Compliance Officer Job Description: Top Duties and Qualifications

A Compliance Officer, or Corporate Compliance Officer, is responsible for overseeing an organization’s compliance with government laws and regulations. Their duties include coordinating with company management to identify potential risks, implementing policies and procedures to uphold laws and regulations and monitoring the company’s adherence to those policies and procedures.

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Compliance Officer Duties and Responsibilities

The daily duties and responsibilities of a Compliance Officer generally revolve around identifying and eliminating the risks of noncompliance, both externally and internally. Your job description should accurately describe the specific rules and regulations that the Compliance Officers must constantly monitor. Their most important duties and responsibilities are:

  • Develop internal company policies and see that they are respected.
  • Make sure the organization has a clearly defined program for complying with the country’s laws.
  • Constantly report to management concerning the organization’s compliance with laws and regulations.
  • Take action in dealing with noncompliance situations, creating realistic plans to overcome them.
  • Conduct regular audits to identify potential weaknesses and noncompliance situations.
  • Communicate with employees and make sure everyone is aware of what they need to do to comply with internal and external laws and regulations.

Compliance Officer Job Description Examples

 

Example 1

*About the Company* Vinea Capital is a boutique private equity firm founded in 2017 and headquartered in Augusta. With offices and ventures across Georgia and the Carolinas, the firm strives to deliver healthy profits while also promoting positive community impact. Our portfolio currently includes healthcare, real estate holdings, and hospitality/service-based industries. *Overview of the Position* Reporting to the CEO, the CFO/CCO will be responsible for designing, implementing and monitoring the processes by which the company will comply with all applicable laws and regulations; supporting each of the enterprises, assisting in developing business strategies and managing their affairs to achieve their various business objectives to increase profitability and growth. Location: Augusta, GA required. *Qualifications * Must have a good understanding of the requirements imposed by the Advisers Act, the related rules, and other aspects of the regulatory regime or advisers. Bachelor’s degree in either Accounting or Finance Minimum 5 years track record of progressive career development in corporate accounting and finance Healthcare background preferred Private equity, venture capital-based company experience required Previous early-stage growth company experience preferred Understanding of the operational, accounting and tax issues associated with a private equity fund / REIT Experience in month end close, regular reporting requirements and financial modeling. Ability to be flexible and highly responsive to client needs and requests Excellent customer service and written/oral communication skills *Tasks and Responsibilities* *Risk identification and assessment.* Know how to identify conflicts and other compliance factors creating risk exposure for the firm and its clients in light of the firm's particular operations. *Creating policies and procedures. *Address the risks identified. The policies and procedures should address all conflicts of interest and other risks the firm is exposed to and not a set of risks that advisers in general may have. I*mplementation*. Recognizing the principles of good management and controls. Must remain current regarding changes to the regulatory requirements as the SEC changes and adds to them. Ensures that the steps in the firm's compliance process - risk identification, establishing policies and procedures and implementing those policies and procedures are appropriate and are undertaken timely by staff of the firm to whom those functions have been assigned. Ensures that quality control (transactional) testing is conducted as appropriate to detect deviations of actual transactions from policies or standards and that results of such tests are included on exception and other management reports and are promptly addressed, escalated when necessary, and resolved by responsible business people. Manages the adviser's code of ethics which is a responsibility given to CCOs of advisers by rule 204A-1 under the Advisers Act. Advises senior management on the fundamental importance of establishing and maintaining an effective culture of compliance within the firm. Reports results of the annual review to senior management and ensures that recommendations for improvements that flow from the review are implemented as appropriate. Assisting the CEO in developing financial plans and executing the company’s financial strategy Identifying investment opportunities and managing mergers and acquisitions Oversees the production of timely and accurate financial statements for the various operating and holding companies Support the firm’s portfolio companies in the areas of contracts, personnel issues, legal compliance, legal matters and other issues as required, support for portfolio companies in negotiations with customers and suppliers. Actively work with the senior management teams of the portfolio companies on key strategic issues and projects that require additional management expertise. Participate in the financial analysis of the various holding companies and their investments. Participate in the tax management and tax planning of the holding companies and their investments and the tax planning of affiliates. Support and participate in the management of the banking, non-bank financing and insurance relationships for the company and its portfolio companies. Real estate negotiations, management and administration for the company and portfolio companies as required. Other administrative responsibilities as needed Job Type: Full-time Pay: $100,000.00 - $150,000.00 per year Benefits: * 401(k) * Dental insurance * Health insurance * Paid time off * Vision insurance Schedule: * Monday to Friday Ability to commute/relocate: * United States: Reliably commute or planning to relocate before starting work (Preferred) Education: * Bachelor's (Preferred) * Driver's License (Preferred) Work Location: One location

