All financial services organisations, including the roles of compliance and risk officers have to meet a wide range of compliance and risk requirements set out in legislation e.g. data security, or required by regulators e.g. financial crime, operational risk. To meet these requirements many organisations will have dedicated Risk and/or compliance departments that are experts in the relevant legislation and regulator requirements.
They provide proactive support and guidance to the business areas to ensure that the organisation meets this wide range of requirements, balanced against achieving appropriate customer outcomes. In some organisations, this expertise may be embedded in the business areas themselves.
Within the risk and compliance function of a specific organisation, the role of the compliance and risk officer is likely to include providing relatively straightforward support and advice to the business on their specific area(s) of expertise e.g. financial crime, training and competence, fraud; working with the business on specific problems that emerge; analysing data, maintaining records and producing reports; working on review and audits to check that policies are being correctly applied.
Features and Benefits
As a Skills Edge student you will benefit from:
Course Structure Overview
Key Learning Outcomes
Risk and compliance framework
Broad understanding of the financial services legal and regulatory framework, the role of the different regulators (if appropriate), the implications of non-compliance for the organisation.
Risk and compliance policies and procedures
Sound understanding of the specific risk and compliance requirements for their role e.g. operational risk, financial crime, know your customer, training and competence, approved persons, conduct risk, complaints, data security. This should include both the actual legal and regulatory requirements eg financial conduct authority (FCA) handbook and the policies and procedures used by the organisation to implement these requirements.
Industry and company understanding
Understands the role their organisation plays in financial services, the business they work in, the products and services offered to customers, the organisation’s approach to delivering fair customer outcomes, its ‘Values’, professional standards, and where their role fits in the business. Understands the function of the different areas of the organisation they need to work within their role. Basic understanding of the impact the external environment has on financial services and relevant best practice.
Systems and processes
Understands the systems, tools and processes used in the role, together with the standards to be met, including IT tools.
Uses a wide range of company systems and processes to deliver services to customers and colleagues. This may include advice to customers and colleagues based on regulatory requirements and organisation policies; working with suppliers on data security; internal reviews and audits and follow up; ensuring accurate records e.g. approved persons; supporting formal committees.
Analysis and problem solving
Analyses relatively straightforward risk and compliance problems, investigating issues e.g. fraudulent transactions, and recommending solutions. Works with data, analysing and producing required reports and management information for internal and/or external e.g. FCA use. Able to read and interpret reports, summarising required information.
Full information on all outcomes for this course can be found on the Institute for Apprenticeships & Technical Education website.
As part of this apprenticeship, apprentices will achieve the CII Certificate in Insurance.
This will be made up of:
IF1 - Insurance, Legal and Regulatory
IF2 - General Insurance Business
I10 - Insurance Broking Fundamentals
If you are purely interested in obtaining your CII qualifications and not the wider apprenticeship outcomes, please check out our CII study support workshops: