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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.
This occupation is found in all organisations in the financial services sector, including insurance and banking. Compliance and risk officers also work within finance functions across other sectors where a business may have financial compliance responsibilities, such as ensuring that financial organisations operate within the legal boundaries and industry standards.
Compliance and risk officers play a crucial role in ensuring regulatory adherence and minimising potential risks. They focus on legal and regulatory requirements, while identifying and managing potential risks. The role may vary based on the size of the organisation. In smaller organisations, they may work with a small multiskilled team. In larger organisations, they may specialise in one aspect of compliance and risk, for example financial crime or assurance.
The broad purpose of the occupation is to support businesses to meet their financial legal and regulatory obligations. This is achieved through supporting and maintaining a culture of compliance and conducting risk and assurance checks to monitor ongoing compliance. This is achieved through supporting and maintaining a culture of compliance, such as designing relevant training, and providing guidance to business areas on best practice. Compliance and risk officers work to meet key regulatory objectives to protect investors and ensure that markets are fair, efficient and transparent. They also seek to reduce system risk and financial crime.
Within the risk and compliance function of an organisation, the role of a compliance and risk officer will typically include providing guidance to the business in their specialist area, for example financial fraud.
An employee in this occupation would need to exercise judgement and discretion within specified parameters to evidence credibility, and will make evidence-based decisions on whether or not risk and compliance is being adhered to. On occasion they may need to escalate an issue to a manager.
Compliance and risk officers are typically based in an office. Depending on the size of the organisation they may work across multiple sites. There may also be a requirement for hybrid-working, combining office-based work and working from home.
In their daily work, an employee in this occupation interacts with colleagues and teams across the organisation to offer advice and support on risk and compliance issues. They may need to interact with more senior colleagues to present information and data.
Compliance and risk officers work to mitigate legal and regulatory risks to avoid penalties and reputational damage. One of their primary responsibilities is to ensure that institutions operate within the boundaries of applicable laws and regulations. They take an active role in managing an organisation’s risk and reducing financial crime.
Depending on their role, they will interact with external stakeholders, such as small and medium enterprises and larger organisations, providing guidance and support to ensure policies on risk and compliance are being correctly applied and meet the legal and regulatory requirements of the finance sector. Typically, they would report to a senior manager with expertise in financial risk and compliance policy.
An employee in this occupation will be responsible for supporting an organisation’s adherence to compliance regulation and ensuring that risk is minimised. They may specialise in risk or compliance but can do both depending on the organisation. Within limited parameters, they will be responsible for making their own evidence-based decisions which follow the organisation’s financial policy and procedures. In some organisations they may be responsible for supervising or guiding others.
This is a summary of the key things that you – the apprentice and your employer need to know about your end-point assessment (EPA). You and your employer should read the EPA plan for the full details. It has information on assessment method requirements, roles and responsibilities, and re-sits and re-takes.
An EPA is an assessment at the end of your apprenticeship. It will assess you against the knowledge, skills, and behaviours (KSBs) in the occupational standard. Your training will cover the KSBs. The EPA is your opportunity to show an independent assessor how well you can carry out the occupation you have been trained for.
Your employer will choose an end-point assessment organisation (EPAO) to deliver the EPA. Your employer and training provider should tell you what to expect and how to prepare for your EPA.
The length of the training for this apprenticeship is typically 15 months. The EPA period is typically 5 months.
The overall grades available for this apprenticeship are:
When you pass the EPA, you will be awarded your apprenticeship certificate.
The EPA gateway is when the EPAO checks and confirms that you have met any requirements required before you start the EPA. You will only enter the gateway when your employer says you are ready.
The gateway requirements for your EPA are:
For the compliance and risk officer, the qualification required is:
ICA International Advanced Certificate in Governance, Risk and Compliance
ICA Advanced Certificate in Managing Fraud
ICA International Advanced Certificate in Anti Money Laundering
ICA Advanced Certificate in Practical Customer Due Diligence
ICA Advanced Certificate in Business Compliance
ICA Certificate in Compliance
ICA Certificate in Anti Money Laundering
ICA Certificate in Financial Crime Prevention
ICA Specialist Certificate in Financial Crime Risk and New Technology
ICA Specialist Certificate in Money Laundering Risk in Betting and Gaming
ICA Specialist Certificate in Conduct Risk
CISI Award in Combatting Financial Crime
CISI Award in Global Financial Compliance
CISI Award in Risk in Financial Services
CICM Level 3 Diploma in Credit and Collections
Interview underpinned by a portfolio of evidence
You will have an interview with an independent assessor. It will last at least 60 minutes. They will ask you at least 6 questions. The questions will be about certain aspects of your occupation. You need to compile a portfolio of evidence before the EPA gateway. You can use it to help answer the questions.
Project with report
You will complete a project and write a report. You will be asked to complete a project. The title and scope must be agreed with the EPAO at the gateway. The report should be a maximum of 2500 words (with a 10% tolerance).
You will have 12 weeks to complete the project and submit the report to the EPAO.
You need to prepare and give a presentation to an independent assessor. Your presentation slides and any supporting materials should be submitted at the same time as the project output. The presentation with questions will last at least 45 minutes. The independent assessor will ask at least 6 questions about the project and presentation.
You should speak to your employer if you have a query that relates to your job.
You should speak to your training provider if you have any questions about your training or EPA before it starts.
You should receive detailed information and support from the EPAO before the EPA starts. You should speak to them if you have any questions about your EPA once it has started.Reasonable adjustments
If you have a disability, a physical or mental health condition or other special considerations, you may be able to have a reasonable adjustment that takes this into account. You should speak to your employer, training provider and EPAO and ask them what support you can get. The EPAO will decide if an adjustment is appropriate.
This apprenticeship aligns with International Compliance Association (ICA) for Associate membership of the ICA (AICA) or Affiliate membership of the ICA
Please contact the professional body for more details.
This apprenticeship aligns with Chartered Institute for Securities and Investment (CISI) for Associate member status (ACSI)
Please contact the professional body for more details.
This apprenticeship aligns with Chartered Institute of Credit Management (CICM) for Associate Membership ACICM
Please contact the professional body for more details.
| Version | Change detail | Earliest start date | Latest start date |
|---|---|---|---|
| 1.3 | Occupational standard and end point assessment revised | 05/09/2024 | Not set |
| 1.2 | Occupational standard, end point assessment and funding band revised | 29/07/2024 | 04/09/2024 |
| 1.1 | End-point assessment plan and standard revised | 21/03/2023 | 28/07/2024 |
| 1.0 | Approved for delivery | 19/09/2016 | 20/03/2023 |
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