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Career Resources

How to Implement a Corporate Compliance Plan

Ever since the United States government started heavily regulating various industries, it has become crucial to stay compliant. While many small businesses only have to play by a few rules, larger organizations have to develop complete corporate compliance plans. 

To follow all the applicable laws, including federal laws, state laws, and local laws, you need an effective corporate compliance plan, along with compliance policies, training programs, and an effective compliance program. 

In this article, we’ll go over what a corporate compliance plan is and how you can develop and implement it effectively as a corporate compliance specialist

Let’s dive right in. 

What is a Corporate Compliance Plan? Why is it Important? 

The compliance world is constantly changing with new laws like GDPR, HIPAA, False Claims Act, and CCPA being introduced. Simultaneously, the level of scrutiny on whether companies are following rules and regulations is also increasing. 

Therefore, each organization can launch a corporate compliance program to ensure it complies with all relevant laws and regulations. 

With so many new organizations coming up every day, you can’t expect good faith and ethical practices from all of them. Therefore, it’s critical to have local, state, and federal laws governing each company and maintaining ethical conduct. While determining the ethical standards for fair business practice can take some trial and error, it’s much easier to maintain ethical behavior. 

Every company requires complete regulatory reporting to ensure there is no noncompliance possible, such as fines, lawsuits, or other compliance issues. It’s crucial to file certain reports on time, including quarterly financial statements, annual billing reports, health & safety alerts, and other documents. The compliance department has to ensure all the data is correct, relevant, and filed properly. 

To do that, compliance officers use a corporate compliance plan to make the process more efficient. Corrective action in the form of a corporate compliance plan ensures all risk areas are being monitored, all compliance concerns are dealt with, and that there’s appropriate disciplinary action against compliance violations. 

In such cases, even an alleged violation against applicable federal laws can be disastrous. Therefore, it’s crucial to be ready for any potential violations, auditing, and internal investigations. 

The importance of a corporate compliance plan is much more than most companies consider. If you’re unable to maintain compliance standards (especially in things, such as health care programs like Medicare and Medicaid) and your case lands in the OIG (Office of Inspector General), your organization will be in serious trouble. 

Steps to Implement an Effective Corporate Compliance Plan 

To avoid unnecessary issues, you should reevaluate current corporate compliance plans too, and implement corrective action plans to manage them effectively. Consider how well the current plan is designed, whether it’s being applied appropriately and whether it actually works. 

In any case, when deciding on implementing an effective corporate compliance plan, you can follow these steps. 

  1. Conduct a Well-Rounded Risk Assessment 

Risk assessment is at the core of every company’s compliance matters because a corporate compliance plan essentially saves the organization from risk. Therefore, it’s crucial to start with figuring out what risks the company faces. The best way to do that is to conduct a full risk assessment. 

Typically, when you’re assessing risk, you should keep the location of the facilities in mind, the industry, regulatory landscape, potential clients, business partners, foreign transactions, foreign official payments, and the competitiveness of the market. You may also have to consider any gifts you’ve received, use of third parties, travel logs, entertainment expenses, and any charitable, political donations. 

While most of those factors don’t apply to many businesses, it’s best to understand and know all of them. The point is to understand the standards of conduct and explain them to all relevant stakeholders, including current employees, new employees, board members, legal counsel, senior management, and more. 

There are some well-known frameworks like the ISO 31000 and COSO that most corporate compliance officers use. However, most organizations tailor the risk assessment process to cater to particular needs. 

In any case, the risk assessment will let you: 

  • Identify, monitor, analyze, and take care of any organizational risks. 
  • Provide the necessary information needed to allocate resources depending on the severity of each risk. 
  • Allow you to be flexible for reiteration and regular reevaluation of the current and potential risks. 

It’s crucial for the compliance officer to communicate the risk assessment with the board of directors and senior management before moving on. 

  1. Develop Corporate Policies and Procedures 

After your risk assessment, you have to move on to developing and establishing compliance policies and procedures. At this stage, you have to follow a code of conduct, but you can also include company-specific legal requirements. 

You may have to draft a compliance committee initially to ensure policymakers understand what they’re doing. It also helps avoid any conflicts of interest, confidential information leaks and improves internal controls. 

Corporate policies help develop standard procedures for any potential ethical or compliance issues. At times, the policies may have to be adjusted according to the latest risk assessments. Therefore, it’s also important to offer compliance training to maximize the understanding of each employee. 

