What approach do you take to ensure regulatory compliance in your role as a Risk Manager?

How To Approach: Associate

1. Describe a real-world example of managing regulatory compliance.
2. Explain the strategies and practices undertaken.
3. Discuss the tools or software used.
4. Highlight the positive outcome or the learning experience.

Sample Response: Associate

In my role as an Associate Risk Manager at ABC bank, I contributed to the development and implementation of effective compliance programs. A clear example is when we had to comply with increased GDPR rules on data privacy. Following a careful review of the regulations, I collaborated with our data protection officer, IT department, and legal team to ensure full compliance.

One of our key strategies was implementing privacy by design – ensuring data protection compliance from the earliest stages of product development. We also conducted risk assessments and privacy impact assessments using RegTech solutions like ComplyAdvantage and IBM OpenPages. Our team organized training and awareness programs to strengthen our employees' understanding of GDPR requirements.

Our successful compliance with GDPR regulations has led to effective data protection, boosted customer trust, and avoided potential non-compliance penalties.