Chief Compliance Officer Salary
Job Description for Chief Compliance Officer
Chief compliance officers are responsible for the finances and operations within their company. Whenever a department or division undertakes a new initiative requiring executive budget approval, the chief compliance officer must make a decision on whether to grant that permission. Chief compliance officers are also responsible for ensuring that operations within the company adhere to all applicable rules, regulations, policies, and laws. For example, chief compliance officers must ensure that procedures within their company's manufacturing plants are in line with Occupational Safety and Health Administration (OSHA) safety standards.Read More...
A number of specific duties correspond to these broad roles. For example, chief compliance officers develop and revise all company policies and standards to outline ethical, safe, and efficient procedures. They review and revise companies’ codes of personal conduct. If there are any compliance issues, they work with the appropriate groups (such as employee services or risk management) to investigate and act upon findings. They also act as independent reviewers to investigate employee allegations of company misconduct. Chief compliance officers must constantly work to find and resolve areas of compliance risk. They also act as an informational resource regarding all of these activities for members of the board, other executives, and senior management.
At minimum, chief compliance officers hold bachelor’s degrees in business; far more commonly, they hold either master’s or doctoral degrees in auditing, regulatory affairs, accounting, or a related field. Many hold certifications as either a certified public accountant (CPA) or a certified internal auditor. Chief compliance officers generally work full time in an office environment, with frequent overtime at the end of accounting or reporting periods.
Chief Compliance Officer Tasks
- Assess product, compliance, or operational risks and develop risk management strategies.
- Conduct periodic internal reviews or audits to ensure that compliance procedures are followed.
- Conduct or direct the internal investigation of compliance issues.
- Oversee and monitor activities for compliance with company, state and federal regulations.
Chief Compliance Officer Job Listings
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Popular Skills for Chief Compliance Officer
Chief Compliance Officers report using a diverse set of skills on the job. Most notably, skills in Anti-Money Laundering, Legal Compliance, Compliance, and Regulatory Compliance are correlated to pay that is above average. HIPAA Compliance and Policy Development, on the other hand, are typically associated with much lower pay. Those familiar with Regulatory Compliance also tend to know Legal Compliance and Compliance (Financial).
Pay by Experience Level for Chief Compliance Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries of relatively inexperienced workers fall in the neighborhood of $78K, but folks who have racked up five to 10 years see a notably higher median of $108K. On average, Chief Compliance Officers make $135K following one to two decades on the job. Respondents who boast more than two decades on the job don't boast commensurate pay, unfortunately; these veterans see average earnings of only $134K.
Pay Difference by Location
Houston offers some of the highest pay in the country for Chief Compliance Officers, 65 percent above the national average. Chief Compliance Officers can also look forward to large paychecks in cities like New York (+60 percent), Boston (+40 percent), Los Angeles (+34 percent), and Atlanta (+28 percent). Chief Compliance Officers in Phoenix take home the lowest salaries, earning a whopping 27 percent less than the national average. Employers pay around 9 percent less in Nashville and 3 percent less in Dallas, below-median salaries for those in this field.