I just want to know the powers of a compliance officer of a bank. Can the person hire workers for a bank or even fire workers? Or what are the powers?

Hire workers?? The bank no get HR??

If it’s a standard commercial bank....Compliance officer are mostly auditors with accounting and professional qualifications like ACCa or ican ...u are just to ensure staff are carrying out transaction in line with policy.... then u are to investigate and identify loopholes in policy and write up improvement that will then be approved by management before it can now be passed as new law in the company..::

If it’s head of compliance role, u might have leg to bring in someone but not hire the the person like u have the power of Human Resource....

You can definitely sack someone after showing the person went against policy and exposed the bank to high risk, it’s more of a recommendation to HR, compliance officer don’t usually have final sack order especially if a full staff is involved.....

The recommendation will now be reviewed by disciplinary committee...,and this committee will comprise of Hr, compliance, risk management which will eventually look at the issue if it’s worth a sack or suspension.....

Thanks for your contribution. I will still appreciate more light to be shed on this.HOW I WISH THIS COULD BE PUSHED TO THE FRONT PAGE.

Compliance officer are professionals tasked to ensure due process properly followed. Usually the PO's (procurement officers) and facility personnel are checked for proper materials purchase et al. They make sure the rules governing the banks are strictly followed and the regulation by the CBN.

I'm clueless like Buhari on this.

To be very very realistic, I do not Like to lie, I honestly don't know

Banking industry is a very regulated sector as such a lot of regulations banks in the industry have to comply with.

You have SEC, BOFIA, CAMA, Tax laws, AML-CFT, to mention a very few.

The job of the compliance officer basically to familiarise him/herself with every of those laws and regulations and will be the one to put the bank in check so they don't flout them.

Der are stiff penalty if a bank default in them.

1StopRudeness:
Hire workers?? The bank no get HR??

If it’s a standard commercial bank....Compliance officer are mostly auditors with accounting and professional qualifications like ACCa or ican ...u are just to ensure staff are carrying out transaction in line with policy.... then u are to investigate and identify loopholes in policy and write up improvement that will then be approved by management before it can now be passed as new law in the company..::

If it’s head of compliance role, u might have leg to bring in someone but not hire the the person like u have the power of Human Resource....

You can definitely sack someone after showing the person went against policy and exposed the bank to high risk, it’s more of a recommendation to HR, compliance officer don’t usually have final sack order especially if a full staff is involved.....

The recommendation will now be reviewed by disciplinary committee...,and this committee will comprise of Hr, compliance, risk management which will eventually look at the issue if it’s worth a sack or suspension.....

Sometimes, Control Officer is different from Compliance Officer.

Control Officer will make sure you follow all the internal regulations of the bank while a Compliance Officer will make sure the employees follow the rules set by regulatory bodies such as CBN. Sometimes the two functions are combined in a single unit

Compliance cannot hire neither fire, but they can recommend for hire or fire.

So be complied bro.

You are like the watch dog of the bank.

A compliance officer ensures that standards and procedures are followed.

They are called RICO in some banks.

If you are not dressed properly, you initiate a transaction wrongly etc, na Compliance go table your matter.

They are auditors in the banking sector. Thy ensure policies are followed to the latter.


Genius J

1StopRudeness:
Hire workers?? The bank no get HR??

If it’s a standard commercial bank....Compliance officer are mostly auditors with accounting and professional qualifications like ACCa or ican ...u are just to ensure staff are carrying out transaction in line with policy.... then u are to investigate and identify loopholes in policy and write up improvement that will then be approved by management before it can now be passed as new law in the company..::

If it’s head of compliance role, u might have leg to bring in someone but not hire the the person like u have the power of Human Resource....

You can definitely sack someone after showing the person went against policy and exposed the bank to high risk, it’s more of a recommendation to HR, compliance officer don’t usually have final sack order especially if a full staff is involved.....

The recommendation will now be reviewed by disciplinary committee...,and this committee will comprise of Hr, compliance, risk management which will eventually look at the issue if it’s worth a sack or suspension.....

@OP hear he him!

As a former bank worker i see compliance officers as bank DSS officers. They investigate staff with lethal accuracy.

