in financial services law, a person employed by a financial group operating in a variety of fields and for multiple clients to ensure that no conflict of interest arises and that all obligations and regulations are complied with.
"As new rules are enacted and regulatory guidance is constantly evolving, we are keen to provide compliance officers, attorneys and business personnel with valuable guidance around regulatory requirements and expectations that will help with developing compliance policies and procedures."
Because of the important role they play in assuring the soundness and stability of operations, both the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas promulgated regulations to require the appointment of compliance officers in publicly listed companies and in banks, respectively.
Despite the reported vigilance of compliance officers, only 51% said they were very confident about the effectiveness of their employee monitoring policies, and only 17% said their training program was "very good."
Parkersburg physician Kimberly Stooke, MD, of Mid-Ohio Valley Medical Group Inc., recently became the first physician in West Virginia, and one of only a handful of physicians nationally, to obtain the prestigious Certified Medical Compliance Officer Certification.
Both acts prescribe penalties for non-compliant employers and the Acts give Compliance Officers the authority to enter and inspect premises of employers to ensure adherence to the rules and regulations," he said.
Likewise, the chief compliance officer steers the corporation's efforts to manage compliance and other organizational risks, while ultimate responsibility for those tasks still resides (or at least, should reside) with the business units that have the resources and expertise to respond."