What is Compliance - Defining Briefly!

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.