The main task of a Compliance Specialist is to evaluate the legality of the business or organization’s operations.
Compliance specialists are responsible in determining whether operations of a business are in compliance with the rules and law. They plan regular compliance audits, advise management on any existing infractions of the law and guide employees or subordinates on matters related to the law. They also handle licenses, tax, permits and all various legal issues. It is also their job to oversee the correction of errors committed by employees.
They coordinate with managers and government agents in ensuring organizations and business operations abide by the law.
The educational requirements for a compliance specialist include a bachelor’s degree or equivalent working experience in the area of compliance related to the industry they’re applying at. A law degree can help enter this profession. Compliance Certification is also being required by most employers. This certification is being offered in various fields such as construction, healthcare, HR, law enforcement, environmental and business compliance, which is conducted through multi-day seminars or workshops. The following are the skills expected from a compliance specialist.
- Knowledge of investigative practices, tax auditing and law.
- Skills in deductive reasoning, communication and problem solving.
- Strong math, organization and administrative skills.
- Good written and oral communication skills.
Salary and Job Growth
Compliance specialists earn median annual salaries of between $49,115 and $65,319. Those in the top ten percent of the industry earn over $73,478 a year, while S34,112 is being earned by the bottom ten percent.
Those aspiring for a compliance specialist job must have a college degree and/or working experience. The field of compliance is growing because of the increase of regulations that require businesses to hire more staff in ensuring their abidance with the law. This offers good job prospects for aspiring compliance specialists.