The Certified Compliance Officer

By Dr. Zulk Shamsuddin

Compliance Officers are responsible for ensuring that all corporate processes and procedures comply with the law. A Compliance Officer is also responsible for ensuring that company operations comply with internal standards too. Without a Compliance Officer who actively monitors and drives compliance management, companies run the risk of violating applicable laws and regulations, thus exposing themselves to potential reputational damages and fines.
The Certified Compliance Officer ™ (CCO) is an ISO-standard skills certification for individuals with skills and experience in compliance management that includes defining compliance strategy, establishing risk and compliance framework, compliance verification, corporate governance, leadership management, and executive communication.
It forms the basis of the assessment that applicants must pass to gain the Certified Compliance Officer status and inclusion in the Register of The Global Academy of Finance and Management® Directory of Certified Professionals.
Stand out above the rest with the ISO-standard Certified Compliance Officer certification and get noticed by top recruiters.

• Language: English
• Publisher: Lulu.com
• Release date: Oct 17, 2022
• ISBN: 9781387542413

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Copyright © 2020 Zulk Shamsuddin, PhD / GAFM ACADEMY

All rights reserved.

ISBN: 9781387542413

INTRODUCTION

Compliance Officers are responsible for ensuring that all corporate processes and procedures comply with the law. A Compliance Officer is also responsible for ensuring that company operations comply with internal standards too. Without a Compliance Officer who actively monitors and drives compliance management, companies run the risk of violating applicable laws and regulations, thus exposing themselves to potential reputational damages and fines.

The Certified Compliance Officer ™ (CCO) is an ISO-standard skills certification for individuals with skills and experience in compliance management that includes defining compliance strategy, establishing risk and compliance framework, compliance verification, corporate governance, leadership management, and executive communication.

It forms the basis of the assessment that applicants must pass to gain the Certified Compliance Officer status and inclusion in the Register of The Global Academy of Finance and Management® Directory of Certified Professionals.

Stand out above the rest with the ISO-standard Certified Compliance Officer certification and get noticed by top recruiters.

Benefits of becoming a Certified Compliance Officer

Personal and International recognition. An ISO-standard certification.

Enhanced your CV and get noticed by top recruiters.

The best platform for the development of your professional career.

Assurance for clients of high standards and ethical practice.

Use of the post-nominal CCO or Certified Compliance Officer.

Increased understanding, helping you to work more effectively.

Use the elegant certification card during networking or social events.

IMPORTANCE OF CERTIFICATION

Certificates and certifications, the names for these credentials sound confusingly similar. But there are important differences. Here’s what you need to know about these resume-enhancing options and how they might advance your career.

WHAT IS A CERTIFICATE?

Earning a certificate is about education. Certificates are academic credentials awarded by colleges, universities or other educational institutions. Students in certificate programs learn new knowledge in a specific subject or discipline and earn a certificate by successfully completing the coursework. An ideal student for a certificate program is someone who is willing to go through the experience of growing their own skillset, being real about what they want to learn, and working with others, says Jennifer Diamond, an instructor for the UW Certificate in Project Management. Many certificate programs have few, if any, admission requirements, making them an excellent option if you want to move forward in your career. The programs are usually noncredit and take less time to complete than a degree. Certificates are commonly listed on resumes as education, and some meet education requirements for first-time or renewed certifications.

WHAT IS A CERTIFICATION?

When you have the professional knowledge you need, a certification allows you to prove it.  Certifications indicate mastery of skills or standards. Professional certifications are granted by industry groups or career-related organizations. These groups assess your qualifications, usually through an exam or application process. Many certifications include the privilege to use a related designation following your professional title. A certification differs from a license, which permits you to work in a certain profession and is usually issued by government or regulatory agencies.

BENEFITS OF CERTIFICATION

Certification helps in learning the new technologies, skills, and abilities for a specific promotion. Earning a new certification or an advanced certification in a particular area of expertise can help in advancing your career.

