How to Become a Compliance Officer
Step 1: Understand the job description and responsibilities of a Compliance Officer
What does a Compliance Officer do?
The Compliance Officer ensures that investigations follow the approved process, are lawfully and objectively conducted, are thorough in gathering all material facts and present an accurate accounting of the issues. Conducts investigations of alleged violations of the corporation's ethical standards or non-compliance with applicable laws, regulations and corporate policy. Being a Compliance Officer recommends proactive measures that will reduce the risk of similar future incidents. Presents clear, concise, and factual reports that enable fair and relevant decisions to be made. In addition, Compliance Officer typically requires a bachelor's degree. Typically reports to a manager or head of a unit/department. May require a Certified Fraud Examiner (CFE) certification. Being a Compliance Officer contributes to moderately complex aspects of a project. Work is generally independent and collaborative in nature. Working as a Compliance Officer typically requires 4 to 7 years of related experience.
Compliance officers provide a necessary function to nearly every kind of business, in-demand by a wide range of organizations to help employers operate within the appropriate external laws and regulations.
The formation of the Consumer Financial Protection Bureau (CFPB), as well as the emergence of new federal financial regulations, has led to an increased need for qualified compliance officers in recent years.
According to the BLS, nearly half of all compliance-related jobs are in finance and insurance, and nearly a quarter of the remaining employees working in the federal government (excluding the postal service) sector.
Specifically, highly qualified compliance officers with advanced experience and education are eligible for top jobs in federal government.
An effective compliance officer and team can save an organization’s reputation and protect its bottom line.
Step 2: Learn best tips to become a Compliance Officer
Best tips for those who want to become a Compliance Officer
Here are some tips to become a Compliance Officer.
Stay Focused and Keep a Schedule.
Allow Your Compliance Officers to Do Their Jobs.
Empower Them to Voice Their Expertise.
Help Other Employees Want to Comply With Compliance Training.
Fix What’s Wrong, and Make Things Right.
Step 3: View best colleges and universities for Compliance Officer
Best colleges and universities for Compliance Officer
- Butler University
- Carroll College
- Providence College
- Rollins College
- Taylor University
- Amherst College
Step 4: Think about whether is it worth to be a Compliance Officer
Is being a Compliance Officer Worth it?
Compliance jobs may not be for everyone but the hard skin developed for the role means these jokes will be taken with a pinch of salt too.
This joke plays on the fact that compliance officers are meticulous in nature and therefore apply their tactics from work at home too.
This plays upon the idea that compliance officers are only able to focus on work tasks so have no common sense.
Compliance officers do a valuable job in every environment and should be celebrated as well as occasionally gently mocked, as maybe the rest of us should be also.
Depending on the complexity of the firm, there could be tens of thousands of rules and regulations pertaining to electronic communications (which includes social media) that compliance professionals must understand and interpret.
Step 5: Prepare relevant skills for being a Compliance Officer
What skills do you need to be a Compliance Officer?
When looking into a role like this one, you need to take account of your skills and abilities. The ability to succeed in this role depends upon the possession of the following skills: Compliance Management, Fraud Management, Internal Controls, Regulatory Reporting, Sarbanes-Oxley Compliance, Compliance Audit, Compliance Documentation, Compliance Risk Assessment, Ethics Violation Reporting. Although not always necessary, a grasp of these skills can help: Governance, Risk & Compliance Software. During an interview, try to convey your knowledge of these skills.
To accomplish this, the compliance officer must possess a defined set of skills and expertise.
Let’s take a look at some of the important skills that make a really good compliance officer.
Regulation management process can only be implemented and achieved effectively if the officers have strong moral principles and honest qualities.
The compliance officer should be able to identify the risk associated with particular policy-making so that they can draft a simple structured solution.
Regardless of industry, those seeking to become compliance officers first need to establish themselves in a particular field in order to have the skills and knowledge necessary to serve as a compliance officer.
Step 6: View average salary for Compliance Officer
How much does a Compliance Officer make?
The average salary range for a Compliance Officer is from $71,300 to $107,600. The salary will change depending on your location, job level, experience, education, and skills.
- View average salary for the United States
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Average salary for Compliance Officer jobs
- Corporate Compliance Officer - Healthcare
- Compliance Officer, Entry
- Compliance Officer, Senior
- Compliance Officer, Experienced
- Chief Compliance Officer
- Ethics and Compliance Officer
- Regulatory Compliance Officer
- Financial Compliance Officer
- Compliance & Privacy Officer