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Who is a Compliance Manager?
Control leads to compliance; autonomy leads to engagement ~ Daniel H. Pink
A compliance manager is a professional who maintains the legal and ethical integrity of a company with compliance to each department. He or she is responsible for ensuring that an organisation’s policy is followed by employees of each department. A compliance manager ensures that the rules and regulations of the company are reflected in every employee’s behaviour. He or she is a specialist in the organisation’s policy. A compliance manager’s everyday work responsibilities involve identifying the hidden risks that a company may face. He or she keeps track of larger regulatory developments.
A compliance manager provides training to employees on new processes and policies. In this article we will discuss about how to become a compliance manager in India, compliance manager roles and responsibilities, compliance manager skills, is compliance manager is a good career, regulatory compliance manager salary and risk and compliance manager salary.
Compliance Manager in a Nutshell
Compliance managers are responsible for keeping up-to-date with changing laws that affect the corporate world and are responsible for preparing reports to present to their upper management detailing these laws and how the employees of the company are following them.
Quick Facts for Compliance Manager
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Suitable for
Male, Female
A career as a compliance manager is suitable for everyone regardless of gender identity. The candidate must be good with ethics and laws required to be followed in the workplace with compliance of the organisation. Whether one is male, female or belongs to any other gender, it does not affect an individual’s growth in the career of a compliance manager. Anyone can touch milestones having a passion for their profession.
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Any special needs
Yes
We would say a career as a compliance manager is suitable for candidates with special needs. A compliance manager career requires monitoring of each member of every department of the organisation. A compliance manager is often required to survey in each department to ensure the rules and regulations of the organisation are reflected in each member’s behaviour. Internal travel within the organisation is required.
Table of Contents for Compliance Manager
What is the role of Compliance Manager?
Are you thinking about compliance manager job description or compliance manager roles and responsibilities? then here is the answer. A corporate compliance manager's everyday work responsibilities include identifying the issues that affect ethics and legality within the company. He or she ensures that it must be resolved effectively. The compliance manager understands the seriousness of the issue of breaching the ethics of the organisation. He or she takes necessary actions based on professional knowledge to decide the fate of the people involved in breaching the ethics and laws within the organisation.
A career as a compliance manager provides an opportunity to work with upper management to ensure compliance problems are resolved before they jeopardise the reputation of the organisation. The serious compliance problems are often responsible for bringing legal consequences that result in the firing of individuals involved in breaching of rules and regulations within the organisation.
A career as a compliance manager requires looking for various options available to deal with the issue of illegal and unethical conduct immediately to the upper management either by terminating or punishing employees responsible for breaching. Thus, he or she helps to make final decisions.
Planning goals
A compliance manager is responsible for setting up short and long-term goals for team members. He or she sets up team and group meetings. The compliance manager plans methods to ensure no illegal activity or breach of ethics is conducted within the organisation.
Monitoring operations
A compliance manager is responsible for overseeing business operations in compliance with the rules and regulations of the organisation. He or she is responsible for designing and monitoring control systems. A compliance manager regularly assesses the efficiency of control systems and procedures. He or she recommends plans for effective improvements. A compliance manager organises training sessions for employees on legal and compliance issues.
Evaluation
The role of a compliance manager is to review and evaluate company procedures and reports. His or her work responsibility involves identifying hidden risks and common issues. A compliance manager coordinates with our department managers in order to review compliance policies. He or she audits the procedures and processes of the organisation periodically.
Types of a Compliance Manager
A career as a compliance manager comes with several sub-disciplines. You can become a corporate compliance manager, risk and amp; compliance manager, payroll manager or opt for a compliance manager healthcare role. We have mentioned below the major compliance manager career options and types of compliance manager.
Compliance Engineer: A compliance engineer is a professional responsible for ensuring manufactured products are free from any kind of hazard such as electrical, mechanical, thermal, radioactive and other potential risks. Such professionals work in design and manufacturing teams.
Environmental Compliance Specialist: An environmental compliance specialist is a professional who ensures organisations and other agencies function in compliance with the environmental laws and regulations set by governing environmental authorities. He or she studies the environmental impact of a company’s protocol.
