Career opportunities in compliance exist with private industrial organizations, regulatory bodies, nonprofit organizations, and other entities. Compliance managers can find promising career opportunities in pharmaceuticals, the environmental field, engineering, agriculture, healthcare, finance, and accounting.
Depending on their aptitudes and abilities, as well as their experience, employees in compliance hold various positions, including compliance accountant, compliance analyst, compliance manager, regulatory affairs manager, compliance and reporting manager, compliance coordinator, and compliance associate.
Tasks of Compliance Managers
In-house compliance managers ensure that the organizational policies and practices of their companies comply with related state, provincial, and federal laws and regulations. Compliance managers are responsible for maintaining acceptable business standards while advancing company objectives.
Compliance managers examine, evaluate, and investigate whether their companies must conform with laws and regulations pertaining to licenses and permits. They guard against irregularities in financial transactions, investigate complaints, and manage internal and regulatory policies and procedures.
Compliance managers protect the integrity of their organizations, their organizations' finances, and clients' accounts. They maintain current knowledge of regulatory and compliance considerations within their industries or fields.
Compliance officers who work with regulatory bodies are normally licensed professionals and employed by the National Bureau of Labor as part of the Occupational Health and Safety Administration (OSHA).
Compliance officers examine businesses' non-compliance with OSHA standards. If they detect non-compliance, they direct the offending organizations to institute policies and implement changes that will better protect their workers. Compliance officers may recommend penalties or even order the closure of unlawful businesses.
Compliance officers also look into the complaints of employees who feel their health and safety have been endangered by business practices.
In the healthcare industry, compliance officers review relationships between physicians and drug companies. They also verify the disposal of used needles, sterile conditions in operating rooms, and other safety measures.
Why Employ a Compliance Officer?
Companies employ compliance officers mainly to save themselves from interventions by OSHA or other regulatory agencies. In-house compliance inspections minimize governmental intrusion.
Furthermore, companies often find it difficult to interpret and follow the numerous laws affecting business practices. Compliance officers help companies cope with legal systems and institute solutions for remaining compliant with laws and avoiding accidental non-compliance. Frequently changing laws also make it necessary for companies to seek compliance officers' help.
Important Qualities in Compliance Managers
- A sense of responsibility
- An eye for detail
- The ability to inspire others with one's own high standards
- The ability to interpret, apply, and adhere to applicable regulations
- People skills
- Integrity and good reputation
If your plan is to progress upward in an organization, compliance is not the best path. It is rare to see an organization headed by a compliance manager, although many compliance managers enjoy stable positions with some prestige. Many experienced compliance officers start their own compliance provider services. Companies that must deal with complex regulatory laws often seek experienced compliance personnel.
Compensation for Compliance Managers
Compensation is usually not the greatest motivating factor for those entering the compliance sector. According to a recent survey, top global ethics and compliance officers make about $206,800 per year on average, top domestic ethics and compliance officers earn about $180,600, and corporate compliance managers earn about $120,000. However, salaries vary depending on industry and experience.
The Appeal of Compliance
Several practical and personal factors motivate people to pursue careers in compliance. Since compliance is a growing field, good career opportunities exist in all large organizations, including blue-chip companies. Compliance professionals often enjoy job satisfaction and fulfillment because they are responsible for protecting companies' stakeholders, including executives, employees, and shareholders.
