Regulatory compliance officer skills for your resume and career

Risk management is the method of recognizing, evaluating, and managing risks to an organization's resources and profits. Financial insecurity, regulatory liability, strategic management mistakes, incidents, and natural hazards are just some of the challenges or dangers that could arise. For digitalized businesses, IT security vulnerabilities and data-related threats, as well as risk management techniques to mitigate them, have become top priorities.

A Compliance Program is a collection of rules, policies, and processes which are found within a company, business, organization, or some other form of an institution, all of which are created and followed with the main purpose of compliance with the laws, rules, and regulations of a country or of an industry, or to otherwise uphold some idea or reputation and quality of a company and its work. It is also known as the compliance and ethics program of a company.

AML refers to the rules and systems set up by governments, financial institutions, or organizations to prevent fraudulent economic activities.

A regulatory agency is a Public Benefit Corporation (PBC) that is responsible for supervising certain human activities and controlling them to some extent. They are set up in some areas such as hospitals, law firms, and governmental setup to regulate safety standards. They prevent undue and unjust abuse of power in these setups.

Compliance issues are where people or businesses breach their legal obligations in a country or region where they operate or live. Some of the compliance issues that businesses face may be in regard to wage and overtime regulations and IRS audits. They may result in legal recourse by stakeholders like employees.

Compliance policies refer to the set of standard procedures and policies that staff or clients must adhere to within the company premises or services.

The Food and Drug Administration (FDA) is a division of the US Department of Health and Human Services that regulates the production and sale of food, pharmaceutical products, medical equipment, and other consumer goods, as well as veterinary medicine. The FDA is now in charge of overseeing the manufacture of products like vaccines, allergy treatments, and beauty products.

Regulatory Issues refer to the potential risks that local legislations or regulations will change, which businesses must conform to. If a business does not comply with the changes made, there could be cause for legal action. Examples of regulatory issues include new stimulus bills, changes to workers' leave, and reforms to overarching issues such as healthcare.

QA, or Quality Assurance is a procedure that entails all of the steps taken to avoid any errors in the manufacturing process or in the production of the goods that a company produces. It can also include ensuring the consistency of the services rendered. Quality assurance ensures that the quality of the service delivered to consumers meets or exceeds the promised expectations. This greatly aids in the prevention of any complications that might arise after the goods or services have been distributed. It makes sure that customers are satisfied.