Compliance Officer Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a compliance officer. Feel free to use our compliance officer job description template to produce your own. We also provide you with information about the salary you can earn as a compliance officer.
Who is a Compliance Officer?
The compliance officer is solely responsible for ensuring an organization follows government regulations both globally and domestically to avoid legal fines, ramifications, and image damage. They need to ensure that employees follow the internal compliance policies. A compliance officer is also ensuring that all company’s operations comply with international standards. The role a compliance officer play is highly indispensable in such that without a compliance officer who actively monitors or derives compliance management; companies are at high risk of bridging applicable laws, and regulations, thus exposing themselves to potential reputational damages and fines.
The job of a compliance officer is highly broad and they can be called the following titles:
- Environmental compliance inspector
- Licensing examiner or inspector
- Equal opportunity representative or officer
- Government property or investigator
- Regulatory affairs specialist
- Bank compliance officer
These different jobs ensure that companies adhere to regulations, comply with laws, follow policies and meet eligibility requirements for licenses and permits. They also assist in training employees on requirements that must be met and also assist with regulatory processes.
Compliance officers provide a connection between specialist departments and, management. They regulate the flow of information between management and specialist areas while respecting different responsibilities and confidentiality requirements. The role of a compliance officer is highly complicated and to avoid conflict of interest, the compliance officer position is usually situated within or reports directly to the legal department. Compliance officers ensure that the company adheres to the law and they also ensure the smooth running of the company. The position is directly located under the board of directors, guaranteeing independence, and also reports directly to the senior management. This ensures that unfiltered reports reach the management of the company.
A compliance manager is a one-man band, a compliance officer can quickly become overwhelmed, depending on the company size which can make the job very complex. Establishing a compliance department requires that a team is present to assist with tasks such as; management system, risk assessment, and training that are related to compliance.
A compliance officer communicated directly with the management and is involved in the company’s decision-making process and also gives counsel to the company. The role of a compliance officer differs from an external consultant. A compliance officer actively helps to shape these business decisions and seeks solutions to achieve business objectives while complying with laws and regulations.
Compliance officers will consult with the management on the findings and play a lead role in updating training practices or manuals for employees. Some compliance officers can also work as consultants in an organization’s practices and some can work for regulatory agencies saddled with the responsibility for enforcing standards within a particular economical sector.
The work environment of a compliance officer can be an office setting or being in the job field inspecting anything from roads to construction sites, pipelines, and more. Compliance officers can also work in a firm’s management to ensure that rules and regulations are adhered to. The job sometimes can be very stressful when failing to maintain some standards which can result in government fines or another form of financial loss. Some employees also have negative energy towards compliance officers; they sometimes see them as being too strict and this can be very difficult for the compliance officer to condone.
The work schedule of compliance officers varies because they work in different organizations. Most jobs follow a standard business week, but the demands of some jobs might require more them 40 hours per week in some job settings.
Compliance Officer Job Description
Below are the compliance officer job description examples you can use to develop your resume or write a compliance officer job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a compliance officer include the following:
- Monitors all operational processes or procedures using a compliance management system to ensure that a company adheres to all legal regulations and ethical standards
- Manages the way information flows by researching, recording, and assessing data and information and also conducting compliance risk assessment, they also ensure the smooth running of the business
- Trains and educate other employees so that they are updated on any legal changes to compliance guidelines
- Act as a connection and liaison between department heads and senior management
- Conduct regular assessments to ascertain whether policies are compliant with the law
- Develop and review company policies
- Counsel the management on the company’s adherence to laws and regulations through a detailed report
- Frequently auditing the company’s procedures and practices to determine possible weaknesses and risks
- Ensures that all employees are educated on the latest regulations and processes
- Resolve the company’s concerns about legal compliance
- Review internal bank policies to ensure they align with external banking regulations
- Participate in seminars conferences, and workshops to improve job knowledge
- Perform various general administrative duties such as file creation and maintenance of ongoing administrative projects
- Collaborate with other departments to create a culture of compliance.
Qualifications
- A bachelor’s degree in law, finance, business management, or a related field
- At least three years of proven experience in a compliance officer role
- Good knowledge of legal requirements and procedures
- Brilliant oral and written communication skills
- Highly analytical with strong attention to detail
- Management experience
- Strategic thinking
- Expert knowledge of the company and relevant market
- Legal and moral integrity
- Exhibit professionalism in appearance and mannerisms
Essential Skills
- Reading comprehension: the job of a compliance officer requires writing reviews and also cross-checking a lot of documents, especially if their job specifically entails ensuring paperwork is filled properly on time. It is highly paramount that compliance officers should be able to read these documents and digest them.
- Detail-oriented: one of the core skills of a compliance officer is to be able to recognize differences. They must be much focused and pay attention to the little details or information they discover in a document.
- Leadership: a compliance officer helps in the decision-making of a company and thus he possesses leadership skills. A compliance officer assists the management to find new ways to be profitable while maintaining standards thatch must be met for legal or commercial purposes.
- High moral standards: a compliance officer must be a man of integrity that always has a strong moral standing. A compliance officer must create a dichotomy on what is right and wrong in a company.
- Accounting Skills: compliance officers must be able to review financial records to identify errors or inconsistencies in the account
- Diplomacy: This is a core skill that compliance officers must possess because they work with diverse stakeholders as they deliver critical assessments for improving a company’s financial status quo, identify leaders to facilitate the end goal, and help usher the team forward. A compliance officer must explain in simple terms the nature of a problem, offer a correction plan and invite stakeholders to provide solutions, and then monitor for remediation.
- Organized: the job of a compliance officer involves analyzing a lot of documents and reports and so a compliance officer must be very organized to ensure that nothing is done haphazardly but everything is to ensure the smooth running of the company’s business. He or she must also have the ability to understand, recognize and interpret facts quickly and precisely.
- Time Management Skills: a compliance officer must be good at managing time because the job of a compliance officer is very complex. As a professional in the field; he or she must possess the ability to multitask and able to work under intense pressure.
How to Become a Compliance Officer
An individual considering a career as a compliance officer should do the following:
- Acquire a Bachelor’sDegree
Someone considering a career as a compliance officer must acquire a bachelor’s degree in law, business administration, financial accounting, or information science. Bachelor’s degrees in business administration and information science take a frame of six to seven semesters to complete while the law degree takes ten semesters to complete. Enrolling for a bachelor’s degree is your first step toward becoming a compliance officer.
- Enroll for an Advanced Degree
The job position of a compliance officer is very complex and some employers may require employees that have a master’s degree in law or business administration. A Master’s degree usually takes three to four semesters to complete. This master’s degree helps your mind to be broadened to equip you to play the role of an excellent compliance officer.
- Training and Experience
Training and experience are highly paramount for a compliance officer because no company wants to employ a novice. Compliance officers must go on job training or internship to gain experience in a company and its market environment for them to perform their responsibility effectively. Most compliance officers start by gaining experience in another company’s position before they are promoted to a management positions fo, r instance, a compliance officer can start working in the legal department before he or she is moved into a full compliance officer. Legal knowledge plays a huge role in compliance management and so trained lawyers that have completed compliance training have the best prospects here.
- Certifications
Apart from acquiring a bachelor’s degree or a master’s degree in law or business administration to qualify for the role of a compliance officer; certifications are also highly vital. You can acquire certification in CPA credential, CCEP (Certified Compliance & Ethics Professional), and IACCP (Investment Adviser Certified Compliance Professional). These certifications will make you become a professional and also make you marketable to employees.
- Draft your resume and apply for jobs
Draft your resume and include your educational qualification, experience, and skills and start applying for jobs. You can look out for open job positions online or offline. You can also contact your friends and family to notify you when there is an opportunity.
In addition, have a standard LinkedIn profile so that potential employers can easily reach you.
Where Can a Compliance Officer Work?
As a compliance officer, there are diverse opportunities for you to work in various industries as most sectors face some level of regulation both internally and globally. These are the following sectors you can work with:
- Financial Services: the financial services such as banks or accounting firms. A compliance officer ensures that when these financial outlets are performing a financial transaction; they must comply with the rules and regulations to avoid any sanction. For instance in Nigeria, the Central Bank of Nigeria regulates banks and each bank must meet up with the central bank’s regulatory policies to avoid any sanctions.
- Pharmaceuticals: a compliance officer can work with the pharmaceutical industry where drugs are produced. This industry is highly sensitive because people’s health is involved. A compliance officer must ensure that the drugs being produced follow the appropriate guidelines of production from the World Health Organization (WHO) and other internal bodies that regulate this industry to avoid any sanctions or fines.
- Non-Governmental Organizations or Charity: a compliance officer works in this sector mostly to ensure that the organization drafts its yearly financial report or achievement and submits it to the government. The government also requires these organizations to do an annual audit and also specify their achievements in their host country.
- Regulatory bodies: a compliance officer can work in a regulatory body such as the Standard Organization of Nigeria (SON) located in Nigeria. Most sectors in the world today have a body that regulates them; a compliance officer can work in these bodies which ensures that companies or organizations meet up to standards.
- Companies or Firms: a compliance officer can work in the following departments in a company: assurance, financial crime, monitoring, product advisory, and regulatory affairs to ensure the company meets up with the standard and also ensure the smooth running of the
- Digital and technology
- Environmental services
- Insurance
- Property
Compliance Officer Salary Scale
As a compliance officer, the industry you choose to work with determines how much you will earn. For instance, a compliance officer in a banking sector will earn more than a compliance officer in a charity or non-governmental organization.
- In the United Kingdom, An entry-level compliance officer’s salary ranges from 18,000pounds to 35,000pounds. Compliance managers can earn 30,000pounds to 75,000pounds. Senior managers in compliance up to 100,000pounds. Additionally, a compliance professional with two years’ experience can earn 200pounds a day.
- In Nigeria, A compliance officer can earn NGN 110,000K per month. While a senior level compliance officer with ten years’ experience can earn NGN 578K.
- The average salary of a compliance officer in the United States is $61,902 per year with an average salary of $47,631 per year.