what is it like to be a compliance attorney

A compliance job like that has three main components. One is drafting and revising policies (e.g., codes of conduct), as well as the ancillary procedural mechanisms to implement those policies (e.g., complaint hotlines, stuff like that). Some people like this type of work and some people find it soul-crushing.

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Are compliance professionals becoming lawyers?

Apr 06, 2014 · Lawyers want to take over the compliance profession and make a very simplistic argument — compliance means legal compliance, and they are in the unique position of understanding exactly what legal compliance requires. My distinction between the two functions is based on a common sense explanation.

What is it like to be a compliance officer?

Sep 09, 2020 · Much of the purpose of a compliance function is to ensure customers are treated fairly and with respect. Compliance professionals therefore have a strong sense of ethical responsibility, knowing the work they do contributes to a just, fair, and ethical relationship between business and customer. 4. You are the organization’s ethical heart.

What skills do you need to be a compliance professional?

Apr 21, 2010 · Critical Thinking and Problem Solving: Compliance officers need to be able to recognize and evaluate problems, then identify potential solutions. Reading Comprehension: Many documents cross your desk of compliance officers, especially if their jobs are specific to making sure paperwork is filed properly and on time. These documents will need to be …

Does your compliance function fall under the authority of your lawyer?

Mar 29, 2018 · Compliance officers are then the liaisons between the company and inspector to procure appropriate company documentation and review the scope of any proposed audits. Whether they develop their own remediation plan or receive a third-party recommendation, compliance specialists are responsible for taking corrective action to ensure and maintain ...

Is compliance officer a stressful job?

Is compliance a good career?

Are compliance officers in demand?

Why do you want to work in legal compliance?

What is a compliance officer salary?

How do I get a compliance job with no experience?

What do you need to study to become a Compliance Officer?

What does head of compliance do?

What are the four responsibilities of a Compliance Officer?

What is the best compliance qualification?

Can a lawyer become a compliance officer?

What questions are asked in a compliance interview?

What are the skills required to be a compliance professional?

The key skills and attributes required of a compliance professional are easily transferable as your career develops: communication skills, business knowledge and acumen, pragmatism, and risk management are all much sought-after in multiple industries and roles.

What is the role of compliance professionals?

Following on from above, while it is the board’s job to embed ethical behavior in the organization’s culture, compliance professionals are central in ensuring that “doing the right thing” is seen as a natural extension of being compliant.

What is international compliance?

Compliance is a global community that transcends industries and national borders. There is a growing community of compliance professionals across many different regulated industries and jurisdictions. The International Compliance Association continues to play a pivotal role in the growing professionalization of compliance and provides support, expertise, and training to equip compliance professionals with the tools for the job.

What is the career path for compliance?

1. There is a career path from entry-level to the board. Not only do graduate trainee programs now include compliance in their schedule, but entry-level roles are available (often termed as an analyst) in most compliance monitoring departments. Team leader, manager, senior/function manager, executive, and director roles are also available in most ...

Is compliance boring?

It’s never boring! The regulatory environment is in a constant state of flux, with sometimes very rapid change necessary, so you are never quite sure what the priorities (and therefore your activities) will be from one week to the next. Compliance is not your standard 9-to-5 role.

Is compliance a rewarding career?

Substantial investments from industries like financial services have helped raise the status of compliance as a rewarding career path. Jason Morris of the ICA provides insight on where aspiring compliance officers can get started.

What is compliance officer?

Compliance officers make sure businesses, organizations, or individuals conform to contractual obligations, government regulations, and laws. It is a broad occupational title that is applicable in many industries. Specific job titles that fall under this umbrella include, but are not limited to: Environmental compliance inspector.

How many hours does a compliance officer work?

Most jobs follow a standard business week, but the demands of some jobs might require more than 40 hours per week in some instances.

What is high ethical standards?

High ethical standards: Those with a strong sense of what is right and what is wrong often are drawn to careers as compliance officers.

Is it possible to become a compliance officer?

There's no single path to becoming a compliance officer, but it is not an entry-level position. Regardless of industry, those seeking to become compliance officers first need to establish themselves in a particular field in order to have the skills and knowledge necessary to serve as a compliance officer.

Why is compliance important?

Compliance is multifarious enough to allow work in new areas and across different industries – everyone needs compliance, and those that help maintain it are important in every firm . Moving between roles and progressing through your career can mean doing more training, job shadowing or branching out to a new industry.

What is ethical compliance?

Ethical Compliance. These are the methods and means by which a compliance career can be started. Though they might be appealing, you might be unsure of the real-world value of compliance.

Is compliance a challenge?

A new challenge can be daunting – even scary. But compliance is a challenge worth the reward.

Is it better to ask or ask to be compliant?

Firms live by the rule that being and remaining compliant is so crucial that it’s better to ask than to guess and get it wrong. There is always constructive support available to you.

Is there a one size fits all approach to compliance?

There isn’t a one-size-fits-all approach to enjoying a career in compliance. In a smaller business, you might undertake a couple of roles at one time. You could carry out both customer and payment screening or be responsible for managing people and also writing policies.

