MARKET DEMAND

The Bureau of Labor Statistics projects that the compliance profession will grow by 4.6 percent through 2022, adding around 11,000 new jobs. Starting salaries are on the rise as well. According to the 2016 Salary Guide from Robert Half International covering the accounting and finance fields, the projected national average starting salary for a compliance officer at a small company ranges from $86,500 to $113,750. It thereafter rises from $104,500 to $139,250 at a midsize company and climbs to $115,500 to $156,500 at a large company.

“I recently was offered and accepted my current position as a compliance associate with Nordstrom Inc. in their marketing department. It is an amazing position with a company that truly sees the value in St. Thomas Law’s compliance program. They were so impressed with my credentials, and I am so proud to share my knowledge in my newfound position!” — Morgan Fuller '17

CAREERS IN ETHICS & COMPLIANCE

Compliance and ethics professionals work in many areas of business and in companies large and small. They may work in a legal, human resources, business or accounting department, or be a part of a separate compliance division.

Common Job Titles

Common job titles for compliance and ethics professionals include:

  • Compliance officer
  • Compliance analyst
  • Compliance manager
  • Senior compliance officer
  • Chief compliance officer
  • Director of ethics and compliance
  • Regulatory compliance manager
  • Ethics officer
  • Director of human resources
  • Human resources manager
  • Chief financial officer (CFO)
  • Director of operations
  • Director of quality assurance
  • Risk manager
  • Compliance engineer
  • Corporate compliance auditor
  • Data privacy and data protection specialist

Universal Skills and Expertise

The ethics and compliance professional serves as an organization’s key source of expertise on industry regulations and standards, and establishes and maintains its ethical culture. An effective leader in this role must be able to persuade and influence – key talents that are particularly well honed in the St. Thomas Law environment. Lessons in consensus- building, collaboration, and finding solutions within diverse organizational structures are built into each required course in the Organizational Ethics and Compliance program.

A successful ethics and compliance professional will excel at:

  • managing and developing high-performing teams,
  • verbal, written and interpersonal communication,
  • clearly articulating complex concepts,
  • working under pressure and meeting tight deadlines, and
  • working with senior management.

Key knowledge areas for ethics and compliance professionals vary by industry, but may include:

  • Legal and regulatory compliance
  • Ethics and culture
  • Internal investigations
  • Audit
  • Risk management and control
  • Health Insurance Portability and Accountability Act (HIPAA) compliance
  • Anti-Money Laundering (AML)
  • Bank Security Act compliance

Key Responsibilities in Banking

  • Serve as key expert on governmental and financial regulations and laws, including anti-money laundering rules and the Bank Secrecy and Fair Credit Acts.
  • Ensure the bank’s policies and procedures comply with rules associated with mortgage lending, deposits and consumer lending.
  • Establish and maintain project plans to meet operational risk management initiatives.
  • Work with business lines to comprehend, develop and implement operational risk management processes to comply with policies and standards.
  • Identify and monitor operational risks.
  • Provide remediation suggestions and training to business lines as needed.
  • Develop awareness of other company policies and standards and how they align with areas of oversight.
  • Stay abreast of banking industry and regulatory developments.
  • Communicate emerging or changing risk and related control enhancements.

Key Responsibilities in Health Care

  • Lead and coordinate regulatory audits for Medicare, Medicaid and some commercial business units.
  • Conduct training on company’s Code of Ethics.
  • Conduct internal compliance audits for Medicare, Medicaid and commercial business to assess compliance with regulatory and contractual requirements and to establish the organization’s level of audit readiness.
  • Manage regulatory/external audit activity, including but not limited to: audit deliverable coordination, on-site audit coordination and management, and mock audit activities. Regulatory audits include those from the Centers for Medicare and Medicaid (CMS), Office of Inspector General, General Accountability Office, State Departments of Insurance and other regulators responsible for oversight.

Key Responsibilities in Investment

  • Ensure that third-party money managers hired to manage the investments of the company’s corporate affiliate clients remain in compliance with applicable federal securities laws and regulations.
  • Conduct on-site due diligence meetings with each entity and obtain, review and analyze materials and reporting provided by each entity.
  • Ensure that trading conducted within the company is in compliance with applicable federal securities laws and regulations.
  • Update and maintain the company’s risk assessment.
  • Conduct testing and annual review of the company’s compliance policies and procedures, and update them when necessary.
  • Ensure the company’s employees comply with the requirements of the company’s code of ethics, especially in regard to monitoring personal trading.
  • Conduct initial and annual training on the code of ethics.
  • Monitor SEC website for changes in regulations that would affect the company; read and analyze new rules; and suggest ways in which the company and its sub-advisers and third-party money managers would need to comply with the changes.