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 programs, behaviours, and company policies. These help steer employees to meet 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 do this by reacting to audits, internal control feedback, and understanding 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 is the specific execution of 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 like accounting or economics, law, IT, computer science, or business management. Masters 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 to. For example, the Certified Anti-Money Laundering Specialist (CAMS). They can also be for a CCM (Certified Compliance Manager). 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 is a good foundation to enter 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, besides a love of law and finance, candidates have sharp problem-solving skills. They also have project management skills and can work across departments, often up to the C-suite level. They work to improve services and have regulatory knowledge and oversight.

Compliance managers must focus on results. Whole companies’ legal basis depends on their ability to shield 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 here.

Search Jobs to find out about the Compliance Manager job roles we currently have available.

See also Cyber Security Analyst Qualifications and Skills for reference here.