New benchmark for compliance officers

A 4 year project to professionalise the compliance industry culminated in late 2012 with the Compliance Institute SA being recognised by the South African Qualifications Authority as the professional body for all compliance officers.

“This is an incredible milestone for the compliance profession. Internationally, the compliance officer function has evolved into an executive role and is being recognised by organisations as an important component of their regulatory regime.” says Julie Methven, CEO of the Compliance Institute SA.

The professional body recognition included the registration of two professional designations for compliance officers – Compliance Practitioner (NQF level 6) and Compliance Professional (NQF level 8).

“Gone are the days where emphasis is placed purely on academic qualifications. Today, employers want the comfort of knowing that their compliance officers have the knowledge, skills and experience to do the job.Regulators also gain assurance that competent people are assisting companies to comply withthe multitude of complex legislation that applies to the respective industries. This is what our professionalism project is all about.” according to Methven.

The Compliance Institute SA has introduced their Board I exam (http://www.boardexams.co.za/) which will measure the compliance officer’s knowledge and skills but before the Compliance Practitioner professional designation can be conferred, the work experience requirements have to be met. This exam is based on the Institute’s Generally Accepted Compliance Practice framework, a set of principles, standards and guidelines for the establishment and maintenance of an efficient and effective compliance function.

The Board II exam for Compliance Professionals will be available in mid-2014.