Example 2

*Summary* We are looking for a dedicated Executive Assistant to perform a variety of administrative and clerical tasks, as well as assist teammates with projects. Duties of the Executive Assistant include providing support to the Compliance Officer and Compliance department and supporting the overall departments. *Duties and * * Organize and schedule department meetings, as well as meetings for the Compliance Officer * Assist in the preparation of client decks and other meeting materials * Assist in the creation and completion of department projects as requested and needed * Create agendas for and attend meetings, as needed, and minutes and action plans and follow up with attendees to ensure all action items are completed * Assist in the preparation of reports and dashboards * Update and maintain department policies and procedures * Organize department artifacts file structure and file documents accordingly * Download/Upload weekly and monthly data files and notify the team of receipt * Maintain internal and external contact lists * Provide general support to visitors * Liaise with executive administrative assistants to handle requests and queries from management * Handle call coverage for Compliance deparment * Handle sensitive information in a confidential manner * Scan, photocopy and print out documents as needed * Special projects, as requested *Minimum Job Requirements: * * High School Diploma/GED * Proficient in using Microsoft Outlook, Excel, PowerPoint, Word, and Smartsheet * Experience with writing formal documents, policies, and training materials is a plus * Minimum of two years experience working as an executive assistant in health care a plus * Experience working with EZCap preferred *Knowledge, Skills and Abilities Required: * * Ability to manage multiple priorities and deadlines with strong follow-through * Professional level written and verbal communication skills * Ability to work both independently and as a part of a team * Receptive to feedback and coaching * Strong planning, organizational, and analytical skills Job Type: Full-time

Example 3

*Our mission at Gadze Finance is to provide everyone with the power to create wealth.* We want to become the leading financial platform in crypto that enables access to great returns for millions of users. Gadze Finance is a next-generation crypto DeFi fund that offers intelligent asset management to investors. We use a unique recipe of yield farming, liquidity provisioning, and arbitrage strategies to generate predictable returns while minimizing risk to investors. *About this role: * The Chief Risk and Compliance Officer (CCO) will be responsible for initiating, developing and maintaining our strategic compliance programs, policies and procedures. , establishing processes for accountability and transparency, particularly in emerging and evolving risk areas, such as those associated with financial transactions, crypto security, human resources and legal. The ideal candidate will possess the analytical acumen, superior communication skills, and sound business judgment to mitigate or eliminate the risk in a dynamic, fast-paced environment. The CCO will report directly to the CEO. *Responsibility: * * Executing and implementing platform-wide risk management policy as well as maintaining compliance programs * Set up custody as well as company regulations and risk programmes globally * Extensive knowledge and familiarity with the prevention of money laundering and financing terrorism (AML/CFT). Ensures that qualified staff and adequate systems are in place for compliance with AML/CFT * Responsible for developing and improving company policies and standards to outline ethical, safe, and efficient procedures * Leading and managing Gadze Finance’s enterprise risk management process, including providing oversight and strategic guidance in identifying, managing, and mitigating risks * Responsible for the effective management of an organization’s ethics and government compliance programs * Managing investigations into wrongdoing and anything that violates regulatory/legal requirements Providing in house legal liaison where needed and managing relationships with any external law services * Maintain a strong working knowledge of regulatory requirements and lead the process to ensure any developments are incorporated into procedures and practices * Meet regularly with the investors and key stakeholders within the business and lead risk committees *Qualifications: * * Expertise in Sanctions (OFAC, UN, EU), compliance laws, rules, regulations, and risks * Expertise in Anti- Money the Financing of Terrorism (AML/CFT) and sanctions regulations and risks * Experience in managing regulatory exams and relationships with examiners, auditors, etc. * Knowledge of regulatory requirements including local and US laws, international and industry standards * A degree in Quantitative Finance, Mathematics, Physics, or other science disciplines * Experience sitting in a CRO or CCO position for an asset manager or investment bank will be advantageous * 1-2 years industry experience working with crypto-assets * Previous track record working within an operational risk & technological risk experience (Exchange, Financial, Credit, Market is a bonus) * Experience setting-up custody and the risks involved in doing so * Strong understanding of regulations related to trading Crypto * Strong understanding of derivatives in other markets with the ability to transfer experience and knowledge into the crypto market * Strong communication and presentation skills, with the ability to articulate complex problems and solutions through concise and clear messaging Interested? Get in touch with us! Job Type: Full-time Pay: $120,000.00 - $250,000.00 per year Schedule: * Monday to Friday Supplemental Pay: * Bonus pay Education: * Bachelor's Degree (preferred) Experience: * management: 5 years (preferred) * crypto asset: 1 year (preferred) * CRO or CCO: 2 years (preferred) * operational & technological risk: 2 years (preferred) Work Location: Remote

