What are the responsibilities of a compliance officer?

A compliance officer ensures a company functions in a legal and ethical manner while meeting its business goals. They are responsible for developing compliance programs, reviewing company policies, and advising management on possible risks.

Compliance officers also need to make sure that employees are following internal compliance policies. Along with assessing financial risks and creating a risk management plan to handle those potential issues, compliance officers provide regular reports on the effectiveness of a business's compliance measures.

This role is also designed to provide senior leadership with advice on any actions or changes that should be implemented. In many organizations, senior management expects the compliance officer to collaborate as a partner and demonstrate how compliance is a business priority and can help drive strategy.

Common duties and responsibilities of a compliance officer include:

• Developing, implementing, and managing an organization's compliance program

• Coordinating with federal and state regulators

• Planning, implementing, and overseeing risk-related programs

• Creating and coordinating proper reporting channels for compliance issues

• Developing company compliance communications

• Coordinating and scheduling required compliance training for employees