Organizations and businesses are audited by compliance examiners to ensure that employees are following company policies as well as regional and national compliance laws. While compliance jobs can be found in a variety of industries, many of them are primarily concerned with accounting and finance. As a result, in addition to gaining industry experience, someone interested in becoming a compliance examiner may need to earn a finance-related degree.
Banking regulatory agencies in many countries employ compliance examiners, who are responsible for ensuring that banks have sufficient cash assets on hand to cover outstanding liabilities. Examiners are also in charge of ensuring that loan officers and underwriters gather all necessary documentation before extending credit to individuals and businesses. A person who wants to work for a banking regulatory authority as a compliance examiner must have prior banking experience. Senior bank officers with experience as lenders or bank managers are typically eligible to apply for these positions. Many regulatory agencies prefer to hire seasoned bankers with degrees in finance, accounting, or related fields.
Securities regulators frequently hire compliance examiners in addition to banks. These people make sure that brokers and stock traders don’t make any unauthorized trades. Examiners also go over the financial records of publicly traded companies to make sure the public is aware of any underlying issues that could affect the value of the securities they issue. A person who wants to work as a compliance examiner for a securities regulatory agency must have prior experience as a broker or investment representative in the investment industry. Many agencies require job applicants to have advanced degrees in economics or related subjects due to the complex nature of securities.
While many examiners are concerned with financial regulations, others are responsible for ensuring that businesses follow other laws. A licensed attorney may be able to work as a compliance examiner for an organization that ensures that businesses follow regional or national statutes governing contract laws, advertising disclosures, and other types of data. Aside from being an attorney, regulatory agencies typically prefer to hire people with industry relevant experience, so a mortgage firm lawyer might be able to find work as a mortgage industry compliance examiner.
In-house compliance examiners are employed by some companies to ensure that employees follow company procedures as well as local and national laws. These people are in charge of auditing company departments on a monthly or quarterly basis. The findings of the examiner may have an impact on the salaries of departmental managers. In-house examiners are typically experienced company employees with prior managerial experience, and many companies require these individuals to have college degrees in business or finance-related subjects.