Compliance Officer
Compliance is part of the control structure of an organization — it provides real-time monitoring and correction of employee conduct and operations. Compliance Officers promote ethical conduct and compliance with rules, regulations and standard processes that govern how financial services organizations should conduct business. This applies to how financial transactions and trades are handled, how client accounts are maintained and processed and how the organization operates as a business.
ROLE-AT-A-GLANCE
Demand Outlook
There is strong demand for both entry-level and senior Compliance Officers.
Education & Credentials
Undergraduate degree typically required.
Quantitative Skills Required
Interpersonal Skills & Relationship Management
Specialized Technology Skills
Work Environment
Office; possibly some travel required
ROLE-AT-A-GLANCE
Demand Outlook
There is strong demand for both entry-level and senior Compliance Officers.
Education & Credentials
Undergraduate degree typically required.
Quantitative Skills Required
Interpersonal Skills & Relationship Management
Specialized Technology Skills
Work Environment
Office; possibly some travel required
WHAT IT IS
Key Role Dimensions
Monitoring business operations for compliance with regulatory and policy requirements: Report non-compliance issues to management and work with staff to correct the issue.
Operating with a high degree of integrity and fairness: Strive to maintain a balance of impartiality and fairness while promoting compliance excellence. Personal integrity is of the utmost importance in this role.
Offering training and education support: Help develop and deliver training programs to increase understanding of regulatory requirements, compliance policies and ethical conduct within business lines and across the organization.
Varied scope: In smaller, less complex firms, Compliance Officers may be responsible for monitoring activities across the firm. By contrast, in larger or more complex firms, Compliance Officers may be aligned to one specific business unit.
Focus Areas
Compliance Officers may focus on different areas of compliance across the financial services sector:
- Banking: Securities, investment practices, consumer protection, privacy, anti-money laundering
- Insurance: Consumer protection, privacy, anti-money laundering
- Investment Management: Securities, investment practices, privacy, anti-money laundering
- Pension Management: Investment practices, federal pension regulations
WHAT IT TAKES TO SUCCEED
Key Job Accountabilities
Compliance Officers generally:
Monitor adherence and work with the business to remediate incidents of non-compliance:
- Conduct reviews of organizational practices and operations in order to assess adherence to policies and regulations.
- Consult with others to identify root causes of non-compliance events.
- Provide guidance and recommendations on corrective actions or risk mitigation strategies, and ensure proper implementation.
Develop policies to support compliance:
- Determine what policies are applicable and needed in the organization.
- Review and update procedures to reflect changes in legislation and the business.
- Act as an educational and training resource on compliance matters.
Maintain regulatory awareness:
- Review regulatory resources (bulletins, trade journals, news publications, websites, etc.) in order to stay current.
- Attend related conferences and training sessions, networking with industry peers.
Knowledge, Skills & Experience
Must-haves:
- Knowledge of regulatory and legislative policy and procedures for the financial sector
- Knowledge of risk and credit management in the financial sector
- Strong quantitative analysis skills
- Proactive and goal-orientated by nature
- Application of High Ethical Standards: Personal integrity and a sense of ethics to remain independent
Nice-to-haves:
- Experience within the firm
- Strong understanding of financial markets
- Experience in sales, trading, brokerage, clearing, operations or in a corporate control department (e.g. risk management), or experience working at a regulatory organization
Education & Credentials
Entry-level positions typically require:
- College diploma or
- Undergraduate university degree
In the fields of:
- Accounting
- Business Management
- Finance
Senior positions may require:
- Graduate degree
In the fields of:
- Accounting
- Finance
- Economics
- Business Administration (MBA)
- Law
Employers in different segments may require candidates to possess one or more of these designations:
Other training on special topics related to compliance may include:
- Anti-money laundering (AML)
- Investment management
- Financial planning
- Trading
- Insurance
- Audit
- Securities and related laws
Programs Offered
Canadian Securities Institute (CSI)
IFSE Institute
Seneca College
University of Toronto
WHERE IT CAN TAKE YOU
Career Pathways
There are a number of pathways open to Compliance Officers through:
- Increased Seniority: You may take on additional supervisory and management duties or become a more senior Compliance Officer. With experience and exceptional performance, you might move into Director-level roles and eventually into the Chief Compliance Officer position.
- Deeper Specialization: You may choose to move into more specialized compliance roles focusing on complex areas of the business (e.g. anti-money laundering, Sarbanes-Oxley, security and safety).
Future Trends & Impacts
Given the highly regulated environment of the financial services sector, great attention is paid to the inherent costs of non-compliance with regulations. The following changes will have an impact on the profession:
- Regulatory Changes: Continual learning is necessary to stay current with all changes.
- Globalization: Greater global connectedness may lead to the need for more global compliance understanding.
- Expanded Consultant Roles: There may be opportunities to work in more entrepreneurial roles or become highly specialized.
- Demand for Senior Compliance Positions with Strategy Development Responsibilities: Organizations have started to include compliance in their business strategies.
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