Compliance works independently from the day-to-day business operations. Independent means being independent in relation to the operational activities and the business decisions made there.
Compliance is responsible for reviewing compliance with regulations in relation to the activities subject to a permit. Regulations can include the Swedish Financial Supervisory Authority (FSA) requirements, Swedish law such as the Law 2004:297 on Banking and Financial Service Activities; the Consumer Credit Act, GDPR and others.
Compliance work includes the following:
Assists and supports management and the business with questions regarding regulatory compliance, including training
Identify, control and report gaps in compliance with internal and external rules and regulations
Provide support on regulatory requirements with the creation or new or significantly changed products
Contribute to the quality assurance process upon implementation of internal rules
Identify and manage conflicts of interest within the company