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Regulatory compliance manager hiring summary. Here are some key points about hiring regulatory compliance managers in the United States:
Here's a step-by-step regulatory compliance manager hiring guide:
A regulatory compliance manager is responsible for evaluating the company's processes and procedures, ensuring that everything adheres to the internal guidelines and state regulations. Regulatory compliance managers write reports of observational findings, conducting audits on policies, and taking disciplinary actions for violations. They also facilitate regulatory training and programs to inform the employees of the company's procedures to avoid hazards and complications in the workplace. A regulatory compliance manager analyzes incident reports and complaints statements, resolving compliance issues immediately to avoid further reputational damage for the company.
The regulatory compliance manager 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 regulatory compliance manager's background is also an important factor in determining whether they'll be a good fit for the position. For example, regulatory compliance managers 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 regulatory compliance manager salaries for various roles:
| Type of Regulatory Compliance Manager | Description | Hourly rate |
|---|---|---|
| Regulatory Compliance Manager | $32-73 | |
| Manager, Quality Management, Corporate Compliance | Depending on the industry, there are a lot of functions you need to comply with if you want to become a manager of quality management and corporate compliance. Commonly seen in banks, manufacturing, processing, automotive, and textile companies, this job position is responsible for monitoring, implementing, and oversees the quality of a product... Show more | $35-71 |
| Compliance Vice President | Compliance Vice Presidents are executives who lead the compliance department of the company. They set goals and provide strategic direction to the department, oversee all the company's initiatives related to compliance, and ensure that all policies and guidelines are updated to reflect industry standards and the rules set by governing bodies... Show more | $32-74 |
Including a salary range in your regulatory compliance manager job description helps attract top candidates to the position. A regulatory compliance manager salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.
For example, the average salary for a regulatory compliance manager in Colorado may be lower than in New York, and an entry-level regulatory compliance manager usually earns less than a senior-level regulatory compliance manager. Additionally, a regulatory compliance manager with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | New York | $124,717 | $60 |
| 2 | New Jersey | $124,395 | $60 |
| 3 | California | $124,139 | $60 |
| 4 | Washington | $116,554 | $56 |
| 5 | Virginia | $113,881 | $55 |
| 6 | Connecticut | $113,151 | $54 |
| 7 | Massachusetts | $112,930 | $54 |
| 8 | District of Columbia | $112,705 | $54 |
| 9 | Michigan | $112,442 | $54 |
| 10 | Maryland | $111,876 | $54 |
| 11 | Arizona | $108,742 | $52 |
| 12 | Texas | $106,822 | $51 |
| 13 | Pennsylvania | $105,441 | $51 |
| 14 | Oregon | $105,207 | $51 |
| 15 | North Carolina | $101,047 | $49 |
| 16 | Ohio | $89,621 | $43 |
| 17 | Indiana | $89,614 | $43 |
| 18 | Minnesota | $89,103 | $43 |
| 19 | Illinois | $88,803 | $43 |
| 20 | Wisconsin | $85,624 | $41 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | McKinsey & Company Inc | $172,416 | $82.89 | 30 |
| 2 | ZS | $164,050 | $78.87 | |
| 3 | Meta | $161,245 | $77.52 | 73 |
| 4 | Lyft | $158,062 | $75.99 | |
| 5 | California Resources | $157,722 | $75.83 | |
| 6 | Arrowstreet Capital | $146,939 | $70.64 | 1 |
| 7 | Acorda Therapeutics | $142,002 | $68.27 | |
| 8 | Pattern Energy Group | $141,480 | $68.02 | 4 |
| 9 | Ernst & Young | $139,086 | $66.87 | 22 |
| 10 | Gillette | $137,413 | $66.06 | |
| 11 | Sumitomo Mitsui Financial Group | $137,335 | $66.03 | |
| 12 | MUFG EMEA | $135,046 | $64.93 | |
| 13 | Deutsche Bank | $134,914 | $64.86 | 9 |
| 14 | Nike | $134,131 | $64.49 | |
| 15 | Credit Agricole CIB | $133,882 | $64.37 | 4 |
| 16 | Pwc | $133,461 | $64.16 | 17 |
| 17 | Citi | $132,689 | $63.79 | |
| 18 | AstraZeneca | $131,559 | $63.25 | 4 |
| 19 | Calpine | $129,735 | $62.37 | |
| 20 | Bristol-Myers Squibb | $129,551 | $62.28 | 4 |
A good regulatory compliance manager 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 regulatory compliance manager job description:
To find regulatory compliance managers for your business, try out a few different recruiting strategies:
Your first interview with regulatory compliance manager candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.
It's also good to ask about candidates' unique skills and talents. You can move on to the technical interview if a candidate is good enough for the next step.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've found the regulatory compliance manager candidate you'd like to hire, it's time to write an offer letter. This should include an explicit job offer that includes the salary and the details of any other perks. Qualified candidates might be looking at multiple positions, so your offer must be competitive if you like the candidate. Also, be prepared for a negotiation stage, as candidates may way want to tweak the details of your initial offer. Once you've settled on these details, you can draft a contract to formalize your agreement.
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 employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.
Before you start to hire regulatory compliance managers, it pays to consider both the one-off costs like recruitment, job promotion, and onboarding, as well as the ongoing costs of an employee's salary and benefits. While most companies that hire regulatory compliance managers pay close attention to the initial cost of hiring, ongoing costs are much more significant in the long run.
The median annual salary for regulatory compliance managers is $102,841 in the US. However, the cost of regulatory compliance manager hiring can vary a lot depending on location. Additionally, hiring a regulatory compliance manager for contract work or on a per-project basis typically costs between $32 and $73 an hour.