Want to be a compliance officer? An AML (Anti Money Laundering) manager? Or a MLRO (Money Laundering Reporting Officer) for a company? Such position entails significant amount of responsibilities, time and knowledge of industry regulations, legalities, internal policies and bylaws of a company. You don't have to be a lawyer to be one. As long as you love the challenges of problem solving and like having responsibilities, a career in compliance could well be for you.

How a career in compliance starts

While there are many backgrounds that lead to a career in compliance, a career in compliance could also come upon you by pure chance. For instance, you're working at a startup retail company and you are tasked to research and set up a point of sales (POS) system. You've researched various POS systems and determine which one is compatible to your company's business. Once you've decided, you'll need to consider if the POS system can be setup to comply with many federal regulations that protect consumer data. This will lead you to delve deeper into the world of regulatory compliance and help you set up POS system that won't cause your company to pay substantial fines due to a data breach or accidentally exposing sensitive information on a receipt.

Another example that could kick start a career in compliance is working in the human resource department at any company. Which department do you think enforces the policies and procedures that are printed in the employee handbook?

What are the requisite skills or experiences for a compliance career?

Most compliance officers have college degrees, usually in business, finance or accounting but it's not always necessary. Depending on the industry and job position, it could just be a certification or continual training in that field. Even with a college degree, you still need to acquire the skills and experience in the actual business or that specific industry that you're interested in. Here are some points for a successful compliance career:

• Keeping up-to-date and comprehending the latest developments, regulations and laws in that particular business or industry.

• Be able to think on your feet so you can perceive, understand and interpret a situation accurately and provide a solution quickly.

• Be able to multitask, organize and manage your time efficiently especially when you need to file documents correctly and in a timely manner.

• Have good communication and diplomatic skills so people can be at ease and your work or investigation can progress smoothly.

You may not know it, but all your past work experience can prepare you for a career in compliance. Even what may be considered low level jobs such as being a cashier, a waiter, or a filing clerk can all contribute relevant experience. Perhaps you have to learn how to handle difficult customers or situations based on the training your received from the company, and in the process you learn what you can and cannot do based on the employee handbook or other policies in the company. These experiences and skills build upon themselves as you continue to work in various job position and at different companies, and they all help you understand the importance of compliance in an organization.

So if you want to work towards a career in compliance you can start by continuing to learn and add to your professional experience. You can ask more questions about policies and regulations, keep up-to-date with developing markets and technologies and keep up with the ever changing policies and regulations in the field that you're interested in. This will help you gain experience and qualifications that you can add on to your resume.

What does a compliance officer actually do?

A compliance officer is an expert in the area of rules and regulations in that business or industry, and their responsibility is to ensure their company is not breaking the law or regulations. This expert can assess and manage risks the company may face, review and enforce internal policy compliance, and provide solutions to possible problems that may arise in the case that a law or regulation is actually broken. 

The responsibilities of a compliance officer are varied, but in many cases can be to:

• Review company policies and procedures
• Assisting in audits (both internal and external)
• Train employees regarding rules and regulations specific to their jobs
• Conduct fraud or non-compliance investigations
• Preparing and filing certain documents in a timely matter
• Supervise and review the creation of standard operating procedures (SOP)

A compliance office basically makes sure the company and their employees follow the rules and comply with all the constant changing laws, regulations, policies and procedures and other requirements imposed on an organization.

What are some job examples that need compliance officers?

There are many job positions out there that you may not realize that fall within the field of compliance. 

Here's a short list of job positions or titles that you often see or hear that can involve compliance:

• Building Inspector / Building Code Compliance Officer
• Health and Safety Inspector
• Chief Technology Officer
• Chief Security Officer
• Permit Compliance Specialist

If you'd like to see other positions related to compliance you can check out a few websites like indeed.com or glassdoor.com that list jobs for compliance officer positions, and that will give you an idea of all the industries where compliance positions are required. These postings usually list the companies' requirements and types of experiences they're looking for to fill those positions. 

How is the job market for compliance?

There's a high demand for compliance officers in all businesses and industries especially for those with qualifications and experience. Regulations, laws, and policies are ever-changing domestically and globally. Companies need to keep abreast of these constant changes so that they don't incur hefty fines for violations. Heavy fines can take a significant financial toll on some companies and may push them towards bankruptcy. A compliance officer's job is to make sure that doesn't happen. For example, New York-Presbyterian Hospital and Columbia University were fined $4.8 million for HIPAA violation in 2014. If you think $4.8 million is substantial, check out Google's fine. The European Union (EU) fined Google a hefty $2.7 BILLION dollars for manipulating search results. That type of fine can be devastating to most companies.

To avoid such financial pain, companies are spending much of their resources on compliance. The salaries of a compliance officer certainly make it a desirable position to seek for many: They range between $70,000 to $100,000+ depending on your qualifications, experience and ability. To compete for a higher salary, individuals need to continue to educate themselves and evolve with the ever changing regulations in all industries whether domestically or globally.