Example 4

Our rapidly growing financial services firm is looking for a Compliance Officer to assist in protecting the firm and the advisors by ensuring we stay compliant. This person will oversee the supervision of our Agency’s producers to ensure adherence to the rules and regulations set by the state and federal regulators as well as our home office. *Key areas of responsibility* * Review and approve broker dealer account paperwork in accordance with firm policy * Communicate with reps and Broker Dealer contacts to ensure resolution of all paperwork deficiencies (NIGOs) at both agency and Broker Dealer level * Insurance replacement reviews * Financial planning producer approvals and financial plan approvals * Oversee securities mail processing * Email and social media surveillance * Incoming and outgoing securities correspondence review * Privacy Walkthroughs * Home office desk audits * Client file review (electronic and physical) * Detached office inspections and annual compliance interviews * Outside business activity approvals * Personal Trading Account (PTA) Surveillance * Variable Annuity Training and Documentation * Confidentiality breaches * Special Projects as Necessary * Other duties as required *Qualifications* * FINRA Series 7 and 66 licensed * FINRA Series 24 (or must pass within 60 days) * Excellent organizational skills * Effective verbal and written skills * Solid leadership skills * Proficient in Microsoft Office (Excel, Word, PowerPoint) * Must be able to pass Broker Dealer criminal, driving and financial background check * Previous compliance experience preferred Commonwealth Financial Group, a member of the MassMutual Financial Group, is an equal opportunity employer. Job Type: Full-time Benefits: * 401(k) * 401(k) matching * Dental insurance * Employee assistance program * Flexible spending account * Health insurance * Health savings account * Life insurance * Paid time off * Parental leave * Referral program * Tuition reimbursement * Vision insurance Schedule: * Monday to Friday COVID-19 considerations: Hybrid schedule available working 3 days in office and 2 days remote Application Question(s): * What motivated you to apply to this post? * What is your desired starting salary range? Education: * Bachelor's (Preferred) Experience: * Compliance management: 2 years (Preferred) * Financial services: 3 years (Preferred) * Microsoft Office: 3 years (Preferred) * Series 7 (Preferred) * Series 66 (Preferred) * Series 24 (Preferred) Work Location: One location

What Does a Compliance Officer Do?

Compliance Officers typically work for corporations across industries to protect their credibility by maintaining safe and ethical business practices. They review financial statements, operating procedures and employee feedback to determine whether a company maintains legal operations. Their job is to identify areas of noncompliance and coordinate with management and employees to develop improvement plans. They may also visit departments or company branches to perform random internal audits to ensure compliance with laws and regulations at all levels of the company.

