Compliance Officer Job Description

United States

'As there never ending laws, regulations, and mandates determining how any and every business functions, it helps to have a compliance officer on hand. This position works independently from a company, though as a part of it, to ensure that all company policies are compliant with the law. On the other hand, some compliance officers work outside of corporations and are brought in to evaluate them. Not only does a compliance officer ensure that the company follows the rules set down by outside agencies, but they also ensure that a company meets its own Standards of Excellence, and that everybody is on board with the principle and rules of the corporation.

Here are a few sample compliance officer job descriptions:

Compliance Officer - Life Insurance and Fixed Annuity

Duties: Will ensure company operations at TPA's are in compliance with state insurance regulations. Create, distribute, and file with DOIs (where required). Monitor and implement any regulatory changes that may affect the company. Ensure affected operations areas are in compliance with new requirements. Review and approve advertising. Ensure that advertising meets state and federal guidelines. Respond to complaints and litigation, including department of insurance complaints. Serve as the corporate contact for all matters related to complaints and litigation. Responsible for the creation and oversight of the complaint log. Market Conduct Exam coordinator. Serve as a liaison between state insurance examiners and the company. Respond to all requests and respond to the draft and final reports. Ensure any deficiencies in the operations areas are corrected. Corporate Records maintenance. Creating, filing, and ensuring that all required corporate filings related to normal insurance company operations are completed in a timely fashion. Participate in reviewing life insurance contestable claims, carefully considering all relevant facts and providing expertise in the area of determining material misrepresentation, fraud, intent to deceive, and causal connection requirements by state.  

Qualification Requirements: A Juris Doctorate degree, LOMA, FLMI or other insurance home office training designations is preferred. A Bachelor's degree. 10+ years of regulatory and operations compliance experience in the individual Life and Annuity insurance markets, demonstrated track record handling consumer complaints and communicating with state departments of insurance, as well as direct experience with the UCAA and SERFF systems. Should be an experienced compliance professional capable of autonomously performing a wide range of home office compliance functions. Well-qualified candidate should exhibit substantial experience in these key areas within the individual life insurance and fixed annuity markets: Company and policy form filing; ensure company filings and policy form filing submissions are completed in a timely fashion in compliance with state insurance regulations. Knowledge of the interstate compact regulations, SERFF system, and UCAA systems are required. Ability to communicate with independent agents on required changes.  

Counsel/Compliance Officer

Duties: Advising on: Market conduct, particularly in relation to third party equity and debt mobilization; Management of risk associated with handling of material nonpublic information; IFC's nominee directorship program; Offshore financial centers; Securities marketing activities; Regulatory licensing, filings, reporting, notifications and other communications with regulators; Information governance and access to information Monitoring international tax initiatives such as base erosion and profit shifting (BEPS); Assisting in the identification and provision of solutions to mitigate compliance risks; Developing and executing compliance training plans for client departments and Management, in collaboration with colleagues across CBRCD; Participating in corporate initiatives and working groups to identify possible compliance concerns and facilitate solutions by teams; Obtaining and expanding expertise and knowledge arising from the substantive areas mentioned above and sharing this expertise and knowledge effectively with other team members; Liaising with other World Bank Group entities, other multilateral deve opment banks and other external stakeholders (such as civil society organizations). Support and take instructions from the Senior Compliance Officers and Counsels with primary responsibility for the substantive areas mentioned above.  

Qualifications: Qualified to practice law in one or more jurisdictions. 8+ years' experience of regulatory advisory matters with a well-recognized international law firm or international financial institution. Experience working within or for an international organization or multilateral development bank is a plus. Cross-border regulatory experience and/or experience in emerging or frontier markets is also a plus. Highly developed technical skills with solid judgment. Working knowledge of U.S. securities and financial regulations; EU securities and financial regulations a plus. Experience in developing and giving effective and engaging training presentations.

