How to Be Compliance Generalist - Job Description, Skills, and Interview Questions

Jan 5, 2020 / 5 Minutes Read / By Albert

How to Become

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The lack of a compliance generalist in a corporation can have a major impact on the business. Without a compliance professional to ensure that the organization is compliant with all applicable laws, regulations, and standards, the company is at a greater risk of regulatory action, fines, and penalties. Additionally, without a compliance generalist, the organization may be unable to properly identify and manage potential risks, leading to increased legal costs and potential reputational damage. In order to protect their business, organizations should consider hiring a compliance generalist who has experience in risk management, regulatory compliance, and legal matters.

Steps How to Become

Obtain a Bachelor's Degree. A bachelor's degree in accounting, business administration, finance, or a related field is typically required to become a compliance generalist. Coursework should include classes in accounting, law, economics, and business ethics.
Gain Experience. Working as an accountant, auditor, or operations analyst can provide valuable experience that can be beneficial when pursuing a career as a compliance generalist.
Obtain Certification. Many employers prefer to hire compliance generalists who have obtained professional certification. The most commonly accepted certification is the Certified Regulatory Compliance Manager (CRCM) offered through the Institute of Certified Bankers (ICB).
Develop Knowledge of Relevant Regulations. Compliance generalists must be familiar with banking regulations and laws, such as the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) regulations, and consumer protection laws.
Complete On-the-Job Training. Most employers provide on-the-job training to new hires. This training may include topics such as bank policies and procedures, banking regulations and laws, and risk management.

Keeping up-to-date and efficient as a Compliance Generalist is essential to ensure that all legal regulations are met and adhered to. To do this, it is important to stay informed of changes in the law and regulations, both nationally and internationally. It is also important to remain knowledgeable of industry trends and best practices.

Regularly attending educational seminars and conferences, reading the latest news and research, and networking with peers are all great steps towards maintaining knowledge. organizing and tracking documents, staying organized with filing systems, and utilizing technology to automate processes can help ensure that compliance tasks are handled quickly and accurately. By taking these proactive steps, a Compliance Generalist can stay current and efficient in their role.

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Job Description

Develop and implement compliance policies and procedures.
Monitor and assess compliance with corporate policies and federal/state laws.
Investigate potential violations of corporate policies or regulations.
Develop training materials and conduct training sessions for employees on compliance related topics.
Prepare compliance reports for management and regulatory bodies.
Respond to inquiries from regulatory agencies as well as internal stakeholders.
Stay up-to-date on changes in laws and regulations that affect the organization.
Monitor industry trends, best practices, and emerging issues in compliance management.
Coordinate audits and investigations related to compliance matters.
Provide advice and guidance to management on compliance issues.

Skills and Competencies to Have

Knowledge of relevant legal and regulatory compliance requirements.
Ability to effectively interpret and explain laws, regulations, and policies.
Demonstrated ability to develop and implement compliance procedures.
Strong organizational, problem-solving, and analytical skills.
Ability to identify and address potential risks in a timely manner.
Excellent communication skills, with the ability to explain complex matters in simple terms.
Ability to work independently and as part of a team.
Demonstrated ability to manage multiple tasks simultaneously.
Proficient in Microsoft Office applications (Word, Excel, PowerPoint).
Ability to research and analyze data from various sources.

Effective communication is an essential skill for a Compliance Generalist. This ability to effectively communicate with both internal and external stakeholders helps a Compliance Generalist stay organized, remain on top of changing regulations, and provide accurate advice to members of the organization. In addition, a Compliance Generalist must be able to interpret laws, regulations, and policies and apply them in a manner that is consistent with the organizations overall objectives.

They must also be able to identify risks and propose solutions in order to ensure compliance with all applicable laws and regulations. Having strong problem-solving skills is also important for a Compliance Generalist as they need to be able to recognize potential compliance issues before they become actual violations. Finally, having strong interpersonal skills is important as a Compliance Generalist must be able to effectively interact with all members of the organization.

By having these skills, a Compliance Generalist can help ensure that the organization remains in compliance and continues to operate in a manner that is both ethical and compliant.

