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Key Skills and Responsibilities of a Compliance Manager

Have you ever thought about becoming a compliance manager? Or is this kind of your career dream? 

Okay, if you are reading this, I assume that you are interested in this industry. Considering this as your field of interest, today I will discuss this bright sector so that you can make a more solid decision. 

Whenever you come to think about any particular industry, firstly, some common questions arise, such as what are the responsibilities of a compliance manager and what are the key responsibilities of a compliance manager? 

So if you’re looking for the answers too, then keep reading this; as a result, you will have a more solid understanding of compliance managers. 

First of all, let’s see what are the key responsibilities of a compliance manager:

Key Responsibilities of a Compliance Manager

As a compliance manager, you will have the opportunities to work in a wide variety of industries. These days most of the sectors face some level of regulation. These include accountancy, digital and technology, environmental service, financial services and many more. 

So as a compliance manager, simply you are responsible for ensuring a company complies with its requirements and policies. You’re an overseer for ensuring that your employer plays lawfully. 

Now, let’s breakdown the key responsibilities of a compliance manager:

compliance manager

As I said earlier, there are plenty of industries you can work in. For your better understanding, I tried to break down the responsibilities of a compliance manager in a generalised point of view. 

So, now I am going to tell you what are the key knowledge and skills for becoming a compliance manager.

Key Skills for Compliance Manager

Compliance officer

If you want to start a career in any industry, it certainly requires some set of knowledge and skills which are essential for the industry. Most importantly, you should have some professional skills and expertise for working in any sector. Here I am going to show you the necessary skill and knowledge for compliance manager:

Types of Compliance Manager

You will have the opportunity to work in a wide range of settings, as nowadays most sectors face some level of regulation. therefore, you can choose any of them as your career in compliance management: 

Career Prospects in the UK

compliance manager

These days, this is a wise choice to pursue a career in this sector. Because of the increased focus on compliance, opportunities to progress your career in compliance is obvious. 

Your progress as a compliance manager can be very fast, with several junior officers, being promoted to senior officers within 2 or 3 years. Usually, the compliance managers have more than 5 years of experience, and senior managers frequently more than 10 years of expertise.

 If you want to work with a large company, then you may progress from analyst level to associate vice president to vice president. Besides, small firms can use the terms like “manager or senior manager”. 

Just because of the rapid growth of compliance, many professionals move not only to more senior posts but also take steps into other relevant fields. Experience in this sector can provide you with plenty of work opportunities. 

Salary Expectation in the UK

Compliance officer

There is a wide range of work opportunities. Therefore, your salary will depend on your chosen industry and where do you work, I mean your workplace location. For instance, compliance officers in banking are highly paid than compliance officers in charities. 

Besides, if you are working in London, then you can expect that the salary is higher than the other cities in the UK. However, in the UK, the average entry-level salary is from £18,000 to £35,000, and a managerial position can earn between £30,000 and £75,000. Senior position can earn up to or more than £100,000. 

Qualifications for Compliance Manager

compliance officer qualification

Those working in compliance do not always have a specific qualification. But as the importance of compliance grows rapidly, qualifications are becoming very important.

However, there is no certain study area, but there is a preference for number-based degrees, for instance, degree in economics, business studies or law degree. Besides, there are many employers who are flexible and accept any discipline degree. 

There are various courses available to become or skill development for compliance management. 

Closing Note

Compliance manager

In conclusion, I can tell you that if you are thinking of starting a career as a compliance manager, then this is a wise choice indeed. This industry is on-demand these days and top of the list. 

Now you know the responsibilities of a compliance manager and the required skills,  so what are you thinking now? Is this one for you, or is it what you are always dreaming of?

November 4, 2020

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