Modern Apprenticeship in Risk and Compliance
The Institute of Risk Management has been granted supported training provider status (to deliver the professional qualification element of the Apprenticeship) by the Register of Apprenticeship Training Providers (RoATP) for Modern Apprenticeships in Risk and Compliance.
Hear how Microsoft UK benefited from the scheme
Government Incentives: A Springboard to Recovery and Growth
The Apprenticeship Levy is a UK tax on employers which can be used to fund apprenticeship training.
Until the end of January 2021 businesses will receive £2,000 for each new 16-24-year-old apprentice recruited, or £1,500 for apprentices aged 25 and over. This is in addition to payments of £1,000 that already available to help cover the costs of training a 16-18-year-old apprentice (or 19-24-year-old who has previously been in care or has a Local Authority Education, Health and Care Plan).
This means you could be eligible to receive up to £3,000 for each new apprentice you recruit (or up to £4,000 if you choose to combine with the traineeship incentive and recruit a young person who has already completed a period of work experience).
More information about apprenticeship incentives can be found here.
Where does risk management fit in?
All financial services organisations have to meet a wide range of compliance and risk requirements set out in legislation e.g. data security or required by regulators e.g. financial crime, operational risk. To meet these requirements many organisations will have dedicated Risk and/or Compliance departments that are experts in the relevant legislation/regulator requirements. They provide proactive support and guidance to the business areas to ensure that the organisation meets this wide range of requirements, balanced against achieving appropriate customer outcomes. In some organisations, this expertise may be embedded in the business areas themselves.
Within the Risk/Compliance function of a specific organisation, the role of the Compliance/Risk Officer is likely to include providing relatively straightforward support and advice to the business on their specific area(s) of expertise e.g. financial crime, training and competence, fraud; working with the business on specific problems that emerge; analysing data, maintaining records and producing reports; working on reviews/audits to check that policies are being correctly applied. The role will require sound ethical standards, together with good communication and influencing skills as there can be differences of opinion between the business and the Risk/Compliance function on the appropriate action to take. Sound underpinning knowledge of risk and compliance frameworks, policies and procedures will be required. The role may cover compliance or risk functions or be a blend of both depending on the organisation.
For more senior roles (the Level 6 Apprenticeship) job titles will range from Senior Compliance Officer/ Risk Specialist (this will vary in different companies).
At this level, staff will be giving high-level advice to financial services organisations on the legal and regulatory rules they must follow, such as on data security or preventing money laundering.
What will Apprentices learn?
Level 3 - Professional qualification element: IRM International Certificates in Enterprise Risk Management (ERM), and Financial Services)
How the financial services industry works and the role of the regulators
Financial products and services
The law specific to their role
Delivering services such as advice, help with data security, internal reviews and audits
Analysing problems, including investigating fraudulent transactions
Producing reports and management information.
Level 6 - Professional qualification elementIRM International Diploma in Risk Management
Structure of the financial services industry
In-depth knowledge of their organisation's customers
Financial products and services
Impact of the external environment on financial services
How to provide high-quality advice
Analyse and interpret business, legal and regulatory information and the law and rules governing financial services.
How to register/apply for the Risk and Compliance Apprenticeship Programme:
(IRM is the support provider).
Senior Curriculum Delivery Manager, Financial and Professional Sector
Mobile: 07860 909313
Regional Account Manager for the Financial Services Sector
Mobile: 07540 919683
For further information please contact: Joanna Kraska, Business Development Manager, IRM: Joanna.firstname.lastname@example.org
Our UKPRN number is 10019904.
What companies have we worked with?