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.

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 element: IRM 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:

Please contact one of the apprenticeship resellers (Kaplan, BPP, Knowledge pool) to register for the IRM programme. (IRM is the support provider). 

IRM contact

For further information please contact: Joanna Kraska, Business Development Manager, IRM: Joanna.kraska@theirm.org

Our UKPRN number is 10019904.