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Fraud & Risk Management

10 Tips on Being an Effective Compliance Officer


Compliance officers are essential employees of various organizations. Without them, firms and organizations would be fined, banned, or sanctioned for breaching regulations. Individuals in organizations also risk going to jail for non-compliance.

These officers help their organizations stay out of trouble. They can also minimize organizations’ risks by preventing incidents that give rise to liabilities or damage their reputation.

Ensuring that an organization is compliant can be difficult, but we have outlined a few tips that can make compliance officers’ work much easier:

Let People Know the Importance of the Compliance Program

For any organization’s compliance program to be successful, the board, the leadership, and employees need to understand its importance. It would be best if you went out of your way to explain to stakeholders the benefits of compliance and the repercussions of non-compliance.

Additionally, you should explain what is expected of each board member, leader, or employee. By doing so, most of them will make a point of meeting their responsibilities.

Be Individually Accountable

As a compliance officer, you need to be individually accountable. Your being individually accountable will help fight misconduct at the workplace. Additionally, you can easily hold other people accountable for their actions and promote a good compliance culture.

Keep Job Descriptions Up-to-date

It would be best if you kept your organization’s job descriptions up to date. This way, you will have evidence on whether or not individuals have executed their various responsibilities and obligations. Updating job descriptions is important because you can easily ensure that individuals in the organization are compliant.

Stay Informed About All Activities in the Organization/Company

As an officer, you need to be aware of all activities in the organization or company. When you are in the know, you can ensure that proper protocol is followed. Individuals in the organization need to follow the procedures and policies to ensure compliance.

Monitor Conflict of Interest

Conflict of interest needs to be closely monitored. As an officer, you must identify and manage any cases of conflict of interest. By doing so, you can ensure that the organization is compliant with regulatory expectations.

Be Competent at Record Keeping

You should not neglect record keeping. Record keeping comes in handy when there is a need to prove compliance with various regulations. Be precise, consistent, and comprehensive when it comes to record-keeping. Additionally, ensure that you can easily retrieve the records if need be.

Be Up to Date with Technological Innovations

Technology is ever-changing. Therefore, there is a need for compliance officers to stay updated on technological innovations that impact their various industries.

Be Knowledgeable About IT Systems and the Operation of Controls

You need to have the necessary knowledge when it comes to IT systems and the operation of controls. This way, you can easily tell when the systems are operating as required, or if there are any hitches. You can protect the organization against risks by simply being alert and attentive.

Be Mindful of Your Clients’ Needs

The client’s needs should always come first. Therefore, while designing procedures and policies to promote compliance, ensure that the customer still has the best experience. By doing so, you gain the customer’s loyalty. Having an annual customer review can help you understand your customers better and give them a better experience.

Undergo Continuous Training

Continuous Professional Development is essential for compliance officers. By attending CPD training, you gain extensive knowledge of various regulations that your organization needs to comply with. Additionally, the officers remain updated on current regulations and any changes that take place.

At Enformion, we strive to ensure that you have all the information you need to ensure compliance. Contact us today and start your free trial.

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