Is there a circuitous path into and through the compliance profession?

A circuitous path into and through the compliance profession is pretty common among compliance professionals. ICA’s David Povey discusses several of the many roles available to new compliance pros (and seasoned ones, too).

How much does a compliance manager make?

According to PayScale, the current national average for a mid-career compliance manager is $80,000. Salaries can vary, however, from $52,000 to more than $125,000, depending on an individual’s skill, years of experience, and job location.

What is compliance officer?

Compliance specialists—frequently referred to as compliance officers—ensure organizations remain up-to-date on all regulatory and licensing requirements in accordance with company, state, and federal regulations. These specialists develop, implement, and enforce policies and procedures that keep a company’s products, processes, and physical sites operating in a legal and ethical manner.

What would Scalise say to aspiring compliance professionals?

If Scalise could give one piece of advice to aspiring compliance professionals, she would “challenge them to be selective in where they choose to work.” She says it’s important to make sure a company supports compliance professionals before accepting an offer.

What is the role of compliance specialists?

As the regulatory landscape becomes increasingly complex in these industries, compliance professionals perform a critical role, helping companies to interpret and apply regulations to operate within the bounds of the law. Jennifer Scalise, a compliance expert and adjunct professor for Northeastern’s Master of Science in Regulatory Affairs program, explains what these specialists do, how much they earn, and how you can establish a competitive advantage to advance in a compliance career.

What is compliance prioritization?

Prioritization: Compliance workers may deal with hundreds of competing compliance initiatives, from a small, pre-sale contract that needs reviewing to a compliance mandate that could cost a company $100,000 a month. After successfully determining business requirements and risks, a compliance professional needs to decide which problems to tackle first. They rely on strong time management and prioritization skills to make sound business decisions.

What does Scalise say about compliance?

Scalise stresses the importance of being unafraid to speak up in compliance environments. “Failure to raise your hand or take a stance on sensitive issues can turn out to be very costly ,” she says. The compliance profession requires communication with a variety of stakeholders, including high-level executives. As intimidating as it may be, she says, even if you don’t know the answer to a compliance question, just speak up and be honest.

How many compliance officers will be there in 2026?

According to the U.S. Bureau of Labor Statistics, there will be more than 23,000 new compliance jobs available by 2026 . As technology continues to advance and new regulations are implemented, ...

What is the difference between a compliance officer and a legal counsel?

The latter focuses on providing legal advice and does not act as the decision authority, whereas the compliance officer is a program official that must make decisions and not just offer advice. Compliance officers are most likely to receive complaints warranting investigation through the hotline or provided directly to their office. They should be able to independently investigate and act on matters related to compliance. They should also ensure appropriate remedial actions are taken when weaknesses are identified through investigations. When potential violations of the Code, policies, standards, regulations, or applicable laws are alleged, the compliance officer should conduct an initial inquiry. This inquiry is used to determine either that the allegation is baseless or that there is sufficient information to warrant further investigation. There may be situations where employees or other covered persons may have participated in serious misconduct or committed other malfeasance related to their employment or engagement on the organization’s behalf. In such situations, the compliance officer should work closely with legal counsel, who can provide guidance regarding such issues. Upon reasonable indication of suspected noncompliance with any criminal, civil, or administrative law, investigations should be conducted by legal counsel, or by the compliance officer under the direction of legal counsel. Furthermore, in light of timely reporting requirements, credible issues related to billing and reimbursement should be turned over to legal counsel as expeditiously as possible.

What is a compliance officer?

Compliance officers are most likely to receive complaints warranting investigation through the hotline or provided directly to their office. They should be able to independently investigate and act on matters related to compliance.

What is the role of legal counsel in a compliance program?

Work with legal counsel to develop protocols in the form of a policy with procedures that delineate respective duties and responsibilities of the compliance program , particularly where it comes to investigating potential wrongdoing .

What is the purpose of a compliance briefing?

During formal briefings of the executive/management and Board compliance committees, educate them on the expected roles, responsibilities, and empowerment of the compliance officer, citing relevant sections from the OIG compliance guidance documents , public statements, whitepapers, and Corporate Integrity Agreements.

What is the role of legal counsel in healthcare compliance?

Additionally, legal counsel is also responsible for providing the compliance officer with sufficient details of its investigation to show that it is properly addressing the issue. If the investigation does evidence a potential violation of law, legal must immediately notify appropriate enforcement authorities. When legal counsel takes over an investigation, a memorandum should be prepared stating they have done so in anticipation of possible litigation. Thereafter, all documents produced during the investigation under direction of legal counsel must include the statement: “Privileged and Confidential Document; Subject to Attorney-Client Privilege; Attorney Directed Work Product.” Senior management should be notified of the results of the investigation and provide the compliance officer with sufficient details of the investigation to show that the issues raised were properly addressed.

When should legal counsel be consulted?

