About Career as a Compliance Officer
Branch compliance managers are the on-site representatives of the firm’s compliance department, and typically have similar training. In firms with a strong compliance function, the branch compliance manager will have a solid-line (primary) reporting relationship to the central compliance department, and a dotted-line (secondary) one to the branch manager. That is, the branch compliance manager’s principal allegiance is to the compliance function rather than to the sales function
A branch compliance manager has responsibility for insuring that financial advisors, sales assistants and other branch office staff adhere to applicable laws, regulations and firm policies regarding the discharge of their duties. Suspected violations are supposed to be referred to the proper channels within the firm for further investigation and, if necessary, disciplinary action.
Career Prospects of Career as a Compliance Officer
A branch compliance manager is the subordinate of a branch manager who is delegated responsibility for legal and regulatory matters.Branch compliance managers are paid salary and bonus. To avoid conflicts of interest, their bonuses should not be related to branch results.
Skills & Education Required for Career as a Compliance Officer
For compliance there are three types of qualifications one has to have depending upon the nature of work assigned.Either a law degree if one is part of a law firm. If part of a financial firm the job requires internal audit so non lawyers or chartered accountants play this role well.If part of a huge organisation in tax departments the latest govening tax rules and regulations are a important requirement for your role.
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