Code Compliance Officer: The Code compliance officer is known as a building inspector and code enforcement inspector. He or she works in the construction industry. A compliance code officer’s work responsibility involves the inspection of buildings to ensure safety and structural integrity. He or she is responsible for ensuring construction is carried out in compliance with government regulations and laws.
What is the workplace/work environment of Compliance Manager like?
In this section, we will discuss the compliance manager work environment. A career as a compliance manager manager involves working closely with team members of other departments such as the human resource department, legal services or final offices. Several compliance managers work outside of human resources.
Compliance managers provide their services to manufacturing companies, financial institutions and other institutions. They ensure all the internal departments of the organisation are in compliance with the organisation’s policy and regulations. Compliance managers are responsible for overseeing business operations free of corruption and unethical behaviour.
Does Compliance Manager require travelling?
Not Likely
A compliance manager oversees the business operations of each department functioning in compliance with the policies and regulations of the organisation. For a larger organisation that operates across multiple states or nations, it may require the compliance manager to travel outside to attend meetings with members of other departments or teams.
Employment Shifts
Full Time
A career as a compliance manager is a full-time job role. He or she can work from home for a specific time period depending on the harsh circumstances such as community spread of COVID-19 or any other emergency that restricts travel to the workplace. The career of a compliance manager requires a firm commitment to the organisation.
There are not any part-time, hourly basis, on-call employment shifts in the career of a compliance manager. No, the career of a compliance manager does not fall in a certain shift. He or she typically works extended standard week hours. The work shifts of compliance managers vary depending on the industry and the work schedules of other departments.
Employment Nature
Permanent
A career as a compliance manager provides employment on a permanent basis. He or she does not work on contractual terms. The career of a compliance manager requires supervising each member of all the departments to ensure he or she does not violate any ethical code or law. There is least or negligible employment on a contractual basis for a compliance manager. Mostly compliance managers work full-time on a permanent basis.
Work Place
Office
A compliance manager works in an office setting. A compliance manager is required to travel internally within the various departments of the organisation.
Presence in Geographical Area
Semi-urban, Urban
The urban areas are more established in terms of providing employment opportunities for a career as a compliance manager. Mumbai, Hyderabad and New Delhi provide promising opportunities for compliance managers.
Time Pressure
Likely
Yes, the career as compliance manager requires taking immediate action on finding any member of any department violating ethics and laws of the organisation.
Overtime Details
Compliance managers usually work extended standard hours. Compliance managers work under pressure to ensure each member from all the departments is aware of the policies of the organisation and performs in compliance with the ethics and rules of the organisation.
Weekly Hours of Work
Min 40 Hours
A compliance manager works a minimum of 40 hours per week. The standard weekly work hours often get extended due to work pressure.
How to become a Compliance Manager?
Steps to become a Compliance Manager
If you are someone who would like to adhere to the company's policies and procedures or regulatory and ethical standards then a career as a Compliance Manager is the best option for you. If you are also looking for the details on how to become a Compliance Manager in India or Compliance Manager skills, then below we have mentioned the steps for how to become a Compliance Manager in India.
What are the skills and qualities required to become a/an Compliance Manager?
We have mentioned below the compliance manager skills. Aspiring candidates must possess these skills to lead a successful career as a compliance manager.
Critical thinking: A compliance manager is required to analyse the risk involved in business policies. He or she must possess the ability to understand the connection between compliance regulations and business policies. A compliance manager should be able to identify problems and evaluate them. He or she is required to come up with potential solutions to resolve problems.
Organising skills: A compliance manager has to perform multiple tasks in a limited time period. He or she has to ensure each employee of all the departments is aware of all the existing rules and regulations of the organisation. A compliance manager has to organise training for employees to make them aware of the code of ethics and law of the company. He or she keeps himself or herself updated with the new developments in the rules and regulations set by the governing body. He or she has to plan short term and long-term goals for the compliance team.
Communication skills: A compliance manager has to work with other team members. He or she must possess strong interpersonal skills. A compliance manager should be able to clearly communicate his or her ideas to other members of the team to carry out the compliance process. A compliance manager must possess effective verbal and written skills. He or she should carefully listen to what others are trying to say to avoid any miscommunication.
