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
- 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.
- Evaluate the adequacy of internal control and identify inefficient business processes that hinder compliance.
- Lead team responsible for regulatory compliance.
Compliance Director Job Listings
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Popular Skills for Compliance Director
Compliance Directors seem to exploit a large range of skills on the job. Most notably, facility with Project Management and Anti-Money Laundering (AML) are correlated to pay that is significantly above average, leading to increases of 33 percent and 14 percent, respectively. 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 skilled in Regulatory Compliance are similarly competent in Legal Compliance.
Pay by Experience Level for Compliance Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Compliance Directors generally obtain higher compensation for more plentiful past experience. The average worker who claims fewer than five years of experience earns around $72K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $97K. After one to two decades on the job, professionals can reap plentiful salaries that average out to the six-figure sum of $116K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $129K.
Pay Difference by Location
San Francisco is home to an above-average pay rate for Compliance Directors, 61 percent higher than the national average. Compliance Directors will also find cushy salaries in Philadelphia (+49 percent), Boston (+48 percent), New York (+32 percent), and St. Louis (+20 percent). Compliance Directors in Columbus take home the lowest salaries, earning a whopping 34 percent less than the national average. Employers pay around 20 percent less in Nashville and 18 percent less in Indianapolis, below-median salaries for those in this field.
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Key Stats for Compliance Director
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