How to Become a Regulatory Compliance Officer
Regulatory compliance officers ensure that companies follow and abide by regulatory standards and government laws applicable to their industry. For example, regulatory compliance officers working for hospitals and medical organizations ensure that physicians, nurses and other medical staff are serving and treating patients according to established safety procedures and business ethics. As top executives, regulatory compliance officers oversee and implement programs that educate organizations on policies put in place to comply with changing rules and regulations.
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Instructions
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Earn a bachelor's degree in business administration, finance, accounting or economics. Develop analytical and math skills, and become adept at examining and synthesizing data about financial markets. Learn to identify financial risk, and assess the legal environment of corporations and organizations. Take courses including commercial bank management, financial markets and institutions, financial risk management, macroeconomics, strategic management and international finance.
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Participate in a summer internship program with an insurance, risk management, brokerage or management consulting firm. Work in the legal department if possible to assist experienced professionals with regulatory filings and compliance programs. Assist with clerical tasks including entering legal information into databases, and reviewing and submitting documents to public entities.
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Apply for an entry-level compliance specialist or compliance associate position to start your climb towards a career as a regulatory compliance officer. Accumulate work experience while working in a department that handles compliance issues and contractual requirements for internal and external parities. Work in your chosen industry if you wish to build expertise in a specific sector. For example, join a financial services company to handle projects such as monitoring investment guidelines and researching potential violations of regulations.
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Obtain a master's degree in finance or economics, or an MBA degree. Boost your competitive edge in the job market by enrolling in courses such as managerial economics; accounting for managers; ethics; and business law. Apply for and strengthen your interpersonal, presentation and computer technology skills. Apply for a staff accountant or financial analyst position.
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Work in positions that allow you to gain experience in areas including statistical analysis, database management, internal communications, auditing, risk assessments and financial reporting. Use your performance record and job experience to move into roles that will position you for promotion to regulatory compliance manager. Consider professional certifications such as certified management accountant (CMA) and chartered financial analyst (CFA) designation to increase your chances for job advancement (see Resources).
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Tips & Warnings
Regulatory compliance officers working in certain industries may be required to hold licensure to satisfy job hiring requirements. For example, some medical employers require that candidates hold a valid nursing license in the state where they plan to work.
Professional education is crucial for success in a regulatory compliance officer job. Government laws around financial services, health care and other highly regulated sectors are constantly changing. Take advantage of employer workshops and professional training programs to update your skills and industry knowledge. Also look for certificate and other professional training programs at colleges and universities. Firms will often subsidize the cost of tuition for employees.
