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The rate of foreclosures and bankruptcies increases daily, and the banking industry must follow guidelines and restrictions more closely than ever before. The role of a bank compliance officer is to oversee the daily functions of the financial institution to ensure appropriate procedures are followed.
Bank compliance officers develop and manage all details of the compliance management program, which include planning, organizing and controlling the daily lending and operational activities of the bank. Working closely with senior bank management, the compliance officer also takes an active leadership role on various committees and examinations.
Typical duties include overseeing and conducting training sessions for new employees, as well as on customer service, computer hardware and software, bank compliance and overall company strategy. The compliance officer also will provide reports and guidance to senior management on often complex compliance factors.
A bachelor's degree from an accredited educational institution in a business-related field is generally required for this position. Traditionally, accepted majors include finance, accounting or economics, but as business trends change banks are increasingly looking for candidates with a master's degree in accounting, business management or another related field.
All banks and most credit unions employ a compliance officer, though sometimes the position is given a different working job title, and positions can be found across the United States.
While compensation packages will vary by region, the salary range for compliance officers is $44,000 to $106,000 as of January 2010.
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