Laws and regulations govern every industry, including policies passed at the federal, state and local levels. These regulations exist for many reasons, such as promoting safety, preventing financial fraud, and ensuring environmental safeguards. Failure to comply with pertinent regulations may jeopardize a business, both legally and financially. This means businesses need high-level leaders who understand the intricacies of the regulatory environment.
Chief compliance officer is a C-suite position devoted to understanding and maintaining full regulatory compliance. For those who have an interest in the law and a passion to help businesses thrive, this role can prove immensely rewarding. Success in the compliance field requires the right educational background as well as extensive on-the-job experience.
What Is a Chief Compliance Officer?
The chief compliance officer role ensures compliance with all relevant regulations. People working in this position must have a strong knowledge of the law and unimpeachable personal ethics. The work involves regularly reviewing regulations for changes, establishing programs and protocols to promote compliance and training employees on how to abide by all relevant ordinances.
This position typically reports to the chief executive officer.
Industries That Require Compliance Officers
Compliance is a major concern across virtually all industries. The fields where chief compliance officers are especially common include the following:
- Finance
- Health care
- Manufacturing
- Technology
Chief Compliance Officer Job Description
The duties and responsibilities associated with this position may vary from one organization to the next. However, a typical chief compliance officer job description includes the following duties and responsibilities:
- Maintaining legality in all aspects of business operations
- Staying attuned to changes in industry regulations or laws
- Meeting with other executives to discuss compliance needs
- Monitoring employees and operations for compliance issues
- Creating, implementing and reviewing programs to promote compliance
- Recommending corrective behavior to avoid repeat noncompliance incidents
- Performing or overseeing audits to ensure that compliance standards are being met
Depending on the size and scope of an organization, the chief compliance officer may oversee a team or an entire division of compliance professionals.
How to Become a Chief Compliance Officer
For those who want to pursue executive positions such as chief compliance officer, these steps can help develop the right portfolio of knowledge, skills and experience to advance into this executive leadership role.
Career Trajectory
The basic steps involved with becoming a chief compliance officer include the following:
- Obtain a bachelor’s degree. An undergraduate degree provides an opportunity to develop foundational skills. This degree could be in any number of fields. For example, those interested in corporate compliance for financial services companies might benefit from a finance degree.
- Gain hands-on experience. Before ascending to an executive-level position, gaining experience in entry- and mid-level compliance roles is important. Compliance analyst and junior compliance specialist positions can both be good starting options.
- Pursue an advanced degree. An advanced degree is an opportunity to hone important skills, including leadership abilities. A Master of Business Administration (MBA) or Master of Health Administration (MHA), such as USC’s Executive MHA, can both offer valuable opportunities for growth and development as you prepare for this high-level career move.
Ultimately, earning a master’s-level degree, such as an MHA, can lead to more competitive salary ranges and positions of greater authority. Compliance is a strong option for anyone seeking an executive health care career.
Core Qualities for a Chief Compliance Officer
Numerous factors contribute to success in an executive-level compliance role. The factors include the following:
- In-depth knowledge of the law
- Clear sense of personal and professional ethics
- Strong leadership and managerial skills
- Attention to detail
- Organizational and administrative skills
Each of these qualities can be honed through a combination of education and hands-on training.
Chief Compliance Officer Salary Range
The median annual chief compliance officer salary is approximately $127,000 as of June 2023, according to data obtained from career compensation resource Payscale. Factors that can influence salary ranges include years of experience, education level and geographic location. Pursuing an executive-level degree is among the best ways to command a higher salary.
The U.S. Bureau of Labor Statistics (BLS) projects that the number of top executive roles, including chief compliance officers, is projected to grow by 3% between 2022 and 2032 — a rate that is roughly on par with the average growth projected for all career types. For top executive roles, that equates to an increase of about 124,200 roles during that span.
Prepare for a Role in Corporate Compliance
Compliance is a critical concern across virtually all industries, and it can be a meaningful career path for anyone passionate about organization, ethics and problem-solving. To succeed as a chief compliance officer, advanced training is paramount.
Those considering a role in health compliance may benefit from USC’s Executive Master of Health Administration (EMHA) degree program. The program provides exposure to a range of issues central to health care leadership, including knowledge of the regulatory environment. Completing the program can be an important step toward earning a career as a compliance executive.
Explore the EMHA curriculum today, and find out more about how it propels career advancement.
Recommended Readings
7 Reasons to Pursue an EMHA Degree
6 In-Demand Health Administration Careers
Being Admitted to the Hospital: How to Get Admitted and More
Sources:
Indeed, “How to Become a Chief Compliance Officer (Plus Salary and Job Outlook)”
Investopedia, “Compliance Officer: Definition, Job Duties, and How to Become One”
Payscale, “Average Chief Compliance Officer Salary”
U.S. Bureau of Labor Statistics, “Top Executives”
Zippia, “What Does a Chief Compliance Officer Do?”
ZipRecruiter, “What Is a Chief Compliance Officer and How to Become One”