Professional certification shows consumers and potential employers that you are committed to your profession and are well-trained. It gives them confidence in your abilities and knowledge. Certification makes you more valuable to employers, so you can expect to earn more than someone without certification.

Certifications can give you the chance to learn needed skills, and be a quick way to show employers you have those skills. On the other hand, certifications can require studying or coursework, and cost up to several hundred dollars to take.

ROLE OF A COMPLIANCE OFFICER

Compliance Officers are responsible for ensuring that all corporate processes and procedures comply with the law. A Compliance Officer is also responsible for ensuring that company operations comply with internal standards too. Without a Compliance Officer who actively monitors and drives compliance management, companies run the risk of violating applicable laws and regulations, thus exposing themselves to potential reputational damages and fines.

The Compliance Officer ensures that the company stays abreast of regulatory standards and fulfills the role of an in-house expert, keeping an eye on all developments and ensuring that compliance processes are fully implemented. Compliance Officers therefore, perform a very important role and demand is high for qualified specialists in this field.

A Compliance Officer fulfills several functions:

Monitors all operational processes and procedures using a compliance management system to ensure that the company complies with all legal regulations and ethical standards.

Manages information flow by researching, recording and analyzing data and information. With a regular flow of information and conducting compliance risk assessments, they ensure that the business runs smoothly.

Trains and educates staff so that they are informed of any legal changes and updates to compliance guidelines.

Acts as contact person and liaison between department heads and senior management.

Conducts regular assessments to determine whether policies are compliant with the law.

Compliance Officers provide a link between specialist departments and the management. They regulate the flow of information between management and specialist areas, while respecting different responsibilities and confidentiality requirements.

To avoid conflicts of interest, the Compliance Officer position should not be situated within or report directly to the legal department. Compliance Officers ensure that the company complies with the law while ensuring that the business runs smoothly. Ideally, the position is located directly under the board of directors, guaranteeing independence and also a direct reporting line to senior management. This ensures that unfiltered reports reach the management.

Compliance is a complex issue that affects all areas of a company and requires adherence to many laws and regulations. As a one-man band, a compliance officer can quickly become overwhelmed, depending on the size of the company. Establishing a compliance department ensures that a team is present to help take on tasks such as those related to the compliance management system, risk assessments and training. Because a Compliance Officer communicates directly with the management and is involved in business decisions, they also play an advisory role. Unlike an external consultant, however, a Compliance Officer actively helps to shape these business decisions and seeks solutions to achieve business objectives while complying with all laws and regulations.

SKILLS CERTIFICATION

The certification program addresses the following skills and competencies:

Compliance Strategy

Risk and Compliance

Compliance Verification

Corporate Governance

Leadership Management

Executive Communication

The process Compliance Strategy is the first process out of the six processes associated with managing risk and compliance.

In this process, the following topics will be discussed:

Role and Responsibilities

Importance of risk management and compliance in projects

Governance structure and stakeholder responsibilities

Role of compliance in corporate governance

Define risk management and compliance strategies

Compliance Officer Roles and Responsibilities

As a compliance officer, it is imperative to know what your roles and responsibilities are. A risk compliance officer ensures that the organization conducts its business processes in compliance with laws and regulations, professional standards, international standards, and accepted business practices.  These professionals perform audits at regular intervals and execute design control systems, advising the management on possible risks that might occur, and organization policies.

The major task of a compliance officer is to uphold the ethical integrity of the organization and also ensure that business activities are conducted using a regulatory framework. These professionals carry out the risk management process by thorough planning of business and implementing the policies within the organization.

Compliance officers are considered to be a vital component of corporate governance. They are also responsible to determine how an organization could be handled and governed. These responsibilities include maintaining good rapport between the stakeholders and adhering to the objectives set by the organization.

