Are you a good communicator with great interpersonal skills? Do you have sound judgment and decision-making skills? Are you good at problem-solving?
If yes, then you might be right for the role of a compliance officer!
Who Is A Compliance Officer?
A compliance officer:
is an employee of a company
ensures that the company follows its policies, procedures, and legal requirements within the relevant industry's regulatory framework, both internally and externally
conducts risk assessments and suggests solutions accordingly
What Are The Typical Responsibilities Of A Compliance Officer?
A compliance officer wears many hats!
As a compliance officer you might:
develop & implement compliance policies
review policy documents
conduct risk assessments & compliance audits
administer staff training
communicate with all stakeholders regularly
prepares strategies & proactively provide solutions to improve company productivity
The video below summarizes a typical day for a compliance officer at an airport:
A compliance officer works with:
Who Can Become A Compliance Officer?
You'll be good at this role if your strengths include:
paying attention to detail
ability to analyze
If you tend to make snap judgments or lose patience easily, then this career path may not be the right one for you.
Four applicants were invited for the compliance officer job interview. One of the questions asked was, "What kind of mindset should a compliance officer have?"
Jasmine: Capability to assess risk
Lorenzo: Attention to detail
Munira: Good interpersonal skills
If you were the interviewer, whom would you choose for this role?
Educational Qualifications And Certifications
Bachelor's degree in business administration, finance, or law
In some cases, an industry-specific undergrad degree might be required
Some organizations need Master's degrees or professional qualifications like Chartered Accountant
Each industry has its own requirements
It could be standardized testing, work experience, hands-on training, or specific provincial/state-regulated testing
In Canada, financial institutions require a professional certification offered by Canadian Securities Institute (CSI)
So...How Much Money Will I Make?
A compliance officer in Canada earns an average salary of $64,987 (CAD) in a year.
A compliance officer in the United States earns an average salary of $61,728 (US) in a year.