Sr. Compliance Officer Salary
The median pay for Senior Compliance Officers comes out to approximately $85K annually in the United States, but employers in Boston offer the most; the average salary in that city is around $132K. Senior Compliance Officers can also look forward to large paychecks in cities like Los Angeles (+44 percent), New York (+24 percent), San Francisco (+18 percent), and Chicago (+11 percent). The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Sr. Compliance Officer
A senior compliance officer is primarily responsible for the design and integration of their business’ merchandising, sourcing, and marketing framework. Knowledge of compliance and safety requirements is needed, as is the ability to develop strategies to respond to compliance risks. Another important responsibility of a senior compliance officer is to ensure the company is meeting all regulatory requirements for products and business reporting. They also assist others in working with department managers in developing and/or implementing plans of action to guarantee compliance.Read More...
A senior compliance officer must manage and maintain operations of the compliance team and provide additional support as needed. They must also be able to assign product filing tasks and be able to effectively manage deadlines for state reports. Communication skills are also necessary, as they partner with the product development team and help write policy language. A senior compliance officer manages legislative tracking funding in the compliance department, and they must be able to answer compliance questions from other departments.
Senior compliance officer positions typically require at least a bachelor’s degree in a related field, as well as substantial experience in the life insurance or health insurance industry. Several years of managerial experience in one of these industries are also needed, as is basic computer proficiency. Senior compliance officer also must have excellent organizational, multitasking, and technical writing skills.
Sr. Compliance Officer Tasks
- Inspect business to ensure standards, regulations and laws are followed by employees and management and provide issue reports to management.
- May establish a compliance committee.
- Oversee and monitor the implementation of the compliance program.
- Respond to compliance offenses, develop corrective action, and establish time frames for company to implement changes.
Common Career Paths for Sr. Compliance Officer
It is somewhat unusual to come across Senior Compliance Officers who move on to become Compliance VPs, but it does happen from time to time, and the median salary for that position sits slightly higher at $103K. Going from Senior Compliance Officer to Chief Compliance Officer is the transition that occurs most often in this field, where the paychecks are $102K. Many others choose to work as Compliance Managers, where pay is typically $74K.
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Popular Employer Salaries for Sr. Compliance Officer
J.P. Morgan Chase & Co. (JPMCC) doles out the lowest salaries in town — median pay is $73K — not to mention workers can only make as much as $99K and scope of pay is rather limited.
Pay by Experience Level for Sr. Compliance Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relatively untried employees who have less than five years' experience make $79K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $96K. Senior Compliance Officers who work for 10 to 20 years in their occupation tend to earn about $94K. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $109K, which is substantially larger than the medians reported by folks with fewer years on their resumes.
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