Compliance/Legal: currently 2014 jobs.The latest job was posted on 26 Jun 19.
Compliance / Legal
The role of compliance is to make sure that everything the company does follows the applicable law and regulations. In the financial services industry not only are there lots of rules and regulations, but these can also vary in different geographical locations, so compliance is key.
Most financial services companies, such as investment banks and insurance companies, employ their own internal compliance team. This team ensures all relevant legislation and rules are embedded in the company's working practices, and will prepare the company for inspection by the regulators.
For smaller companies, this arrangement may not be economic. Instead they will call upon the compliance services of a financial consultancy firm.
Regulatory bodies also employ compliance specialists who carry out company inspections, and also contribute to the formation of future regulations.
Skills And Attributes
A compliance officer does more than simply inspect and pass judgement. A crucial part of their role is to educate staff and management on the regulations they should be adhering to, how they can do this and to plan for future scheduled changes in the regulations. So interpersonal and communication skills, as well as careful analysis are essential to the role.
Compliance Jobs Within Financial Services
The regulatory jobs in the financial sector can be conveniently divided into four broad categories.
1. Front Office Compliance
The front office of a bank, such as an investment bank, includes the sales people and the traders. Front office compliance professionals will work with the bank's sales team and traders, usually specialising in one particular product type, for example bonds, equities or commodity derivatives.
2. Control Room Compliance
This area focuses on the centralised tasks related to the firm's trading activities. Responsibilities include investigating for signs of alarming or abnormal deals and maintaining the list of those members of staff that have access to restricted confidential information. This will also include responsibility for the 'stop and watch' lists in relation to staff personal account dealing.
3. Monitoring And Surveillance
This team will be closely allied to internal audit. They will be checking that the right processes have been followed and be on the lookout for signs of fraud, insider trading or more general market manipulation.
4. Anti-money Laundering
This team is responsible for ensuring that the firm has the systems and controls in place to prevent criminally derived money being deposited or invested, and to report suspicions of money laundering in accordance with the regulations.