The Compliance Officer’s Task Framework

The Complete Guide to Compliance Responsibilities in Financial Services

Explore the complete landscape of tasks expected from compliance officers across financial services. From AML to governance, this structured guide outlines 12 core categories and over 100 specific responsibilities – each one supported by RuleWise’s intelligent agents.

About This Compliance Task Framework

This practical framework outlines the full range of tasks typically performed by compliance officers in regulated financial services. Organised into twelve core categories –  from AML and policy development to governance and audit – it reflects regulatory expectations, industry standards, and operational best practices.

Each section draws from authoritative sources and can be used to support job descriptions, training programmes, process design, and GRC audits. Whether you’re managing compliance in a bank, insurer, or fintech firm, this guide provides a clear, structured view of your obligations, and shows where RuleWise can help.

AML, CTF, & CPF

Anti-Money Laundering and Counter-Terrorist Financing tasks

KYC & CDD

Know Your Customer and Customer Due Diligence responsibilities

Consumer Protection

Consumer Protection Framework implementation

Risk Management

Risk assessment and mitigation strategies

h

Policy Development

Creation and implementation of compliance policies

U

Monitoring

Surveillance and compliance monitoring activities

Regulatory Reporting

Communication with regulatory bodies

Training

Education and awareness programs

Audit

Quality assurance and internal audits

Governance

Oversight and organizational structure

Technology

Data management and system implementation

Vendor Management

Third-party risk management

1. Anti-Money Laundering (AML), Counter-Terrorist and Counter Proliferation Financing (CTF & CPF)

Risk Assessment and Management

  • Identify and assess risks associated with money laundering and terrorist financing
  • Consider various risk factors including customer profiles, geographical areas, products, services, transactions, and delivery channels
  • Ensure risk assessments are proportionate to the scale and nature of the entity
  • Document risk assessments and make them available to authorities
  • Regularly update risk assessments as regulations change
  • Develop strategies to mitigate identified AML/CTF risks

Policy Development and Implementation

  • Develop comprehensive AML/CTF policies and procedures
  • Ensure policies comply with local and international regulations
  • Translate legal jargon into practical guidelines for employees
  • Review and update AML/CTF policies regularly as regulations change

Monitoring and Reporting

  • Implement transaction monitoring systems to detect suspicious activities
  • Review and investigate flagged or reported transactions
  • File Suspicious Activity Reports (SARs) with appropriate authorities
  • Coordinate with law enforcement agencies when necessary
  • Document investigation findings
  • Report to senior management and regulatory bodies when required

Regulatory Compliance

  • Keep abreast of ever-changing AML/CTF regulatory landscape
  • Stay informed about new laws and regulations pertinent to the industry
  • Interpret legal requirements for practical implementation
  • Ensure the organization complies with all applicable AML/CTF regulations

2. Know Your Customer (KYC) and Customer Due Diligence (CDD)

Customer Identification and Verification

  • Collect and verify customer identification documents
  • Implement robust customer identification procedures
  • Verify the identity of clients and beneficial owners
  • Conduct enhanced due diligence for high-risk customers
  • Maintain accurate customer information records

Risk Assessment and Classification

  • Conduct initial risk assessments of new customers
  • Classify customers based on risk profiles (low, medium, high)
  • Determine appropriate level of due diligence based on risk classification
  • Regularly review and update customer risk profiles

Ongoing Monitoring

  • Conduct ongoing monitoring of customer relationships and transactions
  • Perform periodic reviews of high-risk customers
  • Update customer information and documentation as needed
  • Monitor for changes in customer behavior or transaction patterns
  • Identify and investigate unusual or suspicious activities

Documentation and Record-Keeping

  • Maintain comprehensive KYC documentation
  • Ensure all customer files are complete and up-to-date
  • Comply with data protection regulations when storing customer information
  • Establish retention periods for customer records in line with regulatory requirements

3. Consumer Protection Framework (CPF)

Fair Treatment Policies

  • Develop and implement policies ensuring fair treatment of consumers
  • Guarantee standards for customer service and market discipline
  • Ensure transparent communication of product features, risks, and costs
  • Prevent unfair, deceptive, or abusive practices
  • Review all marketing material for accuracy and fairness