Chief Compliance Officer

The candidate should have 4-6+ years of experience. Must be registered with the SEC as a Registered Investment Advisor and a CPO/CTA with the CFTC and are a member of the NFA. Will oversee all regulatory compliance and management matters throughout the firm. Responsibilities will include implementing ongoing Dodd-Frank compliance initiatives including CFTC and SEC compliance; conducting internal testing, auditing and internal investigations; supervising regulatory audits, inquiries and related remediation; advising on AML, KYC and related FCPA matters; assisting accounting team on FATCA compliance; maintaining and updating Compliance Manuals and monitor employee compliance with policies and procedures; organizing compliance training programs; Prepare and file Form ADV, Form PF, Form D, Form CPO-PQR AIFMD reporting and related regulatory filings; reviewing marketing materials and investor due diligence requests. JD degree is a plus, prefer experience in a hedge fund of funds environment.

Compliance Officer (AML )

The candidate will be part of the firms AML investigation unit responsible for monitoring and investigations with respect to money laundering; securities fraud, regulatory rules and law violations and terrorist financing matters. The candidate will be expected to interact with the lines of business, introduced broker dealers, asset management, margin and cashiering departments, the firms legal department, senior AML management and various law enforcement and regulatory agencies. Will show strong ownership of the learning process, prioritization and substantial analytic skills, case management skills and an ability to drive positive change. Will need to exercise sound judgment, attention to detail, and to observe the highest degree of confidentiality and accuracy in the handling of information received in the course of discharging responsibilities. Effectively and voluntarily takes on additional roles and responsibilities including participating in projects; works closely with colleagues to solve problems. Should have Bachelors degree or equivalent, JD degree a plus. Should have 1+ years experience in compliance or related position. Working knowledge of BSA, AML, securities rules/law, OFAC and other AML regulatory policies are needed. Should have experience with monitoring, investigating and reporting suspicious activity related to money laundering and terrorist financing. Must have demonstrated ability to collaborate with individuals across business and/or functional lines required. Should have strong interpersonal, leadership, and relationship skills. Must have strong written and verbal communication skills. Proficiency in learning new computer systems are needed.   

Senior Claims Compliance Officer

Duties: Will report directly to the NA Chief Compliance Officer and will partner closely with Claims business leadership; including ESIS. Will support the North America (NA) Compliance function within the Office of General Counsel (OGC) responsible for developing and maintaining an effective compliance program in NA designed to establish compliance standards and to monitor, detect and prevent compliance deficiencies. Will serve as the senior compliance and regulatory main point of contact, and compliance subject matter specialist for North America. In addition, will work in close cooperation with other OGC business units, Global Compliance and Departments of Insurance staffs. Set and establish the strategic vision for claims compliance and serves as the Senior Claims Compliance Officer for North America; partner with colleagues in company's NA Compliance, Legal, and Internal Audit to ensure products, systems, processes and procedures are in compliance with statutory/regulatory requirements; oversee and governance of the Claims Compliance analytical functions; management responsibilities for junior level claims compliance offices and associates. Lead the resolution of all regulatory claims issues arising out of examinations, audits, and inquiries. Ensure remediation and appropriate preventive action in response to violations of rules, regulations and policies; partners with internal colleagues for compliance-related matters, including workflows, policies and procedures, quality review, action plans and training; participates and supports the NA Compliance Risk Assessment, part of company's Global Regulatory Risk Management Framework, to identify and manage compliance risks; identify, manage, and communicate regularly with North America and ESIS businesses on claims compliance issues; active participation in the NA Claims Compliance Committee; respond to statutory and regulatory claims issues in coordination with NA Compliance and Office of General Counsel; and p[articipate in the preparation of quarterly reports to senior management and global compliance regarding all claims compliance assurance activities.  

Qualification Requirements: A graduate degree a plus (JD, MBA, Other). Experience working for or dealing with third party claims administrators desirable. 15 years of insurance industry experience, primarily in the area of claims handling, compliance, operational, or supervision for P&C Commercial Lines. Very strong analytical and technical skills in using data analytics to understand "root causes" of compliance deficiencies and effectiveness of controls Strong working knowledge of claims handling better practices. Demonstrated understanding of the insurance regulatory environment. Strong analytical and technical skills. Strong knowledge of workers' compensation insurance. Strong knowledge of MS Project, Excel, PowerPoint Word; and legal/compliance research tools. Some travel required and strong inter personal and diplomacy skills.'

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