The regulatory compliance officer is the person in charge of overseeing the compliance program. To detect and reduce risks, such as regulatory compliance and tax, companies can implement a program of compliance or regulatory compliance.
The compliance program serves to ensure the proper development of a business, and is like insurance in the event that the company faces criminal proceedings. But who or who implements such a program?
To find out who are responsible for implementing the compliance program or regulatory compliance in companies. So WHAT IS recruitment of compliance in 2021 let’s find out.
What is the compliance officer?
Specialists agree that the compliance officer is the person who oversees the regulatory compliance program. That is, it is in charge of ensuring compliance with any type of legislation.
Responsible for following the manuals and procedures
The compliance officer is the person who verifies that the manuals are followed and the procedures focused on compliance are followed. For example, it is responsible for submitting the Money Laundering Prevention (PLD) notices and for following the manuals, such as those for training and hiring human resources.
Link between the person implementing compliance and the company
The responsibilities of the compliance officer are focused on informing within the companies, on possible operational risks and breaches of internal regulations. In addition, it is a reliable channel to receive anonymous complaints and investigate the existence of possible crimes.
Main responsibilities of the compliance officer
Identify the obligations to which companies are subject, both from the legal point of view and also those guidelines that derive from internal policies and procedures.
Provide or coordinate ongoing compliance training.
Be in charge of the communication of the compliance program to the employees, having to disclose any relevant information regarding compliance to the companies and deliver the code of integrity or conduct and the policies to which the personnel will be subject.
Implement the measures and controls that allow you to know the risks in a timely manner.
Monitor the operation of the risk prevention system and take preventive and corrective measures to guarantee its effectiveness and ensure the review at the planned intervals.
Lots of people work to show productivity and performance so high that could consider wrong but if you can monitor or check the employee’s work then will be ok. Truth is that there are lots of ways we can check and make reports to worker productivity and performance.
The Internet contains a ton of remote PC monitoring software audits since an ever-increasing number of individuals are tracking down this helpful. Managers utilize the monitoring employees at work to ensure that the sites that are being gotten to by their employees are business-related. Guardians utilize these to screen the Internet utilization of their youngsters. Others use it to demonstrate to themselves that their accomplice or companion is unwavering and that nothing is in danger in the relationship.
Recommendations for the compliance officer position
Many companies do not have a compliance program. But, he said, those that implement it typically leave oversight of the program to the audit director or the legal director. That is, the responsibility falls on someone who was already in the company before, something that is not correct.
You must have a person in charge of compliance
- The program to be fully complied with and monitored, there must be a responsible position or department, created especially for the compliance officer.
- This is because if a manager assumes responsibility for the compliance program , the following risks are run:
- The person in charge could have work overload, because they would have a double function within the company.
- That this person is not adequately trained to monitor the program, due to having to fulfill their other functions.
Thus, we must ask ourselves: what responsibility does a compliance officer have? If there is damage due to your malicious or negligent act, does this compromise your assets before the company, its partners or third parties?
Therefore, it is clear that a company will tend to consider the compliance officer as an administrator, while the compliance officer will tend to have an employment relationship, thus limiting their responsibility to the employer. The foregoing obviously escapes an analysis of a criminal process and a civil process of extra-contractual liability, which may have completely different scenarios from those indicated here.
The compliance officer must have autonomy
The person in charge of the program can be an external person, provides the service of a compliance officer, or it can be an employee of the company who performs that function. But if he is an employee of the company, the specialist recommends that he be given management autonomy.
This so that you have the freedom to report failures or breaches to the highest governance body of the company, in case of detecting them. Because there is a risk that he does not report failures or non-compliances in his area because that could harm him or someone in his department. That is, there could be a conflict of interest.