Compliance officers must have a strong working knowledge of regulatory guidelines and standards. Monitoring accounting and regulatory guidelines as they relate to financial reporting and documentation also is important and requires excellent analytical, project management, communication and organizational skills. Compliance officers should possess knowledge of compliance standards and policies, audit techniques, regulatory issues, operations and procedures as they relate to the organization. Candidates should have a minimum of three to five years of experience in regulatory compliance. A bachelor’s degree in accounting, business, finance or a related field is required, and a master’s degree in business administration (MBA) or designation such as chartered professional accountant (CPA) is preferred.
Typical Duties of a Compliance Officer:
- Developing, implementing and managing an organization’s corporate-wide compliance program
- Coordinating with provincial or territorial regulators
- Planning, implementing and overseeing risk-related programs
- Creating and coordinating proper reporting channels for compliance issues
- Writing and distributing company compliance communications
- Coordinating and scheduling required compliance training for employees