Officer
- Bachelor’s degree in law, finance, business management or a related field.
- 3 – 5 years’ proven experience in a compliance officer role.
- Good knowledge of legal requirements and procedures.
- Brilliant oral and written communication skills.
- Highly-analytical with strong attention to detail.