Are you getting tired of your old job that you’ve been employed for the last decade? Are you looking for a more relaxed but highly rewarding job? Well, being a regulatory compliance officer might just be the right job for you!
In a nutshell, a regulatory compliance officer takes care of identifying laws and statutes, government rules and regulations, company standards and policies, codes of conduct, and financial plans (depending on what industry your engaged in), and making sure that these are complied with.
Some people interchange the concept of regulatory compliance officers with that of internal auditors. However, there is a big difference between the two. Regulatory compliance officers are more pro-active than internal auditors in a sense that their job is more preventive than remedial. Compliance officers identify specific issues within a company and correct these issues before an internal auditor checks them. Instead of an act being fait accompli upon examination, they are rectified before they can be included in the final report.
So how do you become one?
- Have the necessary qualifications. The qualifications differ depending on the kind of industry. If you want to become a regulatory compliance officer in a bank, for example, you may need to have the required experience in financial and/or legal matters. In some industries, they even require you to be a lawyer.
But at the end of the day, whatever industry you want to engage yourself in, you must, at the very least, be able to think on your feet and be cautious on details, as you’ll be racing against time and against auditing agencies.
- Keep abreast of laws, regulations and/or policies. Being a regulatory compliance officer requires you to know the latest laws, regulations and policies. How will you be able to assess and report on compliance requirements if you do not know what things should be complied with?