What does a Compliance Manager do?
Compliance Managers identify issues with legality and ethics and resolve them as fast as possible. When there’s a breach, Compliance Managers will use their professional expertise to find ways to enforce discipline. Compliance Managers often work in upper management. They have to ensure that non-compliance issues do not jeopardise the company’s reputation and integrity. They may decide to fire individuals who breach regulations or file lawsuits depending on the loses that occur.
Compliance Manager skills and qualifications
Compliance Managers often work in fast-paced environments they should therefore be well-organised and quick to respond to problems when they occur. A successful Compliance Manager candidate will have various prerequisite skills and qualifications that typically include:
- Excellent problem-solving skills and the ability to make critical decisions with little information available
- Excellent analytical skills and the ability to analyse and interpret information quickly
- In-depth understanding of industry standards and regulations
- Excellent understanding of reporting procedures and record-keeping
- Excellent project management skills and the ability to be methodical and diligent
- Detail orientation and the ability to pay attention and identify minimal changes in regulations
- Excellent conflict management skills and the ability to dissolve any issues easily
Compliance Manager experience requirements
Compliance Managers need at least three years of experience in financial services, compliance management, legal practice, consultancy and other managerial areas. They must have proven working experience in UK conduct regulations, regulatory change management requirements and applicable laws. Some risk management roles may also provide candidates with the experiences and transferable skills required in compliance work.
Compliance Manager education and training requirements
The minimum education requirement for a Compliance Manager is a bachelor’s degree in law, finance, business administration or other related fields. However, some employers prefer candidates with master’s degrees in business-related courses. Additional training in compliance management, industry standards and regulations, risk and information control and governance of enterprises can also be helpful.
Compliance Manager salary expectations
According to Indeed Salaries, the average salary for a Compliance Manager in the UK is £33,913 per year, depending on factors like experience, education, location and company.
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