Compliance Officer Roles and Responsibilities Take Centre Stage in Greece

In a rapidly evolving regulatory landscape, compliance officers have become indispensable guardians of financial and ethical standards within Greek organisations. As the Greek economy continues to integrate with the EU’s regulatory frameworks, these professionals play a pivotal role in ensuring adherence to laws and regulations.

Key Responsibilities of Compliance Officers in Greece

Compliance officers in Greece have multifaceted responsibilities, including:

• Ongoing monitoring of compliance with a wide array of regulations
• Training staff on compliance requirements
• Developing comprehensive policies and procedures to guide day-to-day operations and decision-making processes
• Identifying, evaluating, and mitigating potential threats to operational integrity through risk assessments

Organisational Requirements for Effective Compliance Functions

The effectiveness of compliance functions heavily depends on their structural foundation, which must support:

• Independence: maintaining objectivity and enforcing regulations without conflicts of interest
• Authority: clearly defined in governance policies to prevent ambiguity in roles and responsibilities
• Access to the board or senior management: ensuring direct reporting on issues and influence over strategic decisions
• Adequate resources: both human and technological

Reporting Obligations of Compliance Officers

Compliance officers have a critical role in providing transparent and timely reports to:

• The board of directors
• Regulatory authorities
• These reports play a crucial role in informing senior management and external overseers about adherence to compliance norms and any risks identified.

Future of Compliance in Greece

The role of compliance officers in Greece is rapidly evolving, shaped by new regulations and shifting global landscapes. Key trends include:

• Increased demand for stringent data protection and privacy practices following GDPR
• Complexities introduced by Brexit, particularly in navigating diverging UK and EU regulatory frameworks
• Growing use of artificial intelligence in compliance processes, requiring professionals to be tech-savvy and strategically focused

As the Greek economy continues to integrate with the EU’s regulatory frameworks, compliance officers will play an increasingly vital role in ensuring adherence to laws and regulations. By understanding their responsibilities, organisational requirements, reporting obligations, and future trends, compliance officers can effectively navigate this rapidly evolving landscape and safeguard their organisations’ integrity.