If we want define the function of Compliance we can choose the one made by the Basel Committee on Banking Supervision: “An independent function that identifies, advises, alerts, monitors and reports compliance risks in organizations, that is, the risk of receiving sanctions for legal or regulatory non-compliance, suffering financial losses or loss of reputation due to failures to comply with regulations. applicable laws, regulations, codes of conduct and standards of good practice. In other words, it is the person most responsible for compliance with the voluntarily imposed and legally required obligations.
What is the profile of the Compliance Officer? What skills should you have?
We must understand that the Compliance function is equipped with autonomy sufficient to carry out its essential tasks without specifying specific mandates for this. For these purposes, the candidate for this position, must know how to function with full guarantee by any body of the company. In this regard, it is essential to know the company context where he practices his profession. Likewise, it must know how to cope any situation of regulatory non-compliance on the part of the company's employees, regardless of their position. This implies negotiation, diplomacy and active listening skills
In relation to the previous point, must know how to investigate any situation that may be related to its functions and even those that could indirectly affect the company, for example: a possible company supplier immersed in judicial processes of economic corruption, a polluting spill in places where the company had headquarters , even if they were not responsible. In this sense, it is essential to have a creative and analytical thinking that takes into account the details and details of the specific situation.
The Compliance function will be equipped with the maximum independence, so the candidate must know how to develop a judgment and way of proceeding that they do not feel conditioned by the person or the position they occupy, nor by fear of the reprisals that they may exert on them. In this section, must know how to manage conflicts, handle disagreements and find solutions that are beneficial to the company and all stakeholders.
The Compliance function is responsible for prevent, detect and manage risks derived from non-compliance with Regulatory Compliance Programs. For this, You must be forward-thinking and know how to investigate and manage risks and the possible consequences of these situations. The Compliance Officer You must analyze regulatory risks, understand them and analyze them with commercial risks in mind.
The Compliance function is responsible for training, communicating and updating the compliance programs to the realities of the company or their adaptation to the legislative reforms that have occurred. In this aspect, must be able to transmit the concepts that are part of the Regulatory Compliance Programs of a dynamic shape and? is understandable by all employees of the company. Again they appear communication skills (negotiation, diplomacy and active listening) and creative thinking.
He Regulatory Compliance System is chaired by the Ethical code where the internal values of the company are expressed, such as: equality and non-discrimination, economic sustainability, respect for the environment or zero tolerance for corruption in the company's business. The Compliance Officer must be an ethical person and must transmit these values to all company personnel. The integrity of the Compliance Officer must be beyond any doubt.
The Compliance Officer must have a strategic vision of the business and its sustainability. Must lead and support the achievement of the strategic objectives of the entity and its different lines of business, promoting adaptation to change. At the same time, its activity must be oriented to long term instead of short term. When designing policies, procedures or processes, the objective must be their durability over time.
In summary, the Compliance Officer must possess skills such as:
- Integrity,
- Knowledge of the context,
- Creative and analytical thinking to be able to evaluate regulatory and commercial risks.
- Communicative skills (negotiation, diplomacy and active listening) to be able to manage conflicts in your company.
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