The world today has updated laws and regulations that affect how different industries operate. This is the age of the Financial Industry Regulatory Authority (FINRA), Consumer Financial Protection Bureau (CFPB), and the Environmental Protection Agency (EPA). These bodies have introduced rules and laws that affect the healthcare, financial, and telecommunication industries, among many other sectors.

The influx of these new rules has created the need for qualified and ethical people to take up the job of regulators and compliance professionals. Here's a look at the job description, roles, and degrees in the compliance sector.

Job Description of Compliance Officers

Compliance officers are probably found in all industries, but their job description is very similar. Generally, the duty of a compliance officer is to make sure a company is run legally and ethically according to the applicable industry rules. This role begins with analyzing the current ethical standards and regulations in a particular industry.

Role of Compliance Officers

A typical example of a compliance officer at work is in the financial sector. Compliance officers in this industry deal with anti-money laundering activities. This includes training and education programs that train employees to become compliant with the financial sector regulations.

In the healthcare center, a compliance officer will be involved in training programs that cover privacy and disclosure laws that protect patients.

Similarly, a SOC2 project manager will train employees on adopting practices that safeguard the privacy and security of customer and client data.

Compliance and Risk Management

Compliance officers are also involved in risk management in a business enterprise. These officers review the prospective and current risk a corporation face. The information gathered from these assessments is shared with high-level executives to implement measures to minimize exposure. The compliance officer also reviews the measures in place to reduce risks and advise top management on ways to effectively reduce risks.

Skills and Qualifications

Compliance officers need investigative, analytical, and decision-making skills. An officer needs to have a level of experience in the industry they intend to work in a compliance capacity. Compliance officers in two different industries face different challenges. This is because the regulations and laws affecting different industries are ever-changing. Therefore, a compliance officer is always learning and should be ready to adjust according to the changing trends.

To pursue a career as a compliance officer, you should have a degree in the respective industry. This means a degree in engineering, chemistry, law, finance, economics, management, and finance is crucial for a compliance resume. In the financial sector, you will also be required to have a security license to work as a compliance officer. Many firms require that their compliance officers pass through Series 7 and Series 63 exams. These exams ensure compliance personnel is familiar with the securities industry.

Top Compliance Certifications

Apart from having a basic skill set and a degree in a particular field, a compliance officer will need to have a compliance certification in the industry they are interested in. Some of the popular compliance certifications include SOC 2 compliance, Certified Community Bank Compliance Officer, Certified Compliance Professional, and Certified in the Governance of Enterprise IT.

1. SOC 2 Certification (System and Organization Controls for Service Organizations 2)

A SOC compliance officer is a compliance officer involved with the security of customer data. To work in this capacity, you should have a degree and some experience in the respective field you want to serve in. SOC 2 compliance officers work in a wide range of industries, including law, sales support, accounting and auditing, IT security management, insurance claims processing, data analysis, and technology consulting.

The job titles for a SOC 2 compliance officer include a Chief Technology Officer (CTO), a Chief Security Officer (CSO), a Chief Risk Officer (CRO), Risk Officer, and IT Auditor.

2. Certified Community Bank Compliance Officer (CCBCO)

Banking companies are required to follow complex regulations at both the state and federal level. For example, the Federal Deposit Insurance Corporation (FDIC) imposes requirements such as conducting periodic bank examinations. A certified community bank compliance officer is suitable for U.S. community banks. The role involves developing a compliance program, lending, deposit, and operations compliance.

3. Certified Compliance Professional (CCP)

In the health sector, professionals are required to manage risks well; otherwise, they face reduced funding and investigations by the relevant authorities. One of the most popular compliance certifications in the health sector is the certified compliance professional.

To get this certification, a person should pass certain tests and professional experience requirements. This certification is sponsored by the Health Ethics Trust. If you want to grow in this position, you can further pursue other certifications in healthcare particulary the Certified Compliance Executive (CCE).

4. Certified in the Governance of Enterprise IT (CGEIT)

In the Information Technology sector, there are various compliance certifications aimed at ensuring data authenticity and security. The Certified in the Governance of Enterprise IT has a broad coverage. Apart from covering IT, it's a neutral certificate. Your experience must include different areas of work, including risk optimization and benefits realization.

In Conclusion

A compliance officer is a distinguished profession with a broad set of skills, years of experience, and outstanding academic qualifications. You need to climb the ladder to the position of a compliance manager. This means you need to serve in different positions, earn different certifications, and acquire a certain skill set before you qualify to be compliance personnel.

Generally, you'll require a degree in law, finance, or economics. You may also need to earn a certification and license depending on the field in question. You should also have considerable experience in the industry in which you wish to serve as a compliance officer.