Main Responsibilities and Required Skills for a Head of Compliance
A Head of Compliance is a professional who holds a critical role in ensuring that organizations adhere to regulatory guidelines and ethical standards. They play a pivotal part in safeguarding the integrity and reputation of the company by establishing and maintaining robust compliance programs. In this blog post, we describe the primary responsibilities and the most in-demand hard and soft skills for Heads of Compliance.
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Main Responsibilities of a Head of Compliance
The following list describes the typical responsibilities of a Head of Compliance:
Act as
Act as a liaison with regulatory agencies and authorities.
Address
Address and manage conflicts of interest.
Advise
Advise business on compliance-related matters in day-to-day operations.
Advise Sub-Committees and the Board on regulatory issues and compliance risks arising.
Analyze
Analyze and manage complex situations.
Assess
Assess financial crime risks.
Assist with
Assist with the development an implementation of all compliance policies.
Assist with the development of systems, processes and controls.
Associate
Associate or Fellow of the Chartered Insurance Institute.
Attend
Attend Executive Committee meetings to provide regulatory advice.
Build
Build and lead high performance global team (scalable and sustainable).
Capture
Capture and report compliance-related metrics obtained through monitoring.
Co-Lead
Co-Lead the development of the annual basis the U.S.-wide Compliance Testing Plan.
Communicate
Communicate compliance policies and expectations to staff.
Conduct
Conduct capacity analysis.
Conduct internal compliance reviews and evaluations.
Conduct / manage regular compliance monitoring on completed trades.
Conduct periodic tester skills assessments and provide training to enhance testing quality.
Conduct periodic tester training to upskill testers.
Conduct risk assessments to identify compliance vulnerabilities.
Conduct training on an as needed basis.
Contribute to
Contribute to maintaining a risk-aware compliance culture.
Coordinate
Coordinate Company resources for audit reviews, partner reviews and regulatory risk assessments.
Coordinate testing schedules with internal stakeholders, including Internal Audit.
Create
Create and update compliance policies and procedures.
Define
Define and defend the Reach Model to relevant partners.
Demonstrable
Demonstrable strategy generation with consistent track record of returns.
Detailed
Detailed and broad understanding of legal / regulatory and compliance.
Develop
Develop an annual monitoring plan informed by an annual risk assessment exercise.
Develop and enforce ethical guidelines and a code of conduct.
Develop and implement U.S.-wide Compliance testing standards.
Develop and maintain comprehensive project plans and tools for project planning.
Develop and maintain robust compliance processes.
Develop and oversee an incident response plan for compliance breaches.
Develop and report Test Plan governance, including progress to plan reporting and change management.
Develop crisis management plans for compliance emergencies.
Develop strategy for leveraging existing technology for plan tracking and reporting.
Direct
Direct responsibility and effective management of the Compliance budget.
Direct training and mentoring of traders with varying levels of experience.
Employ
Employ strong attention to detail and quality across all work products and deliverables.
Enable
Enable robust development and succession planning within the healthcare compliance program.
Ensure
Ensure accurate record keeping and the maintenance of audit trails.
Ensure compliance with data protection and privacy laws.
Ensure compliance with financial regulations and reporting.
Ensure functional compliance budgets are managed in accordance with budget.
Ensure Reach remains ahead of the market with proactive, commercially viable recommendations.
Ensure Reach's controls are at firm-footing for both payment networks and regulatory compliance.
Ensure that all regulatory reporting requirements are tracked and completed for the Irish entity.
Ensure vendors and suppliers meet compliance standards.
Escalate
Escalate risks where required.
Establish
Establish best practices for merchants and improve internal processes.
Hire
Hire and build risk policy team in key regions.
Identify
Identify deficiencies and recommend corrective action.
Identify, escalate and track issues identified by testing.
Implement
Implement anti-bribery and anti-corruption measures.
Implement quality control checks for compliance measures.
Interpret
Interpret and communicate legal and regulatory requirements to the organization.
Lead
Lead a team of at least two at the Compliance Officer / Manager level.
Lead by example and doing.
Lead
Lead investigations into compliance violations or irregularities.
Liaise with
Liaise with external stakeholders on all Financial Crime matters.
Liaise with Group support functions and work in tandem to constantly consider overall Group risk.
Maintain
Maintain and review Compliance policies on an annual basis.
Maintain compliance with US Government security regulations and directives.
Maintain records of compliance activities and issues.
