Looking for Compliance Jobs in today's Market

”The US Labor Department has predicted that job opportunities for Compliance Officers will increase 31 percent to a total of 341,000 by 2018. This can only be mirrored if not magnified in the UK. So should you consider a job in compliance?”

But before you look for a compliance job, it is important to consider whether you are perfect for the job. Compliance professionals face a lot of pressures from the regulators. The Financial Services Authority plays a very important role in the way compliance professionals do their job.

This means that the Financial Services Authority has set out a mixture of two approaches to put out the guidelines for compliance professionals. Now among this the principles based approach helps the compliance professionals to deal with the guidelines set up by the FSA. There are a broad set of principles that decide whether a person is cut out for compliance jobs or not.

Business of a firm should be conducted with integrity. Due diligence, skill and care should be used to conduct a business. The affairs of a firm must be controlled and organized carefully and effectively. Adequate ”risk management systems” must be used by the firm to safeguard against possible damages. There should be adequate and sufficient financial resources.

Market conduct should be maintained on proper standards if a firm wants to conduct business properly. Customers must be treated properly and respected by the firm. Their interests have to be safeguarded. Information is an important part of the mandate.

The principles of the FSA clearly state that the firm needs to communicate its information to its customers and other clients fairly and directly. It should not be misleading.

Conflicts of interest are a common problem in any business. The firm should be able to manage this conflict fairly whether it is between its customers and itself or between its customers and other clients.

When a customer is dependent upon the firm for advice, it is the duty of the firm to give suitable advice and discretionary decision. If a firm is responsible for the assets of any of its clients, it should arrange for their adequate protection.

A ”cooperative way” should be maintained when a firm is communicating with its regulators. If there is any substantial anything going on, the FSA must be informed.

Jobs in compliance involve highest scrutiny by the FSA. If any means of non-compliance are found in coordinator jobs or regulatory jobs, it can be dealt with severe penalties. This has made the job more stressful.

But due to the elaborate rules and regulations for different firms, professionals in compliance jobs know the dos and don’ts and this helps a financial organization to function properly. Compliance jobs however also help you to safeguard your clients by a fairer financial system.