An ideal compliance manager job description will contain the duties and responsibilities to expect and also the essential skills to have.
This job description you are about to read has all of that and even more.
It is the duty of a compliance manager to ensure that the company adheres to government policies.
You will also be responsible for periodically reviewing procedures and reports, establishing compact policies and preparing reports for stakeholders and government bodies.
Performing these duties requires candidates who have a keen understanding of government and company standards and policies.
Also, an ideal candidate needs to possess certain skills and attributes.
You will have to act professionally at all times while performing your responsibilities.
Compliance managers should also have good communication and leadership skills.
These skills are very essential for performing all your duties and responsibilities.
The minimum academic qualification for the role of a compliance manager is a bachelor’s degree.
If you want to know what a compliance manager does, continue reading this job description.
What does a compliance manager do?
Compliance managers are responsible for evaluating the method of operations used in businesses.
You will be in charge of ensuring that all business operations are in compliance with all local, state, federal and labour laws as well as the company laws.
To do this, you will have to stay abreast with all relevant laws and policies
Also, your company will rely on you to see to it that the company meets all necessary eligibility requirements to maintain their license and permits.
Compliance managers are also responsible for training employees.
This training involving educating them on relevant local, state, and federal policies and what they must do to meet these standards.
You will also be responsible for ensuring that all operations are performed in compliance with all necessary safety standards.
It is not just the company’s method of operations that should be in compliance with necessary policies.
But, the products produced or services rendered should also meet quality standards.
Failure to perform your duties properly and staying abreast with relevant laws can result in huge fines from the government.
Also, it can result in loss of license and permits.
Sometimes, external compliance managers are contracted to review the company’s business methods and practices.
Also, a compliance manager may be sent by enforcement or regulatory agencies to enforce law and standards in a particular company.
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What are the duties and responsibilities of a compliance manager?
Considering the nature of this job, you will agree with me that having a keen understanding of your duties and responsibilities is important.
This is because there is no way you will succeed in any job without knowing what your responsibilities are.
On that note, you may want to pay keen attention to the duties and responsibilities section.
Here are some of the duties and responsibilities of a compliance manager usually featured in most job descriptions:
1. Ensure compliance with policies
It is the duty of a compliance manager to ensure that all business operations and practices are in compliance with relevant standards, laws and policies.
You will do this by regularly inspecting daily business activities.
Also, you will be responsible for regularly inspecting the business environment to ensure that it meets environmental standards.
Products must also meet all necessary quality standards.
2. Work with the human resources department
Compliance managers are also responsible for working with the human resources department to deal with compliance violation issues.
You will have to make sure that employees who violate standards and policies face necessary disciplinary actions.
3. Report violations to regulatory agencies
Compliance managers who work for a company are responsible for informing the management about compliance issues.
But, those who are sent by regulatory bodies are to report compliance issues or violations to the enforcement or regulatory agencies.
4. Train employees
It is the duty of a compliance manager to train employees.
Training often requires a training manual which contains all relevant local, state and federal laws.
During the training, the compliance manager will be responsible for explaining these laws to the employees.
You will also relate the consequences of not complying to these laws to them.
5. Prepare compliance reports
After carrying out daily and periodic investigation and inspections, a compliance manager is expected to prepare a compliance report.
Compliance reports are to be submitted to the company’s management and external regulatory agencies as well.
You will also be responsible for informing the management about a necessary upgrade to operations and practices in compliance with the required standards.
Other duties and responsibilities of a compliance manager include:
- Work with attorneys to handle legal compliance issues.
- Ensure that all monitoring devices and software are in place.
- Review and modify the company’s policies.
- Keep a record of all compliance activities
- Quickly detect compliance issues and violations and handle them immediately.
- Staying updated with all regulatory policies.
What qualifications do I need to become a compliance manager?
Compliance manager is not an entry-level position.
As such, you will need to have experience working in a particular business sector before being eligible to become the compliance manager in that sector.
A bachelor’s degree is the minimum academic requirement for becoming a compliance manager.
A degree in law, business management, business administration or any related field is preferred.
Compliance managers must be professionals in their sector.
You must know what a particular sector of business really entails before you can be considered for the role of a compliance manager.
Typically, employers look out for candidates who have at least five years of experience in quality control.
And a minimum of two years of experience in any supervisory position.
Proficiency in Microsoft Office Suite is advantageous.
What skills should a compliance manager have?
1. Communication skills
An ideal compliance manager should possess good communication skills.
You are to be able to communicate verbally and in writing as well.
This skill is relevant for educating employees about local, state, federal and company laws.
It is also important for preparing compliance reports.
Also, a good compliance manager should possess active listening skills.
2. Interpersonal skills
A compliance manager should be capable of developing a good working relationship with other employees and company stakeholders as well.
Also, developing a good relationship with external inspectors is relevant.
3. Problem-solving skills
A good compliance manager should be able to quickly identify compliance problems.
Through critical, analytical and logical thinking, you should be able to come up with the best and practical solutions to problems.
4. Attention to details
Also, the duties of a compliance manager requires giving good attention to details.
That way, you will be able to quickly spot areas where relevant laws and policies are not adhered to.
5. Reading comprehension
Taking time to carefully reading and understanding all local, state, federal and company laws looks so trivial, but it is not easy.
Therefore, a good compliance manager has to be someone who naturally has the capacity to read and understand bulky information.
Aside from reading these laws, you must always keep them at the back of your mind at all times.
In as much as you will have to develop a good working relationship with other employees, standards must never be lowered.
How much do compliance managers make?
On average, compliance managers are paid $67,870 per year.
Their salaries range from $38,170 per year to $107,010 per year.
The salary of compliance managers is usually influenced by the following factors:
- Employers: Those who have more experience are likely to receive better pay.
- Location: compliance managers who work in countries where the economy is bad may receive poor salaries.
- Experience: Those with more experience are also likely to receive better pay compared to their less experienced colleagues.
- Qualification: Compliance managers who have more advantage qualification are usually paid better to those who are less qualified
Compliance manager work environment and schedule
Compliance managers usually work in offices, from time to them, they go out for inspection.
Sometimes, the job may be stressful and demanding.
Typically compliance managers work at regular working days and hours.
But, their job schedule may vary depending on the type of job they do.
Compliance manager job outlook
According to the balanced career, the United States bureau of labour statistics does not have job opportunities estimate for the different types of compliance managers.
But the job opportunities for financial compliance managers are estimated to increase by 10% from 2016 through 2026.
This is higher than the average 7% increase estimated for all occupations.
Conclusion: Compliance manager job description guide
I believe this job description has been helpful to you.
In case you have more questions about becoming a compliance manager, then do not hesitate to leave a comment.
Although this job description was compiled with prospective compliance managers in mind, it can also serve as a template for organizations.
Organizations who use this guide as a template for creating their own unique job description are free to make relevant adjustments to it, as long as it supports their organization’s goal.
Also, Individuals can use this guide to create a professional compliance manager resume.
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