Health care compliance officer here. Very good advice. And of course, try to ask questions to get a sense of the existing compliance culture during the interview process prior to accepting a job that results in buyer’s remorse.
Thank you very much. I really appreciate the sincerity of your video. Very direct, concise, and provides useful insights to the pertinence of entering a new compliance position. Many references to very real circumstances one may face starting with a company in compliance. Excellent, I look forward to more of our insight on compliance.
I just got a job offer as a compliance officer in an insurance company. I however don't know much about the role nor am I experienced. I just have a law degree with some business and law knowledge. I think the best thing to do is look around, ask and introduce myself, get familiar with the departments, ways of operations and company culture. I will be in a probation period and they did say that they will train me a bit, so I am looking forward to it and hope it all turns out well and I'm for the job. What are some factors that I should be aware of during my 3 month probation periods ? Thank you
During the probation, it may be helpful to understand whether there is full coverage of AML/CFT only, or prudential compliance requirements and the resources dedicated to that role. Another item to consider is whether the firm has carried out meaningful institutional risk assessments in the past. This may be lumped under product/service risk (and may or may not have been done correctly). See what was done and how long ago. Chances are there are elements that you can suggest improvements on. Hope this helps.
Thanks for the question! First thing is an assessment of where the firm is with core compliance requirements. Are there thematic reports in your country or an NRA that sets out key areas of risk? Also look at those and then develop your work plan from their.
Thanks for the question! That really depends on the jurisdiction you are in. In the Caribbean countries, the range has been $50k to $100k USD. However, this is a point that I will raise (and stoke a few fires) on in a not too distant future live.
what is a compliance officer tbh sounds awful, so you are kinda like a paid informant?, or a civil police officer? would be a rough job i recon pressure would be coming in from the company and the law and the staff and the clients. Sounds like the kinda job you'd put a patsy into, or try too you'd have to have your wits about u that's for sure.
Thanks for your comment Jason! It's a challenging role, and no, it is not a paid informant. Compliance professionals are in demand, and in financial services, it is one of the fastest growing fields. Compliance is a function that exists in many sectors - think 'quality control' and less 'civil police'.
Compliance is simply to checked if people are doing things according to Legislation and to the Company's Policies. The compliance officer is there to prevent possible legal backlashes and to prevent failures an external audit could detect in the company. It is more like a supervising role. I do not know how you can associate this with being an informant or a law enforcement officer. The company should have clear policies and directives to help you do you job as a compliance officer, and the country, local authority, the regulatory agencies normally have clear legal standards defined that your company should abide to. You are just there to assure everything is in agreement with those legal standards, policies and directives. And if you see that something is amiss, you should note that down, check possible solutions and show the report to the director's board. You may be responsible for establishing/refreshing new company directives.
@@Eyelash85well what happens if people dont take your legal advice, what if you present our information to the board and nothing happens? do u have a legal obligation to move outside the company or not if not then your basically a paid informant your paid to inform people and thats it, and if you do have to go outside the company to report legal problems your basically some sought of civil police officer was my thinking.
Health care compliance officer here. Very good advice. And of course, try to ask questions to get a sense of the existing compliance culture during the interview process prior to accepting a job that results in buyer’s remorse.
Thank you very much. I really appreciate the sincerity of your video. Very direct, concise, and provides useful insights to the pertinence of entering a new compliance position. Many references to very real circumstances one may face starting with a company in compliance. Excellent, I look forward to more of our insight on compliance.
Thanks for the comment Miguel! I am happy that you found this so useful. I will be back soon with new content!
Great video. Thank you
I just got a job offer as a compliance officer in an insurance company. I however don't know much about the role nor am I experienced. I just have a law degree with some business and law knowledge. I think the best thing to do is look around, ask and introduce myself, get familiar with the departments, ways of operations and company culture. I will be in a probation period and they did say that they will train me a bit, so I am looking forward to it and hope it all turns out well and I'm for the job. What are some factors that I should be aware of during my 3 month probation periods ? Thank you
During the probation, it may be helpful to understand whether there is full coverage of AML/CFT only, or prudential compliance requirements and the resources dedicated to that role. Another item to consider is whether the firm has carried out meaningful institutional risk assessments in the past. This may be lumped under product/service risk (and may or may not have been done correctly). See what was done and how long ago. Chances are there are elements that you can suggest improvements on. Hope this helps.
@@passionforcompliance thank you 🙏 much appreciated. Definitely helps a lot your input and insights
What shoud i do first when i step in as compliance officer?
Thanks for the question! First thing is an assessment of where the firm is with core compliance requirements. Are there thematic reports in your country or an NRA that sets out key areas of risk? Also look at those and then develop your work plan from their.
What is the average salary of a Compliance Officer? I'm currently studying to take the examination
Thanks for the question! That really depends on the jurisdiction you are in. In the Caribbean countries, the range has been $50k to $100k USD. However, this is a point that I will raise (and stoke a few fires) on in a not too distant future live.
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Porbaion was on send
what is a compliance officer tbh sounds awful, so you are kinda like a paid informant?, or a civil police officer? would be a rough job i recon pressure would be coming in from the company and the law and the staff and the clients. Sounds like the kinda job you'd put a patsy into, or try too you'd have to have your wits about u that's for sure.
Thanks for your comment Jason! It's a challenging role, and no, it is not a paid informant. Compliance professionals are in demand, and in financial services, it is one of the fastest growing fields. Compliance is a function that exists in many sectors - think 'quality control' and less 'civil police'.
Compliance is simply to checked if people are doing things according to Legislation and to the Company's Policies. The compliance officer is there to prevent possible legal backlashes and to prevent failures an external audit could detect in the company.
It is more like a supervising role. I do not know how you can associate this with being an informant or a law enforcement officer.
The company should have clear policies and directives to help you do you job as a compliance officer, and the country, local authority, the regulatory agencies normally have clear legal standards defined that your company should abide to.
You are just there to assure everything is in agreement with those legal standards, policies and directives. And if you see that something is amiss, you should note that down, check possible solutions and show the report to the director's board. You may be responsible for establishing/refreshing new company directives.
@@Eyelash85well what happens if people dont take your legal advice, what if you present our information to the board and nothing happens? do u have a legal obligation to move outside the company or not if not then your basically a paid informant your paid to inform people and thats it, and if you do have to go outside the company to report legal problems your basically some sought of civil police officer was my thinking.
hello
That my potation officer did you did you see Chuck-E-Cheese a mouse that ran behind the the refrigerator my girl God bless you be safe
Embarrassed o her messager