When there are indications of a potential violation of law or regulation, legal counsel should be consulted on what further investigative steps would be appropriate, including whether the investigation should be conducted at the direction of legal counsel. Further, legal counsel should take the lead when a matter involves a regulatory or enforcement agency or legal issues with another party. This delineation allows for the easy assignment of tasks when an issue comes up. Legal counsel is primarily in charge of contract drafting, negotiation, and review; compliance handles violations of the Code of Conduct, policies and procedures, or other wrongdoing by those employed or engaged by the organization.

When potential violations of the Code, policies, standards, regulations, or applicable laws are alleged, should the compliance officer

When potential violations of the Code, policies, standards, regulations, or applicable laws are alleged, the compliance officer should conduct an initial inquiry. This inquiry is used to determine either that the allegation is baseless or that there is sufficient information to warrant further investigation.

What is the role of compliance officer?

The compliance officer on the other hand, is responsible for proactively looking for compliance problems and designing appropriate ways to correct discovered problems. The roles go hand in hand in many ways, but what happens when it is legal counsel who structured ...

Why should legal counsel not fill the compliance role?

The reason legal counsel should generally not fill the compliance role arises from differences in the role each professional plays within an organization . Legal counsel is an advocate for the organization. When compliance issues come up , legal counsel advocates the position of the client. The compliance officer on the other hand, ...

What is the first source to be examined when defining the role of the compliance officer within an organization?

The first source to be examined when defining the role of the compliance officer within an organization is the FSG. The FSG do not specifically mention a compliance officer per se, but require the compliance and ethics program be assigned to “high-level” personnel. As organizations first began creating compliance programs in response to the FSG, ...

What are the consequences of failing to use an appropriate structure for the size of the organization?

The potential consequences of failing to use an appropriate structure for the size of the organization is increased penalties in the event of organizational criminal misconduct; so the consequences can be quite serious.

Can a general counsel be a compliance officer?

I am often asked my opinion whether a general counsel can also serve in the role of compliance officer. At first blush, it seems the general counsel would be a perfect fit for the role because of general knowledge of regulations applicable to the organization. Clients are often surprised when I tell them it is not appropriate to assign the compliance role to the general counsel. In fact, there is a lot of support for the proposition that assigning these responsibilities to legal counsel makes a compliance program less effective. It also runs the risk of making the general counsel less effective in the legal counsel role.

Is it appropriate to assign compliance to a general counsel?

Clients are often surprised when I tell them it is not appropriate to assign the compliance role to the general counsel. In fact, there is a lot of support for the proposition that assigning these responsibilities to legal counsel makes a compliance program less effective. It also runs the risk of making the general counsel less effective in ...

Is size a factor in judging compliance?

At the same time, both the FSG and the OIG Compliance Guidance recognize size of the organization is a factor in judging the level of compliance. This recognizes that in cases where an organization is small and fewer resources are available, the organization can meet its obligations without necessarily creating a structure that separates the roles between legal counsel and the compliance office. However, there is no precise definition of whether an organization is a “small organization” that can fulfill its compliance functions in less formal ways or a “large organization” that will be expected to devote suitable resources to create a completely separate compliance function.

What do compliance officers need to know?

In addition, compliance officers should possess knowledge of compliance standards and policies, audit techniques, regulatory issues, and operations and procedures that relate specifically to the company.

What skills do compliance officers need?

While both financial and business acumen are necessities for compliance officers, these professionals should also have a solid mix of soft skills, including leadership abilities. Expert communication and public speaking skills are needed to facilitate a better organizational understanding of complex regulatory standards. Integrity and a history of ethical decision-making are also essential.

What is a compliance officer?

Compliance officers are responsible for ensuring their organization complies with government regulations — domestically as well as globally, if applicable — and avoids missteps that could result in hefty fines, legal ramifications and reputation damage. Compliance officers also need to make sure that employees are following internal compliance ...

How much do compliance officers make in 2020?

According to the 2020 Robert Half Salary Guide for Accounting and Finance Professionals, the projected midpoint salary for compliance officers in the United States is $106,250. And chief compliance officers can expect to see a midpoint salary of $175,250 next year.

What is the exposure to senior folks in compliance?

Exposure to senior folks: Even junior people in the compliance office get to interact with senior thought leaders , said one of the officers. Compliance workers tend to specialize in a particular reporting rule or regulatory issue, meaning you’ll be the go-to person when a certain concern pops up. “You’re well-respected and well-regarded as a junior person,” said one of the employees. “Sometimes I’m thinking: is this person really speaking to me?”

What does Goldman recommend for candidates?

Goldman recommends candidates follow the headlines as they prepare for a potential interview. Compliance issues like the J.P. Morgan “Whale” scandal or FX rate manipulations dominate the news. Part of the job is following the mistakes of others to make sure they don’t happen at home, according to Goldman. Much of the rest can be learned.

Does Goldman Sachs respect employees?

Goldman doesn't respect their own employees who have the Compliance skills they claim to be looking for. We are 2 of the top IT data modelers in Compliance and Reference Data in New York City. We used to work for Goldman. Between the 12 hour days, small bonuses and frequent layoffs, we fled. Now, another top firm has the benefit of our skills.

Does Goldman Sachs have a compliance officer?

The answer was yes.