Compliance Officer

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What is a Compliance Officer?

The Compliance Officer is the person or function (Compliance Office) in a large corporation to coordinate that the company is in accordance with relevant legal requirements and regulations, such as the corporate governance regulations issued by the SEC in the USA (Sarbanes-Oxley Act), or the Basel I, II and III minimum capital requirements risk management regulations for financial services firms.

The compliance function is an independent function in an advisory role, aimed at controlling the risks that are relevant for maintaining or strengthening the corporate reputation. However, the final responsibility for controlling these compliance risks and for the definition of integrity remains a task of the Executive Board.

The main personal qualities of a Compliance Officer are discreetness, objectivity, independence, professionalism, and that he should be experienced in relation to the activities of the corporation.

Furthermore, a Compliance Officer should have knowledge about legal, economic, social, operational and commercial aspects and preferably have a legal background.

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