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Compliance Officer Job Description
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A compliance officer is responsible for ensuring that an organisation’s activities are in adherence with the legal regulations prevailing in its particular industry as well as to the organisation’s own internal policies.
Compliance Officer Job Duties:
If you appreciate the necessity for having industry regulations, enjoy the subject of law and want to work in a position which ensures that regulations are complied with, you may enjoy working as a compliance officer. The most popular industries for this role include healthcare and financial services such as banking, insurance and investment.
Main responsibilities include:
1) Ensuring that all the company’s and its employees’ actions are in keeping with legal and regulatory requirements at all times.
2) Creating procedures within an organisation, which help it to adhere to ethical and regulatory compliances within its particular industry and updating the same as and when required.
3) Recognising areas within an organisation that could prove vulnerable or risky with regard to prevailing regulations.
4) Investigating and maintaining appropriate reporting systems when violations take place and preventing their future occurrences.
5) Responding to legal enquiries from governing boards or other regulatory authorities.
6) Developing a compliance communication network that is easy to access by employees.
7) Providing guidance to various departments when required.
8) Working with human resources to create awareness programmes among employees.
Compliance Officer Knowledge and Skills:
1) Ability to interpret legal documents and policies.
2) Excellent aptitude for legal research.
3) Good communication skills to be able to explain complex policies in an unambiguous manner.
4) Computer skills, especially with Microsoft Word, Excel, accounting and finance software.
Compliance Officer Educational Qualifications and Experience:
1) A Bachelor’s or Master’s degree in finance, accounting or business, while some companies may prefer a juris doctor or degree in criminal law.
2) Experience of at least 2 – 5 years in the particular industry is required but may be more for highly specialised jobs.
3) Qualifications often insisted upon include a license from the National Association of Security Dealers (NASD), Licensed Life and Disability Insurance Agent or Licence to Practice Law.
Compliance Officer Salary and Benefits:
1) Compliance Officer Salaries can begin at $40,000 and go up to $150,000 or even more in some cases, depending on the size and presence of the firm in a particular industry and the required specialisation and experience.
2) Benefits usually include medical, dental, paid vacation and sick leave, training reimbursement, 401(k) and life insurance / disability but vary between companies.
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