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Compliance officer hiring summary. Here are some key points about hiring compliance officers in the United States:
Here's a step-by-step compliance officer hiring guide:
A compliance officer is responsible for monitoring company operations, ensuring that all the processes and members are adhering to the regulatory and procedural policies set by the company. Compliance officers' duties also include proposing compliance programs, reviewing and updating existing company policies with management approval, taking immediate actions for policy violations, and mitigating risks. A compliance officer must have extensive knowledge of legal procedures and regulatory standards to manage and evaluate problems, providing meaningful solutions, and keep the company's positive reputation.
The compliance officer hiring process starts by determining what type of worker you actually need. Certain roles might require a full-time employee, whereas part-time workers or contractors can do others.
A compliance officer's background is also an important factor in determining whether they'll be a good fit for the position. For example, compliance officers from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
Here's a comparison of compliance officer salaries for various roles:
| Type of Compliance Officer | Description | Hourly rate |
|---|---|---|
| Compliance Officer | $20-46 | |
| Lead Auditor | Lead auditors are professionals who are responsible for providing leadership and coordinating work schedules to a team of audit experts within an organization. These lead auditors are required to prepare audit plans and conduct team meetings before conducting internal or external audits at the end of the quarter or year... Show more | $29-55 |
| Compliance Analyst | A compliance analyst is in charge of ensuring that every operation and aspect in a company or facility adheres to the laws and regulations. They are also responsible for conducting regular inspections and assessments, producing reports and presentations, disseminating necessary information and reminders, researching existing policies and laws related to the industry, and remaining updated with new regulations... Show more | $18-41 |
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Delaware | $85,187 | $41 |
| 2 | District of Columbia | $82,900 | $40 |
| 3 | Connecticut | $80,912 | $39 |
| 4 | California | $76,508 | $37 |
| 5 | New Jersey | $75,043 | $36 |
| 6 | New York | $74,465 | $36 |
| 7 | Massachusetts | $72,514 | $35 |
| 8 | Minnesota | $70,927 | $34 |
| 9 | Maryland | $67,633 | $33 |
| 10 | Pennsylvania | $67,355 | $32 |
| 11 | Ohio | $66,629 | $32 |
| 12 | Missouri | $65,482 | $31 |
| 13 | Illinois | $65,015 | $31 |
| 14 | Virginia | $64,673 | $31 |
| 15 | Colorado | $61,622 | $30 |
| 16 | Maine | $59,508 | $29 |
| 17 | Texas | $58,506 | $28 |
| 18 | Hawaii | $58,098 | $28 |
| 19 | Oregon | $56,622 | $27 |
| 20 | Iowa | $53,949 | $26 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Meta | $124,228 | $59.73 | 127 |
| 2 | Virtu Financial | $110,040 | $52.90 | |
| 3 | Pacific Investment Management Company LLC | $109,245 | $52.52 | 3 |
| 4 | Genentech | $106,828 | $51.36 | 4 |
| 5 | Citi | $105,696 | $50.82 | 55 |
| 6 | Tishman | $104,864 | $50.42 | |
| 7 | Bloomberg | $103,212 | $49.62 | 14 |
| 8 | BNY Mellon | $103,119 | $49.58 | 14 |
| 9 | Visa | $102,987 | $49.51 | |
| 10 | AIG | $102,875 | $49.46 | 11 |
| 11 | BMO Capital Markets | $101,074 | $48.59 | 6 |
| 12 | City National Bank | $100,389 | $48.26 | 160 |
| 13 | Baird | $99,613 | $47.89 | 11 |
| 14 | Santander Bank | $99,548 | $47.86 | |
| 15 | Icma-rc | $98,908 | $47.55 | 15 |
| 16 | Western Alliance Bank | $98,903 | $47.55 | 15 |
| 17 | Morgan Stanley | $98,197 | $47.21 | 74 |
| 18 | Parsons | $97,454 | $46.85 | 21 |
| 19 | Invesco | $97,041 | $46.65 | 8 |
| 20 | JPMorgan Chase & Co. | $96,613 | $46.45 | 113 |
A good compliance officer job description should include a few things:
Including a salary range and the first name of the hiring manager is also appreciated by candidates. Here's an example of a compliance officer job description:
To find compliance officers for your business, try out a few different recruiting strategies:
To successfully recruit compliance officers, your first interview needs to engage with candidates to learn about their interest in the role and experience in the field. You can go into more detail about the company, the role, and the responsibilities during follow-up interviews.
It's also good to ask about candidates' unique skills and talents to see if they match your ideal candidate profile. If you think a candidate is good enough for the next step, you can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've decided on a perfect compliance officer candidate, it's time to write an offer letter. In addition to salary, it should include benefits and perks available to the employee. Qualified candidates may be considered for other positions, so make sure your offer is competitive. Candidates may wish to negotiate. Once you've settled on the details, formalize your agreement with a contract.
You should also follow up with applicants who don't get the job with an email letting them know that you've filled the position.
To prepare for the new compliance officer first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.
Recruiting compliance officers involves both the one-time costs of hiring and the ongoing costs of adding a new employee to your team. Your spending during the hiring process will mostly be on things like promoting the job on job boards, reviewing and interviewing candidates, and onboarding the new hire. Ongoing costs will obviously involve the employee's salary, but also may include things like benefits.
Compliance officers earn a median yearly salary is $64,058 a year in the US. However, if you're looking to find compliance officers for hire on a contract or per-project basis, hourly rates typically range between $20 and $46.