There is a challenge in front of the modern organisations to cost effectively exhibit compliance with regulatory and corporate policies. As the organisations are highly distributed and their structures are continuously evolving, implementing a business-wide process to review and approve the rights and ensure identity compliance is tough. On the more, the processes that will be accepted in your business must reduce cost and time of editing, reviewing and approving entitlements.
The increasing burden of regulations though created pressure on organisations appeared as a boon for compliance officers. Even a few years back, compliance was never viewed a promising career option. However, now the scenario is completely different. There is a big hiring rush in this sector. You can follow the surge of employment opportunities in the compliance sector for different job sites. Undoubtedly, demands of professionals are high in this particular area, but what you will do to enter the industry. First, you need to understand the job and then analyse the degree and skills required to execute the jobs successfully.
What you can do for the organisation?
The primary task of regulators is to simplify the burden if regulations for the company. Firms need their own compliance officers to supervise activities and report to the top management. The role of compliance managers is definitely critical as they have to maintain integrity within the organisation. In-depth knowledge of regulations and writing skills are imperative to do the job. However, the traditional approaches of compliances will not work. The officers are required to activate software to deal with ever changing compliance issues. Working closely with Information Technology staff or dealing with the technology on your own may be necessary parts of the job role.
Chief compliance officers are required to possess vast experience in the relevant profile. Most of the companies prefer well-qualified candidates who are exposed to working with regulations in prior. If you have the expertise, you can enjoy liberty in picking and choosing your position. The manager functions as an independent professional who review and determine the compliance issues within the organisation. There is much lesser scope to learn the basics on the job.
You must be thinking what a new graduate with an intent interest to work in the compliance area will do? They may consider the positions in smaller banks and other financial institutions and gain adequate job experience. There are many companies that accept interns. In order to be an officer in this field you will require different types of skills- you have to be legislative expert, operations officer, counsellor and innovator.
What academic degrees you will need for the job?
There is no hard fast rule, as far as professional certifications are concerned. Every company has their own unique problem and a compliance officer is expected to deliver services that are specific to the organisation’s needs. A new hire always has to spend some time to learn the structure of compliance that is solely meant for the organisation. Does it mean any degree will enable to enter the profession? Most of the companies prefer candidates with advanced legal knowledge and detailed understanding of regulatory policies. Therefore, a degree in law will be advantageous. Spending a few years in legal jobs or working in the accounting department may be beneficial also as experience in this field counts much if you apply for the compliance position. Irrespective of the degree you achieve, proven academic track record is also essential.
What is the compensation?
A compliance officer can earn an average salary of £ 25,000 on a yearly basis. Salary will invariably be higher as you proceed to be the manager or chief compliance officer. Specialisation in the particular field will also help you to earn more.