What salary and remuneration does a compliance officer gets?

The salary and remuneration of a compliance officer is dependent on various factors. These factors affect the annual and hourly wage rate received by a compliance officer. The factors which directly affect the income of a compliance officer include years of experience, the industry that they work in, the type of employer that take them on their payroll amongst others.

• Years of Experience

• Experience of less than one year the salary range is between $ 23,286 and $ 68,510 and the hourly wage range is between $ 11.19 and $ 14.32.
• Experience between one to four years the salary range is between $ 32,005 and $ 74,018 and the hourly wage range is between $ 11.24 and $ 22.87.
• Experience between five to nine years the salary range is between $ 38,234 and $ 90,757 and the hourly wage range is between $ 13.58 and $ 40.55.
• Experience between ten to nineteen years the salary range is between $ 39,304 and $ 89,648 and the hourly wage range is between $ 12.48 and $ 28.83.
• Experience of more than twenty years the salary range is between $ 44,900 and $ 96,713 and the hourly wage range is between $13.00 and $ 50.00.

• Industry

• A compliance officer working in banking gets an annual salary range between $ 32,936 and $ 76,354 and an hourly wage rate between $ 11.48 and $ 30.00.
• A compliance officer working in financial services gets an annual salary range between $ 36,076 and $ 89,782 and an hourly wage rate range between $ 12.99 and $ 17.94.
• A compliance officer working in insurance and financial services gets an annual salary range between $ 36,733 and $ 86,629.
• A compliance officer working in an investment banking or brokerage   gets an annual salary range between $ 40,494 and  $ 88,039.
• A compliance officer working in mortgage lending or loans or credit products gets an annual salary range between $ 32,316 and  $ 92,836 and an hourly wage rate range between $ 14.25 and $ 18.47.
• A compliance officer working in an investment services gets an annual salary range between $ 32,000 and  $ 86,603.
• A compliance officer working in education, college or university gets an annual salary range between $ 23,350 and  $ 78,000.

• Employer Type

• A compliance officer working for a company gets an annual salary range between $ 34,957 and $ 86,314 and an hourly wage rate between $ 11.17 and $ 25.35.
• A compliance officer working for other organization gets an annual salary range between $ 32,836 and $ 91,973 and an hourly wage rate between $ 12.77 and $ 17.11.
• A compliance officer working for a government-state and local gets an annual salary range between $ 30,869 and $ 67,901 and an hourly wage rate between $ 14.28 and $ 30.71.
• A compliance officer working for a non profit organization gets an annual salary range between $ 30,513 and $ 70,000 and an hourly wage rate between $ 12.97 and $ 15.99.
• A compliance officer working for a private practice or firm gets an annual salary range between $ 36,621 and $ 85,570.
• A compliance officer working for a college or university gets an annual salary range between $ 24,328 and $ 93,701.
• A compliance officer working for a government-federal gets an annual salary range between $ 31,006 and $ 101,536.
• A compliance officer working for a hospital gets an annual salary range between $ 48,790 and $ 93,353.
• A compliance officer working for a school or school district gets an annual salary range between $ 31,444 and $ 50,868.

Duties and Responsibilities

A compliance officer is a broad term for someone who ensures that the company or corporation both in the public and private sector are conforming to the rules, regulations and laws set by the government and the organization and that they are followed to the letter by all those who are working for the organization. Under this broad group are more specific titles of compliance officers namely, financial and banking compliance officers, environmental compliance inspectors, licensing examiners and inspectors, government property inspectors and investigators, equal opportunity representatives and officers, regulatory affairs specialists and a few others who oversee that all the regulatory, rules, policies, and legal compliances are adhered to. Given below are some duties and responsibilities that a compliance officer undertakes in their line of duty.