  1. Communicate and Train with Employees 

While things like retention are crucial for each company, it’s more important when you consider compliance activities. Most organizations have a condition of employment that disallows employees to directly report any compliance issues. However, to avoid that, new regulations were put in place where whistleblowers were given more power as each company was mandated to have a hotline for any complaints. 

In such cases, it’s crucial to maintain a non-retaliation stance to minimize kickback. That’s why it’s crucial to constantly communicate with all employees and provide them with the necessary training. Employees that are not fully trained can’t be held accountable for any issues or lousy compliance efforts. 

 Usually, your training program should include: 

  • A Risk-Based Approach – Each employee with high-risk business units should receive extra training and attention. Offer them reimbursements, referral opportunities, and more to ensure maximum communication. 
  • Tailoring to a Specific Audience – Training should be given in the employees’ native language and format. 
  • A History of Past Episodes – The training should include previous issues with employees and the consequences of those issues. 

It’s crucial to maintain a two-way feedback channel too to help make the process more efficient. 

  1. Reporting and Investigations 

After you’ve identified the risks, developed corporate policies, and trained the employees, you should follow-up with reporting and investigations. This step allows you to find out if any employee ignored the rules, if the organization missed something, or whether there are any additional issues. 

Each organization has a designee who witnesses any potential compliance violations and reports them to senior management. After a report is made, you need to use a systematic approach to verify the report. Even company the ‘family members’ should be investigated to ensure maximum transparency. 

Employees should feel comfortable reporting any questionable activities without fearing any retaliation. Therefore, a strong whistleblower process should be implemented where anonymity is the primary concern. 

  1. Including Third Parties 

Third parties pose the most risk to organizations as there are no conflicts of interest. In most cases where a third party is involved, there has been some sort of discrepancy. Both the payers and employees face the issues brought on by including third parties. 

Therefore, it’s imperative to have a due diligence process to vet third parties. That can include partners, consultants, vendors, customers, and more. 

Your due diligence process should: 

  • Take a Risk-Appropriate Approach – Spend as much time as possible, investigating all the third-parties you’re working with to minimize risk. 
  • Connect to a Broader Risk Framework – It’s crucial that the risk framework and due diligence process have the same goals. It’s important to communicate your company’s risk tolerance because it’s crucial to be transparent with all third parties. 
  • Balance Internal Structure and Resources – It’s critical to use technology to identify and manage any red flags in the process. Automation can be used to significantly reduce redundant tasks in such cases. 

It’s especially important to avoid third parties during internal audits and checks. 

Implementing a Great Corporate Compliance Plan 

Corporate compliance isn’t just important in major hubs like New York and San Francisco anymore. Every company in every industry needs to follow strict rules and regulations to maintain their business. 

It’s important to follow the steps mentioned above to effectively implement your corporate compliance plan. However, keep in mind that each organization and industry is slightly different and may need additional tweaking. 

A great corporate compliance plan is one where you follow the right steps while including company-specific factors, ensuring complete compliance.

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Career Resources Resumes

Chief Compliance Officer Resume Examples

Responsible for overseeing regulatory corporate compliance of an organization, the chief compliance officer is a crucial part of the senior management team. A chief compliance officer resume should therefore be perfect from every angle to meet the high standards of modern recruiters.

Whether you’re an existing or an aspiring CCO, having a meticulous resume is mandatory for any candidate.

After all, handling the compliance functions of an entire organization is no child’s play. The human resources team tends to reject resumes left and right when recruiting for this position.

If you’re looking for chief compliance officer resume examples, keep reading. In this article, we’ll list down the best resources from where you can download resume templates.

Let’s get started.

Who is a Chief Compliance Officer?

If you’re applying for the position of a COO for the first time, you should have a firm grasp over what the role entails.

A chief compliance officer is a senior-level executive who is responsible for creating, implementing, and monitoring a compliance program in the organization. Their main responsibility is to ensure that the organization governs itself in a way that it complies with the various applicable policies, regulations, and laws.

To that end, they perform risk assessments, work with the company’s board of directors to create compliance policies, design and execute compliance training programs, and perform compliance audits.

Here’s a brief summary of a typical chief compliance officer’s job description:

  • Lead the compliance department and report to the chief executive officer/vice president on compliance issues
  • Collaborate with the company’s general counsel/in-house attorney to perform risk management
  • Create in-depth systems, policies, and procedures in light of the compliance risks
  • Advise the board of directors regarding the various compliance issues
  • Oversee the compliance committee and perform internal audits
  • Oversee the compliance training program
  • Address non-compliance issues within the organization

Of course, the actual duties and responsibilities may slightly vary across different organizations – but you get the gist of it. 

