Career In Risk And Compliance

Attain An Accredited Bachelors Degree

The majority of risk and compliance jobs, including entry-level, require holding at least a four-year baccalaureate degree. Attending an accredited college or university to major in finance, business administration, statistics, economics, or mathematics is advised. Risk and compliance staff who graduate from AACSB or ACBSP accredited business schools are often preferred. Fill up your electives with courses in financial markets, investment analysis, risk management, compliance planning, business continuity, cost accounting, and ERM practices. Also fine-tune your communication, problem-solving, and mathematical skills for job preparation.

Why Risk And Compliance Is A Great Career Choice

Founder and Director | Recruitment Director | Australia & NZ | Financial Services & Commerce

After the Banking and Finance Royal Commission, the world of risk and compliance has changed. Risk and compliance roles have become more interesting, sophisticated and complex. Im seeing these roles in huge demand across Australia as they become an integral part of all line functions including sales, operations, oversight and senior management.

Financial services companies have sat up and are paying attention to the severe penalties that relate to non-compliance of regulations and employee misconduct. They are investing in teams to help them meet their obligations, monitor internal performance and build relationships with the regulators. They are keen to minimise any further negative publicity, enforceable undertakings, fines or threats to their licenses.

The Hayne Banking and Finance Royal Commission

The Royal Commission delivered tales of fees for no services, greed and accounts of treating consumers unfairly. It also determined that regulators were ill equipped to scrutinise cultures, remuneration and ethics.

The 76 recommendations handed down by the commission has led to an explosion of remediation projects. Whats more, it handed down regulatory changes that have to be embedded into policies, procedures, operations and corporate culture. This massive implementation task requires resourcing with risk and compliance expertise.

An Increase in Demand for Expertise

Compliance And Risk Management

Individuals who hold compliance officer positions are also responsible for reviewing the current and prospective risk a business enterprise faces. The information regarding business- or industry-specific risks is passed along to high-level executives to establish internal controls to minimize exposure.

A compliance officer must continually review the risks that face the organization along with the procedures that are in place to reduce that risk so that the company is well-positioned to manage it effectively.

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Risk Vs Compliance: Definitions And Key Differences

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed’s data and insights to deliver useful tips to help guide your career journey.

Understanding the differences between risk management and compliance is an important skill for team leaders and managers. Although these concepts share some similarities and may overlap in some ways, they also differ in several key areas. Learning about the differences between these concepts can help you integrate effective strategies that protect your organisation and your team members. In this article, we define what risk management is, what compliance is and we compare the key differences between these concepts so you can apply them effectively in the workplace.

Are There Compliance Specialisations

There’s an abundance of laws, regulations and standards that may apply to a business. A compliance manager may specialise in a specific industry to gain advanced knowledge of regulations. These industries can include financial, mining or corporate legalities.

Salary figures reflect data listed on Indeed Salaries at the time of writing. Salaries may vary depending on the hiring organisation and a candidate’s experience, academic background and location.

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Whats Our Role At Nium

We assess and manage risks around products, processes, and projects.

We protect Nium from regulatory risk, reputational risk and financial risk.

We protect financial systems by detecting, identifying and reporting suspicious incidents.

We safeguard our customers from harm including cybercrime and money laundering.

How Do You Get A Job In Risk And Compliance

If youre interested in finance, you may want to get a job in risk and compliance. Risk managers are responsible for identifying, analyzing, and controlling a companys exposure to financial uncertainties. The main goal of risk management is to implement prudent business strategies that prevent gigantic profit loss. Compliance teams work closely with risk managers to ensure organizations are operating according to industry regulations. Lately, theres been an increasing number of companies charged with hefty penalties due to tightening business laws. A risk and compliance hiring spree was then sparked. In fact, The Wall Street Journalnamed compliance officer the Hottest Job in America in 2014. Benefit from the booming job growth by following this step-by-step guide to begin working in risk and compliance.

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Ica Professional Postgraduate Diploma

Our Professional Postgraduate Diplomas are considered Expert and has been specifically designed as an advanced programme for senior industry practitioners. Completion of this course will help you to operate at the highest level within your organisation and master specialist knowledge.

