Reference Quantity: ST0362
Particulars of normal
Function 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 satisfy these necessities many organisations can have devoted Threat and/or compliance departments which might be consultants within the related laws and regulator necessities. They supply proactive assist and steerage to the enterprise areas to make sure that the organisation meets this wide selection of necessities, balanced in opposition to attaining applicable buyer outcomes. In some organisations, this experience could also be embedded within the enterprise areas themselves.
Typical job titles:
Compliance officer and Threat officer
Function profile
Throughout the danger and compliance operate of a particular organisation, the function 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 experiences; engaged on assessment and audits to verify that insurance policies are being appropriately utilized. The function would require sound moral requirements, along with good communication and influencing expertise as there may be variations of opinion between the enterprise and the danger and compliance operate on the suitable motion to take. Sound underpinning data of danger and compliance frameworks, insurance policies and procedures will probably be required. The function could cowl compliance or danger capabilities 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 Degree 2 maths and English. Different related or prior expertise can also be thought of in its place.
Necessities: Core data, expertise and behaviours
Information
Threat and compliance framework:
- Broad understanding of the monetary providers authorized and regulatory framework, the function of the completely different regulators (if applicable), the implications of non-compliance for the organisation.
Threat and compliance insurance policies and procedures:
- sound understanding of the precise danger and compliance necessities for his or her function 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.
Business and firm understanding:
- Understands the function their organisation performs in monetary providers, the enterprise they work in, the services provided to clients, the organisation’s method to delivering honest buyer outcomes, its ‘Values’, skilled requirements, and the place their function matches within the enterprise. Understands the operate of the completely different areas of the organisation they should work inside their function. Fundamental understanding of the influence the exterior atmosphere has on monetary providers and related greatest apply.
Methods and processes:
- Understands the programs, instruments and processes used within the function, along with the requirements to be met, together with IT instruments.
Expertise
Delivering providers:
- Makes use of a variety of firm programs and processes to ship providers to clients and colleagues. This may increasingly embody recommendation to clients and colleagues primarily based on regulatory necessities and organisation insurance policies; working with suppliers on knowledge safety; inner opinions and audits and observe up; guaranteeing correct data e.g. authorised individuals; supporting formal committees.
- Proactively meets difficult particular person and crew efficiency measures in step 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 downside fixing:
- Analyses comparatively easy danger and compliance issues, investigating points e.g. fraudulent transactions, and recommending options. Works with knowledge, analysing and producing required experiences and administration data for inner and/or exterior e.g. FCA use. Capable of learn and interpret experiences, summarising required data.
Speaking and influencing:
- Writes clear and concise experiences and proposals in a approach that’s significant to the recipient.
- Offers successfully with clients and colleagues, utilizing sound interpersonal expertise and speaking nicely by means of a variety of media utilizing applicable language e.g. cellphone, head to head, electronic mail. Listens actively to know wants and adapts their fashion to the recipient. Influences others to make sure compliance and danger necessities are met, when applicable.
Teamwork:
- Builds and maintains robust working relationships with clients, colleagues, suppliers as applicable.
- Persistently helps colleagues in any respect ranges and collaborates to attain outcomes. Conscious of their very own function within the crew and influence on others.
Steady enchancment:
- Identifies alternatives to enhance efficiency and repair delivered. Takes possession of particular modifications that influence their function
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.
- Exhibits integrity by doing the appropriate factor.
- Maintains applicable confidentiality always.
Flexibility:
- Adapts positively to altering work priorities and patterns when new duties have to be achieved or necessities change.
Resilience:
- Shows power and enthusiasm in the best way they go about their function, dealing positively with setbacks after they happen.
- Stays optimistic below strain.
Period
The size of this apprenticeship is anticipated to be sometimes 15 to 18 months.
Link to skilled registration and development
This commonplace 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 will probably be totally competent within the function and may proceed to develop their profession inside the organisation by means of a variety of attainable pathways, both remaining within the compliance and danger space or different areas of the enterprise.
Level
It is a Degree 3 apprenticeship.
Qualifications
The apprentice will full one applicable qualification (as thought of 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 Threat; Specialist Cert in Commerce Based mostly cash laundering; Specialist Cert in Company Governance; Specialist Cert in Managing Sanctions Threat; Specialist Certificates in Conduct Threat; 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 Threat
*From 1/3/2023, the Worldwide Superior Certificates in Regulatory Compliance will probably be changed with the Superior Certificates in Governance, Threat and Compliance. All new apprentice from 1/3/2023, ought to take the Superior Certificates in Governance, Threat and Compliance. Any current apprentices part-way by means of their research on the Worldwide Superior Certificates in Regulatory Compliance can proceed their research and full this certificates.
Chartered Institute of Securities and Funding
Combating monetary crime; World monetary compliance; Threat 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 – current apprentices will need to 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 current apprentices half approach by means of their research could full CertRBCB.
*From 09.08.21, the Certificates in Enterprise Banking and Conduct (CertBB&C) will probably be changed with the Degree 3 Certificates in Enterprise Banking (CertBB). All new apprentices ought to take the Degree 3 Certificates in Enterprise Banking (CertBB). Any current apprentices partway by means of their research could full the Degree 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 Grievance Dealing with
Chartered Insurance coverage Institute
Certificates in Monetary Companies, Certificates in Insurance coverage
Chartered Institute of Credit score Administration
Diploma in Credit score Administration; CSA Diploma, Working in Debt Assortment
Institute of Threat Administration
Worldwide Certificates in Threat Administration
Assessment date
After 3 years or when vital change is required.
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