Complaint Management

  • Establish effective complaint handling procedures
  • Monitor and analyze customer complaints
  • Ensure timely resolution of customer issues
  • Report complaint trends to senior management
  • Implement corrective actions based on complaint analysis

Disclosure and Transparency

  • Ensure clear, accurate, and transparent disclosure of product information
  • Review marketing materials for compliance with disclosure requirements
  • Verify that customers receive appropriate information before purchasing products
  • Monitor for misleading advertising or communication

Consumer Rights Protection

  • Implement policies that protect consumer rights
  • Ensure privacy and confidentiality of customer information
  • Provide mechanisms for customers to exercise their rights
  • Monitor for potential violations of consumer rights

4. Risk Management and Assessment

Risk Identification

  • Identify compliance risks across all business areas
  • Create regulatory risk taxonomy
  • Develop thorough understanding of organization’s operations and external regulatory landscape
  • Conduct regular risk assessments
  • Document identified areas of inherent risk

Risk Evaluation and Measurement

  • Assess likelihood and impact of identified risks
  • Prioritize risks based on severity and probability
  • Quantify potential financial and reputational impact of compliance breaches
  • Develop risk metrics and key risk indicators

Risk Mitigation and Control

  • Develop strategies to mitigate identified risks
  • Implement appropriate controls to address risks
  • Monitor effectiveness of risk controls
  • Adjust risk mitigation strategies as needed

Risk Reporting

  • Prepare regular risk reports for senior management and board
  • Document risk assessment findings
  • Communicate emerging risks to relevant stakeholders
  • Provide recommendations for addressing high-priority risks

5. Policy Development and Implementation

Policy Creation

  • Develop comprehensive compliance policies and procedures
  • Ensure policies align with regulatory requirements
  • Translate regulatory requirements into practical, actionable guidelines
  • Involve relevant business units in policy development

Policy Review and Update

  • Regularly review and update policies to reflect regulatory changes
  • Ensure policies remain relevant and effective
  • Document policy changes and approvals
  • Maintain version control of policy documents

Policy Implementation

  • Coordinate implementation of policies across the organization
  • Develop implementation plans and timelines
  • Provide guidance to business units on policy implementation
  • Monitor adherence to policies

Policy Communication

  • Communicate policy requirements to relevant stakeholders
  • Develop clear guidance documents and procedures
  • Create policy summaries and quick reference guides
  • Ensure policies are accessible to all employees

6. Monitoring and Surveillance

Transaction Monitoring

  • Implement systems to monitor transactions for suspicious activities
  • Define monitoring scenarios and alert thresholds
  • Review and investigate system-generated alerts
  • Document monitoring activities and findings

Compliance Testing

  • Conduct regular compliance testing across business units
  • Test effectiveness of compliance controls
  • Identify control weaknesses and gaps
  • Recommend improvements to compliance processes

Surveillance Activities

  • Monitor employee activities for potential misconduct
  • Implement surveillance systems for electronic communications
  • Review trading activities for market abuse or insider trading
  • Conduct spot checks and thematic reviews

Issue Tracking and Remediation

  • Track identified compliance issues
  • Develop remediation plans for compliance breaches
  • Monitor progress of remediation activities
  • Verify effectiveness of remedial actions

7. Regulatory Reporting and Communication

Regulatory Filings

  • Prepare and submit required regulatory reports
  • Ensure accuracy and timeliness of regulatory filings
  • Maintain records of all regulatory submissions
  • Track regulatory reporting deadlines

Regulatory Examinations

  • Coordinate regulatory examinations and audits
  • Prepare documentation for regulatory reviews
  • Respond to regulatory inquiries and requests
  • Facilitate meetings with regulators

Regulatory Change Management

  • Monitor for changes in laws and regulations
  • Assess impact of regulatory changes on the organization
  • Develop implementation plans for new regulatory requirements
  • Communicate regulatory changes to relevant stakeholders

