Job Description & Duties
In this role as a compliance officer, it can be expected that people chosen will work very close with the managers or director to ensure compliance with the law. Thus it can be expected that they will also work in close contact with the company's legal department or company lawyer.
A compliance officer may also have a compliance manager that they report to. A compliance officer is a fast paced role in many industries, as it involves watching over all of the operations of a business. Thus the person in this role will constantly have to ensure that the proper forms are being used, that records are reviewed meticulously, and that any necessary inspections have been completed and completed within the right timeframe.
This is not a job for the weak-hearted or timid, as it will also be necessary to approach staff and senior managers to inform them when a task is not being completed correctly according to regulations. Therefore, the compliance officer should know about all areas of the company and how everything is functioning, right down to if the correct words and information is being used on customer service documents.
The Qualifications
For you to succeed in this compliance officer job, the graduate will need to have attained at least a four-year bachelor's degree. Even though you can be hired with just a bachelor's degree, some compliance officers go on to pursue his or her master's degree.
You will also need further training in industry regulations based on the sector you are working in. It will not be easy starting out based on the amount of regulations that is needed, but after ten years the compliance officer should feel comfortable in the role.
As time progresses, the compliance officer will also need to update his or her training as industry regulations change. Therefore, this compliance officer job will require someone who is aware of changes within the industry and can implement them without major disruption to the company.
Job Environment
This job can be completed in any industry or sector. There most common industries for compliance officers are financial, banking, medical, legal, construction, insurance, or engineering. These are just a few, but it is possible to apply for a compliance officer job wherever there is a need to regulate and ensure industry and safety standards are being met. A typical work-week will consist of forty hours. However, this number of hours can increase during times when new changes are being implemented to the company's operations. Based on this, someone can apply for almost any sector as long as they have the relevant training in that industry. There are no limits to where you can be employed.
Salary
As with the nature of this job in helping monitor compliance to regulations, a compliance officer can expect a good salary. The compensation for this job will vary depending on the sector or industry you are based in though. As reported in 2010, the average salary was around $45,000. Therefore, you can look forward to a salary range from $40,000 to $80,000. Compliance officers with a master's degree and many years of experience will be at the higher end of the salary scale.
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