Compliance officers have a lot of responsibilities, and we like to point out that “compliance officers don’t DO compliance, they MANAGE compliance”. That’s an important distinction. Compliance officers should be a conduit of information and manage compliance in a way that is in line with the institution’s Board of Directors, who are ultimately responsible. Loan officers, tellers, customer service reps, etc., are the ones that should be tasked with “doing” compliance. The compliance officer, on the other hand, must ensure they have the information they need and that things are operating as anticipated. This can be a challenge though, because there is no recipe or set formula as to the “right” way to manage compliance.
David explains more in the video.