Introduction to the Career
A Compliance Officer is a professional responsible for ensuring that a company or organization is adhering to relevant laws, regulations, policies, and procedures. In recent times, companies have become more cautious about compliance to avoid legal actions and strict penalties. Graduates who are interested in ensuring that organizations act in accordance with established rules will find a Compliance Officer career appealing.
Career Values, Traits, Skills
To succeed as a Compliance Officer, graduates should possess some essential values, traits, and skills such as:
- Attention to Detail: Compliance Officers must be detail-oriented, meticulous and able to identify the tiniest irregularities.
- Communication: They must possess excellent written and oral communication skills to articulately and accurately convey compliance procedures, reports, and investigations.
- Integrity: Compliance Officers must have impeccable honesty and ethical values.
- Analytical: They must be able to gather, analyze, and interpret company data to identify instances of non-compliance.
- Knowledge: Understanding regulatory frameworks and possessing legal expertise can be an additional advantage for compliance officers.
Career Path
The path to becoming a Compliance Officer can begin with a bachelor’s degree in a related field such as Business, Law, Economics or Finance. Graduates who want to differentiate themselves may also pursue certification courses like the Certified Regulatory Compliance Manager (CRCM), Certified Compliance & Ethics Professional (CCEP), or any other relevant certification in specific areas of compliance.
After certification, relevant work experience is required to land a compliance job. Graduates may begin in entry-level roles such as compliance analysts or compliance assistants, to become familiar with the compliance environment, gain experience, and refine skills. The next steps for advancement are positions such as Compliance Officers and Compliance Managers.
Salary Range
The average annual salary for a Compliance Officer varies depending on location, education level, industry, and experience. In the U.S, the median annual salary for Compliance Officers is $73,520, with increases depending on location, industry and experience level.
Tips for Success
To succeed as a Compliance Officer, graduates should:
- Continually update their knowledge and expertise in the company’s industry regulations and legislation.
- Consistently display integrity, attention to detail, analytical, and communication skills when performing compliance duties.
- Go the extra mile in their compliance roles by conducting frequent reviews, and providing necessary actions to ensure compliance with legal requirements.
- Networking is another advantage for career growth in the compliance field. Attend industry events, join relevant groups and interact with professionals.
References
To learn more about compliance and certifications, graduates can consult professional organizations, industry events and online resources such as:
- Society of Corporate Compliance and Ethics (SCCE)
- Certified Regulatory Compliance Manager (CRCM)
- Certified Compliance & Ethics Professional (CCEP)
- The National Society of Compliance Professionals (NSCP)
- Law360 Regulatory News
- The Wall Street Journal’s Risk & Compliance Journal.
A career in compliance is vital in today’s business world. Graduates with a passion for ensuring that companies are compliant with set regulations will be an ideal fit as compliance officers. By taking certification courses, gaining relevant work experience, and networking with industry professionals, they can become successful in fulfilling an essential role in any organization.
