Reference Quantity: ST0362

Particulars of ordinary

Position and occupation

Compliance and danger officer

Occupational profile:

All monetary providers organisations have to fulfill a variety of compliance and danger necessities set out in laws e.g. knowledge safety, or required by regulators e.g. monetary crime, operational danger. To fulfill these necessities many organisations can have devoted Danger and/or compliance departments which are specialists within the related laws and regulator necessities. They supply proactive assist and steering to the enterprise areas to make sure that the organisation meets this big selection of necessities, balanced towards reaching acceptable buyer outcomes. In some organisations, this experience could also be embedded within the enterprise areas themselves.

Typical job titles:

Compliance officer and Danger officer

Position profile

Inside the danger and compliance perform of a selected organisation, the position of the compliance and danger officer is more likely to embody offering comparatively easy assist and recommendation to the enterprise on their particular space(s) of experience e.g. monetary crime, coaching and competence, fraud; working with the enterprise on particular issues that emerge; analysing knowledge, sustaining data and producing reviews; engaged on evaluate and audits to examine that insurance policies are being appropriately utilized. The position would require sound moral requirements, along with good communication and influencing abilities as there could be variations of opinion between the enterprise and the chance and compliance perform on the suitable motion to take. Sound underpinning data of danger and compliance frameworks, insurance policies and procedures shall be required. The position might cowl compliance or danger features or be a mix of each relying on the organisation.

Entry necessities

Particular person employers will set the choice standards for his or her apprenticeships. It is strongly recommended that employers might want most candidates to have Stage 2 maths and English. Different related or prior expertise might also be thought-about in its place.

Necessities: Core data, abilities and behaviours

Information

Danger and compliance framework: 

  • Broad understanding of the monetary providers authorized and regulatory framework, the position of the completely different regulators (if acceptable), the implications of non-compliance for the organisation.

Danger and compliance insurance policies and procedures: 

  • sound understanding of the precise danger and compliance necessities for his or her position e.g. operational danger, monetary crime, know your buyer, coaching and competence, authorised individuals, conduct danger, complaints, knowledge safety. This could embody each the precise authorized and regulatory necessities eg monetary conduct authority (FCA) handbook and the insurance policies and procedures utilized by the organisation to implement these necessities.

Trade and firm understanding:

  • Understands the position their organisation performs in monetary providers, the enterprise they work in, the services and products supplied to prospects, the organisation’s strategy to delivering honest buyer outcomes, its ‘Values’, skilled requirements, and the place their position matches within the enterprise. Understands the perform of the completely different areas of the organisation they should work inside their position. Fundamental understanding of the affect the exterior atmosphere has on monetary providers and related finest observe.

Programs and processes:

  • Understands the methods, instruments and processes used within the position, along with the requirements to be met, together with IT instruments.

Abilities

Delivering providers:

  • Makes use of a variety of firm methods and processes to ship providers to prospects and colleagues. This will embody recommendation to prospects and colleagues primarily based on regulatory necessities and organisation insurance policies; working with suppliers on knowledge safety; inside critiques and audits and observe up; making certain correct data e.g. authorised individuals; supporting formal committees.
  • Proactively meets difficult particular person and group efficiency measures consistent with firm coverage, Values, requirements and regulatory necessities.
  • Plans and organises their work, specializing in priorities, to fulfill commitments and KPIs, together with regulator deadlines. Escalates when required.

Evaluation and drawback fixing:

  • Analyses comparatively easy danger and compliance issues, investigating points e.g. fraudulent transactions, and recommending options. Works with knowledge, analysing and producing required reviews and administration data for inside and/or exterior e.g. FCA use. In a position to learn and interpret reviews, summarising required data.

Speaking and influencing:

  • Writes clear and concise reviews and proposals in a manner that’s significant to the recipient.
  • Offers successfully with prospects and colleagues, utilizing sound interpersonal abilities and speaking effectively by means of a spread of media utilizing acceptable language e.g. telephone, head to head, e-mail. Listens actively to grasp wants and adapts their type to the recipient. Influences others to make sure compliance and danger necessities are met, when acceptable.

