Q:

What are some responsibilities of a compliance department?

A:

Quick Answer

Responsibilities of a compliance department include ensuring that the board of directors, management and employees abide by the company's internal policies. Depending on the nature of the business, a compliance department may also yield customer complaints.

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Full Answer

Compliance department duties vary depending on the industry. Some employees of a compliance department may need industry-specific training and education. The working environments for compliance offices may vary greatly as well.

General responsibilities for a compliance department usually include developing, reviewing and updating a company's current compliance policy to make certain it's up-to-date and meets current standards. A compliance department usually reviews and revises the internal policies of a business to prevent illegal, improper and unethical conduct within the organization. Compliance departments also collaborate with other departments within the business to address issues that come up with violations of the compliance policy, as well as recommend certain courses of action to resolve the issues.

A compliance department may also monitor company activities to make sure the management and employees stay in line with the business's existing policies. A finance firms may require its compliance department to ensure that the firm is in compliance with all Financial Industry Regulatory Authority and Securities and Exchange Commission rules.

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