How Compliance Officers Enforce Good Business Practices
Every business must abide by a set of laws, regulations and ethical practices in their operations, depending upon industry and scope of business. For example, healthcare organizations must comply with mandates associated with HIPAA privacy, OSHA (Occupational Safety and Health Administration) rules, drug regulations, patient care standards, and more. An enterprise with international business dealings must adhere to additional rules associated with product imports/exports, licensing agreements and foreign transactions.
As local, state, federal, and overseas prosecutors increase enforcement of corporate misconduct, fines, penalties and other sanctions can cost an organization millions of dollars. In 2018, the U.S. Department of Health and Human Services collected a record $28.7 million from healthcare providers and insurers for inadequate responses to data breaches, reported Modern Healthcare. These fines often open organizations to lawsuits and settlements that further impact the bottom line.
A study by the Ponemon Institute on the True Cost of Compliance found that while the average cost for compliance for an average organization is $3.5 million, the cost for those enterprises experiencing noncompliance-related problems is $9.4 million.
Many companies are creating corporate compliance programs to mitigate risk by enforcing good business practices that align with regulations. Through compliance programs, organizations determine which rules apply to them and how to observe them to avoid penalties, litigation, operational risks and loss of reputation. These formal programs outline the internal protocols, policies, and procedures that employees must follow to ensure compliance with laws and regulations. The enforcement of these policies and procedures within the organization relies on leadership from the compliance officer. These strategic and hands-on leaders coordinate compliance activities at all levels of an enterprise.
For those interested in pursuing one of the fastest-growing careers or adding depth to their existing credentials, Norwich University offers an online certificate program on Corporate Compliance and Investigation that focuses on important topics such as risk management, due diligence, and continuous compliance improvement.
Corporate Compliance Officers Provide the Leadership
A compliance officer is known by many names such as corporate compliance analyst, regulatory affairs specialist, compliance specialist, qualify compliance consultant and compliance manager. The main objective of these positions is typically the same - corporate governance over legal and ethical standards to ensure a business operates within laws and regulations of its industry. As part of their duties, compliance officers must:
Ideal Competencies of a Compliance Officer
In addition to having at least a Bachelor of Science education and experience in a relative field, successful compliance officers often share common traits that position them for success. BalanceCareers.com shares some of them:
Gain Expertise through Norwich Online Certificate Program
As many organizations require that their compliance officers are experts in their fields, attending a certificate program in this discipline can deepen skills or introduce new ones. The Norwich University online certificate program in Corporate Compliance and Investigation is ideal for aspiring or current compliance professionals interested in gaining knowledge about corporate risk and internal investigations. Both interactive and visually engaging, online courses concentrate on:
Upon successful completion of the online certificate, students receive 2CEUs equivalent to 20 contact hours or professional development units.
Wall Street Cites Compliance Officer as a Hot Job
field range from $67,870 to over $107,00 reports The Bureau of Statistics. Salaries range based on market, certificates, and experience. Top-paying sectors include highly-regulated industries such as the gas industry, securities, and computer manufacturing. Opportunities also exist in state and local government as well as consulting companies.
A Corporate Compliance and Investigation Certificate from Norwich University can put individuals on the path to greater career and salary advancement. Find out more about this online program here.