{"id":3474,"date":"2025-03-28T03:26:42","date_gmt":"2025-03-28T03:26:42","guid":{"rendered":"https:\/\/www.talentweb.com.au\/?p=3474"},"modified":"2025-03-28T03:26:42","modified_gmt":"2025-03-28T03:26:42","slug":"the-evolving-role-duties-of-compliance-officers-in-finance","status":"publish","type":"post","link":"https:\/\/www.talentweb.com.au\/the-evolving-role-duties-of-compliance-officers-in-finance\/","title":{"rendered":"The evolving role & duties of compliance officers in finance"},"content":{"rendered":"

Compliance officers were one of the most in-demand roles in financial services last year, and the role is evolving.\u00a0<\/strong><\/p>\n

Throughout 2024, our specialist Risk, Compliance & Financial Crime team saw roles like chief compliance officer, compliance manager and other related titles all grow in demand, pushing up salaries and squeezing the jobs market tight. It\u2019s a great time to be a part of the profession, with lots of opportunities available around the country and plenty of room for advancement.<\/span>\u00a0<\/span><\/p>\n

But why is the role of compliance officer in such focus, and should you be doing something different in your career to stay relevant? Let\u2019s take a look.<\/span>\u00a0<\/span><\/p>\n

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Why are compliance officers in such demand?<\/h2>\n

Simply put, pressure and risk are always found together.<\/span>\u00a0<\/span><\/p>\n

We all know the world is getting more complex. Tense geopolitics overseas has created an uncertain economic future for Australia, there is increasing regulatory scrutiny at home placing more pressure on compliance as a business focus, and tight budgets after years of slow growth mean that some risks can\u2019t be taken as lightly as once before.<\/span>\u00a0<\/span><\/p>\n

From an employer\u2019s point of view, especially in the highly regulated financial world, smart compliance officers are pivotal to success in navigating these choppy waters.\u00a0<\/span>\u00a0<\/span><\/p>\n

Leaders are expecting more from their compliance officers<\/h3>\n

In response to these pressures, compliance teams are facing significant change.<\/span>\u00a0<\/span><\/p>\n

Business leaders want more value out of their compliance teams. They aren\u2019t content to let these regulatory and ethics experts operate in a silo \u2013 siloed business units just aren\u2019t modern. They need proactive business leaders who can step up, collaborate with others and grow from a back-office function to key board room advisor.<\/span>\u00a0<\/span><\/p>\n

The modern compliance officer is no longer simply responsible for ensuring the business operates safely within the boundaries of Australia\u2019s regulatory environment. They must be partners in business growth, helping to build a culture of safety and supporting the long-term strategy of the organisation through the lens of risk.\u00a0<\/strong><\/p>\n

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Common duties of the modern compliance officer<\/h2>\n

Across our clients, we\u2019ve seen an increase in requests for compliance officers who understand far more than just risk mitigation, fraud and governance standards. Of course, these remain important, but the scope has broadened.<\/span>\u00a0<\/span><\/p>\n

Added duties of the CCO more often than not include:<\/span>\u00a0<\/span><\/p>\n

1. Navigating broader compliance topics<\/h3>\n

Governance is of course a staple of the role, but its scope is broadening.<\/span>\u00a0<\/span><\/p>\n

There\u2019s a growing call for compliance officers to be well-versed in a range of new topics, including:<\/span>\u00a0<\/span><\/p>\n