Compliance Manager Qualifications and Skills

Compliance Manager Qualifications and Skills

Compliance is the engine and driving force of internal financial control. Compliance managers outline the programmes, behaviours, and company policies. These help guide employees in meeting the expected legal standards. They also ensure effective corporate governance. Compliance managers are needed in every financial sector. This includes areas where financial rules or crime are top concerns. These areas range from charities to advisory services.

Photo by Tengyart on Unsplash

Compliance managers are adept at risk management. A compliance manager is effective by blending risk reduction with rules and company policy. Much of the risk is financial. Compliance managers are ethical anchors and team leaders. They can address compliance issues as they arise. They can also prevent future mishaps. They achieve this by responding to audits, internal control feedback, and understanding their risk tolerance.

It’s worth repeating this. People often mix up compliance with internal controls and financial auditing.

The roles seem similar on paper. Yet, internal controls and compliance differ in one way. Internal controls are processes that reduce risk in organisations. Compliance refers to the specific execution and continued effective management of those processes.

They will cover audits, compliance, and the role of compliance managers. These will be part of internal or compliance-specific audits. The goal is to ensure that processes follow industry and regulatory rules. Compliance managers are allowed to be reactive. They must react to audit outcomes and direction from internal controls.

Compliance managers are also sometimes referred to as compliance officers.

Academic Qualifications

Compliance managers should have a degree. The degree should be in a subject such as accounting, economics, law, IT, computer science, or business management. Master’s degrees in similar subjects are generally held in high regard.

Certifications

The ICA and GCI offer compliance certifications. They prepare professionals for a career at the forefront of financial due diligence. They do this through reporting, training, and oversight.

Courses can range from certifications in anti-money laundering, for example, the Certified Anti-Money Laundering Specialist (CAMS). They can also be for a Certified Compliance Manager (CCM). Or for a CRCM (Certified Regulatory Compliance Manager) qualification.

Other Certifications That Support a Career in Compliance Are:

• Certified Compliance and Ethics Professional (CCEP)
• Certified Information Systems Security Professional (CISSP)
• Certified in Risk and Information Systems Control (CRISC)
• Certified Information Privacy Professionals (CIPP)
• Certified Community Bank Compliance Officer (CCBCO)
• Certified in Healthcare Research Compliance (CHRC)
• Certified in Healthcare Compliance (CHC)
• Certified in the Governance of Enterprise IT (CGEIT)

Work Experience and Internships

The pathways to compliance are many and varied.

Experience in any of these roles provides a solid foundation for entering the compliance workforce.

• Law: Paralegal
• HR: Customer Services, HR management
• Finance: analyst, FP&A, accountant.

Some financial institutions offer compliance internships. Interns will learn about the key role compliance plays in modern business. Interns will likely work across departments. They will experience compliance operations from the perspectives of risk, legal, and audit.

What Skills Does a Compliance Manager Need To Succeed?

Success for a compliance manager or officer lies in professional and confident knowledge. They need to know financial risk, controls, and regulations. This means that, in addition to a love of law and finance, candidates possess sharp problem-solving skills. They also possess project management skills and can work across departments, often at the C-suite level. They work to improve services and have regulatory knowledge and oversight.

Compliance managers must focus on results. A whole company’s legal basis depends on its ability to shield itself against risk, bad rules, human error, and fraud.

The Following Articles Cover the Job Description, Salaries, and CV-Building Tips:

Job Description & Profile, Salary & Pay, How to Become

Learn more about compliance manager careers.

Search for Jobs to discover the Compliance Manager job roles we currently have available.

See also Cybersecurity Analyst Qualifications and Skills for reference.