Running a successful business involves a lot of work! There are multiple factors that often go unnoticed but hold utmost significance in growth. One such factor is business compliance with national and international laws. Depending on the domain in which you run your business, there can be multiple rules and regulations that you must follow. It can be related to production, staff training, infrastructural safety, and more. If a company fails to stand tall to these compliances, it might cause an irreparable loss to the business. That is why companies hire experts with ITIL training or build teams that dedicatedly look after the compliance management part. The proficient experts managing these teams are called the compliance managers.
The job role of a compliance manager is crucial, so the demand for these professionals is also high. I would suggest that candidates looking for a promising career related to business compliance to explore this domain. To help you further, I will share the complete details you should know about how to become a compliance manager in this article.
Who is the Compliance Manager, and what do they do?
A Compliance Manager is an expert with an expert understanding of all the national and international rules a business should adhere to. These experts ensure that their organization follows all those rules, and they do so by developing and implementing legal standards. Some of the duties or tasks they perform are:
- Staying updated on laws and regulations related to the business and communicating them within the teams concerned.
- Conducting audits and creating policies and procedures to address compliance issues.
- Collaborate with various departments within the organization to assess risks, provide compliance matter training, and investigate potential violations.
- Another responsibility is to monitor regulation changes and adjust policies and procedures to ensure adherence to ongoing compliance.
Know that the roles are not limited to this; your organization might decide to add any responsibilities to your job role. So, it is significant to be aware of what roles you will perform before you plan on becoming a compliance manager.
How to Become a Compliance Manager in Simple Steps
From my personal experience and based on all the research I have done over the years, I can say that a compliance manager is a promising career option. If you prepare well and gain the utmost proficiency in the domain, you can enjoy a sustainable and monetarily secure professional journey. For those interested, here is a 5-step Compliance manager roadmap that you can follow to land your desired job role.
Step 1: Master Skills
To become a successful compliance manager, you require a diverse set of skills. You need technical expertise to navigate the complexities of regulatory environments. Additionally, you require soft skills to effectively implement and communicate the legal standards across the organization.
Top Skills Needed to Become a Compliance Manager
You can segregate the compliance manager skills required by any enthusiast into soft skills and hard skills. Let me list different skills under each of these categories.
A. Soft Skills
- Communication Skills: You should have excellent communication skills to convey compliance requirements to various stakeholders and handle inquiries.
- Problem-Solving Abilities: Learn to be adept at identifying compliance issues and developing practical solutions to address them.
- Leadership and Influencing Skills: Develop the ability to lead cross-functional teams, influence decision-making, and foster a culture of compliance within the organization.
- Ethical Judgment: Every compliance manager must possess excellent ethical judgment to navigate situations where legal or ethical considerations may conflict.
Hard Skills
- Policy and Procedure Development: Build expertise in developing and implementing compliance policies, procedures, and controls to ensure adherence to regulations and standards.
- Auditing and Monitoring: Gain hands-on experience in conducting compliance audits, monitoring activities, and assessing compliance performance against set standards.
- Data Analysis: Ensure you have proficiency in data analysis tools and techniques to assess compliance metrics, trends, and anomalies.
- Technology Proficiency: Another skill you require is familiarity with compliance software systems, databases, and tools you can use for managing compliance activities, tracking issues, and reporting.
Top Compliance Manager Certifications / Degree
Certifications have a crucial role in attaining the skills that can boost your career as a compliance manager. If you plan your compliance manager certification path strategically, you will stay put with the latest skills and become an asset to your organization. Some of the certifications you can consider opting for are:
- Knowledgehut ITIL training
- Certified Compliance & Ethics Professional
- Certified Risk and Compliance Management Professional
- Certified Fraud Examiner
Step 2: Determine Your Ideal Timeline
The worst mistake that a candidate can make is to follow somebody else’s footprints without ensuring whether it works for them. So, choose a pace that suits you when you plan to become a compliance manager. Somebody might have taken years to reach their desired job role, but you may not take that long! So, I suggest you follow your own pace and plan things at your convenience.
How Long Does It Take to Become a Compliance Manager?
The time an individual would take to become a compliance manager can vary for different candidates. However, on average, it wouldn’t take more than four to five years before you reach your desired position. It will take around four years to complete your bachelor's degree and a year or so after that to complete a renowned certification course in this domain to prove your skills and expertise.