Sources to Download Chief Compliance Officer Resume Examples

From supervising the entire compliance team to helping the company avoid lawsuits, there’s no doubt that chief compliance officers have some of the most challenging jobs ever.

For that reason, your resume should show the recruiters that you’re up for the challenge.

Luckily, there are quite a few websites from where you can download and use top-of-the-line resume samples (or simply get inspiration).

Here are the best ones:

 

  • JobHero

 

Let’s kick off the list with JobHero, which is easily one of the most useful platforms for job seekers out there.

The website offers over 30 different chief compliance officer resumes, including actual professional experiences, skills, credentials, and more.

On the main page, you’ll see a featured resume at the top that you can customize to your liking. To begin, click on the green “Edit This Resume” button. This will redirect you to JobHero’s native resume builder that you can use to create your resume in just 3 easy steps. 

If you scroll further below on the landing page, you can explore more resume examples. These don’t have proper designs. However, they include detailed sample content (professional overview, experience, education, etc.) that you can conveniently copy and paste to a word processing document and use for yourself.

In addition to resumes, JobHero also offers a cover letter builder, templates, formats, job overviews, and other super-useful resources.

 

  • LiveCareer

 

Next on the list is LiveCareer – another comprehensive platform for job seekers, with tools, templates, and resources just as good as JobHero’s, if not better.

As of now, the website has 190+ chief compliance officer resume samples (and 2 cover letters).

Explore through the extensive list of options and click on a resume with a title that’s closest to your profile.

When you click on a resume, you’ll be able to view it in detail. LiveCareer doesn’t let you copy and paste the content like some platforms. If you like what you see, click on the blue button that says “Build Your Own” to begin. 

Like JobHero, you can create your own resume in just 3 easy steps.

Customize the template however you want and build the final resume for free.

However, in order to download, print, and email your resume, you’ll have to subscribe to one of the paid plans.

 

  • MintResume

 

MintResume is a massive resource of professional-looking resumes and helpful content targeted to job hunters.

Unlike the previous platforms, MintResume doesn’t offer a resume building tool. It only offers basic samples that you can easily copy and paste to a word processing software.

At the top of the main landing page, you’ll see a header that says “The Resume Builder.” In reality, they’re only referring to the extensive list of examples they have.

Just below, you’ll see a featured resume that you can use without even having to sign up for anything (simply copy and paste the content, and tweak away).

If you scroll further below, you’ll get expert tips on crafting a professional resume. Further down the page, you’ll get a comprehensive list of typical experiences that go in a chief compliance officer’s resume. 

All in all, if you’re confused about what to include in your resume, MintResume should be your go-to platform.

 

  • QwikResume

 

QwikResume is another lightweight platform for job seekers with resume templates, real samples, cover letters, and helpful resources.

Like MintResume, QwikResume doesn’t have a native resume builder. However, it does give the user the option to build upon templates on a 3rd party website called resume.io.

Furthermore, you can download the templates for free as PDF files. That doesn’t do much as you can’t edit them – however, you can still get inspiration for the design, copy the content, and use it for your own.

As of now, QwikResume has several chief compliance officer resume examples for different experience levels. Each example has a headline (or introduction), list of skills, and descriptions of professional experience.

 

  • Resume Help

 

Last one on the list is Resume Help – a leading platform for building top-level resumes.

The platform has a good few real examples of chief compliance officer resumes that you can leverage to create your own.

Thanks to smart filtering options, you can view resumes for different locations (states and cities) and even filter out results according to job type.

If you find a sample that’s similar to your professional profile, click on it to view it in detail. If you like what you see, you can start customizing it however you want by clicking on the “Customize This Resume” button at the very top. 

This will redirect you to the website’s highly user-friendly resume builder. Keep in mind that this isn’t free to use. The tool lets you change the formatting of the text, play with colors, add more sections, and even run a quick spell-check.

Once you’re done, click on “Save & Next.” The platform will then prompt you to sign up (if you already haven’t) and select a paid plan. After everything has been sorted, you’ll be able to download, email, and print your new resume.

Tips for Creating a Chief Compliance Officer Resume

Seeking inspiration from examples can help, but there are certain tips that will help you craft a job-winning resume.