The roles and responsibilities of a compliance officer varies depending upon the industry, but typical responsibilities are compiled below:

They are accountable for ensuring all the essential guidelines are put in proper place accurately adhering to industry rules and regulations

They conduct internal audits and reviews at regular intervals to ensure that compliance procedures are regularly followed

They conduct environmental audits adhering to environmental standards

The compliance risk manager role involves the safety of employees and businesses as well. It’s their part of duty to ensure all the tasks are done with higher accuracy. This job role is apt for the individual who gives attention to all the minute details within the organization.

They have to ensure that all the employees are thoroughly updated about the organization’s policies, regulations, and processes

Resolve employee issues about the legal risk compliances

They should advise the management regarding the implementation of compliance programs

They must adhere to the training and supervising the staff that needs attention to rules and regulations

Revise rules, reports, and procedures at regular intervals to recognize the risks

Skills for A Compliance Officer

Compliance officer should be self-motivated, extremely organized, and have strong communication and project management aptitude. Employers typically seek candidates with a bachelor’s degree, and the following skills:

Communication skills - Irrespective of domain and job role having excellent written and verbal communication skills are indeed very much essential.  Similarly, the individual should be capable to communicate with several level of employees.

Risk assessment capabilities - The major steps involved in risk management are identification, analysis, planning, monitoring, reporting, and controlling risks. Hence, the individual should thoroughly perform these steps and should be able to implement accordingly.  In order to assess risk and interpret them properly, having fundamental knowledge about rules and regulations must be defined clearly.

Attention to detail - Most of the rules, regulations, and policies within the organization need detailed analysis. It’s essential to pay attention to all the minute details.

Thorough knowledge about vulnerability – the individual should have comprehensive knowledge about security policies such as ISO standards, control, and abuse policies, regulations, monitoring, evaluation, review, and report associated with auditing.

Business knowledge - Having an in-depth knowledge of business and IT will definitely ensure a smooth audit session.

Problem-solving skills - There are chances of compliance officers coming up with imprecise regulatory policies and business issues. Thus, having problem-solving capability requires implementation and monitoring the solution. The process should be carried out in considering pre-defined steps and appropriate feedback should be given to the chosen solution.

Organizational skills - The compliance officer should possess multi-tasking skills. They should be clear about what has to be done and how the process has to be carried out.

Project management – understanding how to identify and assess risks to ensure project completion within the timeframe and budget allotted 

Compliance

In recent years, throughout the world we have followed the high level of corruption in various economic sectors. Several companies end up having their image and reputation weakened due to their proven involvement, both at the business level and in the political sphere. The imperative need to know and practice compliance in day-to-day activities arose in the midst of this reality, which affects companies of all sizes and industries. The concept of compliance in business aims to generate value for an organization and ensure its survival.

This practice arises from the great financial impacts caused by factors such as:

Absence of normative guidelines

Misalignments to applicable laws

Lack of adequate preventative tools

Process management failures

Operations without a structured information system.

What is Compliance in Business?

The verb comply means to conform to a rule, which explains much of the concept of the word. The meaning of the word compliance is related to the conduct of a company and its compliance with the rules of regulatory bodies. What is compliance in business, in short? It means to comply with laws and regulations. This concept covers all the policies, rules, internal and external controls to which an organization must conform. When in compliance, an organization’s activities will be in full accordance with the

Reviews for The Certified Compliance Officer

[Peter Spoone · Rating: 5 out of 5 stars]

I love the content. These are the well-balanced skills and competencies for the CCO certification. Soft skills are as equally important as technical skills. Excellent top-quality book and the CCO certification.

[Isabella Cruise · Rating: 5 out of 5 stars]

Excellent. I am now with a large commercial bank, a few months after getting the CCO-certified status. Many thanks to the author of this book, and to GAFM Academy for the professional certification.

[Amanda Sofea Binti Zulkhernain · Rating: 5 out of 5 stars]

Excellent content, suitable for compliance officers. If you need a book to start working as a compliance officer or manager, this is just perfect. The world-class certification is proof of your skills and competencies. I visited the website, awesome. You get your name published, and a certification card in addition to the certificate.