Manage
Manage a whistleblower program for reporting violations.
Manage relationships with financial partners for all matters related to Risk.
Manage subcontracts to ensure security compliance with government regulations / requirements.
Manage succession planning to develop & retain talent.
Monitor
Monitor and report on the effecting of remedial actions.
Monitor health and safety compliance.
Monitor progress of management actions plans agreed during the monitoring and testing.
Notify
Notify the Executive Committee of matters arising / requests made.
Onward
Onward reporting to relevant authorities where necessary.
Oversee
Oversee and lead a team of 15+ testing and inspection professionals.
Oversee compliance with internal and external regulations.
Oversee environmental regulations and compliance.
Oversee regulatory compliance including working with the FCA and ICO.
Oversee regulatory visits and external compliance audits.
Oversee the regulatory reporting process.
Own
Own and lead the compliance and risk framework at Goodlord.
Participate
Participate in relevant SAIA Committees.
Perform
Perform compliance testing and monitoring.
Plan
Plan and conduct compliance audits and reviews.
Prepare
Prepare and annual risk based Compliance Monitoring Schedule.
Prepare and submit compliance reports to regulatory authorities.
Prepare and submit reports as necessary.
Prepare for, facilitate, and follow up on routine project meetings.
Prepare, review, and submit DD254s and work with Enterprise Security Services Center.
Promote
Promote a culture of compliance within the organization.
Provide
Provide advice to Business Areas and Key Persons.
Provide AIG Corporate Compliance policy updates to Senior Management and all ‘Key Persons”.
Provide comment for or write articles for media / social media as required.
Provide compliance policy-related support to affiliates worldwide, on an as-needed basis.
Provide compliance training for employees and management.
Provide guidance to employees on compliance matters.
Provide regulatory advice on matters referred by the business.
Provide regulatory updates to all Key Persons.
Provide support to Business Line CCOs in developing business line monitoring plans.
Provide updates regarding developments in regulatory environment.
Recommend
Recommend actions to rectify risk areas and seek agreement of ownership and timeframe from HOC.
Represent
Represent Compliance on Management Committee, reporting on Compliance priorities and issues.
Review
Review contracts and agreements for compliance implications.
Review existing governance systems and controls upon request by business.
Seek
Seek opportunities to go above and beyond the "call of duty”.
Set
Set a compelling vision, clear priorities and performance standards.
Set Compliance objectives and manage performance to achieve business goals.
Stay updated on
Stay updated on changes in regulations and laws.
Stay up to date with any changes in their domain.
Strengthen
Strengthen knowledge and education management across the global business.
Supervise
Supervise our day to day compliance processes such as KYC and DSARs.
Support
Support any internal audits, management oversight and other reviews.
Support projects to implement changes.
Support the design, management and oversight of efficient and effective systems compliance controls.
Support the development and tracking of metrics to measure the success of projects.
Support the identification, mitigation and management of compliance risks.
Test
Test Plan and Risk-Based Frequency Model Development (30%).
Track
Track completion of agreed actions until resolution.
Understand
Understand how to control risk and use appropriate monitoring system.
Utilize
Utilize compliance software and technology for monitoring.
Work with
Work with HR to ensure that staff development plans are in place with feedback and follow-up.
Work with PMO team members to plan for and implement stakeholder management practices.
Write
Write and assist in the delivery of regulatory training material to the business.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Head of Compliance:
Regulatory Knowledge
Legal Compliance
Risk Management
Internal Auditing
Data Privacy and Protection
Ethics and Integrity
Contract Law
Policy Development
Incident Investigation
Compliance Software and Tools
Quality Control Procedures
Financial Regulations
Health and Safety Regulations
Environmental Compliance
Anti-Bribery and Anti-Corruption Measures
Crisis Management Planning
Audit and Review Processes
Documentation and Record Keeping
Regulatory Reporting
Training and Education Development
Most In-demand Soft Skills
The following list describes the most required soft skills of a Head of Compliance:
Communication and Presentation
Leadership
Analytical Thinking
Problem Solving
Attention to Detail
Ethical Decision-Making
Negotiation and Conflict Resolution
Time Management
Adaptability and Flexibility
Stakeholder Management
Conclusion
A Head of Compliance is an essential role for organizations aiming to uphold their legal and ethical obligations. By mastering the required hard and soft skills, these professionals can ensure that their organizations operate with integrity, reduce compliance risks, and maintain a positive reputation in the business world.
