An analytical evaluation and comparative appraisal of recent developments in relation to the role of the compliance officer and risk manager

Abstract

The thesis examines the establishment and the evolution of the role of the Compliance Officer and Risk Manager, and why such roles gained fundamental importance through-out the years. It aims at providing an overview of the scope behind both roles and what part they play in the financial services industry. In the first chapter, the sub-divisions serve as an episode guide on what led to the establishment of both roles. The historical events are given as a background. The second chapter then moves on to provide an explanation on the responsibilities of the role of the Compliance Officer and Risk Manager as well as the skills and experience required for an individual to be appointed as Compliance Officer and Risk Manager. The third chapter, provides the reader with the benefits of compliance and risk management as well as the consequences for failure to comply with the laws and regulations. The chapter then concludes by mentioning the areas of financial services that have been mostly affected by the recent regulatory changes. The final chapter looks at the impact of advancement in technology on both roles and observes the numerous challenges facing Compliance Officers and Risk Managers. The concluding chapter also provides various proposals and recommendations that could help improve both roles under scrutiny.