A Compliance Manager is a professional who ensures the company adheres to legal standards and all in-house policies. They enforce regulations in all aspects and levels of business and also provide guidance on compliance matters. Banks, health care companies, and stock brokerages often use the services of Compliance Managers.
A Compliance Manager is responsible for ensuring that the company understands and complies with any laws or regulations that apply to its type of business. They identify where issues with legality and ethics within a company are taking place, and then will fix these problems quickly and effectively. They also evaluate the efficiency of controls and continuously improve them. Compliance Managers' services are primarily needed in industries that are heavily regulated, such as financial services, healthcare, pharmaceuticals and chemicals.
In hiring a Compliance Manager, there are must-haves that must be carefully assessed from an applicant. First, a degree in law, finance, business administration or related field. Second, is an in-depth knowledge of the industry’s standards and regulations. Third, is good communication skills to ensure that all employees understand the importance of compliance. Lastly, a proven experience as compliance manager. Most companies hire compliance managers through outsourcing companies. They let the expert recruiters find the ideal person for the job, which is actually wise because it's more convenient for the company.
The cost of a Compliance Manager depends mainly on two factors: educational attainment and a proven track record. Compliance Managers who have transitioned to a higher position, such as a Compliance Director or VP of Compliance, may receive a larger pay than typical Compliance Managers.