The corporate compliance office acts as a medium through which compliance issues are delegated to respective authorities for investigation and solutions. Noted recruiter site Payscale has cited the average annual salary of a compliance officer as $67,000.
Duties Of A Compliance Officer
- Main duty of compliance officers is that of preventing unethical, illegal or improper conduct of employees in an organization.
- The Compliance officer may have to lead different roles such as Bank Secrecy Act/OFAC Officer, Privacy Officer, Community Reinvestment Act Officer, and Bank Security and Safety Officer.
- Updates of standards of conduct and development of periodical reviews is carried out by compliance officers to ensure continuing currency.
- They initiate investigative procedures if there is a violation of procedures, policies, rules or regulations.
- The compliance activities of all departments of a firm are monitored by them to identify different trends.
- They report violations of rules and laws to authorized enforcement agencies, including potential violations which may happen in future.
- If the officers observe any kind of risk or vulnerability in the compliance program, they chalk out plans for taking corrective action and also guide the members of compliance committee on how to avoid risks in future.
Chief Compliance Officer
The Chief Compliance Officer works as a subordinate to the CEO of a company and Board of Trustees' Corporate Compliance Committee. He monitors the compliance efforts of a company and presents reports based on studies being conducted.
Bank Compliance Officer
A bank compliance officer has to check whether the compliance management program is being conducted smoothly. The operational and daily lending activities in a bank are planned, organized and controlled by a bank compliance officer.
Bank compliance officers may have to lead various committees and work closely with the management. Providing advice related to complex compliance factors to the senior management and submitting reports is also one of the jobs of bank compliance officers. These officers may also have to conduct training sessions for new recruits.
A short account of compliance officer job description is provided here. There is much more into the work/job profile of a compliance officer. However, you would find that most of the important points are covered.