What Makes A Good Compliance Officer?

Successful business operations depend on proper functioning of many different components. Each department within a firm must execute its duties faithfully and according to the strategies developed by leadership. The creation of such inter-departmental synergy leads to growth and ultimately an improved bottom line. One area that forms a foundation for the rest of a company's operations is regulatory and corporate compliance; ensuring the company is complying not only with its own strategies and policies but also with those of governmental standards and regulatory agencies. The most effective line of defence a corporation can have against breaches is an efficient and effective compliance program. However, an effective compliance program is not attainable without a compliance officer.

What makes a good compliance officer? Here are some key qualities that could make an ideal candidate

  • Effective at dealing with pressure and stress: Being a compliance officer is not an easy job, they would have to work well under pressure as you don’t want to miss anything that could be a really big problem later on.
  • Critical thinking and detail orientated: Compliance professionals need to have critical thinking and problem solving skills. They have to have a real thirst for knowledge and be effective at navigating complex issues and staying on top of new regulations. Ability to notice details, and patterns that might have an impact on product quality or company’s liability. Attention to detail helps compliance officers notice potential problems, and report them so they can be corrected.
  • Proactive: Compliance professionals must be proactive and be able to respond quickly to changing market conditions, client requirements and influences of government policies. They must conduct training for employees and test their knowledge of the laws that regulate the business and internal audits to ensure no laws are being violated and policies are being followed.
  • Negotiation and communication skills: They must be able to have the communication and negotiation skills to get businesses in line and other managers to buy in to your compliance strategies. They must protect the best interests of the company and this can sometimes translate into opposing interests of top-level management or the board of directors. They must also keep lines of communication with senior management, as well as general counsel and government auditors. When corrections need to be made, compliance officers should be assertive but also sensitive to people’s feelings.
  • Networking Skills: Compliance professionals must be able to work well with people. Their employees should feel comfortable discussing issues and filing complaints with the compliance officer.
  • Ethical: Must be ethical and willing to do what is right and must actively investigate allegations of fraud and abuse and make all attempts to rectify the problem.

Compliance training programs for staff

As a registered training organisation (RTO), the GRC Institute offers training and compliance that can be delivered in-house. Our programs or individual modules can be delivered, as part of your organisational training framework. The courses can be tailored to meet the specific needs of your organisation, within the parameters of the national qualification framework, ensuring optimal value for your business and employees.

  • The 10131NAT Certificate IV in Compliance and Risk Management provides training on compliance and risk requirements, covering core competencies in compliance topics. Requirements include one year of experience in a compliance or risk-related role. Additionally, we ask that you submit a brief CV to demonstrate this experience before acceptance. This training yields transferable skills vital to working effectively in your industry.
  • The more advanced course 10184NAT Graduate Certificate in Compliance and Risk Management education and training on compliance requirements for professionals comes with requirements of five years’ of experience in a governance, risk or compliance related role and with 2 of those years’ in a management/senior role.

GRCI's education and training opportunities are suitable for those looking to certify their skills, progress to the most senior level and/or for HR/learning development professionals looking for an induction program for new staff. For further information or to enrol, please see here or contact us on +61 (02) 9290 1788.