What You Need to Know About Compliance Manager
Compliance Manager Job Description Plan, direct, or coordinate activities of an organization to ensure compliance with ethical or regulatory standards.
Life As a Compliance Manager
- Direct the development or implementation of compliance-related policies and procedures throughout an organization.
- Conduct periodic internal reviews or audits to ensure that compliance procedures are followed.
- Serve as a confidential point of contact for employees to communicate with management, seek clarification on issues or dilemmas, or report irregularities.
- Review communications such as securities sales advertising to ensure there are no violations of standards or regulations.
- Assess product, compliance, or operational risks and develop risk management strategies.
- Review or modify policies or operating guidelines to comply with changes to environmental standards or regulations.
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Skills Needed to be a Compliance Manager
When polled, Compliance Managers say the following skills are most frequently used in their jobs:
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Speaking: Talking to others to convey information effectively.
Active Learning: Understanding the implications of new information for both current and future problem-solving and decision-making.
Types of Compliance Manager
- Compliance Specialist
- Corporate Compliance Director
- BSA/AML Compliance Officer
- Internal Review and Audit Compliance
- Health Information Management Privacy and Security Officer
Job Demand for Compliance Managers
In 2016, there was an estimated number of 992,100 jobs in the United States for Compliance Manager. New jobs are being produced at a rate of 8% which is above the national average. The Bureau of Labor Statistics predicts 79,600 new jobs for Compliance Manager by 2026. There will be an estimated 79,200 positions for Compliance Manager per year.
The states with the most job growth for Compliance Manager are Utah, Washington, and Nevada. Watch out if you plan on working in Vermont, Maine, or Maryland. These states have the worst job growth for this type of profession.
What is the Average Salary of a Compliance Manager
The typical yearly salary for Compliance Managers is somewhere between $52,550 and $183,430.
Compliance Managers who work in District of Columbia, Virginia, or California, make the highest salaries.
Below is a list of the median annual salaries for Compliance Managers in different U.S. states.
| State | Annual Mean Salary |
|---|---|
| Alabama | $106,680 |
| Alaska | $118,650 |
| Arizona | $101,630 |
| Arkansas | $86,410 |
| California | $143,350 |
| Colorado | $138,490 |
| Connecticut | $129,730 |
| Delaware | $134,410 |
| District of Columbia | $147,460 |
| Florida | $99,240 |
| Georgia | $118,060 |
| Hawaii | $93,760 |
| Idaho | $85,070 |
| Illinois | $90,080 |
| Indiana | $71,560 |
| Iowa | $101,360 |
| Kansas | $102,560 |
| Kentucky | $92,630 |
| Louisiana | $87,080 |
| Maine | $96,570 |
| Maryland | $122,050 |
| Massachusetts | $131,450 |
| Michigan | $98,780 |
| Minnesota | $128,590 |
| Mississippi | $82,230 |
| Missouri | $97,820 |
| Montana | $76,990 |
| Nebraska | $101,380 |
| Nevada | $102,060 |
| New Hampshire | $123,580 |
| New Jersey | $138,820 |
| New Mexico | $96,490 |
| New York | $124,160 |
| North Carolina | $121,500 |
| North Dakota | $109,820 |
| Ohio | $107,320 |
| Oklahoma | $102,710 |
| Oregon | $94,400 |
| Pennsylvania | $126,290 |
| Rhode Island | $114,660 |
| South Carolina | $100,890 |
| South Dakota | $99,030 |
| Tennessee | $83,010 |
| Texas | $122,130 |
| Utah | $102,290 |
| Vermont | $105,950 |
| Virginia | $134,500 |
| Washington | $125,490 |
| West Virginia | $77,290 |
| Wisconsin | $85,050 |
| Wyoming | $100,310 |
What Tools & Technology do Compliance Managers Use?
Below is a list of the types of tools and technologies that Compliance Managers may use on a daily basis:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- Email software
- Word processing software
- Microsoft Windows
- Microsoft Project
- Spreadsheet software
- Adobe Systems Adobe Acrobat
- Microsoft Visio
- Microsoft SharePoint
- IBM Notes
- Scheduling software
- Microsoft Internet Explorer
- LexisNexis
- StataCorp Stata
How do I Become a Compliance Manager?
What education is needed to be a Compliance Manager?
How many years of work experience do I need?
Who Employs Compliance Managers?
The table below shows some of the most common industries where those employed in this career field work.
References:
Image Credit: Mike Moore via public domain
More about our data sources and methodologies.
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