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The average annual salary for a compliance specialist in the United States is $60,000. The average salary for a compliance specialist in New York City is $83,000 per year.
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The Value of the Compliance Specialist?
Every company needs someone that performs the duties of a Compliance Specialist. This professional is responsible for making sure the business is in compliance or adhering to all applicable laws. This specialist must evaluate the business’ operating procedures to ensure this. It is the duty of the Compliance Specialist to audit each department periodically to evaluate the department’s compliance to regulations. They provide guidance and counseling to management regarding existing violations of law. In addition, this professional advises employees on these legal matters. Furthermore, the Compliance Specialist makes sure that all licenses, permits, and tax papers are in proper order. If there is an error made by employees or management, this professional takes action to get it corrected. They maintain an effective partnership with management and government workers. This connection reinforces the adherence to the law. The job of an EEOC Specialist can fall under this professional. Discrimination in any part of the company is a violation of federal law. Most employers will require a bachelor’s degree or equivalent work knowledge and experience. A degree in law is also another route into this profession. Additionally, a certification in compliance law is being required by many employers. Professionals can attend multiple day seminars to obtain this certification. There are certain skills that a Compliance Specialist must master. For example, it is critical to be adept at investigations. Thorough knowledge and comprehension of business law and regulations is required. Communication skills are important in this profession. Also, it is crucial to have excellent verbal and written communication skills. The Compliance Specialist must be good at organization, mathematics, and administrative skills. The average Compliance Specialist will earn a salary in a range of $49,000 to $65,000. Top earners can earn approximately $74,000 per year. The bottom earners make an average of $34,000 per year. In conclusion, litigation increases all the time in the business world. Companies are being sued all the time for minor violations of law. The future for those that are interested in this profession of Compliance looks good. Businesses will be looking to recruit and retain qualified job candidates in this area. A skilled Compliance Specialist can save a company millions of dollar in litigation, law suits, fines, fees, and penalties.
