Compliance officers register with the Compliance Institute SA, following SAQA recognition of the professional body and its board exams, starting in 2013.
The South African Qualifications Authority awarded two levels of professional compliance designations to the body in April 2013, after four years of capacity development.
The professional body was awarded two professional designations for compliance officers;
• Compliance Practitioner, at NQF level 6
• Compliance Professional, at NQF level 8.
“This is a milestone for the compliance profession. Internationally, compliance functions have evolved into an executive role, recognised by organisations as an important component of their regulatory regime,” said Julie Methven, CEO of Compliance Institute SA.
“Emphasis is not only on academic qualifications. Employers want to know that their compliance officers have the knowledge, skills and experience to do the job,” said Methven.
“Regulators now also gain assurance that competent people are assisting operators to comply with the multitude of complex legislation that applies to their respective industries. This is what our professionalism project is all about,” said Methven.
The Compliance Institute SA Board 1 exam (www.boardexams.co.za) measures each compliance officer’s knowledge and skills. Before a Compliance Practitioner or Compliance Professional designation is conferred, work experience requirements have to be met.
The exam is based on the institute’s Generally Accepted Compliance Practice framework, a set of principles, standards and guidelines for establishment and maintenance of efficient and effective compliance functions.
The Compliance Institute Board 2 exam, for Compliance Professionals, will start in mid-2014. The lead-up to the launch of the Compliance Officers Register was posted on Sheqafrica.com last year.
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