A compliance officer works like a monitoring spirit


That's if you can understand

wallace1:
Thanks for your contribution. I will still appreciate more light to be shed on this.HOW I WISH THIS COULD BE PUSHED TO THE FRONT PAGE.

To monitor complaince , with laid down rules and regulations of the bank.

wallace1:
Thanks for your contribution. I will still appreciate more light to be shed on this.HOW I WISH THIS COULD BE PUSHED TO THE FRONT PAGE.

Which other light you dey find, your torch loss?

1stoprudeness has explicitly clarified all basic knowledge you might require....

Why do u want to know?

Following.

Bro, use Google

Romanoff:
You are like the watch dog of the bank.

A compliance officer ensures that standards and procedures are followed.

They are called RICO in some banks.

If you are not dressed properly, you initiate a transaction wrongly etc, na Compliance go table your matter.

What you have described up there is an Internal Control otherwise known as Internal Audit.

A compliance officer does more of external standards than internal.

Though Couple of companies employe one person and double task the person to do internal audit and compliance officer and lay the person for one role.

1StopRudeness:
Hire workers?? The bank no get HR??

If it’s a standard commercial bank....Compliance officer are mostly auditors with accounting and professional qualifications like ACCa or ican ...u are just to ensure staff are carrying out transaction in line with policy.... then u are to investigate and identify loopholes in policy and write up improvement that will then be approved by management before it can now be passed as new law in the company..::

If it’s head of compliance role, u might have leg to bring in someone but not hire the the person like u have the power of Human Resource....

You can definitely sack someone after showing the person went against policy and exposed the bank to high risk, it’s more of a recommendation to HR, compliance officer don’t usually have final sack order especially if a full staff is involved.....

The recommendation will now be reviewed by disciplinary committee...,and this committee will comprise of Hr, compliance, risk management which will eventually look at the issue if it’s worth a sack or suspension.....

Compliance is different from Audit and Internal Control. Your point above is basically for the the later. The Bank's compliance as the name implies is responsible for ensuring that the individuals, units, departments and the organization as a whole complies with regulatory frameworks, policies, directives, guidelines etc from CBN, NDIC, FMF and other regulatory and supervisory bodies. The implications of noncompliance can be very costly sometimes running into several hundreds of millions of Naira, hence the compliance unit.

https://www.youtube.com/watch?v=3JOKcz5LhIk

Some banks have control officers while some do not have. Like my bank we usually have internal control officers still under compliance but later change to compliance unit.
When it comes to compliance unit I think is one of the biggest department u have in bank cus under compliance u have units like, compliance verification team, compliance advisory, compliance monitoring team, regulatory enquiry team, account reconciliation, branch compliance, KYC team, so many of them which as a compliance officer no not everything u will know.
So for a compliance to fire staff u can only recommend to HR after giving quary to the person involved and if u are not satisfied then u recommend to HR for further action which HR will set panel for more action to be taken.
But as a compliance officer one of the major role is to make sure that' staffs are following the bank policies. Then secondly to block any lip holes that will lead to fraud

Stop people from stealing, breaking rules and regulations

adedayourt:
Banking industry is a very regulated sector as such a lot of regulations banks in the industry have to comply with.

You have SEC, BOFIA, CAMA, Tax laws, AML-CFT, to mention a very few.

The job of the compliance officer basically to familiarise him/herself with every of those laws and regulations and will be the one to put the bank in check so they don't flout them.

Der are stiff penalty if a bank default in them.

Apt and best comment on this thread.

Don’t know where folks on this thread finds Compliance officers work JDs as Auditors. What is he/she auditing?

Compliance officers don’t hire or fire/ that’s the job of the HR/Management/Board - depending on the level of the staff in question.

Most compliance level job JDs are regulatory- so they are mostly lawyers.

Despite all this compliance yarn banks still facilitate political looters the most.

nice

Compliance officer should be an arm of internal audit, job is mostly oversight

Venerable612:


Apt and best comment on this thread.

Don’t know where folks on this thread finds Compliance officers work JDs as Auditors. What is he/she auditing?

Compliance officers don’t hire or fire/ that’s the job of the HR/Management/Board - depending on the level of the staff in question.

Most compliance level job JDs are regulatory- so they are mostly lawyers.

Thanks dou internal audit cum compliance officer is Wat I do so speaking from the place of knowledge