Max Masters explores the practical steps COFAs can take to fulfil their responsibilities
The role of the COFA (Compliance Officer for Finance and Administration) is a challenging one for firms of any size. Larger firms may not dedicate sufficient overheads to implementing appropriate systems and procedures, but those that do certainly see the benefits of this. Many in small and medium size firms experience difficulty dedicating sufficient time to this role when juggling many other responsibilities, be that looking after clients, credit control, AML or other things. Irrespective of size, it is an important role and time needs to be taken to understand the key requirements. If you can do three things, it demonstrates robust systems, as well as being a learning curve to tweak and develop processes.
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