Bank Compliance Officer
A bank compliance officer oversees an entire financial institution’s compliance with various state, federal, and local laws and regulations. Officers coordinate the implementation of such laws, as well as review current policies and procedures, supervise all daily operations, and develop and maintain all necessary records. In addition to these responsibilities, bank compliance officers must carry out intermittent testing of the institution’s internal controls, offer suggestions, and make changes where needed to help ensure all industry standards, rules, laws, and regulations are properly adhered to.
Holding staff meetings to address possible compliance issues, to correct areas of non-compliance, and to stay ahead of new compliance laws and requirements is also a required duty. Bank compliance officers must attend educational seminars to learn protocol to deal new laws and regulations, as well as to learn how pending legislations may affect his or her financial intuition. These officers often serve as a communication agent between state or federal agencies and his or her organization. Because of this duty, he or she is responsible for preparing all filings for both management and regulatory agencies.
Bank compliance officers may also be responsible for hiring, training, or educating staff; handling inter-departmental promotions; transferring employees to other departments; evaluating employee performance; and implementing disciplinary action for non-compliant employees.
While no formal education is required for this position, many financial institutions require previous work experience, including at least three years of work experience at a financial organization. A two-year business degree is also recommended. The following skills are highly recommended: analytical skills, auditing experience, basic business knowledge, basic math skills, research skills, knowledge of SFAS rules, statistical analysis skills, and communication skills.
The typical average salary of an experienced bank compliance officer is about $19,990 per year. Starting salaries pay an average of about $13,500 per year.
