Written by James Page
There’s more to being a Compliance Officer than you think
Our principal consultants James Page talks about the role of the compliance officer and his experience with dealing with them during his time in Insurance.
Firstly the common misconception of compliance is it is a ‘business prevention department’ and many marketing departments and IT teams will always remember the time the were stopped from proceeding in a particular manner. But to be honest the compliance officer role couldn’t be further from the this misconception – if it is done properly. Perhaps a more appropriate name would be the ‘business preservation department’.
I do not see the Compliance Officer as someone who is putting up barriers in front of my team, rather they are just making sure that we are going down the right route and that we do not fall foul of the many pitfalls that surround us with respect to the industry
My day-to-day was managing the IT infrastructure whilst the Compliance Officer is responsible for managing the risk within the business, whatever the source of that risk may be. Our challenges are the same but under different umbrella’s, and we both have to ensure things are done right. As a n Insurance Professional you are a regulated business, the compliance officer’s first responsibility is to ensure that you are working within the Financial Conduct Authority (FCA) rules and at the heart of this are the firm’s procedures and processes. I worked very close with a number of compliance officer on Business Process Improvements, Compliance Officer love this as procedures and process evolve all the time, and IT is just the same so its a great compliment.
When I have asked a colleagues what does a typical day as a Compliance of entail I got a number of answer ? As said early most people think they blockers but when you ask a the person in the role well you get a different point of view;
If you have a compliance officer they will be doing the following things ( and this is not exhaustive )
- Discussion with FCA advisor’s
- Auditing files
- Reporting to Board
- Analysing Management Information
- Approving Marketing Publications
I am fortunate that the Insurance businesses I have worked have been committed to compliance:. Whilst sometimes I felt I was having my work ‘policed’ , I did generally find they were there to help and support me – and to protect the company by identifying any vulnerabilities.
So spare a thought for the Compliance Officer pain, its not a popular job due to the nature of having to do what’s right, and everyone hates being told they cant do something, but it is for the best.
Related Topics: FCA , Charted Insurance Institute , Insurance Time (Compliance) , Post Magazine , Using Compliance Consultants , FCA Compliance Solutions, Business Health Checks , FCA Compliance Training , Financial Promotions , Capital Adequacy, Client Money , FCA Complaints & Solutions,