The future of compliance

August 2014 will see the first Compliance Practitioner designations being formally awarded to those compliance officers who have met the requisite standards.

A four year project will culminate in the first professional designations for compliance officers being awarded on 13 August 2014 at Emperors Palace.

"A few years ago, we identified a definite need to raise the bar in respect of the knowledge and practical skills for compliance officers." says Julie Methven, CEO of the Compliance Institute SA. "Courses available at that time were still very theory based and the challenge for students was translating the theory into practice. This also presented a barrier for new entrants into the compliance profession as employers did, and still do, place a great deal of emphasis on work experience."

In 2009, the Institute developed the Generally Accepted Compliance Practice framework consisting of principles, standards and guidelines assisting compliance officers in establishing and maintaining a compliance function. This was a first of its kind worldwide and was benchmarked against international best practice.

To complement this framework, the Institute then undertook the journey towards professional body recognition and registered professional designations.

In November 2012, the Compliance Institute SA received recognition by the South African Qualifications Authority (SAQA) as the professional body for compliance officers as well as two professional designations being registered on the National Qualification Framework (NQF) - CPrac(SA) (Compliance Practitioner) and CProf(SA) (Compliance Professional).

In response to the education and training needs, there was a parallel process by the Institute of developing an occupational curriculum which would serve as the basis for future compliance qualifications as well as a progression path for compliance officers.

The curriculum was approved by the Quality Council for Trades and Occupations, a quality council in terms of the NQF Act, in 2013. This resulted in an occupational qualification being approved by SAQA and registered on the NQF later that year.

"It's been an incredibly rewarding journey albeit challenging on occasion. The entire process was brand new so it really was trial and error. We couldn't learn from anyone else's mistakes. It was pioneering stuff." says Methven.

"It has required a change of mind set for our members. No longer can they rely purely on their academic qualifications. Compliance is now a recognised profession and compliance officers will have to demonstrate the requisite knowledge, practical skills and relevant work experience in terms of compliance risk management if they wish to obtain a professional designation."