A compliance specialist’s job description may include a variety of responsibilities, but the primary goal is to ensure that the employer complies with all applicable laws and regulations. The specific rules would, of course, be determined by the type of business involved. The majority of the time, only large corporations have a need for a full-time compliance specialist. People in this field frequently work for private companies that outsource their personnel to conduct annual reviews for various companies.
Though a law degree is not required, it is usually preferred that this employee has some legal experience. This is due to the fact that specialists are frequently called upon to navigate extremely complex laws and regulations. An understanding of legalese is usually considered necessary in order to do a good job. Compliance specialists, in many cases, have specialized knowledge in certain areas. Some may work in the banking or financial industries, for example, because they have a unique understanding of the regulations that apply to that industry.
When new products are introduced, a compliance specialist may be required. In this case, the specialist may be required to ensure that the new product complied with all safety regulations and had been thoroughly tested. They may also be required to review marketing materials to ensure that they are compliant with applicable advertising laws. The specialist might look over advertisements to make sure they’re age-appropriate and don’t make any false claims.
An applicant for a job as a compliance specialist should have at least a bachelor’s degree in a field related to the industry. New employees should expect to begin in an entry-level position under the supervision of a compliance manager. Many employers expect employees in this field to continue their education and training so that they are up to date on any new laws or regulations that may affect their work.
A compliance specialist’s salary is usually determined by his or her education and experience. The average yearly salary for this position in the United States is around $60,000 US dollars (USD). On the higher end of the scale, this job could pay up to $75,000 USD. If the specialist can work his way up to the position of compliance manager, his annual salary could reach $125,000.