A job description of a compliance coordinator
A compliance coordinator acts as a liaison between a company and the regulatory agencies governing the company's industry. Nearly all industries in the United States have specific regulatory duties to fulfil or guidelines to follow, but these issues are especially important in industries dealing with economic, safety or environmental issues, such as financial services, airlines and oil drilling.
Requirements and Salary
A bachelor's degree is becoming a common requirement for compliance coordinators, in addition to adequate experience in the related industry. Preferred degree fields vary by industry; a management degree may be preferred for a financial services firm, for example, while an environmental science degree may be preferred in the logging industry. Whatever the specific educational requirements, it is essential to have a thorough understanding of the industry and business practices of a specific firm in order to fully understand regulatory issues and duties.
According to salary.com, compliance coordinators earn an average of £26,000 per year.
The specific administrative duties of a compliance coordinator vary depending on the industry, but the essence of the job function remains the same: it is the compliance coordinator's duty to represent the company to all regulatory authorities, and to facilitate the fulfilment of all regulatory requirements. This can include submitting disclosure documents, coordinating and reporting the findings of internal audits and facilitating external audits by regulatory agencies.
Human Resources Duties
A compliance coordinator carries the ongoing task of keeping employees informed, trained and involved with compliance issues. Training programs must be created, implemented and altered over time; regular newsletters or company-wide memos must be created and distributed to ensure that all employees are aware of changes in regulations such as document submission procedures, forms or substantive changes in the law. Although it is not likely to be written in a job description, a compliance coordinator can also spend a significant amount of time personally reviewing compliance guidelines with individual employees and answering internal questions.
Confidentiality is a vital component of any compliance employee's job function. Compliance coordinators are exposed to sensitive financial, operational and even political information, and have a fiduciary duty to keep this information private during and after their employment.
Potential for Growth
While a compliance coordinator position may be supervisory, there is still considerable upward mobility from this position within an organisation. Since compliance coordinators have a large degree of exposure to company operations and logistics, upper management positions such as chief operating officer or compliance officer can be available to experienced coordinators.
Legal compliance is also gaining popularity as a third-party advisory service, opening up opportunities for experienced compliance coordinators to open their own specialised consulting practices.