Chief Compliance Officer Job Description, Key Duties and Responsibilities

Chief Compliance Officer Job Description, Key Duties and Responsibilities

This post provides exhaustive information of the job description of a chief compliance officer to help increase your knowledge of what they do.

It highlights the key duties, tasks, and responsibilities that majorly make up the chief compliance officer work description in most organizations.

It also shows the major requirements recruiters commonly expect individuals seeking the chief compliance officer job to meet to be considered for employment.

Please, read on to learn about the chief compliance officer career:

What Does a Chief Compliance Officer Do?

The chief compliance officer, CCO, oversees compliance within an organization to ensure that financial and operational procedures and personal conduct within their organization comply with all relevant and applicable laws, regulations, and contractual agreements in a manner that supports the business and its operational areas.

Their job description entails reporting directly to the CEO or COO and providing information about important issues, violations program’s activities, and effectiveness.

It also involves formulating standards and executing procedures to guarantee that the compliance programs for the entire organization are effective and efficient in detecting, preventing, and correcting noncompliance with applicable laws and regulations.

The CCO is also responsible for developing and improving company policies and standards to outline ethical, safe, and efficient procedures.

They are responsible for the effective management of an organization’s Corporate Ethics and Government Compliance Programs.

The chief compliance officer work description also entails promoting a culture of integrity and ethical decision-making throughout the organization.

It also involves ensuring that Compliance, Ethics, Risk Management, and Internal Audit programs are designed to optimize their effectiveness in preventing or detecting noncompliance, unethical behavior, and/or criminal conduct.

Chief Compliance Officer Job Description/Sample/Template

The chief compliance officer wields two levels of responsibilities; they guarantee that the organization is conducting its business in adherence to national and international laws/regulations that pertain to its industry; they also ensure that professional standards, accepted business practices, and internal systems of control necessary to achieve compliance with the external rules are followed.

The primary tasks, duties, and responsibilities of the chief compliance officer are listed below:

• Manage and execute policies and procedures which govern an organizations compliance program
• Monitor and test policies and procedures to ensure they can result in compliance
• Keep an eye on the performance of the compliance program, carry out risk assessments and compliance reviews to ensure policies and procedures are being followed
• Liaise with legal and regulatory bodies on compliance-related issues
• Ensure that the organization complies with existing and developing federal and state laws and regulations
• Responsible for the creation and update of the Compliance and Ethics Program Plan and ensure its execution
• Responsible for establishing and setting the tone of compliance throughout the organization
• Recommend the initiation of investigative procedures in response to alleged violations of rules, regulations, policies, procedures, and the Code of Conduct
• Carry out periodic evaluation of the compliance Programs and make appropriate changes and improvements
• Preside over and direct the work of the Compliance Committee
• Govern the responsibility to report misconduct and noncompliance, the path for reporting, and protection from retaliation
• Provide guidance on the effective response to detected problems and proffer recommendations for corrective action as appropriate.

Chief Compliance Officer Job Description for Resume

If you have worked before as a chief compliance officer or are currently holding the position and are preparing a resume for a new job, you can apply the sample job description above in making the professional experience section of your resume.

The professional or work experience section of your resume allows you to highlight the major duties and responsibilities you have performed working as a chief compliance officer, or are currently carrying out.

This information can be effective in convincing the recruiter to invite you for an interview.

Chief Compliance Officer Requirements – Skills, Knowledge, and Abilities for Career Success

If you are seeking to work as a chief compliance officer, it is important to know that recruiters will want you to meet certain requirements to show that you can perform the functions, obligations, and objectives of the role effectively.

The following are major requirements individuals seeking the chief compliance officer role are commonly expected to fulfill to be hired:

• Education: Applicants for the chief compliance officer position are commonly required to have a minimum of Bachelor’s degree in Law, Finance, or Business Administration, or in a related field
• Certification: A chief compliance officer must be a Certified Compliance & Ethics Professional (CCEP), Certified Public Accountant (CPA), or Certified Internal Auditor, etc., depending on their chosen industry
• Knowledge: In addition to educational background, they are also required to have at least 10 years compliance experience which could be in the private sector within a regulatory/compliance consulting practice, relevant government experience, financial services, payments, or comparable industry space as a senior compliance officer
• They must have solid background in a field relevant to their chosen sector, as well as possess knowledge of Federal, state, and local regulations guiding businesses in that industry. It is also important that they can evaluate federal laws and regulations that affect the business of their organizations. For example, a chief compliance officer in an investment company should have an understanding of Private Placement and Crowd funding business, including products, compliance, and administration; be familiar with Federal Securities regulations such as the Investment Company Act of 1940, the Investment Advisers Act of 1940, Securities Exchange Act of 1933, and Regulation CF, etc.
• Employers also seek candidates with experience interacting with federal and state regulators in their area of operation
• Leadership skills: The chief compliance officer is a top executive position that involves developing, managing, and leading teams, as well as establishing and implementing procedures with respect to the entire organization. Hence, it is important that they possess extensive leadership capacity to develop, influence, direct, and manage teams, as well as influence/liaise with regulatory authorities
• Organizational skills: The role of a chief compliance officer is a senior position, so it is essential that they multi-task, prioritize, maintain flexibility in fast-paced environment, and meet or exceed deadlines
• Problem-solving skills: it is important that they are curious and observant individuals able to recognize problems and confront conflicts and difficult issues in a professional manner
• Communication skills: Chief compliance officers are required to have excellent writing and verbal communication skills for reporting purposes, performing liaison duties, and relating to individuals in the workplace.

Chief Compliance Officer Salary

The median salary for a compliance officer varies depending on the industry where they work. For instance, a compliance officer working with the government earns $56,450 whereas those in the metal ore mining industry earn a minimum of $109,700 median salary per annum.

However, our focus is on the chief compliance officer which is a senior-level position. In the United States, they earn a minimum of $117,601 on the average, and the pay will also vary by industry.

Conclusion

To hire for the chief compliance officer role, recruiters need to publish the job description for interested individuals to learn about the duties of the job and decide if it is what they can handle effectively.

If you are a recruiter or HR manager, you can adopt the sample job description shown above in making the perfect description for the chief compliance officer position in your organization.

You will also find this post helpful if you are interested in the chief compliance officer career and want to learn what the role entails.