How to Become a Compliance Manager

What do Compliance Managers do?

A Compliance Manager would typically need to:

• Create, execute, and supervise a company’s compliance programme and regulations.
• Set up compliance communications; create and manage systems for detecting, reporting, and controlling infractions of legislation and internal regulations.
• Regularly examine the efficacy of control systems through periodic audits; update and modify compliance procedures based on audit results
• Monitor inter-departmental compliance plans in collaboration with all department managers.
• Ensure compliance management regulations are coordinated with state and federal government regulations.
• Manage the compliance department and personnel; provide company-wide compliance training to employees.
• Oversee compliance-related business operations such as firm rules, procedures, and investments.
• Prepare reports for senior executives and regulatory agencies to evaluate and examine.
• Maintain current knowledge of new advancements in order to fine-tune compliance best practices.

Standard Work Environment

A Compliance Manager’s working environment differs depending on the industry in which they operate. If you work in information technology, you may spend long hours sitting at a computer in an office. If you work in healthcare, you might spend some time in a clinical setting chatting with patients or medical providers.

Compliance Managers travel on occasion to explore the newest trends and receive updates.

Work Schedule

While Compliance Managers work standard office hours, Monday through Friday, from 8.30 a.m. to 5.30 p.m., your work schedule may be affected by circumstances such as your location and industry. Although this is not a revenue-generating role, you may be assigned business-critical assignments on short notice. The work schedule, on the other hand, usually permits you to maintain a decent work-life balance.

You can work part-time, freelance, or in a job-sharing capacity.

Employers

Finding a new job may appear difficult. Compliance Managers can improve their job search by soliciting referrals from their network, contacting firms directly, using job search platforms, attending job fairs, and inquiring at staffing agencies.

Compliance Managers are generally employed by:

• Financial Services
• Banks
• Insurance Companies
• Stockbrokers
• Accounting Firms
• Environmental Services
• Non-Profit Companies
• Pharmaceutical Companies
• Healthcare Companies
• Digital & Technology
• IT Firms
• Charities 
• Property Firms

Unions / Professional Organizations

Professional associations and organisations, such as the International Compliance Association (ICA), are essential for Compliance Managers who want to further their professional development or interact with other professionals in their sector or trade. Membership in one or more of these organisations adds value to your CV while strengthening your credentials and qualifications.

Workplace Challenges

• Loosely defined working hours
• Keeping updated on changes in policies
• Dealing with miscommunication among various working entities
• Health issues that arise from spending a lot of time on computers

Suggested Work Experience

Knowledge of the field in which you intend to work is advantageous, as is a good awareness of how your organisation operates and how compliance fits into the context of company policies and principles.

However, unlike other occupations, compliance management does not have certain work experience requirements. Instead, concentrate on honing your transferable abilities by gaining work experience in an area that will assist your transition to a compliance career. Candidates having experience in other industries, such as (brokerage) sales and trading, may be hired by employers.

Other professions that, while unrelated, can help you develop compliance management abilities include pre-employment screening coordinator, administrative executive, financial analyst, paralegal, or customer service manager. Before applying for the position of Compliance Manager, make sure you have experience in leadership and management.

Companies may also assess your experience at firms of comparable size and stature to ensure that you can handle the fast-paced nature and complexities of compliance work.

You may also be able to work your way up the compliance ranks if you have sufficient experience in trade settlement or operations, accounting, or stock exchange operations.

Look for internship possibilities in compliance departments during your education. To demonstrate your devotion to course providers and future employers, read about the profession and interview or job shadow professionals working as Compliance Managers.

Rotational graduate programmes, notably in financial services, banking, and risk management, may provide you with some compliance job experience throughout your placement in the compliance department.

To demonstrate your devotion to course providers and possible employers, read about the profession and interview or job shadow specialists in compliance management.

Recommended Qualifications

Compliance Managers are not required to have certain degrees, and businesses are generally flexible in accepting people from a variety of specialties. However, with the increasing importance of compliance and its overlap with expected and appropriate financial behaviour, there is a growing preference for aspiring Compliance Managers to have number-based degrees such as statistics, economics, accounting, or finance, as well as commercial degrees such as business or law degrees.

Given the intersection of compliance with ethics, policy, and legalities, a degree in law, law enforcement, ethics, or criminal justice is advantageous because it develops leadership and aids in understanding policies and rights. Business courses teach you about various industries as well as business principles that will assist you properly direct your organisation towards compliance programmes.

Consider earning a master’s or MBA in a field related to financial regulation and compliance management. You could even obtain a Juris Doctor (JD) degree.

If you want to be a Compliance Manager, you should take high school classes in mathematics, social science, and ethics.

Certifications, Licenses and Registration

A Compliance Manager’s proficiency in a skill area is demonstrated through work experience, training, and passing an assessment. When obtained from a reputable and objective organisation, it can help you stand out in a competitive job market, carry a large salary premium of up to 18%, boost your prospects of progression, and enable you to become an independent consultant. By including a Code of Ethics, successful certification programmes defend the public welfare.

Compliance Managers should pursue certification in areas such as regulatory compliance management, risk and information systems control, enterprise IT governance, and information technology infrastructure library.

Some companies may require Compliance Managers to be licenced. Preparing for compliance licencing tests provides a solid foundation in compliance management as well as the securities sector. The licencing process is handled by individual government agencies. It usually necessitates passing an exam in addition to meeting eligibility requirements such as a certain degree of education, job experience, training, or completion of an internship, residency, or apprenticeship.

Projected Career Map

Career advancement is driven by performance, experience, and the acquisition of professional certifications. Employees who continuously demonstrate high levels of performance may be eligible for promotion every two to three years.

Beginning a career in compliance with entry-level positions provides hands-on experience and knowledge of the industry. As you advance in your job, you may be given more responsibility. Given the growing relevance of compliance management across businesses in the post-crisis era, the rate of transition from junior to senior officer may be rapid.

A major corporation may establish a logical progression from analyst to senior management positions with increasing responsibilities, such as Associate Vice President or Vice President. You could be in charge of large-scale projects as well as a compliance team.

Given the tiny staff, Compliance Managers at smaller firms may also be required to handle other allied responsibilities. Choose an employer whose demands and responsibilities you may reasonably meet.

Experience in compliance typically offers doors to jobs in auditing, cybersecurity, or risk consulting. As a result, you might think about switching industries, such as financial services and e-commerce.

A Compliance Manager may also choose to work for themselves or as a consultant.

Job Prospects

Candidates with a master’s degree as well as the required abilities and experience have the best job prospects.

Beneficial Professional Development

CPD will assist an active Compliance Manager in developing personal skills and competency through work-based learning, a professional activity, formal education, or self-directed learning. It enables you to always improve your skills, regardless of your age, employment, or degree of expertise.

Compliance Managers frequently learn the laws and regulations of their sector while on-the-job training. Compliance Managers typically shadow another Compliance Manager while working in a lower-level position. They may assess the effectiveness of the company’s compliance programme and consult with the present Compliance Manager to better understand the process.

Once you’ve landed a compliance job, you must continue to seek professional development through short courses and conferences, with or without the backing of your employer. It is critical to stay current with current knowledge. Many employers value a course offered by the Chartered Institute for Securities and Investment (CISI). You could also enrol in a university course.

Conclusion of Compliance Manager

Compliance Managers are experts that ensure that their organisation complies with all legal and ethical obligations. They carefully examine all developing trends within rules and laws in order to reduce federal and legal risk.

Advice from the Wise

Patience and integrity are essential. You must be well-versed in the company’s operations and be aware of any potential regulatory violations. Above all, you must serve as a role model for present and future compliance personnel.

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