Compliance Manager Job Description Example, Duties and Responsibilities

By | March 8, 2017
Compliance manager job description, duties, tasks, and responsibilities

The compliance manager’s role is to ensure that his/her firm adheres to all external laws guiding their operations.

Compliance Manager Job Description Example, Duties and Responsibilities

What Does a Compliance Manager Do?

Compliance managers ensure an organization complies with all external laws that apply to their line of business.

Their job description entails evaluating company policies and procedures to ensure they are in line with established regulatory standards.

Compliance managers in performing their duties review different departments in an organization to ensure they adhere to set laws.

They conduct studies and read up on journals and other news accounts in order to obtain information on new laws that can impact a company.

They also develop strategies that sees conformance to new regulations.

The compliance manager role also involves conducting regular audits and reviews to ensure fulfilment of compliance standards.

They organize seminars to communicate the importance of compliance policies to company employees.

They also address compliance concerns/issues among company personnel in order to minimize risk of default.

Usually, compliance managers develop and implement control systems for dealing with violations of compliance guidelines and policies.

They review this control system periodically to make necessary adjustments for system development.

Their work description also entails evaluating and revising already existing company procedures and regulations in order to identify and resolve hidden/potential issues in company laws.

As part of their responsibilities, these managers direct and supervise the activities of compliance officers.

They liaise with the HR department to ensure implementation of disciplinary action in event of compliance violation.

They also prepare and file compliance reports to appropriate regulatory body.

Compliance managers in fulfilling their role conduct environmental and communications audit to ensure conformance with set standards.

They usually assist external and internal auditors during compliance reviews and also conduct forecast to identify possible compliance risk in future business ventures.

Managers in charge of a company’s compliance unit usually consult with attorneys to discuss and review compliance matters.

They also conduct risk assessments to identify and tackle business areas with risk of non-compliance.

To work as compliance manager requires a Bachelor’s degree in business administration, law, finance, or other related discipline.

To succeed in this position requires having certain qualities, including analytical, communication, and reporting skills.

Compliance Manager Job Description Example/Template

The job of a compliance manager entails various functions; the job description example below shows the major tasks, duties, and responsibilities that commonly make up the activities of compliance managers in most firms:

  • Design and implement programs/policies useful in ensuring compliance with government and legal regulations
  • Monitor laws and regulations with possible impact on company business processes
  • Prepare and present to company management compliance reports useful in taking key business decisions
  • Conduct investigations to identify the root of a compliance issue in order to resolve it
  • Provide training to educate company staff on important compliance procedures and policies
  • Liaise with the human resource department to ensure appropriate disciplinary action is taken against compliance violation
  • Proffer recommendations to company management on strategies required for improved compliance procedures
  • Evaluate analytical procedures to ensure they comply with regulatory standards
  • Oversee the installation of surveillance technology required for adequate monitoring of important areas
  • Conduct risk assessments on company products and operations in order to identify risks and develop appropriate risk management strategy
  • Ensure proper documentation of compliance activities for reference purposes
  • Liaise with legal attorneys to address legal compliance issues
  • Maintain an up-to-date knowledge of regulatory development and trends which apply to business area
  • Revise and modify company policies to minimize risk of legal non-compliance issue.

Requirements – Skills, Abilities, and Knowledge – for Compliance Manager Job

Are you interested in working as a manager of a compliance unit of a firm? If you are, then here are major requirements most employers will expect you to have to be qualified for the job:

  • Education and Training: To become a compliance manager, you require a Bachelor’s degree in business administration, finance, law, or in other disciplines related to specific compliance industry. At least five years of experience as a compliance officer is required for the job. Certifications from recognized compliance body is also necessary qualification to have for this position
  • Communication Skill: Compliance managers are able to provide training to company staff using plain and simple language to communicate compliance goals and procedures
  • Analytical Skill: They are versed in conducting research to identify and tackle business areas with high risk of non-compliance
  • Reporting Skill: They are able to produce compliance reports useful in making necessary business adjustments.

Conclusion
Employers looking to hire suitably qualified compliance managers can apply the sample job description provided in this post as a template in making an all-inclusive work description that can attract the best candidates for the role.

This post also provides exhaustive information about what compliance managers do for individuals interested in this position to learn more about the career and the duties they will be expected to perform if hired.

Did you find this post satisfactory in learning about the duties and responsibilities of compliance unit managers? Do share your thoughts about this article in the box below. We will also appreciate your sharing of your job description if you work as a compliance manager.

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