Compliance Officer Job Description
The job of a Compliance Officer involves developing, implementing and overseeing all aspects of the regulation of laws in an organization. His/her job is to ensure everyone employed in a company comply with regulations and to serve as the medium through which compliance issues are delegated to authorities responsible for investigation or solutions.
Education/Experience Requirements for the job of a Compliance Officer: A successful candidate must possess a bachelor’s degree in accounting, finance or a related field. Postgraduate education is an advantage, but usually not a requirement. Some big companies may require candidates to have a law degree, but this depends largely on the position being filled and company. Compliance officers in banks need to have knowledge in federal regulations and general trust laws. Other companies may also require certification or licensing.
Skills of a Compliance Officer include but are not limited to: Strong research skills, advanced computer knowledge (spreadsheet accounting programs and word processing), effective written and verbal communication skills, organizational skills, and extensive knowledge in financial institution procedures and policies. He/she must also be able to read and interpret legal documents and government regulations, work well under deadline pressure and respond to inquiries from courts, consultants and regulatory agencies.
Specific work elements of the job as a Compliance Officer include but are not limited to: Administering banking programs to ensure compliance with laws; reviewing new or pending banking laws; supervising records and retention programs of the financial institution; coordinating disaster recovery programs; scheduling compliance reports and audits; supervising audit reviews; and recommending changes in company policies to meet regulations, among others.
