Compliance Director Salary
Job Description for Compliance Director
Compliance directors are responsible for ensuring that corporations or agencies conform to all rules, regulations, and laws relevant to their functions. For example, compliance directors at medical insurance companies analyze policies and practices to guarantee they adhere to state and federal Medicare and Medicaid standards and to state and federal laws related to treatment and patient care. In the banking industry, compliance directors analyze investments and policies to ensure their legal and regulatory status is in proper order, and they offer risk assessments of possible legal and regulatory issues that may arise in the future. If a violation does occur, compliance directors are responsible for managing and correcting the problem as well as instituting policy to eliminate the lapse in regulatory compliance.Read More...
Compliance directors work in an office environment. They typically are the head of a department and are required to give advice and status updates regarding projects within the organization. They oversee many simultaneous issues in various stages of the compliance and regulatory process, from the conceptual stage to implementation to any operational problems that occur. They are required to travel to meet with regulatory agencies, inspect sites, or hold meetings at satellite offices.
A bachelor’s degree or equivalent experience is required for this position. Compliance directors typically need five to 10 years’ experience in a related field, with emphasis on business operations or law as well as specific knowledge of the industry in which they will be working. They require strong communication skills and the ability to analyze and manage complex situations within the regulatory framework.
Compliance Director Tasks
- Evaluate the adequacy of internal control and identify inefficient business processes that hinder compliance.
- Lead team responsible for regulatory compliance.
- Research new and existing laws, regulations, policies, and industry standards and identify existing and emerging business practice issues and risks of company.
- Propose solutions relating to compliance requirements that impact the company's products and business.
Compliance Director Job Listings
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Popular Skills for Compliance Director
Compliance Directors report using a large range of skills on the job. Fortunate workers who know Project Management command much higher paychecks, scoring salaries 33 percent above average. Those listing Auditing as a skill should be prepared for drastically lower pay. Safety Compliance and Internal Audit also typically command lower compensation. Most people who know Regulatory Compliance also know Legal Compliance.
Pay by Experience Level for Compliance Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. Relatively untried employees who have less than five years' experience make $72K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $94K. Those with 10 to 20 years of experience under their belts can expect their paychecks to flourish around the six-figure median of $116K. Compliance Directors who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $129K.
Pay Difference by Location
San Francisco is home to an above-average pay rate for Compliance Directors, 54 percent higher than the national average. Compliance Directors will also find cushy salaries in Philadelphia (+49 percent), Boston (+48 percent), New York (+27 percent), and Dallas (+13 percent). Compliance Directors' salaries are heavily influenced by location — Compliance Directors in Houston bring in salaries that are 30 percent lower than the national average. Below-median salaries also turn up in Columbus and Indianapolis (26 percent lower and 18 percent lower, respectively).