Financial Compliance Examiner Job Description [Updated for 2024]

In the era of financial modernization, the role of financial compliance examiners is becoming increasingly pivotal.

With each regulatory change and development in financial practices, there is a growing demand for proficient individuals who can navigate, enhance, and secure our financial compliance landscape.

But what exactly does a financial compliance examiner do?

Whether you are:

• An aspirant trying to understand the core of this profession,
• A recruiter conceptualizing the perfect candidate,
• Or simply curious about the intricacies of financial compliance examination,

You’ve come to the right place.

Today, we present a customizable financial compliance examiner job description template, designed for effortless posting on job boards or career sites.

Let’s delve right into it.

Financial Compliance Examiner Duties and Responsibilities

Financial Compliance Examiners play a critical role in ensuring that financial institutions comply with all relevant laws and regulations.

These professionals examine the financial activities and operations of a company to identify potential compliance issues and suggest remedies.

The key duties and responsibilities of a Financial Compliance Examiner include:

• Conduct comprehensive reviews of financial institutions’ records, reports, management practices, and control systems to ensure compliance with laws and regulations
• Identify potential areas of compliance vulnerability and risk; develop and implement corrective action plans for resolution of problematic issues
• Evaluate the efficacy of existing compliance programs and recommend improvements as necessary
• Prepare detailed reports of audit findings and present these reports to management
• Advise financial institutions about actions they can take to bring their operations into compliance with regulations
• Keep abreast of regulatory developments within or outside of the company as well as evolving best practices in compliance control
• Train and guide company staff on regulations and industry practices
• Assist with regulatory examinations and inquiries
• Work with auditors and other financial professionals to ensure all information is accurate and compliant

 

Financial Compliance Examiner Job Description Template

Job Brief

We are looking for a dedicated Financial Compliance Examiner to ensure our company adheres to legal standards and in-house policies.

The successful candidate will be responsible for enforcing regulations in all aspects and levels of business as well as provide guidance on compliance matters.

The ideal candidate will be well-versed in legal guidelines and corporate governance best practices.

They will have a professional demeanor and demonstrate high ethical standards.

 

Responsibilities

• Conduct regular reviews of company policies and procedures.
• Perform audits to ensure adherence to laws and regulations.
• Interpret and implement quality assurance standards.
• Document internal audits and other quality assurance activities.
• Review the implementation and efficiency of risk mitigation processes and systems.
• Investigate irregularities and non-compliance issues.
• Collaborate with external auditors and HR when needed.
• Set plans to manage a crisis or compliance violation.
• Educate and train employees on regulations and industry practices.
• Address employee concerns or questions on legal compliance.

 

Qualifications

• Proven experience as a Compliance Officer or Compliance Manager.
• Experience in risk management.
• Knowledge of legal requirements and controls (e.g. Anti-Money Laundering, or AML).
• Familiarity with industry practices and professional standards.
• Excellent communication skills.
• Integrity and professional ethics.
• Teamwork skills.
• Attention to detail.
• Professional certification (e.g. Certified Compliance & Ethics Professional (CCEP)) is a plus.
• BSc/BA in law, finance, business administration or related field.

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

 

Additional Information

• Job Title: Financial Compliance Examiner
• Work Environment: Office setting with options for remote work. Some travel may be required for audits or meetings.
• Reporting Structure: Reports to the Compliance Manager or CFO.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $75,000 minimum to $125,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does a Financial Compliance Examiner Do?

Financial Compliance Examiners typically work for financial institutions, corporations across various industries, regulatory bodies, or as independent consultants.

They play a crucial role in ensuring that an organization adheres to laws, regulations and internal policies related to financial practices.

They are responsible for conducting regular audits and reviews of financial transactions, operational procedures, and business activities to identify any irregularities or non-compliance.

They also review and evaluate internal control systems to ensure they are effective and in line with current regulatory standards.

Financial Compliance Examiners work closely with other departments within an organization to ensure all financial activities are transparent, legal and ethical.

They may be tasked with developing, implementing or revising company policies to improve compliance with financial regulations.

They are also responsible for preparing detailed reports on their findings, and providing recommendations to management on how to rectify any identified issues.

They may also be involved in training staff on financial compliance matters.

In the event of regulatory changes, Financial Compliance Examiners are expected to stay informed and ensure that these changes are appropriately integrated into the organization’s operational procedures.

Furthermore, in cases of suspected fraud or misconduct, Financial Compliance Examiners are often tasked with conducting investigations and working with legal departments to address these issues.

 

Financial Compliance Examiner Qualifications and Skills

Financial Compliance Examiners use a combination of technical expertise, attention to detail, and understanding of financial regulations to ensure that financial institutions are in line with compliance standards.

The qualifications and skills include:

• Knowledge of financial laws and regulations to understand the standards that institutions must follow and ensure that they are not in violation of any laws.
• Analytical skills to scrutinize financial documents, identify irregularities, and assess the risk level of the institution.
• Detail-oriented to meticulously review financial reports, compliance procedures, and transactions for accuracy and completeness.
• Interpersonal skills to communicate with various levels of management within a financial institution, explain findings, and recommend necessary changes.
• Problem-solving abilities to identify areas of non-compliance and work with the institution to develop corrective actions.
• Adept at using financial software and tools to audit and analyze financial data.
• Ability to remain current on changes to financial regulations and compliance standards in the industry.

