Businesses and organisations today are subject to a vast array of rules and regulations, which can be tricky to navigate, and getting them wrong can lead to legal and financial penalties. Compliance managers have the job of making sure the business or organisation they work for conforms to all necessary regulations.

Does my business need a compliance manager?

As it is important to comply with rules, regulations, and industry standards, having someone to oversee compliance is important. However, for small organisations in particular, it can be expensive to hire an in-house compliance manager, particularly when they may only be needed for short-term projects. This may mean it is more cost-effective to use the services of external FCA compliance consultants.

FCA compliance consultants provide expert knowledge, but with the flexibility to be used on a short-term basis, something that can be more cost-effective.

Responsibilities of a compliance manager

Being a compliance manager is a varied role. One responsibility is identifying the compliance requirements among all the legislation that will be applicable to that particular business, including identifying areas where the business may not be currently complying.

They will also develop and implement programs and strategies to ensure compliance, such as drafting policies, conducting risk assessments, and establishing internal controls. They will then monitor and assess these strategies, such as with an internal audit, to make sure they work. Whether an audit is external or internal, it is the role of the compliance manager to oversee the entire process, including managing resources, scheduling tasks, and documenting results.

The compliance manager will usually be the point of contact with external audit firms and other regulatory bodies, ensuring that reporting is done accurately and at the correct time, and handling any other communication. And in the event of a breach of regulations, they may work with management on the investigation.

Compliance managers must be good communicators, since they will be responsible for training sessions and educational materials for employees on new legislation and they will also need to provide reports to senior management and stakeholders.