A compliance aide uses legal, regulatory and accounting skills to ensure that employees conform to laws and regulations as well as industry practices and top management's recommendations when performing their tasks. A compliance assistant typically works under the direction of a senior manager and generally holds a four-year college degree in a business or legal field.
A compliance aide works under the guidance of a senior professional to ensure that employees adhere to laws and regulations as well as industry practices when performing their duties. For example, a compliance assistant can work with human resources staff to instruct employees on safety measures that the American with Disabilities Act (ADA) requires. A compliance assistant also may ensure that employees abide by financial accounting and reporting rules. For instance, an aide may partner with an internal auditor to verify whether financial reports adhere to accounting principles.
Education and Training
A compliance aide typically holds a four-year college degree in accounting, finance or investment analysis. An assistant also may have a legal or liberal arts background. A compliance assistant who works for a large organisation or has significant responsibilities may hold an advanced degree, such as a master's, in business, law or regulatory affairs. Some professionals may hold licenses such as certified fraud examiner (CFE) designations, in which case they must take continuing education courses to comply with licensing rules.
Salary levels for compliance assistants typically depend on seniority, length of service, education and industry. Compensation also may be affected by seniority and professional credentials. According to Indeed.com, average salaries of U.S.-based compliance assistants were £29,250 as of June 2010, excluding annual cash and stock bonuses.
A compliance aide's career growth opportunities generally depend on his professional credentials or academic training. Other factors that may affect a compliance assistant's chances of promotion are the industry, the company size, staffing needs and employee seniority. An undergraduate compliance aide may be promoted faster if she seeks an advanced degree, such as a master's of business administration in finance, or a professional license such as a certified internal auditor (CIA) or certified public accountant (CPA) designation. A competent compliance aide moves to a senior role within two to five years.
A compliance assistant works a typical 8 a.m. to 5 p.m. shift. However, business conditions sometimes may require an assistant to stay late at work, go to the office early in the morning or work on weekends. These demands could relate to monthly accounting close procedures or quarterly regulatory filings to the Internal Revenue Service (IRS) or the Securities and Exchange Commission (SEC) by which a company must abide. Occasionally, an assistant may also work on special projects, such as mergers or acquisitions, under the leadership of a senior compliance officer.