The term due diligence and
compliance are often heard in the world of business. Compliance is
basically a term that explains one’s ability to act as per a
standard order or set or rules and follow them. When we talk about
compliance in the context of financial service then it functions on
two levels:
- The first level is about complying with external set of rules that are imposed on a company
- The second level is about compliance with internal set of protocols and set of rules imposed on an organization.
What are the
responsibilities, duties, and objectives of a compliance officer?
Duty of a compliance
officer– A
responsible
compliance officer
in Hong Kong
will have the duty of working with staff and entire management so as
to manage and identify regulatory risks.
Objective
– the objective of one such officer will be to make sure that the
organization for which he is working has proper internal control and
adequate ways to manage and measure the risks that it might face at
any time.
Responsibility –
general responsibility of a compliance officer will be to offer
compliance services to the organization that supports it across areas
in ensuring that they are following all the relevant laws, internal
procedures, and regulations.
Key functions of a responsible
compliance department officer
in Hong Kong.
- Identification - To recognize the present risk that company is facing as well as potential ones, and advise the organization on how to handle them.
- Prevention - to lie down and ensure implementation of control measures to safeguard the organization from those risks.
- Monitoring - To see how effectively controls are being implemented by the management against risks
- Resolutions and advisory – to resolve any difficulties and to offer advice about rules and control.
