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Senior compliance and risk specialist

Senior compliance and risk specialist

Level 6 - Professional Occupation

To ensure that organisations' operations comply with relevant legislation, regulation and policies through reviewing and implementing policies and procedures.

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Summary

This occupation is found in a range of organisations that are required to meet compliance and risk conditions set out in legislation. This could include the requirement of regulators in areas such as financial crime and operational risk.

To meet these requirements many organisations will have dedicated risk and compliance departments that are experts in the legislation and regulative requirements. They provide proactive support and guidance to internal business areas to ensure that the organisation meets the requirements, balanced against achieving appropriate customer outcomes. In some organisations, this expertise may be embedded in the business areas themselves. Specialists may work in small, medium or large firms and increasingly may be working from home or with some access to office facilities.

Risk and compliance specialists operate in many sectors where regulation and legislation is evident, including banking and finance, gambling and gaming, healthcare, utilities and as consultants.

The broad purpose of the occupation is to provide high quality input and advice to the business in their specialist area(s) of expertise. The specialist areas may include, risk, financial crime, compliance, modelling and analysing data, customer due diligence, cyber security, governance, anti-money laundering, Environmental, Social & Governance (ESG) and climate risk.

A senior compliance and risk specialist manages complex problems, implements any new legal and regulatory requirement and works with senior people in the organisation.

As working from home becomes more common, proficiency in digital communications is a core requirement to communicate with the business and other members of the team.

In their daily work, an employee in this occupation interacts with senior personnel in their organisation and others who engage in risk-based activities. They are required to manage differing views and influence others to achieve collaborative solutions including regulators/ legislative experts/ policy staff.

An employee in this occupation will be responsible for planning and developing courses of action to maintain risk and compliance in line with organisational risk appetite and regulatory requirements. They will also initiate and lead tasks and processes, taking responsibility, where relevant, for the work and roles of others and the allocation of resources.

There will be a need to exercise broad autonomy and judgement adhering to ethical standards and applying technical expertise whilst applying deep underpinning knowledge of risk and compliance frameworks, policies, and procedures. This knowledge may cover compliance or risk functions or be a blend of both depending on the organisation.

The employee in this area of work has the capability to influence senior members of the organisation as there can often be differing views on the appropriate action to take. Employees will need to possess excellent communication and negotiation skills as well as resilience and persistence when ensuring policy and plans are implemented to conclusion.

Green themes

Financial and Professional Business Services

Typical job titles include:

Compliance manager
Credit monitoring manager
Financial crime manager
Operational risk manager
Risk & controls manager
Senior compliance specialist
Senior risk specialist

Keywords:

Audit
Finance
Financial Regulation
Fraud
Internal Audit
Law
Risk

Knowledge, skills and behaviours (KSBs)

K1: The features and principles of the legal and regulatory framework in their industry.
K2: The role of regulators in their industry, their objectives and primary functions.
K3: The inter-relationships between different regulators and their organisation
K4: The implications of non-compliance on the organisation
K5: The history of the industry and the role their organisation plays in the wellbeing of society
K6: Factors that can change risk appetite in an organisation including competitor activity, political, social and environmental factors and how these can be mitigated
K7: Professional standards and best practice and how these are applied.
K8: The role of their team or department, the different teams and organisations they work with and how they support them.
K9: Approaches to identify customer segments and needs
K10: The policies and processes in place to ensure fair customer outcomes
K11: Financial and compliance risks within the organisation’s products and services available to customers
K12: The principles of excellent stakeholder management relative to their role
K13: The principles of communication techniques such as, active listening, team communications, business storytelling, negotiation techniques, conflict management and, diversity, equality and inclusivity considerations.
K14: The features and principles of strategic planning relative to their role
K15: Continuous improvement principles and techniques relative to their role.
K16: The systems, tools and processes required in the role such as the impact of technology on risk management, cyber security, AI, blockchain, digital tools
K17: Internal and external audit requirements and the responsibilities of the auditor and auditee
K18: The impact of data protection legislation and the processes for sharing and storing information safely and securely including risks to data from cybercrime
K19: The nature and importance of key climate, environmental and emerging sustainability risks, relative to compliance and risk, and how these may be managed.
K20: The extent to which sustainable finance is incorporated in risk and compliance frameworks and the role of key stakeholders