Here are the basics

Start Off with a Deal-Breaking Introduction

You only have a few seconds to get the attention of the recruiters.

A great way to do that is to craft a killer introduction. 

It should be descriptive, yet concise. The goal is to summarize your entire professional experience in a few sentences.

Mention the key highlights of your career. For instance, a background as an investment advisor, experience with mutual funds, training programs, implementation of action plans, anti-money laundering (AML) initiatives, auditing, etc. are things worth mentioning.

List Academic Credentials

If you have a bachelor’s degree in finance, business administration, etc. or better yet a Juris Doctors degree, list it down (in reverse-chronological order).

Additionally, if you have any relevant certifications, list them as well.

Discuss Relevant Work Experience

This is a no-brainer.

Like your academic achievements, list down your work experience in reverse order.

Don’t just list down the names of the companies you’ve worked with, also summarize the duties and responsibilities they tasked you with, such as asset management, advising on regulatory requirements, taking corrective actions, managing the due diligence program, etc.

List Down Relevant Skills

If a recruiter makes it this far in your chief compliance officer resume, it means that things are looking up for you.

This is your final shot at sealing the deal.

For this particular position, companies are looking for communication skills, organization skills, flair for problem solving, and a knack for project management. Furthermore, proficiency in classic computer programs (like Excel) is a plus.

As a final piece of advice – leave nothing out that would help you perfect your resume and always have a fresh pair of eyes look at the final document before you email it to a recruiter.

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Career Resources Conferences

Society of Corporate Compliance and Ethics: Worth it to Join?

It’s hard to stay compliant at times, especially if you’re working in a highly regulated industry. As the legal counsel or compliance officer of any organization, it can be hard to keep track of all relevant corporate compliance and ethical rules. In such cases, joining the Society of Corporate Compliance and Ethics (SCCE) can give you the edge over other compliance officers. 

However, the Society of Corporate Compliance and Ethics is not just a collection of attorneys and compliance professionals governing each other. The SCCE offers a unique perspective into corporate compliance, helps solve legal problems, and educates companies on business ethics. 

In this article, we’ll go over what the Society of Corporate Compliance and Ethics is, what it’s all about, and whether it’s worth it to join. 

Let’s get started. 

What is the Society of Corporate Compliance and Ethics (SCCE)? 

The Society of Corporate Compliance and Ethics (SCCE) is an organization dedicated to bringing compliance and ethics professionals together. The worldwide, member-based association has over 7,500 compliance and ethics members around the world. 

The Society of Corporate Compliance and Ethics was found in 2004 by the Health Care Compliance Association (HCCA) in a bid to support the compliance and ethics professionals in all industries. Headquartered in Minneapolis, the society was started with a singular vision; to be the number one compliance and ethics association that helps promote and establish success and ethical integrity across various organizations and industries worldwide. 

In 2011, the Society of Corporate Compliance and Ethics incorporated with HCCA to form the Society of Corporate Compliance and Ethics & Health Care Compliance Association (SCCE & HCCA). 

The association is designed to be a massive professional compliance community. That is why each member has access to each other and even the CEO, Gerry Zack. The mission and vision of SCCE are to be the authority on ethical practices and compliance standards. To do so, the Society of Corporate Compliance and Ethics provides relevant resources and knowledge offerings to all ethics and compliance professionals who share the same vision. 

Together, SCCE & HCCA have over 19,000 members, reaching out to various industries simultaneously across the world. With so many members over the years, the association has hosted and set up various seminars, conferences, and more to help compliance and ethics professionals develop a vast network. 

The Society of Corporate Compliance and Ethics also offers several academies across the world. These academies help ethics and compliance professionals become more knowledgeable in their fields. 

The association also has an international compliance conference named the European Compliance and Ethics Institute (ECEI) that offers certifications if you pass their CCEP-I exam. 

Who Are Compliance and Ethics Professionals? 

Compliance and ethics programs help avoid and identify any misconduct by the organization or any employee. They help establish safe and ethical business environments to protect the organization from potential fines and lawsuits. 

Such programs help protect the business, consumers, investors, and the business community at large. Compliance and ethics professionals (CEPs) have to maintain the highest standards of professionalism, competence, and integrity to effectively initiate compliance programs. It’s crucial for them to follow the Code of Ethics as a baseline during their responsibilities. 

