What is required to be a compliance officer?

Considering a career in compliance and wondering what a compliance officer does exactly. What responsibilities do they have, and are there specific college majors or certifications I should consider?

A Compliance Officer is primarily responsible for making sure that a business or institution adheres to legal regulations and internal policies. This includes conducting regular audits or inspections, creating and implementing policies and procedures, providing employees with training, and managing a team of compliance auditors within the organization.

Here are some of the typical responsibilities of a compliance officer:

1. Developing, implementing, and managing an organization's compliance program.

2. Coordinating and scheduling required compliance training for employees.

3. Making sure the organization functions in a legal and ethical way, meeting its business goals.

4. Assessing business processes and practices to identify possible risks.

5. Conducting internal reviews or investigation of compliance issues.

As for educational background, there isn't a specific major you need to pursue to become a Compliance Officer, though degrees in Business, Law, or Finance could be beneficial. Some potential relevant courses include Business Law, Corporate Governance, Ethical Leadership, and Risk Management. After a bachelor's degree, many compliance professionals also pursue a Master in Business Administration (MBA) or a Master of Laws (LL.M).

Having a Certified Regulatory Compliance Manager (CRCM) certification can also enhance employment opportunities in this field. The certification generally requires certain prerequisites related to education and experience, followed by a comprehensive examination.

Another great certification is the Certified Compliance & Ethics Professional (CCEP), which is a well-recognized certificate among compliance professionals globally. The CCEP requires you to pass an exam and also requires specific work experience in order to qualify.

Remember, work experience within the industry where you wish to work in compliance is also an essential factor. For instance, if you wish to work as a Compliance Officer in healthcare, gaining experience within a hospital administration would be beneficial. Similarly, working in a financial institution would be key if you're interested in being a Compliance Officer in a bank.

These experiences coupled with the right certification and degree will put you on the path to succeed in compliance.