Operational Risk And Compliance Professional

Operational risk and compliance professionals work for large financial or IT enterprises. They are responsible for identifying, assessing and mitigating operational risks. They lead risk control programs that involve different departments, such as IT, sales and accounting. They facilitate risk management activities through strategic planning, conducting awareness workshops and meeting with executives. They assist corporate decision makers with developing forms, standards and processes that automatically assess and mitigate risks. They perform auditing tasks, such as evaluating data integrity, collection procedures and sharing protocols. They set and monitor operational risk metrics and reports that review key performance indicators. They train management on how to effectively implement risk management models.

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Greater Confidence In The Jobs Market

Professionals working in risk & compliance have always been able to take advantage of a buoyant jobs market, with roles emerging cyclically in relation to evolving and emerging regulations. However, during the pandemic, risk & compliance professionals were by nature, risk averse, and so reluctant to move jobs in an unpredictable recruitment market.

In a post-Covid recruitment market, weve seen senior hires pick up pace across financial services, with managerial and director level candidates now ready to take the next step in their career.

Financial Industry Compliance Careers

As mentioned above, the financial industry is a ripe field for those interested in a compliance-related career. The compliance department of a bank, brokerage or investment management firm works to ensure that all of the employees and officers comply not only with Securities and Exchange Commission regulations but also Financial Industry Regulatory Authority rules.

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What Do Employers Look For

Effective Compliance professionals will possess a combination of experience, relevant qualifications that enhance capabilities, and a good attitude and aptitude:

• A candidate must understand the regulatory and legal environment in which the firm operates. This becomes more crucial the more senior the role.
• A candidate must be able to help a firm mitigate their compliance risks and must understand what those risks are.
• A candidate must understand the external governance frameworks that are in place and why the external operating environment is formed as it is.
• A successful Compliance professional requires a broad suite of personal skills in order to be able to perform the role successfully.
• A successful Compliance professional needs to understand the business commerciality is a reality of Compliance.

Compliance professionals should always be determined to embed and develop good practice and an ethical culture of responsibility, but must also be commercially aware, understanding the nature of the business that they are involved in.

What Is Your Role

Yatin Lucas Shah: I am a Functional Risk and Control Officer. I manage Operational Risk and Controls for our Chief Risk Officer of the International Wealth Management Division . The role includes a broad variety of topics providing an in-depth view into running an organization. Further, I have built out and now lead a remote team in Warsaw.

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Apply For A Career In Compliance Management

Once you have appropriate education and experience, you may apply for a compliance and risk management job. The requirements for becoming a compliance manager often vary between companies and corporations. Large companies may prefer a highly qualified compliance manager, while a smaller business may hire a graduate. Many hiring managers may also value work experience more than theoretical studies. You can apply for a career in compliance management by using

You Get To Interact With External Bodies And Individuals A Great Deal Build Networks And Maybe Even Travel

Compliance is a global community that transcends industries and national borders. There is a growing community of compliance professionals across many different regulated industries and jurisdictions. ICA continues to play a pivotal role in the growing professionalisation of compliance, and provides a support, expertise and training to equip compliance professionals with the tools for the job.

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Risk Compliance Jobs Description

How Did You Begin Your Career At Credit Suisse

Yatin Lucas Shah: After starting as an intern in IWM and writing my Master’s thesis on a topic relevant for Credit Suisse, I then joined as a Career Starter in Business Management in CRO IWM. The Career Start program gave me the opportunity to explore other areas in the bank and build my network. I chose the IWM Strategy team and later rejoined the CRO IWM to take on my current role.

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Consider A University Degree

One of the more direct entry methods into a compliance management role can be through a university degree. A bachelor’s degree relating to compliance management typically takes three years to complete. The degree may provide you with the skills and knowledge to manage a team of compliance officers. You can also consider a master’s degree. These degrees usually take five years to complete but might provide you with a more direct pathway into a management position.

What Is The Career Growth Potential

Similar to some other functions the Compliance Officer of the future will benefit from being more technically capable in order to utilize the various new programs and systems that contribute to the companys control framework. Major banks are already employing Data Analytics for risk-based audit assessments, and Internal Auditors are increasingly required to possess technical skills in these areas. There is also the likelihood that digital tools could be brought in to further enhance the 1st and 2nd lines of defense.

Compliance could then become more of a hybrid function, which occupies an increasingly significant spot at the heart of the organization with close connections to Legal, HR, Operations & Technology, Risk & Audit, as well as the Business. Depending on the role, the responsibilities and scope are likely to span across many of these areas, with roles that are diversified and foster personal development.

