Compliance Officer Requirements
Become a Compliance Officer
Two of the most important personality traits necessary for becoming a successful Compliance Officer are independence and objectivity. So if you are planning to build up a professional career as a compliance officer, make sure you have these qualities along with the ability of staying focused under stressful situations and excellent communication skills.
Compliance Officers Job Responsibilities
A compliance officer is an official who ensures that businesses are operating within their policy guidelines. Compliances officers usually handle compliance issues regarding the violation of policies or codes of conducts. They are called in when all other options of resolving a complaint or problem have been exhausted. It is then up to the compliance officer to redirect the issue to the appropriate government department and determine whether all company policies were adhered to in resolving the issue at hand. For building a compliance officer career, an individual needs to be a good leader with skills in the areas of writing and public speaking. They should be able to make ethical decisions, communicate well and have a firm grip on their company’s HR policies and regulations.
While most companies tend to hire a compliance officer with a general bachelor or master’s degree, some companies prefer if their compliance officers have a degree or diploma in law as well so as to better understand and handle the legal issues. A law degree or diploma also helps compliance officers in understanding government regulations, legal documents and trade journals, since these are a significant part of this job.
Compliance Officer Salary
The wages of a compliance officer depend on the candidate’s level of experience, location, the kind of responsibilities being handled and the size of the company. The US Bureau of Labor Statistics reports that as of may 2012, compliance officers had a median wage of $62,020. Now that new financial policies and regulations are being introduced, career prospects in this particular field are becoming even better. Due to the job requirements of this occupation companies prefer to handpick internally, since permanent employees are already familiar with company policies and regulations, which means that less time required in training them.
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Q:Are compliance officer careers hard to come by?
A:According to the Bureau of Labor Statistics growth in this industry from 2010, which is the last time a study was undertaken, is expected to be 32%. In 2010, there were approximately 216,000 compliance officers in the US- the majority employed by the Federal Government. It is hard to specify how easy it will be to find work, as the answer will vary from individual to individual.
Q:Are compliance officer jobs mainly based in one location? Or is there an opportunity to travel?
A:Most compliance officer jobs would be based in an organization's head offices. However, that is not always the case. There may be a requirement to send you to a different location to carry out audit and other such activities. Depending on the size of the company you work for, your skills would be easily transferable to another location.
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