Stakeholder Communication

  • Serve as point of contact between regulatory authorities and the company
  • Maintain open lines of communication with regulatory bodies
  • Report compliance matters to senior management and board
  • Communicate compliance requirements to business units

8. Training and Education

Training Program Development

  • Design comprehensive regulatory compliance training programs
  • Develop role-specific training materials
  • Create training schedules and curricula
  • Update training content to reflect regulatory changes

Training Delivery

  • Conduct training sessions for employees on compliance matters
  • Implement various training methods (classroom, online, workshops)
  • Ensure training is accessible and engaging
  • Provide specialised training for high-risk areas
  • Maintain training attendance records 

Compliance Awareness

  • Promote compliance culture throughout the organization
  • Develop compliance awareness campaigns
  • Create newsletters, bulletins, and other communication tools
  • Organize compliance awareness events

Training Effectiveness

  • Assess effectiveness of training programs
  • Track training completion rates
  • Conduct post-training assessments
  • Identify areas for training improvement

9. Audit and Quality Assurance

Internal Audits

  • Conduct internal regulatory audits of compliance functions
  • Develop Compliance Monitoring Plans and schedules
  • Document audit findings and recommendations
  • Follow up on implementation of audit recommendations

Quality Control Reviews

  • Perform quality control reviews of compliance activities
  • Assess quality of compliance documentation
  • Review sampling methodologies and testing approaches
  • Identify opportunities for process improvement

Independent Testing

  • Arrange for independent testing of compliance programs
  • Coordinate with external auditors
  • Review and respond to external audit findings
  • Implement corrective actions based on audit results

Continuous Improvement

  • Identify areas for improvement in compliance processes
  • Benchmark against industry best practices
  • Implement process enhancements
  • Monitor effectiveness of improvements

10. Governance and Oversight

Board Reporting

  • Prepare compliance reports for board of directors
  • Present compliance matters at board meetings
  • Provide recommendations to board on compliance issues
  • Respond to board inquiries on compliance matters

Management Oversight

  • Report to senior management on compliance activities
  • Escalate significant compliance issues to management
  • Provide guidance to management on compliance matters
  • Support management in making compliance-related decisions

Committee Participation

  • Participate in compliance and risk committees
  • Contribute to committee discussions and decisions
  • Prepare materials for committee meetings
  • Follow up on committee action items

Governance Structure

  • Develop and maintain compliance governance framework
  • Define roles and responsibilities for compliance functions
  • Establish reporting lines and escalation procedures
  • Ensure appropriate segregation of duties to avoid conflicts

11. Technology and Data Management

Compliance Systems

  • Oversee implementation of compliance technology solutions
  • Ensure systems meet regulatory requirements
  • Identify technology needs for compliance functions
  • Participate in system selection and implementation

Data Management

  • Establish data governance standards for compliance information
  • Ensure data quality and integrity
  • Implement data retention policies
  • Comply with data protection regulations

System Testing and Validation

  • Test compliance systems for accuracy and effectiveness
  • Validate system outputs and reports
  • Ensure system controls are functioning as intended
  • Document system testing results

Technology Risk Management

  • Identify and assess technology risks related to compliance
  • Implement controls to mitigate technology risks
  • Monitor for system vulnerabilities
  • Ensure business continuity for compliance systems

12. Vendor and Third-Party Management (DORA and Outsourcing)

Due Diligence

  • Conduct due diligence on potential vendors and third parties
  • Assess compliance capabilities of third parties
  • Review vendor policies and procedures
  • Document due diligence findings

Contract Management

  • Review vendor contracts for compliance requirements
  • Ensure appropriate compliance clauses in agreements
  • Monitor vendor adherence to contractual obligations
  • Maintain records of vendor agreements

Ongoing Monitoring

  • Monitor vendor compliance with regulations and policies
  • Conduct periodic reviews of vendor performance
  • Assess changes in vendor risk profiles
  • Document vendor monitoring activities

Issue Management

  • Identify and address vendor compliance issues
  • Develop remediation plans for vendor-related compliance breaches
  • Track resolution of vendor compliance issues
  • Escalate significant vendor issues to management

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