• The compliance program designed by a compliance officer should be such that it meets regulatory obligations and also improves internal efficiencies.
• The compliance officer should look towards reducing regulatory and business risks.
• The compliance officer should promote a culture of compliance with the highest ethical standards within a given compliance format.
• The compliance officer should see that no unethical, illegal or improper conduct takes place in an organization.
• A compliance officer will carry out an investigation when there has been a breach or a suspected breach of rules, regulation, policies or law.
• A compliance program laid down in an organization has to be strong and if they suspect that if the program is vulnerable or inadequate or is at risk, then they have to take steps that will correct the issues.
• It is also the duty of a compliance officer to help the members on his committee to see that in the future no other violations could take place.
• Compliance officers also track the trends in other departments throughout the organization either good or bad about the adherence of compliance policies and provide reviews.
• The compliance officer also has the duty to report to the appropriate enforcement agencies about any violations as well as suspected violations which could happen in the future.
• A compliance officer must remain current, well informed and up to date on the industry that he is working in.

About a Compliance Officer

The word compliance means to adhere to certain regulations, standards, rules, specifications, policies or law. A compliance officer is one who sees to it that all regulatory compliances are conformed to by the corporations or public agencies and ensure that the personnel are aware and take steps to see that they act in accordance with the relevant laws and regulations. A harmonized set of compliance control are put in place by the compliance officer as there are a number of regulations and there is a need for transparency by these organizations. They have been entrusted with the job to see that no unethical and illegal behaviour takes place within the organization. They ensure that the organization is following the guidelines and laws by formulating and putting into operation controls and policies.

Corporate scandals and breakdowns have made it necessary to have stronger compliance and regulatory rules for public listed companies. In light of this the most significant regulation to be developed is the one put up by two U.S. congressmen by the name of Senator Paul Sarbanes and Representative Michael Oxley and is now known as the Sarbanes-Oxley Act which asks for significantly tighter personal responsibility for the accuracy of reported financial statements by the corporate top management.

Compliance with laws and regulations is the general definition which is understood in the U.S. by the term compliance. And breaking these laws can have criminal and civil penalties and ramifications. The position of a compliance officer can be found in most regulated industries including the government agencies both federal and local or state as well as in today’s scenario in health care and financial industries.

Skill and Ability

• Must have good communication skills; verbal i.e. they should be articulate and the tone that they use should be moderate: written i.e. clear thinking reflected in clear writing and having a succinct style.
• Must have the aptitude to understand the current and emerging issues and learning new information.
• Must have the aptitude to understand business practices, the organization, approaches, politics and culture.
• Must have the aptitude to think strategically, be influential and persuasive and be adaptable to change.
• Must have the ability to be credible, knowledgeable of the firm’s technical compliance requirements, and authoritative by conducting oneself in a consultative and professional manner.
• Must personally have the ability to conduct compliance responsibilities with the highest standards of ethics.
• Must have the ability to read understand and correctly interpret the government regulations, trade journals and legal documents.
• They must also be able to reply to the queries from the court, regulatory agencies and other outside consultants.

What are the certification and licensure requirements for a compliance officer?

There are no fixed licenses required for a compliance officer. They may be required if they hold additional portfolios such as that of an accountant or auditor where a Certified Public Accountant – CPA certification and license would be necessary. Certification is a credential that shows commitment, achievement, professionalism and confidence to an employer.

• A compliance officer working in the health care field could obtain Corporate Compliance and Ethics Fellowship (CCEP-F) developed by the Compliance Certification Board and the Society of Corporate Compliance and Ethics (SCCE).
• An Advanced Certificate for Compliance and Ethics Professionals could also be obtained.
• American Bankers Association (ABA) through its subsidiary the Institute of Certified Bankers (ICB) offers a Certified Regulatory Compliance Manager (CRCM) certificate.
• There are various other certification options available but not limited to these such as the ones offered by the International Association of Risk and Compliance Professional (IARCP). Two certification programs are offered by them namely,  Certified Risk and Compliance Management Professional (CRCMP); Certified Information System Risk and Compliance Professional (CISRCP)

How to be trained for this job?

Educational qualification varies according to the industry or employer type that a compliance officer works for.

• The minimum of a four year’s bachelor’s degree is a must in the field in which they are to become a compliance officer. For example a compliance officer in the health care field would require a specialized degree with a major in health care.
• Compliance officers could also have a liberal arts major or have a bachelor’s degree in legal field.
• A master’s degree is mostly desired by employers who want o hire compliance officers.
• Relevant number of years experience is also required according to the level at which the compliance officer is to be hired.