The trend has been for people working in financial services, especially investment banking, to have an easier path migrating into other industries rather than the other way round. If this continues, and the skills and experience of working at a high level in financial services maintains its standard, then specialist Compliance officers particularly those in core / central functions – might see growing mobility opportunities to branch into other industries in the future.

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Compliance And Ethical Procedures

Compliance officers also share information regarding compliant behavior and ethical procedures with management, employees, and C-suite executives. In industries where regulatory burdens are high, compliance officers spend a substantial portion of their time developing, improving, and distributing compliance programs to company employees.

How To Become A Compliance And Risk Manager

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed’s data and insights to deliver useful tips to help guide your career journey.

A compliance and risk manager, also known as a compliance manager, assesses and creates regulatory policies. These policies ensure businesses adhere to government regulations, such as codes of conduct and tax requirements. Understanding the role of a compliance manager can help you identify the knowledge you may require to gain employment in this career. In this article, we discuss what a compliance and risk manager is, explain how to become one, detail their typical skills, provide their average salary and answer some frequently asked questions about this role.

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Why Consider A Career In Compliance

Submitted by global_admin on Tue, 03/10/2020 – 08:21

A few months ago, I posted a blog introducing the prospects of a career in Compliance, including what the job typically entails and how it fits within financial services.

As 2020 is now well underway I would next like to delve into what Compliance offers as a career pathway, including its growth and development potential, what type of skills and background could be a good match, and also some of the drawbacks which people should perhaps take into consideration.

Types Of Compliance Work

As a compliance professional, you’ll need to:

• perform risk assessments to understand risk level, significance and scope
• keep up to date with, and understand, relevant laws and regulations
• monitor compliance with laws, regulations and internal policies
• manage voluntary best practice relating to professional standards
• ensure that your findings are recorded and followed up with management so that issues can be rectified
• educate employees on not only the regulations, but also the impact on the organisation if these aren’t complied with
• investigate irregularities and non-compliance issues
• report back to business functions on current risk and compliance performance
• highlight or escalate areas of concern
• contribute to robust and effective compliance controls within the organisation
• review marketing materials, presentations and websites to ensure compliance with regulatory requirements
• assist in the gathering of internal information in response to regulatory requests
• perform various general administrative duties
• collaborate with other departments to create a culture of compliance.

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Primary Duties As A Compliance Manager

Below, you can find some of the typical duties you can expect to fulfil as a compliance and risk manager:

• researching federal, state and international law

• developing compliance reports for a chief financial officer

• reporting to senior management on the productivity of the compliance team

• analysing and creating risk assessments

• liaising with several compliance professionals, such as a director of compliance

• conducting compliance audits for government agencies

Gain Relevant Work Experience

During your undergraduate years, investigate financial internships related to the risk and compliance field. Landing an internship is key to begin developing your resume and professional network. After graduation, youll likely have to begin in entry-level jobs before advancing. You could apply for jobs like financial planner, risk analyst, compliance associate, anti-money lauding specialist, loan officer, or credit analyst. Any job where youre weighing financial risks or assessing conformity to regulations will be helpful. Most mid-level risk management jobs require at least three to five years of full-time experience.

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Who Is Compliance Suited For

Given Compliances core purpose is to protect the organization, it is an obvious fit for those with a good risk mindset and interest in problem solving and/or conflict management. Personal characteristics could include being astute and prudent, and having a high attention to detail, as well as the ability to think rationally and logically.

The work involves maintaining high ethical standards, and people need to have the fortitude to directly challenge any issues that arise if required. Compliance officers therefore also require excellent interpersonal skills, as it involves a great deal of internal communication with various stakeholders, as well as external ones in the form of regulatory and other public authorities.

An Example Of Compliance Officers At Work

For example, compliance officers in the financial services industry focus their attention on anti-money laundering initiatives, including ongoing training and education programs that detail how employees can remain compliant with overarching regulation.

Similarly, a compliance officer who is working at a health care facility may devote a substantial amount of time to creating and disseminating training programs that focus on disclosure and privacy laws for protecting the facility’s patients.

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It’s Not Just About Knowing The Detail Of Regulation

Whilst knowing the technicalities of regulation is important, you cannot be an effective compliance officer if you cannot interpret the spirit of regulation and inform the business of its legal responsibilities and the implications of non-compliance. To disseminate this message, you need to understand how people act and think. Listening skills are also vital, to understand why people behave the way they do in the workplace.