Compliance with regulations is a big deal for every organization today. There is a growing maze of rules, laws, and regulations, and companies need to track and adhere to them to avoid repercussions. To keep up with this fast-changing environment, companies are looking for professional compliance officers. Due to the high demand for qualified specialists, employment in the compliance sector is quickly expanding, and it is expected to grow by 8.2 percent by 2026.
A compliance officer, also called a compliance manager, is a professional whose job is to ensure that a company conforms to all government, industry, and internal laws and regulations. They identify, control, and manage all compliance issues to ensure the company and employees don’t violate the laws. They also make sure a company is obeying all regulations involving licensing, permits, insurance, and taxes. These officers help to protect the company from being exposed to lawsuits, hefty fines, image damage. Although compliance officers work in a broad range of fields, most of their tasks are identical. The typical tasks of a compliance officer include:
# Promoting ethical conduct and compliance with rules in an organization
# Crafting and controlling a compliance culture
# Forecasting compliance risks and designing a formula to counter any risk
# Advising the management on regulatory issues
# Monitoring compliance rules changes and updating the organization’s processes to ensure adherence
# Educating employees on the latest regulations
Types of Compliance Officers
A compliance officer works for a specific organization within a particular industry. They can be found in all sectors, including finance, technology, insurance, manufacturing, healthcare, food service, and law. Working within a specific industry allows them to have a better understanding of the laws and inner workings of that sector. Here are a few types of compliance officers.
1. Regulatory Affairs Officer
These specialists regulate the internal processes of a company. They audit the operations and ensure they are in line with all government and industry laws and regulations. They also coordinate with regulatory bodies and submit documents on the status of an organization’s internal affairs.
2. Equal Opportunities Representatives
These officers enforce policies to ensure the work environment is conducive and fair to all employees. They scrutinize employee policies, investigate complaints, and monitor any other issues. They then develop and implement policies to ensure the organization is observing the employment guidelines. They utilize human resource and compliance tools to solve challenges.
3. Licensing Specialists
Today, most organizations require different licenses and permits to operate. Businesses also need to ensure they aren’t illegally using another company’s product or technology. Keeping up with all these requirements can be cumbersome, that’s why organizations hire licensing specialists. These experts handle all the details and paperwork related to regulations involving licenses and permits. They inform the company of any regulatory changes and bring to light any violations.
Compliance Officer Education Requirements
The education requirements of a compliance officer vary. The course you pick depends on the field you desire to work in. There is no specific compliance degree program. If you wish to work in the banking, finance, or accounting industry, you will need to pursue a course that is related to these sectors. For cybersecurity, you will need an I.T related course. In health care, you will need a degree in health care or business. An environmental compliance job will require the applicant to have a degree in either earth science, forestry, or environmental engineering.
It is generally agreed that one needs a minimum of a bachelor’s degree to be a compliance officer. To further boost your chances of finding the best opportunities, a master’s degree will come in handy. An advanced education will place you in a better position to climb the corporate ladder quickly. Make sure the institution you join is accredited to major in the field you want to pursue. Most companies seek to hire individuals who study in AACSB or ACBSP accredited schools. Also, you can accelerate your career by pursuing compliance certification programs that relate to the sector you want to work in.
Top Degrees for Compliance Careers
Some courses are more advantageous when it comes to pursuing a compliance career. Degrees in finance, business, law, communications, and human resources can give you an edge in the job market. However, remember it’s best to focus your education on the field you want to work in the future.
How to Curve Your Compliance Career Path
Companies are specifically looking for professionals who have experience. You can start growing your compliance career by looking for internships. Such an opportunity will give you insights into the industry and bolster your knowledge. Field experience will help you stand out among other applicants and increase your chances of getting the perfect job. Networks are also important; therefore, you have to build strong relationships with people inside and outside your company. This includes senior executives, peers, and industry stakeholders. You should also make yourself more marketable through hard work, proactiveness, diligence, and displaying excellent interpersonal skills.
Wrapping Up
Pursuing a compliance career can be one of the best decisions you ever made. It is a rewarding occupation, and there are plenty of opportunities. To set yourself up for success in this industry, advance your education, get on-the-job experience, network effectively, and improve your skills every day.