Step 3: Begin Building Your Portfolio / Resume
When you ask me the best way to become a compliance manager or grab the best job in this domain, I cannot emphasize enough the significance of your resume. Whether you have an impressive score in your degree program or completed IT Service Management training, it wouldn’t yield results if you did not highlight it on your resume. So, use an online resume builder to select a pre-defined resume template and use it to build an impressive resume that can effortlessly attract more employers.
Portfolio Example or Resume Template in PDF for Download
Compliance Manager Resume Template (Docx.)
s3.resume.ioStep 4: Where and how to find a job
People exploring how to become a compliance director often complain about not knowing where to find a job. If you are also sailing in the same boat, I am here to help! The table below shows the list of companies offering promising salaries and promising job opportunities to compliance managers.
Top Companies Hiring Compliance Manager
Company | Average Salary |
Deloitte | $121K |
Wipro | $100K |
IBM | $174K |
Accenture | $84K |
FIS | $117K |
Amazon | $219K |
CRISIL | $98K |
Source: Glassdoor
Job Outlook for Compliance Manager
The job outlook for a compliance manager is positive and highly promising. The pace at which the demand for these experts is increasing indicates that there will be steady growth in the coming years. So, if you keep up with the latest technologies and keep updating your skills, you can enjoy a long and productive career in this domain. As per the report, you can expect an increase of 16.54% in the demand for compliance managers by 2029.
Step 5: Ace the Interview
Once you get skilled enough to enter the job market and send resumes to multiple employers, the next step is to crack an interview. The hiring process can vary for different organizations; some might start with a written technical round and go for a personal interview later. On the other hand, there are many organizations that directly conduct interviews where you sit right in front of a hiring board. I have listed a few effective tips to help you crack the compliance manager interviews.
- Go through the sample interview questions you would get asked for the compliance manager position.
- Dress well and present yourself as a thorough professional while sitting in front of the board.
These simple yet effective tips can prepare you well for the interviews and help you inch closer to your dream job.
Who can Become Compliance Manager?
Before exploring how to become a compliance manager, know that not anyone can plan a career in this domain. You should be from a particular educational background and fulfill the fundamental requirements to become a compliance manager. Some of the basic requirements are:
- You should have a bachelor's degree in law or business administration.
- A certification to prove your proficiency in industry trends and laws.
- Though it is not mandatory, it is beneficial if you have prior experience working in this domain.
If you fulfill these requirements, you can certainly plan to build a career as a compliance manager in any industry.
Why / Benefits
By far, you have learned everything you should about how to become a compliance manager with no experience or prior expertise. The question that might crop up is why you should opt for this career option. Firstly, the demand for these professionals is high and ever-increasing. Secondly, you can expect to get excellent monetary perks in this industry.
What’s the Demand for Compliance Manager?
As every industry has tons of national and international compliances to adhere to, the demand for expert compliance managers has also increased. As per the report by VMR (verified market research), there will be a growth of 10% in the compliance management software market size from the year 2020, and this percentage is expected to increase further in the coming years.
Salary details for the top 5 countries
Another benefit of planning a career in this industry is promising salary packages. Compliance managers worldwide get excellent salaries, and additional perks make it a most preferable job role. The table below gives an insight into the salaries offered in the top 5 countries for better clarity.
Country | Average Salary |
UK | £54,505 |
USA | $128K |
India | INR 13.4 LPA |
Australia | $123K |
Canada | $105K |
Singapore | $116K |
Source: Glassdoor
Tips to Become a Compliance Manager
You have to put in a lot of effort to become a compliance manager and plan a highly yielding career in this domain. You can enjoy all the perks this field can offer only when you have the right skills and a strategic plan to sail. Here are some of the tips you can use to kickstart your career as a compliance manager.
- Pursue a degree in business, law, finance, or a related field.
- Gain relevant industry experience by joining any entry-level compliance role that helps you understand regulatory frameworks.
- Develop all the essential skills, like communication, problem-solving, and analytical abilities, to be able to handle projects efficiently.
Apart from these things, stay updated with the ever-evolving laws and regulations to deliver value in your work.
Conclusion
Becoming a compliance manager requires a blend of education, experience, skills, and personal qualities. In this guide to becoming a compliance manager, I have shared all the requirements you should fulfill to plan a fruitful career in this domain. You can enjoy a secure professional journey if you come from a relevant educational background and have the right skills to deliver value in your work. Moreover, be aware that continuous learning is the key to excel in this dynamic field. So, focus on staying updated on evolving laws and regulations, and you can keep completing the relevant certifications to prove your worth. The right way to kickstart the journey and excel is to plan a strategic approach based on your grasping power and career objectives. Follow your own strategy, take your time, and position yourself for success in this critical role.
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