The duties of the compliance officer include:
Assisting senior management/head of function to identify and assess the main compliance risks facing the licensees and the plans to manage them;
Advising senior management/head of function on compliance with laws, rules and standards, including keeping them informed on developments in the area;
Assisting senior management/head of function in educating staff on compliance issues, and acting as a contact point within the licensee for compliance queries from staff members;
Establishing written guidance to staff on the appropriate implementation of compliance with laws, rules and standards through policies and procedures and other documents such as compliance manuals, internal codes of conduct and practice guidelines;
On a pro-active basis, identifying, documenting and assessing the compliance risks associated with the licensee’s business activities, including the development of new products and business practices, the proposed establishment of new types of business or customer relationships, or material changes in the nature of such relationships;
Monitoring and testing compliance by performing sufficient and representative compliance testing;
Reporting on a regular basis to the board of directors or the Audit committee of the board of directors”.