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Career Definition of Regulatory Compliance Managers
A regulatory compliance manager specializes in making sure an organization operates safely and ethically. Regulatory compliance managers work in a variety of industries, including technology or professional services firms. They typically work full-time in an office environment.
Specific job responsibilities for regulatory compliance managers depend on their industry. General job duties can include submitting compliance reports to regulatory organizations, performing internal audits on the effectiveness of compliance policies, and serving as a liaison between management and personnel. Regulatory compliance managers may create and maintain files of investigation results or complaints. They may also collaborate with corporate lawyers on compliance issues and provide management with progress reports.
Regulatory compliance managers should stay abreast of current industry trends and new regulations in order to analyze their impact on an organization. They can collaborate with human resources on appropriate disciplinary actions for personnel who violate compliance standards. Regulatory compliance managers can also direct organizational reporting systems like a corporate hotline and notify personnel of its availability and use. They may also assist with creating and implementing cost savings methods and financial activities like reporting, contracts, or invoices.
|Educational Requirements||Bachelor's degree|
|Job Skills||Excellent attention to detail, strong problem solving abilities, excellent communication skills, and strong project management abilities|
|Median Salary (2017)*||$82,528|
|Job Outlook (2016-2026)**||8% (Compliance Manager)|
Sources: *PayScale.com, **U.S. Bureau of Labor Statistics
Individuals will need a bachelor's degree in business, finance, or economics to work as a regulatory compliance manager, with some employers preferring a master's degree. Interested individuals can pursue membership in a professional organization like the Society of Corporate Compliance and Ethics. The organization's mission is to promote ethical business practices and offer members the resources they need.
Excellent attention to detail is one of the most essential assets for regulatory compliance managers, as they are responsible for ensuring all aspects of an organization's operation meet standards. Regulatory compliance managers should have strong problem solving abilities in order to identify issues and remedy them as necessary. They should also have excellent communication skills to foster a culture of organizational safety and educate personnel on applicable regulations. Regulatory compliance managers will need strong project management abilities in order to create and effectively implement compliance policies.
Career Outlook and Salary
The U.S. Bureau of Labor Statistics (BLS) does not collect statistics on regulatory compliance managers; however, they reported an 8% growth for compliance managers during 2016-2026, which is about as fast as average for all occupations. In November 2017, PayScale.com reported a median annual salary of $82,528 for regulatory compliance managers.
Individuals considering a career as a regulatory compliance manager might also be interested in one of the related careers profiled below. They offer candidates the opportunity to utilize their skills in other compliance-oriented positions.