Compliance specialists ensure that businesses comply with laws and regulations. They may have specific areas of expertise and can be important when launching new products. A bachelor’s degree is required, and ongoing education is expected. Salary ranges from $60,000 to $125,000 per year.
A compliance specialist’s job description can include many roles, but the primary focus of the job is to ensure that the employer is in compliance with the laws and regulations that apply to the business. The exact regulations would naturally depend on the type of business involved. For the most part, only large business interests need to hire a full-time compliance specialist. People working in this field usually work for private companies that outsource their staff for the purpose of carrying out annual reviews for various companies.
While it is not usually necessary for this employee to have a degree in law, it is generally preferable for him or her to have some legal experience. This is because experts often have to navigate very complex laws and regulations. To do the job well, it is often crucial to understand legality. In many cases, those working as compliance specialists have specific areas of expertise. For example, some may work in banking or finance because they have a unique understanding of the regulations that apply to that particular type of business.
A compliance specialist can also be important when new products are being launched. In this type of situation, the specialist may be asked to ensure that the new product meets all safety requirements and undergoes appropriate tests. They may also be required to review marketing materials to establish that the materials comply with laws governing advertising. The specialist can review advertising to ensure that it is age-appropriate and that misleading claims are not made.
To find a job as a compliance specialist, a candidate must have at least a bachelor’s degree in an industry-related field. New hires are likely to start in an entry-level position, working under the supervision of a compliance manager. Many companies expect employees in this field to undergo ongoing education and training so that they stay current on new laws or regulations that may affect the business.
Salary expectations for a compliance specialist often depend on education and experience. In the United States, the average annual salary for this position is around $60,000. On the higher end of the spectrum, this job can pay up to $75,000. If the specialist can work his way up to the position of compliance manager, he could see his salary rise to as much as $125,000 per year.
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