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Compliance Officers

By : Varun Sood, Associate, JP MorganChase
Industry : Investment Banking Functional Area : Movers & Shakers
Activity:  3 comments  12466 views  last activity : 07 06 2010 20:18:04 +0000
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The Compliance Officer (CO) of a company is the officer primarily responsible for overseeing and managing compliance issues within an organization. Generally, a CO is in charge of overseeing and managing compliance issues within an organization, ensuring, for example, that a company is complying with regulatory requirements, and that the company and its employees are complying with internal policies and procedures.

The various roles that a CO has to perform are mentioned below.

  • Develops, initiates, maintains, and revises policies and procedures for the general operation of the Compliance Program and its related activities to prevent illegal, unethical, or improper conduct. Manages day-to-day operation of the Program.

  • Develops and periodically reviews and updates Standards of Conduct to ensure continuing currency and relevance in providing guidance to management and employees.

  • Collaborates with other departments (e.g., Risk Management, Internal Audit, Employee Services, etc.) to direct compliance issues to appropriate existing channels for investigation and resolution. Consults with the Corporate attorney as needed to resolve difficult legal compliance issues.

  • Responds to alleged violations of rules, regulations, policies, procedures, and Standards of Conduct by evaluating or recommending the initiation of investigative procedures. Develops and oversees a system for uniform handling of such violations.

  • Acts as an independent review and evaluation body to ensure that compliance Issues/concerns within the organization are being appropriately evaluated, investigated and resolved.

  • Monitors, and as necessary, coordinates compliance activities of other departments to remain abreast of the status of all compliance activities and to identify trends.

  • Identifies potential areas of compliance vulnerability and risk; develops/implements corrective action plans for resolution of problematic issues, and provides general guidance on how to avoid or deal with similar situations in the future.

  • Provides reports on a regular basis, and as directed or requested, to keep the Corporate Compliance Committee of the Board and senior management informed of the operation and progress of compliance efforts.

  • Ensures proper reporting of violations or potential violations to duly authorized enforcement agencies as appropriate and/or required.

  • Establishes and provides direction and management of the compliance Hotline.

  • Institutes and maintains an effective compliance communication program for the organization, including promoting (a) use of the Compliance Hotline; (b) heightened awareness of Standards of Conduct, and (c) understanding of new and existing compliance issues and related policies and procedures.

  • Works with the Human Resources Department and others as appropriate to develop an effective compliance training program, including appropriate introductory training for new employees as well as ongoing training for all employees and managers.

  • Monitors the performance of the Compliance Program and relates activities on a continuing basis, taking appropriate steps to improve its effectiveness.

These are a few basic role that a CO performs, but they can change as per the needs of the company and demands of time.

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3 comments on "The Role of Compliance Officer"
  Commented by  Arun K Mishra, Head/VP/GM-Legal Tilda-India    | 01 22 2009 07:27:36 +0000
good, thanks for sharing and it can be used in any field of compliance. Its really good for Compliance team to make their own flow chart.
  Commented by  varsha ., Technical manger(QMS)    | 11 22 2008 18:06:44 +0000
nice article..
  Commented by  Hari Prasad K, Head - e-Infrastructure and Security    | 04 29 2008 23:06:59 +0000
Thanks for sharing.  
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