Compliance and ethics professionals are generally any groups of people working in the compliance and ethics fields. However, to get the official CEP title, you have to get certified. The Society of Corporate Compliance and Ethics has adopted the Code of Ethics to provide guidance and rules to all such compliance and ethics professionals. The point is to develop them to a point where compliance standards and ethical duties always come first. 

For example, XYZ org has hired a compliance professional to help them deploy their compliance program. While their duty is to the organization, their first priority would be to ensure compliance and ethical practice even if it means that the company will face a loss. 

Furthermore, ethics professionals at companies have to ensure ethical practices across the organization. They have to develop ethics programs for companies to improve the integrity of organizations. As the pre-eminent compliance and ethics experts, they need direct access to all organizational departments and necessary resources. 

At times, these professionals take help from the ethics community or the professional compliance community. However, the fastest source of information is always a nonprofit organization like the Society of Corporate Compliance and Ethics. 

Benefits of Joining the Society of Corporate Compliance and Ethics 

Compliance and ethics professionals can have a hard time networking with their peers. That’s especially true during crises, such as the COVID-19 pandemic. The Society of Corporate Compliance and Ethics offers an online global network that adjusts to changing world dynamics. 

The following are the benefits you get by becoming a member of the Society of Corporate Compliance and Ethics. 

  • Access to over 40 different local and global conferences each year. Becoming a part of the conferences is a great way to earn live Compliance Certification Board (CCB) continuing education units (CEUs) for participation. 
  • Become part of several web conferences over the year that cover various hot topics, allowing you to learn new stuff wherever you want. 
  • You get access to a library of educational products, including books, videos, news-releases, podcasts, and other training materials. 
  • Get a copy of the SCCE’s monthly magazine for all members – Compliance & Ethics Professional. 
  • Also, get a copy of the SCCE’s weekly email newsletter – Corporate Compliance Weekly News (CCWN). You can choose to get the email as a text-only newsletter. 
  • An opportunity to join SCCEnet is there; SCCEnet is a worldwide online social network for all compliance and ethics professionals. 
  • As a member, you can get member discounts on conferences, compliance products, and certification registrations. 
  • Get an official certification through the Compliance Certification Board (CCB). You can opt for the Certified Compliance & Ethics Professional (CCEP), Certified Compliance & Ethics Professional-International (CCEP-I), and the Certified Compliance & Ethics Professional Fellowship (CCEP-F) certifications. 
  • Avail access to the interactive salary survey that’s taken by over 8,000 SCCE members. 
  • Be a part of the Annual Compliance & Ethics Institute. 

If you were part of the Society of Corporate Compliance and Ethics but are retired, you can still opt for a membership. 

How Can You Join the Society of Corporate Compliance and Ethics? 

Joining the Society of Corporate Compliance and Ethics is relatively simple – you can start by filling out their membership application here. You can opt for group membership or student membership and get a discount. 

You will be asked to enter your basic information, primary contact information, and other information, including demographic, alternate contact, option subscriptions, and additional information. 

There are four different types of SCCE memberships at varying rates. The following summarizes each membership type. 

  • Individual Membership – Any compliance and ethics professional can apply for individual membership. Each member of the compliance and ethics profession will have access to member magazines, newsletters, and more, along with discounts on conferences and compliance products. The individual membership costs $325.00 annually, per-person. 
  • Group Membership – The group membership is applicable if four or more people are joining at the same time. The same benefits and discounts apply to all individuals who have a group membership. The rate is $275.00 per person annually. 
  • Student Membership – For student membership, you need to be a full-time or part-time student at a reputable school. Furthermore, you should be unemployed to avail the membership. The rate for student membership is $150.00 annually. 
  • Retiree Membership – To get the retiree membership, you need to have been a member of the Society of Corporate Compliance and Ethics previously. Furthermore, you should be retired from all sorts of active employment and not be receiving more than 500 compensated hours per year. The retiree membership will set you back by $150.00 annually. 

Your compliance program can get an instant boost and lasting success by opting to join the Society of Corporate Compliance and Ethics. 

Is it Worth it to Join the Society of Corporate Compliance and Ethics? 

As compliance and ethics professionals, you have a duty to abide by the laws and regulations of the United States. It’s crucial to learn as much as you can, expand your horizons, and understand better business practices. 

The Society of Corporate Compliance and Ethics offers that knowledge, along with networking opportunities that are far better than what you can do on sites, such as LinkedIn. 

