This apprenticeship standard is in the process of being revised. In the meantime, the version below remains approved for delivery. Further details of this and other occupational standards in revision are available in the revisions status report.
Giving basic advice to financial services organisations on the legal and regulatory rules they must follow - such as those about data security or preventing money laundering.
Compliance and risk officer
All financial services organisations 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.
Compliance officer and Risk officer
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. The role will require sound ethical standards, together with good communication and influencing skills as there can be differences of opinion between the business and the risk and compliance function on the appropriate action to take. Sound underpinning knowledge of risk and compliance frameworks, policies and procedures will be required. The role may cover compliance or risk functions or be a blend of both depending on the organisation.
Individual employers will set the selection criteria for their apprenticeships. It is recommended that employers may want most candidates to have Level 2 maths and English. Other relevant or prior experience may also be considered as an alternative.
Risk and compliance framework:
Risk and compliance policies and procedures:
Industry and company understanding:
Systems and processes:
Analysis and problem solving:
Communicating and influencing:
Honesty and integrity:
The length of this apprenticeship is expected to be typically 15 to 18 months.
This standard allows the apprentice to apply for professional membership of the appropriate professional body, depending on which qualification is taken.
On completion of this apprenticeship, the apprentice will be fully competent in the role and can continue to develop their career within the organisation through a range of possible pathways, either remaining in the compliance and risk area or other areas of the business.
This is a Level 3 apprenticeship.
The apprentice will complete one appropriate qualification (as considered most relevant by the employer) from one of the following professional bodies:
International Compliance Association
Cert in Anti Money Laundering; Cert in Compliance; Cert in Financial Crime Prevention; Specialist Cert in Money Laundering Risk; Specialist Cert in Trade Based money laundering; Specialist Cert in Corporate Governance; Specialist Cert in Managing Sanctions Risk; Specialist Certificate in Conduct Risk; International Advanced Certificate in Regulatory Compliance, International Advanced Certificate in Anti Money Laundering; International Advanced Certificate in Practical Customer Due Diligence ; International Advanced Certificate in Managing Fraud; International Advanced Certificate in Managing Sanctions Risk
Chartered Institute of Securities and Investment
Combating financial crime; Global financial compliance; Risk in financial services; Managing cyber security
The London Institute of Banking and Finance
UK financial regulation; Financial services, regulation and ethics; Certificate in business Banking and Conduct*; ( The LIBF qualifications “Award in customer complaints handling” and “Cert in Regulated Complaints Handling” are withdrawn – existing apprentices must have taken their exams by 1.5.2019). Certificate in retail and digital banking (CertRDB). (This qualification replaces the LIBF Certificate in Retail Banking and Conduct (CertRBCB). All new apprentices should take CertRDB. Any existing apprentices part way through their studies may complete CertRBCB.
*From 09.08.21, the Certificate in Business Banking and Conduct (CertBB&C) will be replaced with the Level 3 Certificate in Business Banking (CertBB). All new apprentices should take the Level 3 Certificate in Business Banking (CertBB). Any existing apprentices partway through their studies may complete the Level 3 Certificate in Business Banking and Conduct (CertBB&C) and will have the opportunity to complete their qualification within their 12 month registration window.
Chartered Banker Institute
Cert in Complaint Handling
Chartered Insurance Institute
Certificate in Financial Services, Certificate in Insurance
Chartered Institute of Credit Management
Diploma in Credit Management; CSA Diploma, Working in Debt Collection
Institute of Risk Management
International Certificate in Risk Management
After 3 years or when significant change is required.
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|Version||Change detail||Earliest start date||Latest start date||Latest end date|
|1.0||Approved for delivery||19/09/2016||Not set||Not set|