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If you would like to have the option to work in a variety of settings as a finance professional who is in charge of keeping in line with all of the regulatory requirements, becoming a compliance officer could be the answer.
Compliance professionals have a sizable presence in the financial industry and can work internally for a company or work to check and see if external companies are in compliance with laws. Read on, and learn more about the roles of compliance officers so that you can decide if you want to enter this field.
What is the General Purpose of Compliance Officers?
Depending upon the professional’s level of responsibility, anyone with this title will examine, investigate, and evaluate a company to ensure that it conforms to the laws and the regulations that govern the industry. The officer may verify compliance with licensure and permits, or perform enforcement inspections where they will analyze activities in various areas to help the company avoid fines and other penalties for failing to comply with existing regulations and laws.
What Are the Tasks You will Perform on a Daily Basis?
The entire purpose of compliance officers is to provide the company, either as a consultant or an internal employee, with an objective view of the company’s policies. By working with the company’s management professionals, executives and other employees, they will teach everyone how to comply with laws so that infractions are not overlooked and fines are not assessed.
It is very common for officers in charge of compliance to conduct inspections on what goes on in a daily basis. The officer may chose to use techniques where they observe constantly or where they use random samples of daily operations. In a financial setting, the officer will inspect how money is handled, how the financial records are kept and if the books are accurate. The officer is also in charge of handling complaints and processing these anonymous complaints. You will need to stay up-to-date on the laws that govern the industry and the laws that dictate the dealings in the sector. While reviewing the law, the officer may make recommendations on how to improve areas that could create problems in the future.
What Education Background is Required?
The demand for compliance officers is very high as more and more companies are putting a focus on complying with the law so that they can avoid unnecessary penalties. To work in this field, you will need to start by attending school. It is best to start by getting a Bachelor’s degree in accounting, finance or Criminal Justice where you will learn all about laws and ethics. You will need to decide which industry or sector you want to work in before you choose a major and a minor.
After you earn your degree, you will need at least a year of experience in a related field before you can find a position in the field. Demand in the field is high, and according to the Bureau of Labor Statistics, the median salary reported in the nation is $64,340 per year. Start earning your degree, find a great opportunity to get experience in the field, and then you can find the right position as a compliance officer.
Additional Reading: What is a Masters in Business Intelligence?