As a member of the Society of Corporate Compliance and Ethics, you have access to thousands of compliance and ethics experts, learning materials, and more at your disposal. 

In any case, as a compliance and ethics professional, you should most definitely consider joining the Society of Corporate Compliance and Ethics.

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Career Path Job Descriptions

What Does a Chief Ethics and Compliance Officer Do?

Companies today regularly face corporate ethics and regulatory compliance matters while expanding operations. In light of that, they need a compliance program and an ethics program, and someone to help develop and oversee both. That’s where the chief ethics and compliance officer job description comes in.

In case you’re interested in a career as a chief ethics and compliance officer and want to know what they do, keep reading.

In this article, I’ll give a complete breakdown of the chief ethics and compliance officer job role and its prerequisites.

Let’s get started.  

Chief Ethics and Compliance Officer [Job Overview]

Simply put, a Chief Ethics and Compliance Officer (CECO) develops and maintains ethical and compliance standards that companies follow whenever expanding operations, recruiting, acquiring further assets, etc. 

They lead the ‘s corporate compliance efforts, analyze and implement all applicable laws pertaining to business operations, and directly address various compliance issues.

On the ethics side, they ensure proper -wide code of conduct, develop equal opportunity hiring strategies, and implement user experience enhancements for employees.

CECOs are part of the executive management and report directly to the chief executive officer or vice president. 

Responsibilities of a Chief Ethics and Compliance Officer

The CECO role may come with a multitude of responsibilities, depending on the host . 

However, there are some basic responsibilities that every chief ethics and compliance officer has to perform. 

Here are some of the job roles of a chief ethics and compliance officer in 2021.

1. Ethical Culture Development

Most modern companies operate on progressive cultures that are reflected in every aspect of their business operations and activities.

 The chief ethics and compliance is responsible for devising and then putting together the building blocks of such a culture. 

This includes:

  • Working with human resources and analyzing ethics best practices for the entire
  • Meeting with various teams and training them on ethical best practices 
  • Providing ethics and compliance training to the executive team and senior management
  • Developing a progressive training program for all incoming employees
  • Continuing ethical oversight of all -related operations

Additionally, CECOs are responsible for researching corporate ethics and administering disciplinary measures on ethical violations. 

2. Compliance Audit and Monitoring

Compliance audits are a series of inspections that ensure there are no instances of legal/regulatory noncompliance. 

A chief ethics and compliance officer is responsible for coming up with ideal audit strategies for their while considering the compliance requirements applicable to it. 

Their basic responsibilities are:

  • Creating compliance audit plans with legal representatives and general counsel 
  • Developing compliance benchmarks for long and short-term audit plans
  • Collaborating with the CCO and management teams to enact compliance functions 
  • Generating compliance audit reports and forwarding them to external regulatory bodies
  • Monitoring and maintaining the -wide state of compliance

Furthermore, CECOs assist outside (, state, and federal) regulators in performing external audits.

3. Risk Program Development

Aside from maintaining ethical and legal compliance, CECOs are responsible for creating and implementing risk management programs.

In addition to that, they provide oversight for legal teams while the latter implement risk plans, as well as maintain communication between the board of directors, major stakeholders, and employees.

This role includes:

  • Performing risk assessments with in-house legal teams and counsel
  • Functioning as the primary point person for all compliance risk management activities
  • Collaborating with general counsel to assess legal risk before each new venture
  • Creating custom risk-management programs for the over extended periods
  • Assisting leadership in making calculated and compliant decisions

CECOs also ensure that every merger, transaction, acquisition, and operations shift gets passed after their assessment and approval. 

4. Organizational Ethics Management

Ethics and compliance officers are the first line of defense against any human resource issues arising within the employee ranks or with regards to external parties. 

Additionally, they also develop the ethical outreach and community involvement programs that the takes part in. 

In this capacity, CECOs are responsible for:

  • Analyzing the specific needs of the community that subscribes to or surrounds the  
  • Develop incentive programs for the community and employees
  • Provide ethical management training to managers and staff that are reaching out to the community
  • Add values between the organizational culture and organizational outreach framework
  • Work with the department to successfully develop community members into viable candidates for positions

In some companies, the chief ethics and compliance officers may have a more strategy-centric role, while some companies may require them to be directly involved in ethical management.

5. Operational Process Assessment

Regulatory compliance applies to all operations, expansion efforts, employees, assets, and leadership. The CECO is the point person for all matters related to compliance oversight.

