What is Compliance?
Years ago my son had a class project at school finding out about their parents’ jobs. He asked for my help and I started to explain the role of a Compliance Officer. After about five minutes his eyes began to glaze over and he said I think I’ll go and ask Dad what he does instead. It turned out that after watching a cheesy 1980’s science fiction film The Flight of the Navigator he thought my job involved spaceships and possibly artificial intelligence, unfortunately the reality was somewhat disappointing for him.
I have had similar conversations with people over the years trying to explain what I actually do and to be honest they usually have the same reaction but without the crushing disappointment that I’m not involved in space travel.
So what does someone involved in Compliance actually do? As the word ‘compliance’ suggests it is about ensuring the Company follows the rules and guidance put in place by our regulator the Financial Conduct Authority. We also need to ensure we have sufficiently robust policies and procedures for everything from Marketing to Data Protection and ensure all employees are up to date with any changes. Compliance is about the ethics involved in financial services and putting our clients at the heart of everything we do, which in my book is the most important thing a business can do.
Now when someone in the Company asks me what we do in Compliance, the solution is easy, I point them in the direction of my lovely assistant Lewis. He explains everything using a fabulous power point presentation – job done!
As for my son he still finds my job as interesting as he did all those years ago.
Now back to the spaceship, I have some more galaxies to explore!