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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

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Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

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In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Role of a Compliance Officer

Role of a Compliance Officer

Jodie Toporowski

Director

In this video, Jodie explains the role of a compliance officer by looking at an example of an average day in the life of someone in this position. She also examines the regulatory developments in this area in relation to the effects of the FCA Senior Management and Certification Regimes on the role and day-to-day duties of a compliance officer. 

In this video, Jodie explains the role of a compliance officer by looking at an example of an average day in the life of someone in this position. She also examines the regulatory developments in this area in relation to the effects of the FCA Senior Management and Certification Regimes on the role and day-to-day duties of a compliance officer. 

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Role of a Compliance Officer

9 mins 58 secs

Overview

Overall, a compliance officer is responsible for ensuring the firms and its individuals are complying with all the relevant laws, regulations and principles and rules set by their regulator.

The Financial Conduct Authority (FCA) Senior management and Certification Regime has further developed the role of the Compliance Officer and more senior compliance officer roles now carry personal accountability for their firm’s compliance oversight.

Whether or not there is a formal requirement to appoint a Compliance Officer they have a crucial roles to play in ensuring that the firm is aware of its compliance responsibilities and has appropriate arrangements in place to ensure compliance.

Key learning objectives:

  • What is the role of the compliance officer?

  • What is the impact of the FCA SMCR regime?

  • What are the day to day duties of a compliance officer?

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Summary

What is the role of the compliance officer?

For a Compliance Officer, every day involves ensuring that the firms compliance framework/ programme is embedded within the firm. The Senior Management are responsible for setting the tone for how firm does business.  We have often heard the phrase ‘Tone at the Top’. The term is used to describe the ethical climate as set by its Board Members and Senior Management. A compliance officer’s daily and critical role is assisting the Board and Senior Managers in setting and reinforcing the tone at the top throughout the business. In essence the Compliance Officer is also the firm’s tone/culture ambassador. 

What is the impact of the FCA’s SMCR regime?

Since the introduction of the regime in March 2016 the role of the compliance officer has become ever more important due to the aspect of the personal accountability that allows the regulator to hold individual to account. 

A compliance Officer with SMF 16 permission is accountable and responsible for the compliance function in the firm and reporting to the governing body. First step in creating the compliance framework is to gather information to understand the business and it’s regulatory requirements to identify risks. The identified risks will need to be managed, monitored and reported Senior Management with adequate oversight.  

The SMCR brought with it Conduct Rules which apply to all staff with a firm and further second tier of conduct rules that apply to Senior Managers. 

The regime and its rules further assist the Compliance Officer in raising the standards of conduct and making compliance everyone’s business. 

What are the day to day duties of a compliance officer?

Day to day duties vary significantly with compliance touching on every aspect of the firm, but they usually fit within five distinct headings:

  • Advisory work e.g. in relation to regulatory developments.
  • Policy  - e.g. Ensuring the business has adequate and appropriate policies in place.
  • Monitoring/ Second Line- e.g. maintaining and carrying out the compliance plan monitoring programme.  
  • Stakeholder Management – e.g.  Liaising  with other control and risk departments and coordinating  work within these departments
  • Reporting e.g. providing regular and accurate information to management, the Board and relevant Board Committees, such as the
  • Audit Committee, in the form of management information and/or board reports, raising significant issues, breaches and concerns. 

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Jodie Toporowski

Jodie Toporowski

Jodie Toporowski is an experienced Head of Compliance with a demonstrated history of working in the financial services industry. She is well versed in the areas relating to financial regulation, data protection and commercial contracts. She is also a strong legal professional with regulatory enforcement background. Jodie is currently the Head of Compliance at Hyundai Capital UK and has been at this role since 2017.

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