 

Financial Compliance Examiner Experience Requirements

Entry-level Financial Compliance Examiners typically require 1 to 2 years of experience in financial or banking sectors.

This experience is often gained through internships, graduate schemes, or part-time roles in financial institutions or regulatory bodies.

Candidates with 1 to 3 years of experience usually have a good grounding in financial regulations, compliance procedures, and risk management, often achieved through roles such as Compliance Analyst or Risk Management Associate.

Those with more than 3 years of experience are expected to have a more in-depth knowledge of financial regulatory frameworks, compliance audits, and investigative procedures, often honed in roles such as Compliance Officer or Regulatory Affairs Specialist.

Candidates with over 5 years of experience are often considered for more senior roles, which necessitate leadership and strategic decision-making abilities.

These individuals may have spent time in roles such as Compliance Manager or Chief Compliance Officer, overseeing teams and designing and implementing compliance programs across organizations.

Certain roles may require specialized experience in a particular industry or with certain regulatory frameworks, such as the Dodd-Frank Act, Sarbanes-Oxley, or specific banking regulations.

Relevant certifications such as Certified Regulatory Compliance Manager (CRCM) or Certified Anti-Money Laundering Specialist (CAMS) may also be beneficial.

 

Financial Compliance Examiner Education and Training Requirements

Financial Compliance Examiners typically need a bachelor’s degree in finance, accounting, economics, or a related field.

A strong understanding of regulations, laws and guidelines that govern financial practices and transactions is essential.

They should also possess knowledge about risk management, auditing techniques, and financial reporting.

Some positions may require Financial Compliance Examiners to have a master’s degree in finance or business administration (MBA).

This advanced degree can provide a more in-depth knowledge of financial markets and regulations, which is particularly useful for complex compliance examinations.

Aside from academic qualifications, many employers value industry-specific certifications such as Certified Regulatory Compliance Manager (CRCM) or Certified Anti-Money Laundering Specialist (CAMS).

These certifications testify to a candidate’s expertise in financial regulations, compliance, and risk management.

Continuing education is also crucial in this field due to the constantly changing financial laws and regulations.

Therefore, Financial Compliance Examiners should be committed to staying updated on new regulatory developments and trends in the financial industry.

 

Financial Compliance Examiner Salary Expectations

A Financial Compliance Examiner has an average salary of $80,180 (USD) per year.

The actual earnings can significantly vary based on factors like years of experience, level of education, the size of the organization, and the location of work.

 

Financial Compliance Examiner Job Description FAQs

What skills does a Financial Compliance Examiner need?

Financial Compliance Examiners should have strong analytical skills for evaluating financial documents and identifying potential non-compliance issues.

They should have a good knowledge of financial regulations, laws, and standards.

Strong communication skills are also essential for reporting their findings and explaining complex financial terms and issues to non-specialists.

Attention to detail, integrity, and good judgement are also important qualities for this role.

 

Do Financial Compliance Examiners need a degree?

Yes, Financial Compliance Examiners typically need a bachelor’s degree in finance, economics, accounting, or a related field.

Some positions may require a master’s degree or professional certifications such as Certified Regulatory Compliance Manager (CRCM) or Certified Anti-Money Laundering Specialist (CAMS).

 

What should you look for in a Financial Compliance Examiner’s resume?

Look for a solid educational background in finance, economics, or related field.

Confirm if they have any relevant certifications.

Check for experience in compliance, audit, or regulatory affairs, preferably in the financial sector.

Attention should be given to their knowledge of financial regulations, laws and standards.

Proficiency in financial software and reporting tools can also be a plus.

 

What qualities make a good Financial Compliance Examiner?

A good Financial Compliance Examiner has a strong understanding of financial laws, regulations, and standards.

They are analytical, detail-oriented, and have a knack for identifying irregularities in financial documents.

They are capable of working independently and maintaining a high level of integrity and professionalism.

Excellent communication skills are also crucial as they often need to present complex financial data in a clear, understandable manner.

 

Is it difficult to hire a Financial Compliance Examiner?

Hiring a Financial Compliance Examiner can be challenging as it requires finding candidates with a specialized set of skills and knowledge in finance, compliance, and regulatory affairs.

The pool of candidates with the right qualifications and experience may be limited.

Hence, it’s important to create an attractive job offer that highlights career growth opportunities, competitive salary, and a positive work environment.

 

Conclusion

And so, we’ve unraveled the intricacies of being a Financial Compliance Examiner.

Fascinating, isn’t it?

It’s not just about crunching numbers.

It’s about ensuring financial stability and integrity, one audit at a time.

Armed with our definitive Financial Compliance Examiner job description template and real-world examples, you’re ready to take the leap.

But why end the journey here?

Dig deeper with our job description generator. It’s your essential tool for crafting precision-targeted listings or refining your resume to stand out.

Remember:

Every financial check is a safeguard for the bigger economy.

Let’s secure that future. Together.

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