Question

What is the role and responsibilities of a compliance manager?

Answer 1

· Designing and supervising monitoring mechanisms to deter or handle breaches of legal requirements and internal policies

· Assessing and continuously improving the effectiveness of the controls

· Annual review of policies, reports etc. to recognise hidden risks or non-compliance issues

· Establish and supervise monitoring mechanisms to deter or resolve breaches of legal requirements and internal policies;

· Assess and consistently develop the efficacy of the controls

· Regularly review policies, reports etc. to detect hidden risks or non-compliance issues

· Drafting, amending and enforcing business policies

· Work with corporate counsel and human resources departments to track compliance with requirements and regulations

· Analyze prospective business plans to determine emerging enforcement risks

· Review work done by colleagues to identify compliance issues and provide advice or training when necessary

· Keep abreast of regulatory developments inside or outside the company, as well as establish best enforcement management practises

· Prepare reports as required for senior management and outside regulatory bodies