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Compliance professionals play an important role in the business, as they ensure the company adheres to government rules and regulations.
This is especially important when you consider that employment law goes through minor and major changes every year, highlighting a need to stay on top of ever-changing legalities.
The role is not limited to reading up on legislation, however. According to Workable, the duties of a compliance professional include:
- Develop and implement an effective legal compliance program.
- Create sound internal controls and monitor adherence to them.
- Draft and revise company policies.
- Proactively audit processes, practices and documents to identify weaknesses.
- Evaluate business activities (e.g. investments) to assess compliance risk.
- Collaborate with external auditors and HR when needed.
- Set plans to manage a crisis or compliance violation.
- Educate and train employees on regulations and industry practices.
- Address employee concerns or questions on legal compliance.
- Keep abreast of internal standards and business goals.
With quite a hefty responsibility, it’s no surprise then that there’s a strong demand for compliance professionals at the moment.
According to Barker Gilmore’s 2023 Compliance Compensation Report, there has never been a greater demand.
“The demand for compliance professionals, especially chief compliance officers, is as strong as it has ever been,” said Barker Gilmore’s managing partner, John Gilmore.
“The need for business-minded leaders, an environment of increasing regulations, and the heightened awareness of the risks associated with lack of compliance have created a competitive landscape for compliance professionals.”
Employers are increasing the salaries of these workers to attract and retain talent. The report found that, on average, compliance roles saw a 10 per cent salary increase across all industries in the past year.
Meanwhile, on average, chief compliance officers received 100 per cent of their target bonuses in 2022. However, 37 per cent of CCOs plan to make a compensation-related move in the coming financial year.
Employers can expect to pay big for top talent, as 25 per cent of CCOs starting a new position received a sign-on bonus. The median of which was $40,000. Similarly, 25 per cent of compliance officers received a sign-on bonus. The median for theirs was $17,000.
With a high demand for compliance workers, it may be a great role to get into. However, there is substantial responsibility that comes with the position.
For employers looking to hire a compliance professional, Robert Walters outlined some key traits to look out for:
- Strong communication skills
- Detailed project manager
- Understands the big picture
- Performs well under pressure
- Anti-money laundering experience
- Understands complex technology
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Compliance often refers to a company's and its workers' adherence to corporate rules, laws, and codes of conduct.
Jack Campbell
Jack is the editor at HR Leader.
