What are the key functions of the compliance officer regarding the compliance program?

The key functions of the compliance officer in relation to the compliance program involve coordination and communication. Effective compliance requires that various stakeholders within the organization—such as management, staff, and external regulatory bodies—are aligned in their understanding of compliance policies and practices. The compliance officer is responsible for ensuring that there is clear communication regarding compliance responsibilities and expectations. This coordination also encompasses fostering an environment where employees feel comfortable reporting compliance concerns and where policies are effectively communicated.

While monitoring financial audits, staff training and development, and regulatory reporting are also important aspects of a compliance program, they serve as specific tasks within the broader role of the compliance officer. Coordination and communication underpin these tasks, ensuring that the compliance program functions effectively and that all components are working harmoniously together to achieve compliance goals.