Compliance Officer relationship with other departments
A) What are the benefits of ensuring good relationships between the Compliance Department and other departments within the business? What is likely to be the negative impact of not doing so? How do regulators in your jurisdiction view the significance of the relationship of compliance within the business unit?
b) What actions would you take to ensure the reputation of the Compliance Department and provide the business with a good, proportionate compliance service? What skills would you, as Compliance Officer, need to demonstrate in order to assist you in this? hide problem© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/business/finance/compliance-officer-relationship-with-other-departments-7gj7
...d every regulation in the best possible manner.
What actions would you take to ensure the reputation of the Compliance Department and provide the business with a good, proportionate compliance service? What skills would you, as Compliance Officer, need to demonstrate in order to assist you in this?
To ensure the reputation of the compliance department and provide business with a good, proportionate compliance service, I will first of all ensure that compliance department has requisite authority and access to conduct their tasks efficiently.
The compliance department will be set up as a separate, independent department and managers and employees in other departments will be instructed via written and oral communication to adhere to requests and instructions of the compliance department in a prompt manner.
The compliance department should also be provided with all the requisite resources in terms of technology and other resources to ensure that they are able to conduct their work in the best possible manner.
The compliance officer should be well educated and versed with all regulations and compliance related issues. Further, he should keep himself updated with all changes and updates in regulatory environment and their impact on organizational functioning, processes and systems. The compliance ...