Giving basic advice to financial services organizations on the legal and regulatory rules they must follow – such as those about data security or preventing money laundering
Occupational Profile
All financial services organizations have to meet a wide range of compliance and risk requirements set out in legislation e.g. data security, or required by regulators e.g. financial crime, operational risk. To meet these requirements many organizations will have dedicated Risk and/or Compliance departments that are experts in the relevant legislation/regulator requirements. They provide proactive support and guidance to the business areas to ensure that the organization meets this wide range of requirements, balanced against achieving appropriate customer outcomes. In some organizations, this expertise may be embedded in the business areas themselves.
Within the Risk/Compliance function of a specific organization, the role of the Compliance/Risk Officer is likely to include providing relatively straightforward support and advice to the business on their specific area(s) of expertise e.g. financial crime, training and competence, fraud; working with the business on specific problems that emerge; analyzing data, maintaining records and producing reports; working on reviews/audits to check that policies are being correctly applied. The role will require sound ethical standards, together with good communication and influencing skills as there can be differences of opinion between the business and the Risk/Compliance function on the appropriate action to take. Sound underpinning knowledge of risk and compliance frameworks, policies and procedures will be required. The role may cover compliance or risk functions or be a blend of both depending on the organization.
Summary of standard
https://www.instituteforapprenticeships.org/apprenticeship-standards/compliance-risk-officer/
Full standard
https://www.instituteforapprenticeships.org/media/1187/compliance_-_risk_officer.pdf
