What does a Compliance Officer do?
Compliance Officers are heads of the compliance department. They play a significant role in helping companies meet compliance requirements such as the anti-money laundering laws and the UK skilled persons appointment policies. They also help organisations keep updated with the latest global and local regulatory standards.
Compliance Officers must anticipate and guide organisations from missteps that may result in hefty legal fines and damage the organisation’s reputation . They are typically hired in-house and work for 35 to 40 hours per week. Some employers may prefer to hire Compliance Officers on a contract basis, while others prefer full-time employees.
Compliance Officer skills and qualifications
Successful Compliance Officers are proficient with local and international laws, standards and the auditing techniques and procedures relating to their organisation. A successful Compliance Officer will have various prerequisite skills and qualifications that typically include:
- Critical problem-solving skills and the ability to make informed decisions quickly
- Excellent analytical skills and the ability to interpret information rapidly
- Attention to details and the ability to comprehend information thoroughly and understand its significance
- Excellent leadership and management skills
- High ethical standards
- Excellent verbal and written communication skills
- Good interpersonal and conflict management skills
- Excellent presentation and public speaking skills
Compliance Officer experience requirements
Most compliance employers do not have a strict set of criteria for work experience. Compliance Officers with at least three years of experience as Compliance Officers, Financial Analysts, Compliance Managers or Paralegals are often preferable. They must have experience with risk management, legal requirements and controls, industry practices and professional standards. Other professions that may help candidates develop the required skills include Pre-Employment Screening Coordinator, Administrative Executive and Customer Service Manager.
Compliance Officer education and training requirements
Essential courses that may help candidates develop the required compliance skills include a bachelor’s degree in economics, business studies, business administration or law. Candidates with a master’s degrees in business administration, law, accounting or other business fields are preferable. Compliance Officers can also take certification programmes such as the Certified Compliance and Ethics Professional Programme to complement their degrees.
Compliance Officer salary expectations
According to Indeed Salaries, the average salary for a Compliance Officer in the UK is
£34, 468 per year depending on factors including experience, education, location and company.
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