Compliance Officer
Compliance Officers help financial services businesses follow the laws, regulations and internal procedures that apply to their work. They identify risks, check that safeguards are working and advise colleagues on how to meet their responsibilities.
The role helps businesses manage regulatory risk and prevent financial crime, including money laundering. In the Isle of Man, this can involve working with the Isle of Man Financial Services Authority and reporting compliance matters to senior management.
Day-to-day tasks
In this role you could:
- Check that business activities follow relevant regulations and company procedures.
- Carry out compliance checks and risk assessments to identify potential problems.
- Review client records and checks carried out when accepting new customers.
- Support checks designed to prevent money laundering and identify customers or transactions affected by financial sanctions.
- Develop and update compliance policies, procedures and monitoring programmes.
- Keep up to date with regulatory changes and explain how they affect the business.
- Advise colleagues and deliver training on compliance responsibilities.
- Prepare reports for senior management and help complete regulatory returns.
- Liaise with regulators and help resolve compliance issues.
Skills & knowledge
You'll need:
- An understanding of financial services and the regulations relevant to your business.
- Knowledge of measures used to prevent money laundering and other financial crime.
- Attention to detail when reviewing records, procedures and information.
- Analytical skills to identify risks and assess whether safeguards are effective.
- Problem-solving skills and sound judgement.
- Clear communication skills to explain requirements and give practical advice.
- Organisational skills to manage checks, reporting and deadlines.
- The ability to work with colleagues and senior managers to improve compliance.
Industry Qualificatons
For information about qualifications, entry requirements and professional development, visit:
- International Compliance Association (ICA)
- Chartered Institute for Securities & Investment (CISI)