Giving high-level advice to financial services organizations on the legal and regulatory rules they must follow, such as on data security or preventing money laundering
Occupational Profile
All financial services organisations 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 organisations 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 organisation meets this wide range of requirements, balanced against achieving appropriate customer outcomes. In some organisations, this expertise may be embedded in the business areas themselves.
Within the Risk/Compliance function of a specific organisation, the role of the Senior Compliance/Risk Specialist is to provide high quality input and advice to the business in their specialist area(s) of expertise e.g. risk, financial crime, compliance, modelling/analysing data. This is likely to include dealing with complex problems, implementing new legal / regulatory requirements, working with senior managers in the organisation. The role requires sound ethical standards, significant technical expertise, together with the capability to influence senior members of the organisation as there can often be differing views on the appropriate action to take. Deep underpinning knowledge of risk and compliance frameworks, policies and procedures will be required. It may cover compliance or risk functions or be a blend of both depending on the organisation.
This is a Core and Options model, where the specific technical knowledge required is covered in the single chosen option.
Summary of standard
Full standard
https://www.instituteforapprenticeships.org/media/1188/senior_compliance_-_risk_specialist.pdf