Leadership: A compliance manager heads the whole compliance team. He or she should possess strong leadership skills. A compliance manager is required to provide support to management in order to make profitable decisions without compromising the standards of ethics and rules.
Popular Online Law Courses and Certifications
Which certifications and internships can be helpful in becoming Compliance Manager?
We have mentioned below several certificate courses that aspiring individuals may opt to upgrade their skills.
Internship Availability
Internships play a crucial role in bagging a full-time job role. It increases the chances of getting full-time employment in the same organisation. Internships provide industry insight as well and one could learn about the functioning of a certain industry. Employers prefer to hire candidates with prior experience.
Therefore, it is required to opt for an internship during the academic year or after the successful completion of an academic programme. The compliance intern must possess a good understanding of law, compliance and interpretational skills. He or she is required to draft, modify and implement compliance descriptions. A compliance intern is required to provide support to the compliance team in identifying the complexities of procedures and regulations.
Also read: Career as a quality controller
What is the job outlook for Compliance Manager?
Compliance managers provide their services in manufacturing companies, financial institutions and other related industries. There are several types of compliance managers based on their area of expertise such as finance, criminology law, environmental law, and several other areas. It requires a minimum of 4-5 years of work experience as a compliance officer to get promoted to the compliance manager’s role. It is expected that the banking and finance industry will provide promising employment opportunities for compliance managers in the coming years. The health and research development industry is booming by providing employment opportunities to compliance managers.
Companies hire compliance managers from people working within who understand the industry and internal functions of the organisation. There are several companies that hire entry-level compliance managers. Candidates are required to possess an in-depth knowledge of both industry and law to bag the job role. A compliance manager having a good set of skills and experience can be promoted to the chief compliance officer role.
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Frequently Asked Questions for Compliance Manager
Que. What is the minimum work experience required to become a compliance manager?
Ans.A compliance manager is a mid-level job role. One requires a minimum of 4-5 years of work experience as a compliance officer to become a compliance manager. The work responsibilities of a compliance manager also increase as compared to a compliance officer.
Que. What is the average salary of a compliance manager?
Ans.The salary varies depending on numerous factors such as skills, work experience, size of the organisation and area where it is located. The average salary of a compliance manager is Rs. 1,000,000 per annum.
Que. What are the academic degrees required to become a compliance manager?
Ans.The minimum qualification required is the completion of a bachelor’s degree programme in, ethics, law or finance. We have mentioned below the major bachelor’s degree programme for aspiring candidates who want to establish a career as a compliance manager. B.S.c. (Bachelor of Science) Criminology and Criminal Justice, B.A. (Bachelor of Arts) Ethics, L.L.B. (Bachelor of Legislative Law) Criminal Law and B.B.A. (Bachelor of Business Administration) Finance.
Que. Where can compliance officers find good employment opportunities?
Ans.Compliance officers find promising employment opportunities in urban cities such as Mumbai, Hyderabad, New Delhi, Chennai, and Bengaluru.
Que. What is the average starting salary of a compliance officer?
Ans.The salary varies depending on the skills and work experience of the candidate. Employers prefer to hire candidates with prior work experience. The average starting salary offered to fresh graduates is Rs. 350,000 per annum.
Que. What does a compliance manager do?
Ans.A Compliance manager's responsibility is to ensure the company follows all the ethical and legal requirements. He or she develops and oversees the control systems.
Que. What education do compliance managers have?
Ans.The compliance managers pursue a degree in accounting, law, business or finance. A bachelor's and a master's degree will be required to become a compliance manager.
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Did you know?
Fact 1
Compliance managers spend most of their time working with other departments of the organisation.
Fact 2
Remote working has made compliance managers dependent on artificial intelligence to monitor employees’ conduct of ethics and rules.
Fact 3
Gross conduct can destroy the employee-employer relationship.
Fact 4
Compliance programmes are the processes and procedures to make the workplace more ethical.
Fact 5
Compliance managers are not part of the human resource department.
