compliance officer job description
Compliance Officer Job Description
A compliance officer is responsible for overseeing the operations of a business entity and sees that rules and laws are followed. The compliance officer job description provided in the article should help gain insight into this interesting work profile.
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. The average salary of compliance officers is somewhere around $50,000.
Duties
The various job duties of a compliance officer are laid down in this bulleted list.
- Main duty of compliance officers is that of preventing unethical, illegal or improper conduct of employees in an organization.
- They have to interact with people from other departments and communicate to them the issues regarding compliance. It helps in the investigation and resolution of issues through existing channels. A compliance officer can think of availing legal advise of the Corporate attorney for dealing with issues that seem difficult to resolve.
- 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.
- The updation of standards of conduct and development of periodical reviews is carried out by compliance officers in order to ensure continuing currency.
- The compliance officer initiates investigative procedures in case, there is a violation of procedures, policies, rules or regulations.
- If any kind of risk or vulnerability in the compliance program is observed by the officer, he chalks out plans for taking corrective action. He also guides the members of compliance committee on how to avoid risks in future.
- The compliance activities of all departments of a company are monitored by the compliance officer. This is done in order to identify different trends.
- 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.
- The reporting of violations of rules and laws is done to authorized enforcement agencies by compliance officers. This also includes potential violations, those which may take place in the future.