It should be noted that failure to comply with these responsibilities may entail not only the sanctions established by the applicable laws for the company, but also personal responsibilities for the Compliance Officer who has not exercised his duty of vigilance diligently.
Place and conditions of exercise
The compliance officer can work within a network bank, corporate and investment bank, an insurance institution, a credit institution, a brokerage firm or a firm. Audit. Now know What skills are needed to be a compliance officer.
The skills and qualities expected in banking
To become a compliance officer, it is essential to have knowledge of banking regulations (anti-money laundering and terrorist financing, AMF, the Basel II and III agreements, etc.) and financial markets.
He must know all the banking businesses, products and services.
He has legal knowledge.
If he is called upon to work in a company with an international dimension, he must know the vocabulary of compliance in English, the technical terms and be fluent in English.
Discretion is essential in this profession, so it will be highly appreciated by your employer. Indeed, the compliance officer is required to respect the confidentiality of information.
A rigor expected daily in his work.
A spirit of analysis and synthesis are also essential assets.
He must have writing skills to easily draft the various documents intended for the supervisory authorities.
He is also expected on his communication skills, and to be a teacher, especially during employee training.
The compliance officer is required to work with several interlocutors internally (managers, directors, accountants, lawyers, etc.) and externally the Processing of Intelligence and Action against illegal Financial Circuits, the Financial Sector Supervisory Commission and other control bodies): he must therefore have good interpersonal skills.
What remuneration?
The average salary of a compliance officer is between 30K and 45K euros gross per year for a junior profile. The monthly salary of a confirmed profile may be between 50K and 80K euros gross annually.
What are the possible prospects for development?
The compliance officer reports hierarchically to a compliance or control manager / director. He will therefore naturally be able to move to these positions later. He may also become responsible for the fight against money laundering and the financing of terrorism. We can see him in some cases moving towards the positions of internal controller, risk manager or auditor. The perfect solutions are there with the essential deals now.