12 Typical Issues Encountered by a Compliance Manager

Today, nearly 67% of companies call on the services of a compliance officer. If this function was previously rather acclaimed by the banking sector, it now extends to all industrial and commercial companies. A key position within organizations, the compliance manager is faced with many issues daily. A quick overview...

Manage external complaints

The compliance manager must first manage complaints external to his company. A product or service does not comply with the regulations in force on the market? Has a consumer filed a complaint about this? Is the regulatory authority in your industry penalizing you? The compliance manager must verify the facts, find out when compliance was not respected and must rectify it.

Compliance Officer

Respond to observed non-conformities

When a non-conformity is observed, the manager's role is to implement the action plans defined to remedy it. Above all, he must ensure that this action plan is communicated to the teams concerned. He often acts in an emergency, while problem-solving should be done smoothly so that the procedures are applied later.

Monitor changes in regulations

Each business sector is governed by its own rules, which continue to evolve. The compliance helps the manager's field of activity is broadened: integrity and market abuse issues, data protection, ethics, taxation, risk of misconduct, etc. He must ensure that the procedures affected by the procedure are updated. these legal and regulatory changes. How? 'Or' What? Thanks for monitoring work and setting up alerts. However, he cannot always devote as much time as he would like to this activity.

Validate the compliance of new products and services

When bringing new products or services to market, the compliance manager must map the risks of non-compliance, identify the mechanisms for controlling these risks and the action plans to be put in place. These must then be communicated to all those concerned (management and employees). Failure to ensure compliance upon product launch would expose the company to the risk of criminal and financial penalties.

Manage the activity of his team and improve their performance

Compliance Officers today need more and more varied skills: legal, finance, digital, etc. Therefore, They have a whole team of experts to lead, manage and develop skills. We can see that the profession is evolving: from a simple right-hand man to the manager, he is increasingly becoming the manager of a central team in the organization.

Ensure compliance by the various businesses

A large part of the role of the compliance manager consists of checking that the businesses comply with the procedures put in place. This being the case, by raising the awareness of the businesses upstream, it is a task whose time can be significantly reduced.

Ensure the dissemination of information to the right people

For businesses to be able to comply with existing compliance rules, it is necessary to distribute the right information to the right people within the company. Each must have a well-defined field of responsibilities and have their source of information and discussions with the compliance department.

This can be done through procedures, regulations, but also training, or directly informally. This management of information and exchanges is difficult without dedicated tools and digital support. It is important to be able to manage access to information sources and to channel exchanges: on the one hand, between internal compliance players; and on the other hand, with external experts.

Raise awareness and train employees

Compliance is the business of the entire company. Spreading a culture of “compliance ” therefore becomes essential and the compliance officer must devote a large part of his time to it. To achieve this objective, means of communication and collaborative tools can be combined… it is still necessary to have them.

Stay informed of internal developments

A compliance officer needs to be aware of the company's internal activity and its developments. Thus, he must be involved in strategic company meetings to anticipate future changes and to set up or adapt existing procedures.

Ensure the security of information processed

Companies have a real gold mine in terms of data. Therefore, It is essential that they are secure and do not fall into the hands of unaffected people. The compliance manager must work in close collaboration with his CIO to ensure that this is the case in his organization.

Proving compliance to the authorities

In the event of a non-compliance problem, the manager must be able to prove to General Management that the procedure put in place was “valid” and has been followed. To prove, it is necessary to trace, preserve, and record the exchanges between the different parties, the various and varied stakeholders, and the multiple communication channels of the companies.

Reduce hidden times

Finally, how can we not mention all of the tasks which are now incumbent on the Compliance Team, when they are not supposed to fall within the scope of their missions? We are thinking in particular of security, procedural conflict, or even environmental issues on which the compliance manager very often plays the role of conductor. Very often, he finds himself over-requested, which prevents him from devoting himself to his core business.

Therefore, It is easy to understand that the job of a compliance manager has become so complex and so time-consuming that it cannot be done effectively for long without the intelligent support of new solutions. Will digitization make it possible to successfully write the future of the profession of “compliance officer”?