A compliance manager is a professional that works to maintain a company’s legal and ethical integrity. Their main role is to ensure that company policy is being followed by all department members and that the organization’s messaging and behavior reflect the rules and regulations of the company.
Stringent government regulations on companies has created a high demand for compliance professionals. With so many laws and regulations at hand, what does a compliance manager focus on day-to-day?
A compliance manager becomes the specialist in their organization’s policies. Much of their day-to-day is spent identifying hidden risks the company may face, tracking larger regulatory developments that may affect how the company functions, and training employees on any new process and policies.
How Do You Become A Compliance Manager?
A role in compliance management typically requires a degree in accounting, economics, law, or finance. Some companies may also require certain industry certifications (such as the regulatory U.S. Export or Import certification in the trade field, for example) or a master’s degree in a related field.
To be a successful compliance manager, you’ll need an interest in – and thorough knowledge of – a specific industry’s laws and regulations. You’ll also need a nimble attitude and an strong work ethic: because laws and regulations change frequently, the day-to-day responsibilities have quite a few moving parts.
What is a Compliance Manager’s Career Path?
A compliance manager has the opportunity to help mold the process and legal compliance trajectory of an organization.
Internships and entry-level roles will require tactical execution (reviewing new customer files, monitoring and checking existing processes, etc.) while mid-level roles allow more room for strategic advice offering your expertise in the subject matter. After you begin to gain experience in organizing and executing organization trainings, a director-level role may suit your newly-acquired skill set.
As a director, you’ll lead your team of experts and oversee the implementation of changes to compliance rules at a high level.
What Is An Average Compliance Manager Salary?
Salary.com reports that the median salary for a Compliance Manager role is $99,098, however this can vary widely based on a variety of factors, such as location, level of education, and experience.
Interested in exploring a career in compliance management? Use this overview to deepen your understanding of the expectations, and begin to create a plan to find a compliance manager role in an industry that suits you best. With that plan in mind, it’s time to start searching!