S1: Think laterally, take a wide perspective of the issue at hand, consider aspects of a problem to formulate an operational or strategic plan.
S2: Build reports to suit the requirement of the audience, for example departmental plans, key performance indicators (KPIs) and project reports.
S3: Plan and organise own work to meet legal, regulatory, organisational deadlines
S4: Analyse and interpret information to assess whether it meets legal, regulatory, process or policy requirements
S5: Analyse information to identify key issues, draw conclusions and make recommendations
S6: Demonstrate different communication methods and adapt communication style to their audience, being clear on purpose of communication and outputs required, for example; verbal, written, virtual communication, presentations
S7: Demonstrate different communication styles such as, active listening, team communications, business storytelling, negotiation techniques, conflict management, cross-cultural communications, equality and inclusivity considerations
S8: Maintain documents in line with current regulation and policy
S9: Challenge and influence managers and colleagues on desired course of action
S10: Build and maintain working relationships with stakeholders, contracting and managing stakeholder expectations.
S11: Build trust with colleagues, collaborating to achieve results
S12: Manage conflict, demonstrating empathy and a desire to work towards win-win outcomes
S13: Lead others to achieve desired outcomes
S14: Apply continuous improvement techniques to deliver improved compliance and risk outcomes for the organisation, for example seek feedback and respond to improve performance
S15: Develop strategies to implement change
S16: Network with others in the profession to keep up to date with changes in the industry, best practice and potential opportunities
S17: Use digital tools for research, analysis, and to present data using visualisation techniques.
S18: Demonstrate technology to others and keeps up to date with developments in IT relative to their role
S19: Handle data safely and securely and share information in compliance with data protection legislation and organisation’s policy

B1: Displays honesty and integrity - truthful in their actions. Shows integrity by doing the right thing, maintains confidentiality and acts with due care and diligence
B2: Takes ownership of continued professional development, acts as a role model and supports others in their development.
B3: Takes an adaptable, evidence-based approach to decision making in the context of specific situations or environments.
B4: Resilient in challenging, changing environments. Shows emotional intelligence to resolve conflicts when they arise
B5: Takes responsibility for decisions and procedures implemented.
B6: Displays a growth mindset, learning from failures, spotting opportunities and overcoming challenges
B7: Collaborates and promotes teamwork across diverse teams; internal, external and across disciplines

Duties

Duty D1

Safeguard the organisation from risks relevant to your role, for example, money laundering, terrorist financing risk, conduct risk, operational risk, climate change risk by ensuring monitoring structures and processes under your control are effective

Duty D2

Use relevant frameworks to assess, manage and mitigate risks relevant to your area of expertise, adhering to organisational policies and procedures.

Duty D3

Analyse a wide range of data, including observations and stakeholder interviews to understand risks relative to your role and form recommendations for change.

Duty D4

Provide specialist compliance and risk advice and consultancy to leaders on risk, financial crime, compliance, or modelling and analysing data.

Duty D5

Build relationships and influence with stakeholders to support and embed a risk-based culture, improve compliance and reduce risk factors.

Duty D6

Maintain an understanding of up to date legal and regulatory changes relevant to your area, taking responsibility for ensuring any changes are communicated effectively and embedded.

Duty D7

Provide proactive support, guidance and challenge to business areas to ensure that the organisation meets legal and regulatory obligations balanced against achieving appropriate customer outcomes.

Duty D8

Design and implement risk and/or compliance activity relevant to your area to support the organisation’s goals and legal and regulatory requirements, for example, Financial Conduct Authority, Prudential Regulation Authority

Duty D9

Collaborate across your organisation to ensure consistent, joined up approaches to policies and processes relevant to your role.

Duty D10

Share your knowledge and expertise with others to support the development of knowledge and skills in your team or department.

Duty D11

Develop and deliver new ways of working which strengthen and promote regulatory compliance and continuous improvement.

Duty D12

Create and maintain documentation, including reporting requirements, following records management process and audit requirements to evidence legal and regulatory compliance relative to your role.

Duty D13

Adapt to technological advancements and changes which impact the compliance and risk management landscape

Occupational Progression

This occupational progression map shows technical occupations that have transferable knowledge and skills.

In this map, the focused occupation is highlighted in yellow. The arrows indicate where transferable knowledge and skills exist between two occupations. This map shows some of the strongest progression links between the focused occupation and other occupations.

It is anticipated that individuals would be required to undertake further learning or training to progress to and from occupations. To find out more about an occupation featured in the progression map, including the learning options available, click the occupation.

Progression decisions have been reached by comparing the knowledge and skills statements between occupational standards, combined with individualised learner movement data.

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