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Frequent Interview Questions

What experience do you have in the field of compliance?
Describe your understanding of the federal and state regulations related to compliance.
How do you stay up to date on changes in compliance regulations?
Tell me about a time when you identified a compliance issue and how you handled it.
What methods do you use to ensure compliance with laws and regulations?
How do you prioritize tasks related to compliance?
How do you interact with other departments to ensure compliance?
How would you handle a situation where a supervisor or employee violated a compliance regulation?
How do you train staff members on company compliance policies?
What strategies do you use to ensure customer privacy and data security?

Common Tools in Industry

Risk Management Software. A software that helps organizations identify, assess, and manage risks. (eg: RiskX)
Compliance Management System. A system that helps organizations comply with regulatory requirements. (eg: ComplySight)
Internal Audit Software. Software that provides organizations with automated audit tools to ensure compliance and identify areas of improvement. (eg: AuditBoard)
Policy Management System. A system that helps organizations create, manage, and implement policies and procedures. (eg: PolicyStat)
Employee Training System. A system that helps organizations create, deliver, and track employee training related to compliance. (eg: Cornerstone OnDemand)
Contract Management System. A system that helps organizations manage their contracts and ensure compliance with contractual obligations. (eg: Agiloft)
Document Management System. A system that helps organizations store and manage documents related to compliance. (eg: Box)
Data Security Software. Software that helps organizations protect personal data and confidential information from unauthorized access and misuse. (eg: Symantec Endpoint Protection)

Professional Organizations to Know

American Society for Quality (ASQ)
Society for Human Resource Management (SHRM)
International Association of Privacy Professionals (IAPP)
Compliance & Ethics Professional Association (CECPA)
American Bar Association (ABA)
International Compliance Association (ICA)
National Society of Compliance Professionals (NSCP)
Society of Corporate Compliance and Ethics (SCCE)
Association of Legal Administrators (ALA)
The Risk Management Association (RMA)

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Common Important Terms

Regulatory Compliance. The process of ensuring that organizations adhere to applicable laws, regulations, standards and ethical practices.
Risk Management. The process of identifying, assessing, and mitigating risks to ensure an organization meets its objectives.
Internal Controls. Procedures or processes designed to provide assurance that an organization's goals and objectives are being met in a timely and cost-effective manner.
Auditing. The review of internal processes and procedures to ensure compliance with applicable laws, regulations, and standards.
Ethics. A set of principles of right and wrong behavior established by an organization or society.
Data Protection. The safeguarding of sensitive data from unauthorized access, use, disclosure, or destruction.
Privacy. Protection of personal information from unauthorized disclosure or use.

Frequently Asked Questions

Q1: What is a Compliance Generalist? A1: A Compliance Generalist is a professional responsible for ensuring an organization is compliant with applicable laws, regulations, and standards. They typically have experience in multiple areas of compliance, such as financial reporting, data security, and anti-bribery/corruption. Q2: What qualifications or certifications do Compliance Generalists need? A2: Most Compliance Generalists need a bachelor's degree in a related field, such as law, business, finance, or accounting. Additionally, many employers require that Compliance Generalists hold certifications in areas such as Certified Regulatory Compliance Manager (CRCM) or Certified Anti-Money Laundering Specialist (CAMS). Q3: How do Compliance Generalists contribute to an organization? A3: Compliance Generalists help ensure an organization is compliant with applicable laws, regulations, and standards. This helps protect the organization from potential legal or financial ramifications. Compliance Generalists also help reduce operational risk and improve the organization's overall reputation. Q4: What are the core responsibilities of a Compliance Generalist? A4: The core responsibilities of a Compliance Generalist include developing and implementing compliance programs, reviewing and analyzing policies, procedures, and contracts, monitoring regulatory changes and conducting compliance reviews, and providing advice and guidance to senior executives. Q5: What type of industries hire Compliance Generalists? A5: Compliance Generalists are employed in a wide range of industries, including finance, banking, healthcare, manufacturing, and technology. They are often found in government agencies, as well as in private companies that must comply with applicable laws, regulations, and standards.