Compliance Philosophy

What is your role as a compliance officer? How does this role relate to the company and to its employees?

As a compliance officer I am responsible for ensuring that the company’s procedures and policies are followed by the stakeholders (Board of Directors, managers, employees, as well as customers). Further, I check whether all procedures of customer protection are followed; ensure that relevant checks and reviews are done; resolve customer complaints with the help of TCF rules and the extant ?ompany Code; settle issues with ombudsmen or Financial Services Authorities; work out new compliance procedures; conduct audit of company’s practices to ensure that they are in line with extant regulations. To achieve these goals, regular inspections (of the workplace) need to be held (Bennet-Anderson & Hartman, 2005, p.696).

What biases might you have that will influence your job performance?

Some compliance officers might have preconceived ideas which may bias the audit; sometimes biases are based on either sex or race. Yet,  I am free from any of these. Also, sometimes compliance officers may be biased against the very topic of compliance or even against the employer (Banks & Banks, 2002; Pupke, 2008, p. 188) 

 

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What will be your goals in the new role?

The primary goals will be to ensure that conflicts of interest do not arise and to ensure that all necessary regulations as well as obligations are complied with.  In other words, my roles are to ensure that the company effectively complies with existing policies and internal procedures and to ensure that integrity is maintained within the company. Also, my role is to ensure necessary customer protection practices are complied with.  

How are they drawn from your compliance philosophy?

These goals stem from my understanding the mission of the compliance officer as the one who fosters the compliance culture (basically, this means adherence to existing regulations) and promotes the building of customer trust. Compliance philosophy also includes efforts to improve the performance of the company by guiding its members to compliance by the use of compliance codes, codes of ethics, existing operating standards, and corporate philosophy and policy (Bennet-Anderson & Hartman, 2005, p. 441-442).