A compliance officer is like a bridge between the laws and actions of a firm. He prevents conflicts among company regulations and activities and ensures that the firm complies with its external regulatory and legal conditions. Watch the video till the end to know about the top 5 duties of a compliance officer and more.
Customer Screening
Screen customers’ names and identity documents to make sure that they don’t have any criminal issues is one of the significant responsibilities of a compliance officer. It works as a clean chit for the company.
Transaction monitoring
Checking domestic and international payments, reporting money laundering and maintaining financial transparency helps keep a good relationship with the partners and customers. It can also save the firm from any further fraud and lawsuit.
Capacity planning and staff management
A compliance officer maintains the production environment. He analyses the firm’s capacity and plans production strategies to utilise the maximum resources and time. He also needs to appoint the staff to different posts based on their speciality and skills.
Policy writing
A policy consists of many legal statements and regulations. To make a deal, compliance officers of both sides need to discuss the terms and finally reach a conclusion that meets both ends and documents them legally to prevent any further confusion.
Audit
The work of a compliance officer is not only confined to the infrastructure of the firm. They also go to other firms they are working with and monitor if the regulations are maintained or not.
Apart from these, a compliance officer is also responsible for keeping an eye on the company’s activities, identifying problems, and resolving them.
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