An ever-evolving regulatory environment makes the job of a compliance officer more important than ever. You have to fulfil specific prerequisites if you’re thinking about pursuing a profession in this well-liked field. A bachelor’s degree in accounting, economics, or business administration is one of the prerequisites, along with a few other abilities including organisation, flexibility, and attention to detail.
What is a Compliance Officer?
Compliance officers are responsible for making sure that all corporate processes and procedures comply with the law. Without a compliance officer companies run the risk of violating applicable laws and regulations, thus exposing themselves to potential reputational damages and fines.
As compliance guidelines become more strict more and more companies are relying on their compliance officers. The compliance officer ensures that the company stays on top of regulatory standards and fulfils the role of an in-house expert, ensuring that compliance processes are fully implemented.
What Does a Compliance Officer Do?
The responsibilities of a compliance officer cover a variety of things. Some of the main responsibilities they have include:
- Stay informed about and comprehend important laws and regulations.
- To comprehend the degree, importance, and breadth of risk, conduct risk assessments and compliance audits.
- Ensure adherence to internal policies, laws, and regulations.
- Analyze and convey changes to regulations while making sure your results are documented.
- Take remedial and preventative action to reduce risk.
- Inform staff members about the rules and the consequences of breaking them for the company.
- Examine anomalies and problems with non-compliance.
- Examine websites, presentations, and marketing materials to make sure they adhere to legal standards.
What are the Different Types of Compliance Work?
There are different types of compliance job opportunities. Here are some of the different types of career fields that need compliance officers:
- Business: Compliance jobs are essential in the field of business. Businesses work under many regulations that protect their customers and they need a compliance officer to make sure that they follow regulations.
- Healthcare: The field of healthcare has many opportunities for compliance jobs since healthcare providers are required to meet specific standards to ensure the safety of patients and employees.
- Government Agencies: Government agencies need compliance professionals to help them stay in compliance with laws and ethical standards.
- Human Resources: Human resources must follow certain wage laws, anti-discrimination regulations, and other rules to protect employees. This is why a compliance officer is crucial in the Human resources sector.
Requirements Needed to Become a Compliance Officer
In order to become a compliance officer you need to meet certain requirements. These requirements are split up into different categories:
Education
Since a specific bachelor’s degree is not required to work as a compliance officer, you are free to pursue any courses that pique your interest. Having said that, there are a handful of degree programs that can help you be ready for a career in compliance enforcement. Courses in accounting, economics, business administration, or law fall under this category. Most companies seeking to hire a compliance officer don’t mind what you studied in the past, even though they are not required courses.
Skills
Successful commodities traders must have strong analytical skills, critical thinking skills, an understanding of risk management strategies and certain other soft skills. They also need to understand how trends and events can influence global markets
Registration
Commodity traders can register with the Financial Conduct Authority (FCA) to get a licence of approval. Apart from earning a degree, the FCA may require you to gain additional certifications such as Chartered Financial Analyst (CFA) or to complete the Chartered Institute for Security and Investment (CISI) exams.
Skills to Have On Your Resume As a Compliance Officer
Businesses that are looking to hire compliance officers mainly look at the skills you have. Since compliance is such a fast-paced and critical sector in a business, things like being detail-oriented and organised are important. Here are the skills you need to add to your resume:
- Excellent organisational skills.
- Adaptability.
- Detail-oriented.
- Proficient communication skills.
- Effective problem-solving.
- Critical thinking ability.
- Creativity.
- Integrity.
- Strong people skills.
- Up-to-date knowledge of business technology and IT.
How Much Does a Compliance Officer Make?
The salaries can vary from industry to industry and employer to employer. However, the average or typical salary you can expect when working as a compliance officer is as follows:
- The average salary of a compliance officer is £34,135 per year.
- Trainees or junior officers may earn between £18,000 and £30,000 in a year.
- Senior managers can earn up to £100,000 or more.
- Day rates for entry-level employees start from £200 per day.
How Can I Get a Job As a Compliance Officer?
Prepare your resume as soon as you fulfil all the prerequisites for a compliance officer position. After that, you can begin applying for jobs on websites like Indeed, Glassdoor, and LinkedIn, or you can hire a recruiter to handle your job search.