Tap to Read ➤

Compliance Officer Job Description

Shashank Nakate
A compliance officer is an integral part of the company. They are responsible for overseeing the operations of a business entity and sees that rules and laws are followed.
A compliance officer makes sure that the process of regulation of laws in an organization runs smoothly. His main job is to see that employees of a company, management and board of directors comply with the rules and regulations.
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.
  • They communicate with people from other departments regarding compliance issues. It helps in the investigation and resolution of issues through existing channels. They can avail legal advise of the Corporate attorney for hard to resolve issues.
  • 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.
  • The compliance officer provides reviews and carries out evaluation of compliance activities in the company. This is done in order to ensure that all activities are running smoothly.

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.
The Chief Compliance Officer guides and provides suggestions on compliance-related matters to the senior management team and Board. The Corporate Compliance Committee and Chief Compliance Officer are given the powers to take desired actions in order to carry out the compliance program effectively.

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.