What Do Compliance Managers Do: Job Description, Responsibilities and Duties

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daily life of a Compliance Manager
are Compliance Managers happy with their job

Compliance Managers

Other names for this job might include BSA Officer, BSA/AML Compliance Officer, Business Practices Supervisor, Chief Compliance Officer, Compliance Analyst, Compliance Coordinator, Compliance Director, Compliance Engineer-Products, Compliance Manager, Compliance Officer


  • $111230
    Salary
  • 75%
    Job satisfaction
  • Quite Hard
    Becoming one
  • Low
    Job growth
OwlGuru Rank

A



Being A Compliance Manager: What You Really Do


In this job description guide, you will find out what do Compliance Managers do and what is their typical work day like.

After reading this, you will have a much better idea on whether you will like working as a Compliance Manager or not.



Job summary

Compliance Managers plan, direct, or coordinate activities of an organization to ensure compliance with ethical or regulatory standards.

We asked Compliance Managers how satisfied they are with their job. Here is what they said.

Job satisfaction

75%

How meaningful is this job

62%


75% of them said they were satisfied with their job and 62% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical day

On a daily basis, Compliance Managers Serve as a confidential point of contact for employees to communicate with management, seek clarification on issues or dilemmas, or report irregularities. They Collaborate with human resources departments to ensure the implementation of consistent disciplinary action strategies in cases of compliance standard violations.

1 of the main responsibilities as A Compliance Manager is to Keep informed regarding pending industry changes, trends, and best practices and assess the potential impact of these changes on organizational processes.

Some may also Verify that all firm and regulatory policies and procedures have been documented, implemented, and communicated.

A typical day for A Compliance Manager look like this:

Liaise between departments or other groups to improve function or communication.
Confer with organizational members to accomplish work activities.
Maintain knowledge of current developments in area of expertise.

We asked some Compliance Managers a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job?100% said yes
Do you have to use email everyday in this job?99% said yes
How important is it to work in a team in this job?70% said very important
Do you have group discussions everyday in this job?84% said yes
Do you have to meet strict deadlines everyday in this job?21% said yes
Do you talk or work with customers everyday in this job?61% said yes
Do you have to deal with angry customers everyday in this job?4% said yes
Do you have to make decisions everyday in this job?43% said yes



Other responsibilities

Besides the “typical day” things that Compliance Managers do, they Maintain documentation of compliance activities, such as complaints received or investigation outcomes. They might also Discuss emerging compliance issues with management or employees.

On a weekly to monthly basis, Compliance Managers Review communications such as securities sales advertising to ensure there are no violations of standards or regulations. and Oversee internal reporting systems such as corporate compliance hotlines and inform employees about these systems.

In addition, they Identify compliance issues that require follow-up or investigation.

Although specific duties may vary, many of them Conduct periodic internal reviews or audits to ensure that compliance procedures are followed.

To some Compliance Managers, it is also their responsibility to Conduct or direct the internal investigation of compliance issues.

A typical week or month for them might include:

Maintain regulatory or compliance documentation.
Communicate organizational policies and procedures.
Examine marketing materials to ensure compliance with policies or regulations.
Monitor organizational procedures to ensure proper functioning.
Communicate organizational policies and procedures.



Working life

Working hours

More than 40 hours per week

Working schedule

Regular (Set schedule and routine)


In a typical work week as A Compliance Manager, you can expect to work More than 40 hours per week.

Do Compliance Managers work in an office-style work environment?

Everyday
100%

Once a week
0%

Once a month
0%

Once a year
0%

Never
0%

Do Compliance Managers work in a warehouse-style work environment?

Everyday
3.96%

Once a week
1.49%

Once a month
39.44%

Once a year
16.6%

Never
38.51%

Do Compliance Managers work outdoors?

Everyday
0%

Once a week
27.09%

Once a month
6.77%

Once a year
41.97%

Never
24.17%



Is this right for me

Best personality for this career

The Organizers and The Persuaders


You can read more about these career personality types here.

You will like this career if you are someone who likes following set procedures and routines. They like working with data and details more than with ideas.

You also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.



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Related to Compliance Managers Job Description

Compliance Managers job description, what do Compliance Managers do, typical day for Compliance Managers, what is it like to work as a Compliance Manager, how many hours do Compliance Managers work, day to day work of a Compliance Manager

Additional resources

http://www.bls.gov/oes/current/oes131041.htm

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Compliance Managers
Written by: Stanley Tan
Compliance Managers plan, direct, or coordinate activities of an organization to ensure compliance with ethical or regulatory standards.
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