Compliance and risk officer

This occupation is found in all organisations in the financial services sector, including insurance and banking. Compliance and risk officers also work within finance functions across other sectors where a business may have financial compliance responsibilities, such as ensuring that financial organisations operate within the legal boundaries and industry standards. Compliance and risk officers play a crucial role in ensuring regulatory adherence and minimising potential risks. They focus on legal and regulatory requirements, while identifying and managing potential risks. The role may vary based on the size of the organisation. In smaller organisations, they may work with a small multiskilled team. In larger organisations, they may specialise in one aspect of compliance and risk, for example financial crime or assurance. The broad purpose of the occupation is to support businesses to meet their financial legal and regulatory obligations. This is achieved through supporting and maintaining a culture of compliance and conducting risk and assurance checks to monitor ongoing compliance. This is achieved through supporting and maintaining a culture of compliance, such as designing relevant training, and providing guidance to business areas on best practice. Compliance and risk officers work to meet key regulatory objectives to protect investors and ensure that markets are fair, efficient and transparent. They also seek to reduce system risk and financial crime. Within the risk and compliance function of an organisation, the role of a compliance and risk officer will typically include providing guidance to the business in their specialist area, for example financial fraud. An employee in this occupation would need to exercise judgement and discretion within specified parameters to evidence credibility, and will make evidence-based decisions on whether or not risk and compliance is being adhered to. On occasion they may need to escalate an issue to a manager. Compliance and risk officers are typically based in an office. Depending on the size of the organisation they may work across multiple sites. There may also be a requirement for hybrid-working, combining office-based work and working from home. In their daily work, an employee in this occupation interacts with colleagues and teams across the organisation to offer advice and support on risk and compliance issues. They may need to interact with more senior colleagues to present information and data. Compliance and risk officers work to mitigate legal and regulatory risks to avoid penalties and reputational damage. One of their primary responsibilities is to ensure that institutions operate within the boundaries of applicable laws and regulations. They take an active role in managing an organisation’s risk and reducing financial crime. Depending on their role, they will interact with external stakeholders, such as small and medium enterprises and larger organisations, providing guidance and support to ensure policies on risk and compliance are being correctly applied and meet the legal and regulatory requirements of the finance sector. Typically, they would report to a senior manager with expertise in financial risk and compliance policy. An employee in this occupation will be responsible for supporting an organisation’s adherence to compliance regulation and ensuring that risk is minimised. They may specialise in risk or compliance but can do both depending on the organisation. Within limited parameters, they will be responsible for making their own evidence-based decisions which follow the organisation’s financial policy and procedures. In some organisations they may be responsible for supervising or guiding others.