What does a Compliance Manager do?
A Compliance Manager is in charge of maintaining the regulatory compliance of an organization. Compliance Managers are key players in heavily regulated industries such as insurance, finance, and healthcare. A Compliance Manager is responsible for keeping up with any changes in the industry to ensure the organization is adhering to new laws. Compliance Managers often create reports for upper management to showcase where there may be gaps in the organization’s compliance and suggest changes or new procedures for employees to follow.
Compliance Manager skills and qualifications
A successful Compliance Manager candidate possesses various prerequisite skills and qualifications for the duties of this job. Some of these may include:
- Knowledge and experience in control theory and professional auditing/testing practices
- Understanding of business technologies and their impact on control practices
- Ability to effectively integrate business, operational, technological, and financial components in control and testing work
- Ability to identify problems and recommend solutions to complex control, financial, or technical issues
- Strong written and verbal communication skills to deliver high quality, actionable feedback on a variety of complex issues
- Understanding regulatory and industry best practices relevant to the business, including technology implications
- Strong strategic thinking and decision making skills with the ability to develop creative solutions for a variety of emerging organizational and industry challenges
- Ability to self-motivate and hold an entire organization accountable to regulatory standards
Compliance Manager experience requirements
When reviewing resumes for a Compliance Manager position, it is best to look for someone who has at least five years of experience working on a compliance, audit, legal, or risk management team. It is also best to look for a candidate who has experience working in your particular industry. This will ensure they are joining your organization with an idea of the regulatory and compliance laws for your industry.
Compliance Manager education and training requirements
A good Compliance Manager candidate will have obtained at least a bachelor’s degree in business administration, economics, commerce or a related field. Candidates with a Master’s degree are often preferred. Some additional training or certification may be required depending on the industry. For Compliance Managers working in the financial industry, a Canadian Securities Course (CSC) designation may be required.
Compliance Manager salary expectations
According to Indeed Salaries, the average salary for a Compliance Manager in Canada is $67,669 per year. The salary can vary depending on many factors including experience, location, or the company that is hiring.
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