Q:

What are the duties of a compliance officer?

A:

The main duty of a compliance officer is to ensure that the company and its board of directors, management and employees abide by its own internal policies as well as the regulations of regulatory agencies. A compliance officer may be employed by the company or work for another company that offers third party compliance work.

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The industries requiring compliance officers vary greatly. Compliance officers may therefore be required to have industry-specific specialized education and training. Working environments are also varied for compliance officers as one may work on a desk in an office reviewing documents and permits, while another may spend most of his time working in industrial plants.

Other duties of compliance officers include the following:

  1. The development, review and updating of a company's existing compliance policy to ensure that it is up-to-date and in compliance with current standards of regulatory agencies.
  2. The review and revision of the company's internal policies to prevent unethical, illegal or improper conduct within the company.
  3. The collaboration with the company's other departments to address issues regarding compliance violations and recommend courses of action to resolve the issues.
  4. The monitoring of company activities to ensure that the company's management and employees stay in line with the company's existing policies.

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