Job description of a compliance officer and skills required:
1. Develop and implement compliance model required for a bank to operate within acceptable standards
2. Review internal bank policies to ensure they align with external banking regulations
3. Conduct research to identify new regulations passed by state or federal governing bodies
4. Monitor client financial activities to ensure they are legal and in compliance with internal and external bank policies.
5. Collaborate with other departments such as the risk management or internal audit unit to forward compliance issues for investigation
6. Initiate or recommend an investigative process in response to complaints of policy or procedural violation
7. Develop systems for the handling and resolution of policy violation
8. Monitor the operations and procedures of the different sections of a bank to ensure overall compliance
9. Carry out assessments to identify areas of potential compliance risks in order to implement preventive/corrective strategies to address compliance issues
10. Provide reports on a regular basis to senior management to keep them updated on progress of compliance operations
Skills and qualifications
1. Education and Training: To become a compliance officer, Bachelor’s degree in accounting, finance, law, economics, or a related business discipline is generally required. Certifications such as CRCM, CBCO, or CRCP are also necessary for the job position.
2. Accounting Skill: compliance officers are able to analyze financial records to identify inconsistencies in accounts
3. Communication Skill: They are adept to interacting with bank staff to communicate compliance requirements
4. IT Skills: They are proficient in the use of risk management tools and systems to analyze the degree of compliance with external regulations.