Teamwork:

  • Builds and maintains sturdy working relationships with prospects, colleagues, suppliers as acceptable.  
  • Constantly helps colleagues in any respect ranges and collaborates to realize outcomes. Conscious of their very own position within the group and affect on others.

Steady enchancment:

  • Identifies alternatives to enhance efficiency and repair delivered. Takes possession of particular modifications that affect their position

Private growth:

  • Retains updated with related authorized and regulatory modifications. Seeks suggestions and acts on it to enhance their efficiency.
  • Builds their very own functionality by means of possession of their very own growth, working with their supervisor.

Behaviours

Honesty and integrity:

  • Truthful, honest and reliable of their actions.
  • Reveals integrity by doing the proper factor.
  • Maintains acceptable confidentiality always.

Flexibility:

  • Adapts positively to altering work priorities and patterns when new duties have to be performed or necessities change.

Resilience:

  • Shows vitality and enthusiasm in the way in which they go about their position, dealing positively with setbacks after they happen.
  • Stays constructive below strain.

Length

The size of this apprenticeship is anticipated to be usually 15 to 18 months.

Link to skilled registration and development

This normal permits the apprentice to use for skilled membership of the suitable skilled physique, relying on which qualification is taken.

On completion of this apprenticeship, the apprentice shall be totally competent within the position and might proceed to develop their profession inside the organisation by means of a spread of potential pathways, both remaining within the compliance and danger space or different areas of the enterprise.

Level

This can be a Stage 3 apprenticeship.

Qualifications

The apprentice will full one acceptable qualification (as thought-about most related by the employer) from one of many following skilled our bodies:

Worldwide Compliance Affiliation

Cert in Anti Cash Laundering; Cert in Compliance; Cert in Monetary Crime Prevention; Specialist Cert in Cash Laundering Danger; Specialist Cert in Commerce Primarily based cash laundering; Specialist Cert in Company Governance; Specialist Cert in Managing Sanctions Danger; Specialist Certificates in Conduct Danger; Worldwide Superior Certificates in Regulatory Compliance, Worldwide Superior Certificates in Anti Cash Laundering; Worldwide Superior Certificates in Sensible Buyer Due Diligence ; Worldwide Superior Certificates in Managing Fraud; Worldwide Superior Certificates in Managing Sanctions Danger

Chartered Institute of Securities and Funding

Combating monetary crime; World monetary compliance; Danger in monetary providers; Managing cyber safety

The London Institute of Banking and Finance

UK monetary regulation; Monetary providers, regulation and ethics; Certificates in enterprise Banking and Conduct*; ( The LIBF {qualifications} “Award in buyer complaints dealing with” and “Cert in Regulated Complaints Dealing with” are withdrawn – present apprentices should have taken their exams by 1.5.2019).  Certificates in retail and digital banking (CertRDB). (This qualification replaces the LIBF Certificates in Retail Banking and Conduct (CertRBCB). All new apprentices ought to take CertRDB. Any present apprentices half manner by means of their research might full CertRBCB.

*From 09.08.21, the Certificates in Enterprise Banking and Conduct (CertBB&C) shall be changed with the Stage 3 Certificates in Enterprise Banking (CertBB). All new apprentices ought to take the Stage 3 Certificates in Enterprise Banking (CertBB). Any present apprentices partway by means of their research might full the Stage 3 Certificates in Enterprise Banking and Conduct (CertBB&C) and can have the chance to finish their qualification inside their 12 month registration window.

Chartered Banker Institute

Cert in Criticism Dealing with

Chartered Insurance coverage Institute

Certificates in Monetary Providers, Certificates in Insurance coverage

Chartered Institute of Credit score Administration

Diploma in Credit score Administration; CSA Diploma, Working in Debt Assortment

Institute of Danger Administration

Worldwide Certificates in Danger Administration

Overview date

After 3 years or when important change is required.


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