Compliance Managers are considered part of the Conventional Theme Code Category according to the Strong Interest Inventory® and its associated assessment. This inventory is a comprehensive, research-based resource that was developed to match job seekers with careers that leverage their proclivities and personal interests. First, individuals take a multi-dimensional assessment where they rate how much they would enjoy a variety of tasks, activities, subjects and more. Their responses are analyzed and compared to the responses of other professionals who have found success and happiness within their longstanding career. Based on the results of the comparison, the job seeker is directed to at least one of six Theme Code Categories that each contain a multitude of associated job titles. Conventional careers, for example, generally attract detail-oriented individuals who prefer structured, organized workplace environments.

Compliance Manager Salary

Read about a career as a Compliance Manager including information such as a Compliance Manager Salary, daily tasks and other career information.

Compliance Managers are responsible for making sure their companies comply with any applicable local, state, or federal regulations. They identify any issues that require follow-up or investigation and also report any relevant violations of compliance or regulatory standards to appropriate enforcement agencies. Issues may come to light through period inspections, audits, or other ways of monitoring compliance systems, as well as through employees who may report a breach. Any possible violations or investigations are carefully documented so they can be referenced at a later date as needed.

Compliance Managers work to avoid possible lawsuits before the issues fully develop. For example, they need to stay informed of any industry changes or best practices, and then discuss or publicize emerging compliance issues to ensure that management and employees are aware of the most current best practices. One way of publicizing new developments is by creating and implementing corporate training programs. They may also serve as a confidential point of contact for employees who may have questions or need support resolving complex situations. In some cases, they may even need to consult with corporate attorneys to address more difficult compliance issues. In case of an external audit, Compliance Mangers may serve as a liaison between internal and external auditors and internal management. They may also need to involve Human Resources or other relevant departments to ensure that a complete audit is conducted as well as to implement disciplinary action as needed in case of compliance standard violations.

Compliance Managers primarily use standard office equipment, including computers, conferencing systems, printers, fax machines, and the like. However, they may need many different kinds of software, including standard office software (e.g., Microsoft Office Suite, software for scheduling, email, and internet access). In addition, they also use software for specialized purposes, including compliance (e.g., Actimize Brokerage Compliance Solutions; MetricStream Enterprise Compliance Platform), database management and reporting software (e.g., SAP BEx Report Designer), information retrieval software (e.g., LexisNexis), and tax preparation software. The exact tools and technology used may vary depending on one’s industry and place of employment.

In addition to these technical skills, Compliance Managers also need a working knowledge of law and government, administration and management, and the English language. They must be able to communicate quickly and comfortably in written and spoken English and being multilingual can be useful in certain parts of the country as well. A knowledge of human relations and customer service may also be helpful. Most Compliance Managers develop these abilities in college—63% hold a bachelor’s degree, while 14% hold a master’s degree. Less than 10% of Compliance Managers have a high school diploma as their highest level of education.

The median Compliance Manager Salary is $107,480 in the United States, though that wage can vary widely from state to state. While the median in large, densely populated states like California, Virginia, and Maryland is around $130,000, the median in more rural states like West Virginia and Indiana is closer to $65,000. The national median is high because of the distribution of employment. California, New York, Florida, and Virginia employ the most Compliance Managers, and they are all growing at rates over 10%. Collectively, these states alone are expected to add over 15,000 jobs between them each year over the next decade.

Below are some employment trends for Compliance Managers:

  • Compliance Manager Salary: $51.67/hour; $107,480 annually
  • Employment: 1,080,000 employees • Projected growth (2018-2028): Average (4% to 6%)
  • Projected job openings (2018-2028): 91,300
[Information retrieved from Bureau of Labor Statistics wage data and 2018-2028 employment projections]

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References

  1. Bureau of Labor Statistics wage data and 2018-2028 employment projections Onetonline.org