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: