How to Become a Compliance Director (Banking)
Step 1: Understand the job description and responsibilities of a Compliance Director (Banking)
What does a Compliance Director (Banking) do?
A Compliance Director (Banking) manages operations to identify and respond to suspicious activity violating current anti-money laundering (AML) regulations as defined in the US Bank Secrecy Act (BSA) or other governmental anti-terrorist financing programs. Implements oversight systems, interdiction software, and audit processes to perform daily transaction monitoring and identify suspicious activity patterns. Being a Compliance Director (Banking) monitors activity and ensures adherence to Know your Customer (KYC) protocols and regulatory requirements for required filings and reporting. Leads investigations of suspicious activity to pursue corrective actions and ensure completion of required filings. Additionally, Compliance Director (Banking) maintains extensive knowledge of financial regulations, risk management best practices, and changing fraudulent trends to develop and implement appropriate compliance procedures. Delivers compliance training with up-to-date regulatory information and procedures to develop and guide well-informed staff. Typically requires a bachelor's degree. May have the Certified Anti Money Laundering Specialist (CAMS) certification. Typically reports to a director. The Compliance Director (Banking) typically manages through subordinate managers and professionals in larger groups of moderate complexity. Provides input to strategic decisions that affect the functional area of responsibility. May give input into developing the budget. To be a Compliance Director (Banking) typically requires 3+ years of managerial experience. Capable of resolving escalated issues arising from operations and requiring coordination with other departments.
Still founder-led by Chairman and Chief Executive Officer Richard Fairbank, Capital One is on a mission to help our customers succeed by bringing ingenuity, simplicity, and humanity to banking.
Together, we are on a quest to change banking for good.
The Compliance Advisor Manager will join a team of compliance advisors who support the functions and operations for the Retail and Direct Bank division including branches, cafes, call centers, deposit operations, marketing, and product development.
Compliance Advisor Managers help the bank comply with all applicable laws, regulations, and supervisory guidance.
A successful Compliance Advisor Manager is a highly motivated, forward thinking, self-starter who can work autonomously, is technologically adept, and a problem solver.
Step 2: Learn best tips to become a Compliance Director (Banking)
Best tips for those who want to become a Compliance Director (Banking)
Here are some tips to become a Compliance Director (Banking).
Take a risk-based approach to everything, A simple conversation about the compliance risk presented by a product, program, or practice helps prioritize a given issue and manage resources accordingly.
Understand and communicate the skills necessary to effectively perform compliance-related tasks.
An expanded role of compliance and active ownership of the risk-and-control framework.
Step 3: View best colleges and universities for Compliance Director (Banking)
Best colleges and universities for Compliance Director (Banking)
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Compliance Director (Banking)
Is being a Compliance Director (Banking) Worth it?
You might say 'front office' (traders making the money) looks at compliance the way compliance in turn looks at the regulators.
Working in compliance in a bank and a brokerage has been excellent preparation for a career in academia.
"What's more, you cannot have a banking environment that is risk free, gives high returns while being highly transparent.
Then giving advice and finally doing a bit of lobbying, say, when the EU is about to introduce yet more regulation, and you need to defend your interests), the most important task of compliance should definitely be advice; that is being in a position to help finance practitioners making the shift from generic normative texts (rules) to specific practical contexts.".
The compliance team may also design and implement solutions to address any identified risks, develop compliance programs for new regulations, and oversee employee training programs.
Step 5: Prepare relevant skills for being a Compliance Director (Banking)
What skills do you need to be a Compliance Director (Banking)?
In order to drive yourself and your team to success, in a management position you need to have a broad base of skills. For success in this position, you effeciency with these skills is key: Compliance Management, Internal Controls, Know Your Customer Administration, Regulatory Reporting. For this role, you will need to be adept in with: Banking Software, Governance, Risk & Compliance Software. Although every company varies in their requirements, these competencies will help you in this role.
The most important asset to have on your resume for a compliance role is a demonstrable knowledge of the subject matter.
A good way to get this basic knowledge is to do an internship at some compliance department to get your feet wet.
Even without a great academic pedigree, it is possible to start with a division where compliance rules are rather simple (like retail banking for instance).
As you gain experience overtime, you can shift to the more demanding roles in the compliance divisions for corporate, institutional and investment banking.
Bank Regulation, Risk Management, and Compliance is a great book by Alexander Dill (available here on Amazon) that broadly covers most aspects of US bank regulations and compliance. It also covers the Basel standards and makes frequent comparisons with UK and EU laws.
Step 6: View average salary for Compliance Director (Banking)
How much does a Compliance Director (Banking) make?
The average salary range for a Compliance Director (Banking) is from $106,884 to $144,920. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Compliance Director (Banking) jobs
Step 7: Find relevant Compliance Director (Banking) jobs, and apply.
Looking for Compliance Director (Banking) jobs?
Here are some Compliance Director (Banking) jobs in the United States.