Yes
Chief Compliance Officers of Investment Advisers (CCOs) [1] play an important and crucial role in fostering integrity in the securities industry. They are responsible for making sure that their firms comply with the rules that apply to their operations. Given the vital role that CCOs play, they need to be supported. Simply stated, the Commission needs capable and honest CCOs to help protect investors and the integrity of the capital markets. Recently, a fellow Commissioner issued a public dissent in two recent enforcement actions against CCOs of investment advisers. School compliance officers require a little amount of formal education. Learn about the necessary skills, job duties and licensure requirements to see if this is the right career for you. School Compliance Officer Requirements. Compliance officers must be knowledgeable with all rules and regulations and stay current with updates and revisions. For compliance officers in specialized fields, it's common, though not required, to have a relevant degree. From a bank's perspective, risk management should focus resources on the most important regulatory requirements in a cost-effective manner. We believe that compliance risk can be broken down into two types of riskproduct risk and regulation riskwhich are discussed below. The Guide is designed to outline some considerations to help organizations manage an effective compliance program. It includes sections on compliance risk assessment, program structure, audit coverage, compliance aids, red flags, frequent violations, communication, and training. Salary. According to the BLS, the median annual salary for compliance officers was $64,340 in 2013, but there can be wide differences in wages depending on a job’s educational, scientific and work-experience requirements. The best-paid 10 percent in the field earned $99,450 in 2013, while the lowest-paid made $36,720. Compliance officers may work for the organizations they’re reviewing or for external agencies or companies contracted to do compliance work. Working environments can vary greatly, from permit work and document review in office settings to off-site fieldwork in outdoor and industrial plant settings. Right or wrong, there is a widely held belief that the role of the compliance officer is to neutrally apply rules to facts and simply let the chips fall where they may. 2 In contrast, lawyers are viewed as treating rules the way Lucifer treated Job: they test, they prod, and they look for gaps and chinks. Nor is privilege the only area where conflict may arise in the relationship between compliance and legal. The privilege is a symptom of the conflict, but the source of the conflict runs much deeper and has broader implications for firms, senior management, lawyers, and compliance officers. Parker, Joseph m. annon, ann eoglanian Lawyers and Compliance Officers: Examining the Conflicts By Timothy B. Parker, Joseph M. Mannon, Ann E. Oglanian* “The lawyers tell you whether you can do something, and compli-ance tells you whether you should. Nor is privilege the only area where conflict may arise in the relationship between compliance and legal. The privilege is a symptom of the conflict, but the source of the conflict runs much deeper and has broader implications for firms, senior management, lawyers, and compliance officers. 73 (“Having the title of chief compliance officer does not, in and of itself, carry supervisory responsibilities. Thus, a chief compliance officer appointed in accordance with rule 206(4)-7 (or rule 38a-1) would not necessarily be subject to a sanction by us for failure to supervise other advisory personnel. Given the vital role that CCOs play, they need to be supported. Simply stated, the Commission needs capable and honest CCOs to help protect investors and the integrity of the capital markets. Recently, a fellow Commissioner issued a public dissent in two recent enforcement actions against CCOs of investment advisers. compliance. 3 Of course, crucial to the oversight function is the fundamental principle that a director is entitled to rely, in good faith, on officers and employees as well as corporate professional experts/advisors in whom the director believes such confidence is merited. In other cases, compliance officers work within a specific program or department, such as a university's athletic department, where a compliance officer must ensure student-athletes conform to academic standards and don't breach athletic association guidelines. School Compliance Officer Requirements. Compliance officers must be knowledgeable with all rules and regulations and stay current with updates and revisions. For compliance officers in specialized fields, it's common, though not required, to have a relevant degree. Practical comPliance & risk management for the securities industry • sePtember–october 2010 9 Lawyers and Compliance Officers: Examining the Conflicts charged with preventing and detecting violations, the lawyer may be in the position to subordinate the compliance function to legal concerns. Nor is privilege the only area where conflict may arise in the relationship between compliance and legal. The privilege is a symptom of the conflict, but the source of the conflict runs much deeper and has broader implications for firms, senior management, lawyers, and compliance officers.
https://www.sec.gov/news/statement/supporting-role-of-chief-compliance-officers.html http://study.com/articles/School_Compliance_Officer_Job_Description_Duties_and_Requirements.html http://www.phil.frb.org/bank-resources/publications/compliance-corner/2002/third-quarter/q3cc1_02.cfm http://money.usnews.com/careers/best-jobs/compliance-officer http://regroupllc.com/pdfs/Lawyers-and-Compliance-Officers-Examining-the-Conflicts.pdf http://regroupllc.com/pdfs/Lawyers-and-Compliance-Officers-Examining-the-Conflicts.pdf https://www.sec.gov/news/statement/supporting-role-of-chief-compliance-officers.html http://oig.hhs.gov/fraud/docs/complianceguidance/040203CorpRespRsceGuide.pdf http://study.com/articles/School_Compliance_Officer_Job_Description_Duties_and_Requirements.html http://regroupllc.com/pdfs/Lawyers-and-Compliance-Officers-Examining-the-Conflicts.pdf
should you rely on a compliance officer