Compliance manager (Compliance manager)
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A compliance manager leads the compliance department, in which in most cases various compliance officers work. A compliance manager usually works within the financial sector, for example for banks or insurers. As a compliance manager, your main task is to prevent reputational damage or integrity risks. Compliance in Dutch stands for "agree". The English term is "to comply with". Compliance relates to applicable laws and regulations. In addition, compliance relates to standards and rules that have been drawn up by the organization in question itself. The main reason that organizations such as financial institutions use the special compliance department is to prevent possible criminal offenses or fraud. It is the responsibility of the compliance manager and the compliance officers that the organization will comply with the Financial Supervision Act (Wft). The profession of compliance manager can therefore be regarded as a profession in which you have major responsibilities, because reputational damage or image damage can have major consequences for the organization. Another important point of attention of the compliance manager is the protection of data, such as personal data. Financial institutions, such as banks, pension funds and insurers that are supervised by a supervisory authority, are obliged to use a compliance officer or manager. In most cases, there will be the compliance department, in which different employees work. This is the case because financial institutions usually involve large organizations. These different compliance employees are therefore responsible for preventing compliance issues.
A compliance manager is therefore a manager who, among other things, has the task of preventing reputational damage. Some examples that a compliance manager can focus on are insider trading, laundering criminal money or intervening in suspicious transactions. In addition, a compliance manager is responsible for supervising and controlling own employees with regard to laws and regulations. The substantive work of a compliance manager can differ per organization. Compliance managers and compliance officers can generally only be found at financial institutions such as banks, investment firms, asset managers and insurers. There are also other companies that have common ground with financial institutions, such as pension organizations, within which the function can occur. In all cases, a compliance manager is responsible for implementing and complying with imposed measures from the government. De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) can also impose measures as supervisory authorities.
COMPLIANCE DEPARTMENT
The main objective is to prevent criminal offences or to prevent reputational damage. Think, for example, of an employee who has prior knowledge from his position and quickly buys some shares. This insider trading is not permitted and may cause reputational damage to the company. Criminal proceedings may also take place which, depending on the situation, may concern the employer and the employee. It is conceivable that an employee has certain freedoms with regard to trade, but this will have to be done within the guidelines of the company and applicable laws and regulations. In most cases, the compliance manager also has to deal with internal policy advisors, who are responsible for drafting the internal policies. The policy rules include exactly what employees of an organization are allowed to do. It is therefore conceivable that compliance officers also monitor compliance with internal policies.
VARIOUS TASKS OF A COMPLIANCE MANAGER:
- Managing the compliance officers
- Making staff aware of the rules
- Implementing the policy
- Intervening in compliance conflicts
- Supporting the management
- Drawing up general policy
- Preparing reports to the Executive Board or Supervisory Board
- Making risk analyses
- Monitoring compliance with the rules
- Monitoring possible new laws and regulations
WHAT DOES A COMPLIANCE MANAGER DO:
TRAINING TO BECOME A COMPLIANCE MANAGER
There are several suitable courses as a compliance manager. Think, for example, of the university study law or the university study business administration. As a compliance manager, you do not have to be a lawyer, but you will have to deal with this within your position. Another possible programme is the Bachelor's degree in Financial Services Management, with an additional programme in Compliance & Integrity Management as a supplement. Within this profession, work experience usually plays a major role before you are eligible for the position. In general, a compliance manager will need to have a lot of knowledge and experience, because you can't just become a compliance manager. In most cases, a compliance manager will have at least ten years of work experience. In addition, there are also plenty of external training institutes where you can follow a course. Accounting is also important as an entrepreneur.
COMPANIES WHERE A COMPLIANCE MANAGER CAN WORK
A compliance manager generally works for financial institutions such as banks, investment firms, asset managers and insurers. Companies that have common ground with financial institutions can also employ a compliance manager, such as a pension organization. Only companies that are supervised by supervisors are obliged to use compliance officers and/or managers. This generally only concerns financial institutions.
COMPETENCIES COMPLIANCE MANAGER
As a compliance manager, it is very important that you have general management skills. Within this profession, communication is central, because you will manage various employees such as the compliance officers. In addition, you will regularly consult with the management or, for example, with supervisors. Within this profession, it is very important that you have sufficient knowledge of relevant laws and regulations. As a compliance manager, you must have integrity and extensive knowledge of the financial markets. Generally important words are vigilance, motivation, judgment, consultation, cooperation, stress resistance and sense of responsibility.
LABOUR MARKET PERSPECTIVE AND CAREER OPPORTUNITIES AS A COMPLIANCE MANAGER
The labour market perspective of a compliance manager is not very large, because it concerns a very specific position. In addition, not all financial institutions use a compliance manager. In that case, there may also be an employee who can be regarded as a compliance officer. In other words, in most cases, a compliance manager works for larger financial institutions. The career opportunities of a compliance manager cannot simply be indicated, because this can differ per organization. The compliance manager profession is already a higher-level profession.
TERMS OF EMPLOYMENT AND SALARY COMPLIANCE MANAGER
There are no specific examples of the employment conditions because you can work for different types of companies with different collective agreements. A compliance manager generally earns a salary between 6,000 and 10,000 euros gross per month depending on age, education and specific responsibilities. A higher salary is certainly conceivable within this profession, if the compliance manager has large responsibilities.
The content on this page has been automatically translated from the Dutch language. For this reason, texts and videos on this page may contain small errors.
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