What does Corporate Compliance Officer do (and when should you hire one)?

As organizations build stronger legal and ethical standards, the demand for Compliance Officers continues to grow. Corporate Compliance Officers should be commonplace in most corporate work environments and should be the first to turn to when you are looking to stay in compliance.

Compliance Officers are responsible for ensuring that all cooperation processes and procedures comply with not only the law but your company’s internal standards. A Compliance Officer will drive compliance management and monitor all operational processes and procedures on both legal and ethical standards. 

Why Do You Need a Compliance Officer? 

Since most of their work happens in the background of company procedure, you may be wondering if you even need a Compliance Officer. The short answer is yes. 

A Compliance Officer provides a vital link between departments and management to ensure that all work being done reflects the responsibilities and confidentiality requirements of your company. Compliance is a complex issue that affects all companies, and nearly all departments. It’s important to get someone to manage your company’s compliance sooner rather than later, especially as your company starts to scale.

A Compliance Officer helps you build out your internal processes to ensure that you always follow laws and industry regulations. They should be a key voice in helping you create new strategies and execute initiatives.

What Are The Responsibilities of a Corporate Compliance Officer?

Staying in compliance isn’t always a black and white affair. Your industry may follow completely different regulations than others. It’s a Compliance Officer’s job to be your resident expert on industry standards, as well as these generic responsibilities:

• Coordinating, reviewing, and updating existing accounting policies and procedures
• Managing the ongoing review of materials and communication tools to ensure departments meet compliance requirements
• Adhering to regulatory reporting guidelines and filing deadlines
• Conducting compliance audits and interpreting these reports for various departments
• Facilitating remediations of audit findings by training staff to make course corrections and prevent future violations

Keep in mind that some organizations may need to expand from one Compliance Officer to a Compliance Department to ensure that a team is present to help take on tasks that one Officer may not have the time to look into.  

What To Look For When Hiring a Compliance Officer

When bringing a Compliance Officer onto your team, you want someone who is experienced in leading teams to achieve their goals while maintaining compliance. These questions can guide you in making your assessments:

• Has the candidate led a comprehensive program that addressed a critical need for a company?
• Does the candidate have the ability to create a compelling initiative plan using hard data and evidence?
• Does the candidate take a proactive approach toward regulations based on a thorough knowledge of the law and how it applies to your industry?
• Does the candidate have experience conducting audits and using technology to evaluate programs?
• Does the candidate show a strategic mindset, able to plan around the potential changes to the law to keep your organization on top of adjustments?

Each of these questions will play an important part in understanding what you need to look for in a Compliance Officer. You should look for someone who shares your corporate ideals in character, leadership ability, and aptitude. 

To learn more about Compliance Officers and how you can keep your organization in compliance, reach out to our team to request a demo of our complete compliance solution.