Primarily, the duty of a compliance officer is to ensure that employees work in conformity to the legal rules and regulations. Such professionals are required in every sector starting from finance or health-care. They aim at making sure that employees are able to work in safe working conditions in a business setting. The title of compliance officer refers to several occupations such as compliance specialist, compliance auditor and compliance manager.
Compliance officer is a crucial role for a company. Professionals employed in this position are responsible for fulfilling several tasks important to the company. As a result, advanced degrees and experience and high proficiency level are taken into consideration by the employers when recruiting compliance officers. Before we talk about the eligibility criterion, we should focus on the duties you have to perform as a compliance officer. Let us see about them in the following:
- Inspecting all aspects of the company’s operations to make sure that employees are abiding by the set standards and regulations
- Reviewing the company’s policies for compliance programs and amending them if necessary
- Implementing updated safety standards and regulations
- Giving instructions to check for any inconveniences during the analysis of business operations
- Applying appropriate measures to resolve the problems
- Preparing a safety report on the possible issues that may jeopardise employees and submitting it to the higher management
- Deciding time-frames to implement any modifications
- Going through the complaints of the employees who consider that their safety is at risk due to a particular business practice
Compliance officers have the authority to cease the operations of a business failing to meet the compliance requirements.
Businesses receive a hefty fine amount if they do not abide by the safety rules and regulations set by the government. That is why many companies have started appointing professionals in the compliance officer’s position in-house. The in-house compliance officers carry out inspections regularly to ensure that the government standards and rules are being followed. They explain these rules to the employees so that the latter have no problem in abiding by them. After the routine inspection, they prepare an audit report and present it to the senior management.
In addition to these, a compliance officer may be given the task of reviewing the financial transactions of a company in order to ensure they conform to the state and federal laws. When working in a health-care industry, they may evaluate and suggest the ways to enhance the relationship between medical professionals and drug companies.
These are the duties that you will be needed to fulfil as a compliance officer. Now, you may want to gain knowledge about the requirements for entering into this profession.
A degree in law and then, a specialisation in business management- this is what most employers look for when advertising legal compliance vacancies. It is not an exception in the case of recruiting compliance officers. You will be dealing with legal standards and compliance issues so, it is essential to stay updated about them. Apart from the degrees obtained from the university, you must keep yourself abreast with the new government standards as well as the amendments.
Excellent communication skills, both written and verbal and proficiency in computer application software are the other major requirements.
As a compliance officer, you may find job opportunities in different sectors. Duties may vary depending on the type of business environment you will be working at. This will determine your working hours. Along with the standard 40-hour per week, you may have to work overtime for preparing reports.
This is a well-paid career path with the average salary ranging from ₤33,000 to ₤54,000 per annum.