A compliance officer examines and evaluates a business and its workers for the conformity of rules and regulations. This may include contract compliance of licenses and permits in addition to inspections and analysis activities of each business and it’s practices.
Compliance Officer Salary
Compliance officers typically make a very nice salary. The current national average compliance officer salary is about $64,000 per year or an hourly salary of $31.
Like most careers this will depend on several things including education, experience, type of place you work and even the area of the United States that you work in. Experience is vital when it comes to the career of a compliance officer. As a new compliance officer with little or no experience the starting compliance officer wage is $35,000 per year. This amount will steadily increase with the more experience you have. By the time you have five years of experience the compliance officer salary will increase to $45,000 per year. At ten years of experience the compliance office income will increase to $61,000 per year. Fifteen years of experience will net a compliance officer a salary of more than $78,000 per year. The top compliance officer salary will be obtained with at least twenty years of experience. At this advanced stage of your career, the compliance officer salary is averaging out to be about $97,000 per year.
Compliance Officer Description
A compliance officer works to develop and maintain all policies and procedures for the general operation of the compliance program. This may include preventing illegal activities, unethical conduct, and managing the day to day operations. They will review the standards of conduct from time to time to ensure relevancy for both the management and regular staff members. Compliance managers will need to work with other departments closely. Such as the risk management department and the employee services department among others. This will ensure that all compliance issues have gone through the proper channels during the investigation process and the resolution process. Legal issues may need to be addressed by working with the corporate attorney. Compliance officers respond to any reports of rule violations, policy violations and standards of conduct. They investigate problems and create a system for handling various types of problems. The main job of a compliance officer is to act as a review board for any compliance issues that may come up and to work with all parties involved to resolve each problem.
Compliance Officer Education
In order to become a compliance officer typically most employers are looking for employees with a bachelor’s degree. Many employers may want a master’s degree. It will depend on the place you work and the type of work you do. Most compliance officers will need a degree in the sector that they are working in. Such as working for a financial institution will require a degree in finance, working in the health care industry will require a degree in health care or medical. The time to complete this process may take from four to six years depending on the type of degree you choose. More and more jobs for compliance officers are requiring certification in the field in which you intent to work such as Health care Compliance Association or Federal Credit Union Compliance certification. Once hired on there is typically a long on the job paid training provided so that you can do you job to the best of your abilities. This is generally long term and may take several years to complete.
Compliance Officer Work Environment
The work environment for a compliance officer can vary depending on the type of place that they work. Many work in the financial and health care industries. The work can often be highly stressful and requires good written and communication skills. The environment is typically well lit and temperature controlled and many compliance officers will have their own office in which they may conduct interviews and documentation. Work may be unstructured at times and you will need to be able to manage your time well. You will need to be able to process information and resolve problems as quickly as possible. Good team work is also a requirement of the job. The work schedule for a compliance officer is typically full time but there may be some overtime required from time to time however, this is rare.
Compliance Officer Outlook
Compliance officers have a very important job. They work to ensure that all rules and guidelines are being followed and to make sure that all procedures in place are correct and the best ones to use. They must have a sharp mind and be able to understand the work people are doing and be able to explain processes and guidelines to employees and management. This may be a very stressful job at times. You will need to deal with people face to face and on the phone so you must be able to handle professional conversations and be able to speak in a friendly and understanding way to employees and supervisors.