Lawyers themselves are not the ones dealing directly with the compliance regulations. They do, however, work closely with a new breed of legal people: compliance officers, compliance training specialists, compliance management, and compliance advisers. These are all newly created jobs that require some legal background or a business degree. Legal compliance employees might often be required to have experience in the industry to which they are applying compliance rules.
The work of a compliance employee is more than just checking boxes. Here is a list of duties which a compliance officer might be required to perform:
- New regulatory requirements have to be instituted and reviewed after implementation.
- Regular reviews must be conducted of how compliance procedures are being implemented.
- Compliance systems must be tracked by industry standards.
- Reports and fact-gathering methods must be developed to fulfill ongoing compliance-reporting demands.
- Reduction of regulatory interference must be promoted.
Compliance Officer
A compliance officer (CO) is the person at a company who has the responsibility of ensuring the company follows the legal and regulatory requirements applicable to its business. Most of the time there will only be one CO, and these are generally in small businesses. The job of CO carries heavy responsibility. If he or she does not ensure the rules and regulations are followed, it could mean imprisonment or heavy fines.
You can see CO positions in many different businesses. The type of industry will determine the job duties. As noted earlier, a CO will have several years’ experience in their profession and will have a high level of knowledge regarding the regulatory requirements of the business.
The position of CO is typically at a senior level. A strong background of several years’ experience in management is vital to a CO, as are good communication skills. A CO spends time with the company’s employees explaining the regulatory and legal issues. He or she needs to be able to break things down to be understood by all staff in order for the rules to be implemented.
A CO must stay abreast of the changes in the industry. This way the company can put the new policy or regulation into rhythm. The CO usually works closely with the legal department and other senior management. The officer provides help to these departments so they stay in full compliance with rules and policies that affect the company.
Compliance Examiner Job
This job requires the compliance examiner to perform both announced and surprise inspections of all offices. Offices can be inspected at any time to provide information that shows they are in compliance with security regulations, all firm policies, and procedures on a monthly basis.
A compliance examiner develops the company’s dates and times for audits. A compliance examiner trains employees in branch offices and in the home office regarding compliance procedures. The examiner improves the filing procedures during the audit.
To get a job as a compliance examiner, the applicant usually requires a business degree or something equivalent. Applicants should also have at least three years’ experience.
Compliance Specialist
As regulatory compliance has grown, another position has appeared. Large employment agencies say it is one of the hottest legal career choices today. Compliance specialists work for any corporation or legal entity which needs to monitor the myriad governmental, regulatory, and compliance forms imposed by the changes in federal law. Large companies often prefer to rank high in professional integrity. One such company’s legal and compliance department upholds the company’s reputation by locating and then studying legal and compliance risks. Companies that have such high standards often have a wide degree of influence. The company’s legal and compliance team advises on:
- Transactions
- Regulatory requirements
- Employment law
- Insurance
- Intellectual property
- Litigation
- Director, Compliance Policies and Training
Oversees all regulatory and legal obligations. Additional responsibilities include evaluation and enhancement of new compliance and legal obligations. Revamps current compliance policy training. - Senior Compliance Analyst
Performs a section of the overall compliance function. Should specifically ensure compliance with various regulatory and legal requirements. Prepares documents on compliance. - Director, Compliance Policies and Training
Responsibilities include evaluation and enhancement of new compliance and legal obligations and translating that into training for staff. - Senior Compliance Auditor
Chief Compliance Officer to develop compliance. Opening designed to promote legal and ethical compliance. This person collaborates with other departments to direct compliance.
