Bank compliance officers manage and oversee the daily operations of financial institutions to ensure that they comply with all applicable federal, state and local laws.Monitoring lending, accounting and investment practices are some of the job tasks that can be done.Bank compliance officers are involved in the day to day operations of financial institutions and may be responsible for overall management duties.
Step 1: Get a bachelor's degree.
To become a bank compliance officer, an undergraduate degree is required.Common majors include accounting, business administration, or finance.You can prepare yourself for the job by taking courses such as mathematics accounting finance business administration statistics economics.
Step 2: Seek internship.
You can add practical knowledge and skills to your degree by working at a bank.This experience can give you an advantage as a job candidate.You can talk to professors at your school about the possibility of doing an internship.Many banks and financial companies have internship programs.Credit unions and community banks are good places to look for an internship.Compliance officers are common at all types of institutions.
Step 3: Do you know where you can find a job?
There is a growing demand for bank compliance officers as the contemporary financial world is becoming increasingly regulated.You can start looking for a job in banking once you have a degree.A credit union, retail bank, private investment bank and an international bank are some of the banks you can work at.
Step 4: Gain experience and skills.
The compliance department of a bank is where most of the people who enter the field start out.Experience and on-the-job training that will help you learn the ins and outs of being a compliance officer are provided by these positions.You can become a bank compliance officer after three years of experience.Ensure that practices are transparent, and that all transactions are documented, are some of the aspects of banking that compliance officers should focus on.Don't forget to develop your communication skills.Since essential duties of a compliance officer include relaying complex regulations and best practices to those in the banking trade, and to identifying and arbitrating when practices do not conform to standards, you will need to communicate clearly and diplomatically.
Step 5: Continue your studies.
Compliance officers and those that want to enter the field need to stay up to date with the changing laws and regulations of the banking world.The Institute of Certified Bankers requires 80 hours of compliance training before you can be certified.Before becoming certified, these classes must be taken.There are courses that can be taken through the American Bankers Association.Taking courses through the American Institute of Banking is one of the options.List of courses that can be taken in-person or online, as well as information on associated fees, are maintained by these organizations.There are courses about lending, investing, and accounting regulation.
Step 6: Compliance communications can be managed.
Ensuring that others stay informed about regulations and practices is one of the most important parts of a bank compliance officer's job.Bank compliance officers communicate electronically, in writing, and in person to keep others apprised of policies and to deal with any issues that arise.They can communicate with the government or regulatory boards on behalf of a bank or bank members.
Step 7: Stay informed about the rules.
All current banking regulations need to be understood by bank compliance officers.Since laws and policies may change over time, they need to continue to research and learn about compliance.The ABA Compliance Email Bulletin, continuing education courses, and individual research are some of the tools bank compliance officers can use to stay informed.Compliance officers should strive to develop particular expertise related to the kind of bank they work with if they want to have a broad knowledge of banking regulations.Compliance officers are required to be knowledgeable about laws and regulations regarding trading and securities.Compliance officers working for personal banks need to focus on the most relevant regulations because they complete more business related to things like small business lending, mortgages, and insurance.
Step 8: Assist banks with best practices.
Compliance officers help other employees put banking regulations into practice.This involves working with managers to develop a bank's best practices for dealing with each regulation, as well as training staff to implement these practices.A compliance officer will help a bank determine ways to implement, monitor, and review transactions to combat money-laundering if a new regulation goes into effect.
Step 9: Bank records and practices should be reviewed.
Good record-keeping and information sharing are enforced by compliance officers.They will review the records and information to make sure that the regulations are being followed.
Step 10: Inform authorities if there are problems that arise.
When regulations are not being followed correctly is one of the most difficult parts of a compliance officer's job.When a problem is recognized, the first thing to do is to work with the bank managers to make sure they understand the regulations and are prepared to fix the problem.Bank compliance officers must be prepared to report instances of fraud, embezzlement, unfair lending, and other problems to government regulatory agencies.
Step 11: You should get certified.
There is no requirement to become a bank compliance officer.It is possible to get a job in the field if you get certified.The Certified Regulatory Compliance Manager credential is a result of the certification.Certifying agencies include the American Bankers Association, the National Association of Federal Credit Unions, and the International Academy of Business and Financial Management.Before you can be certified as a compliance officer, you have to have three years of experience in banking and 80 hours of approved compliance training.You must submit an application with a reference from a senior banking official to request certification.You have to sign a statement that you will abide by a code of ethics.The exam consists of 200 multiple-choice questions.
Step 12: Good ethics and accountability should be practiced.
Financial transactions and accounting practices must follow all laws, regulations, and codes of conduct that apply.They have to be willing to out wrongdoing and have the highest standards of ethics.Bank compliance officers should be prepared to monitor and analyze bank activities.A bank compliance officer might study how a bank distributes home loans to make sure there are no discrimination.Inform and report suspicious banking activity.Compliance with the Bank Secrecy Act is important.In order to comply with laws and regulations, help banks determine best practices.If a new law is passed that affects mortgage rates, then the job of a bank compliance officer is to help the bank figure out how to manage the loans according to the new rules.Ask the federal government or regulatory agencies any questions.A bank compliance officer is the point of contact between a bank and regulatory agencies, and so he or she must be prepared to research and explain any inquiries that these agencies have about the bank or its practices.
Step 13: Become a member of a professional organization.
You can join an organization if you are a bank compliance officer.Information about job openings, access to conferences, and additional training are provided by these groups.Go to conferences, attend panels and networking events, and contribute to web forums if you join a professional organization.
Step 14: Continue to be certified.
Certified bank compliance officers have to take 60 hours of training every three years to keep their credentials up-to-date.Potential courses include those offered by the AIB and the ABA.These organizations keep up-to-date lists of continuing education courses that can be taken in person or online, as well as information on associated fees.Titled courses include: Credit Card Regulations, Fair Credit Reporting Act, National Flood Insurance Regulations and Digital Compliance.
Step 15: Consider an advanced degree.
The only degree required to work as a bank compliance is a bachelor's.More education can make you a more competitive job candidate, open up opportunities to enter senior positions, or just deepen your knowledge in banking and finance.Common subjects of advanced degrees that bank compliance officers seek include: Business ethics Compliance Leadership Quantitative methods Finance management Marketing management Human resources Law Business Administration