Compliance Officer Skills and Qualifications

A competent Compliance Officer needs a distinct set of skills to successfully perform in this role. The job description should include skills that are related to risk management, attention to details, successful communication with both upper management and company employees and high moral standards. The most important skills for a compliance officer are:

  • Risk assessment skills are crucial for a successful compliance officer as a large part of their work duties are identifying noncompliance risks.
  • Communication skills ensure that the compliance officer can successfully communicate their findings, ideas and plans to both management and employees.
  • Attention to detail is needed to spot certain aspects of rules and regulations that can easily be overlooked.
  • Moral integrity is important because the compliance officer typically needs to understand and promote the importance of complying with rules and regulations.
  • Problem-solving skills are necessary because many compliance issues have no straightforward solution and compliance officers need to find ways of complying with rules and regulations without negatively affecting the company’s operations.

Compliance Officer Salary Expectations

The average salary for a Compliance Officer is $62,693 per year. Wages can vary depending on many factors, like job experience, the size of the company, the sector the company is operating in or their geographical location.

Compliance Officer Education and Training Requirements

Compliance Officers typically require at least a bachelor’s degree in business management, law, finance, business administration or any other relevant field. Their training usually consists of working in roles that offer them experience in risk management and familiarity with specific legal requirements of a certain field of activity. Certain domains, such as banking, also require specific certification as a Compliance Officer.

Compliance Officer Experience Requirements

The Compliance Officer role is typically not regarded as an entry-level position and the job description should reflect that. Aside from the necessary degrees and certifications, aspiring Compliance Officers should have at least three to five years of experience in roles that directly exposed them to managing risks and ensuring compliance with laws and regulations.

Job Description Samples for Similar Positions

The skill set and qualifications necessary for a Compliance Officer position can also apply to other professions. Here are other job description samples if this one is not quite what you were looking for:

Frequently asked questions about Compliance Officers

 

What is the difference between a Compliance Officer and an Auditor?

Both Compliance Officers and Auditors work to ensure an organization’s adherence to laws and regulations, but their areas of focus and employment backgrounds differ. For example, Compliance Officers typically work as a permanent employee of a corporation to ensure their current and future compliance with laws and regulations. They also anticipate changes in laws and regulations and plan for new procedures based on those predictions. 

In contrast, Auditors typically work for financial organizations and government agencies. They perform audits either at the request of the corporation or a government body. During their audits, they review current and previous records to determine an organization’s compliance with current and past regulations. Therefore, Compliance Officers are forward-focused, whereas Auditors are past-focused in their job duties.

 

What are the daily duties of a Compliance Officer?

On a typical day, a Compliance Officer starts by checking their email and voicemail to respond to time-sensitive messages from upper management. They also use this time to review their schedule for meeting times. Throughout the day, they participate in meetings with company Executives to go over new employment laws, transportation and manufacturing standards and other types of government regulations. Compliance Officers use the time between meetings to visit with department Managers and obtain financial statements and other documents to review.

During downtime in their office, Compliance Officers review these documents and compare them to current legislation. They make a note of any troubling activity to report to upper management. Compliance Officers also draft reports or memos to help employees understand how to comply with laws and regulations.

 

What qualities make a good Compliance Officer?

A good Compliance Officer has a strong ethical code that motivates them to identify instances of fraud, safety issues or environmental concerns and report them accordingly. They have excellent verbal communication, which allows them to speak with company executives, employees and external professionals. They also have excellent written communication skills to write reports and policy documents that enforce laws and regulations within the company. Further, a good Compliance Officer regularly reviews state and federal news to identify new rules that apply to their company and its industry.

 

Who does a Compliance Officer report to?

A Compliance Officer typically reports to the Chief Operating Officer (COO) within a corporation. The Chief Operating Officer oversees all company practices and procedures relating to daily operations, so Compliance Officers regularly interact with them and notify them of noncompliance issues. In smaller corporations, a Compliance Officer may report directly to the Chief Executive Officer (CEO) to determine compliance needs.

Job Description Examples

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