In this capacity, the chief ethics and compliance officer is responsible for going through all the current operations and making sure that they are up to , state, and federal regulatory codes.

In light of this, CECOs:

  • Develop working lists of all on and off-site operations and organizational processes
  • Cross-reference those procedures with regulatory requirements to ensure everything is performed in a compliant manner
  • Ensure that employees adhere to internal policies
  • Maintain ethics and compliance standards according to the function and role of each department.
  • Coordinate with regulators to implement all new regulatory requirements across the board.

This is one of the responsibilities for which companies can hire consultants. However, bigger companies will almost always have an in-house professional for this role.

Qualifications for a Chief Ethics and Compliance Officer

Generally, CECOs have either a Bachelor’s degree with extensive experience or a Master’s with brief mandatory experience.

Nevertheless, the requisite qualifications for CECOs are:

  • Master’s degree in business administration (with a focus on corporate ethics and compliance)
  • Bachelor’s degree in a legal, business administration, human resources, or program management capacity
  • 7-8 years of experience with at least 3 years of corporate compliance investigation and fraud examination experience
  • Extensive practical experience in a private or public sector apprenticeship

Candidates with a GED or high-school diploma (United States-specific) can also gain some experience in this capacity by applying for a junior administrator position in a smaller while studying for a Bachelor’s.

Additionally, candidates looking to work in a government area such as health  and economics should pursue courses specific to those areas. 

Skills Required for a Chief Ethics and Compliance Officer

Aside from the obvious theoretical and practical knowledge, senior ethics and compliance officers need to have a set of general skills in order to succeed in their position.

These skills include:

  • Efficient Problem-Solving: A successful CECO is able to look at a complex compliance issue and immediately come up with a solution based on their regulatory experience and subject matter knowledge.
  • Extensive Industry Expertise: The chief ethics and compliance officer should have considerable experience in administering compliance measures either in the private or government sector.
  • Excellent Communication Skills: Good communication is the basis for ethics and compliance management. A CECO should always be able to communicate legal issues to all parties involved and ensure ethical knowledge delivery throughout the . 
  • Project Management: Some companies may require a chief ethics and compliance officer to develop extensive compliance plans. This calls for effective project management and multitasking skills on the part of the CECO.

In addition to this, the ethics and compliance officer should be empathetic towards all employees, irrespective of caste, creed, color, sexual orientation, and/or social status. 

How to Become a Chief Ethics and Compliance Officer in 2021 and Beyond

It’s no secret that learning has diversified to a great degree and high-level positions such as that of a CECO are coming with a greater variety of responsibilities.

This called for a variety of skills which can only be achieved by taking online courses in subjects and practical applications related to the CECO position.

These online courses deliver learning that candidates will rarely get while at a university.

On top of that, they prepare prospective chief compliance and ethics officers for the challenges of a more ethically demanding corporate environment in the future. 

Final Thoughts

Ethics and smart ethical management are more important now than ever. That said, one can’t deny the importance of maintaining strict compliance either. 

Anyone who wishes to manage both at a needs to understand both concepts to the nth degree before applying for the position. 

In conclusion, it pays to have a diversified set of skills related to ethics and compliance when you’re looking to make a career out of it.

Categories
Conferences Job Descriptions

Best Compliance Conferences in 2021

As compliance professionals, we’re always under pressure to stay on top of regulatory changes, learning about emerging technologies, and expanding our knowledge. Besides networking with industry peers or and following blogs, a great way to stay up-to-date is to attend a compliance conference or two every year.

Whether you’re an in-house attorney, regulator, financial advisor, or anyone with the slightest relation to their ’s corporate compliance program – keep reading. 

In this article, we’ll list and review some of the best corporate compliance conferences to look forward to in 2021 (along with their pricing, venues, and dates).

Let’s get started.

What is a Compliance Conference?

A compliance conference is a social event that’s usually meant for professionals like corporate compliance officers, founders, general counsel, regulators, risk managers, etc. The goals of such a conference are to learn from leading experts, share insights, and network with industry peers.

Compliance conferences can be about anything, ranging from discussing anti-corruption programs in the modern world to examining how to overcome the challenges of cyber-security.

Hundreds of compliance conferences take place every year in the United States and beyond, where professionals get the opportunity for continuing education, expanding their network, and getting better at their jobs.

Top 7 Compliance Conferences to Look Forward to in 2021

The year 2021 has exciting events in stores for compliance enthusiasts.

Due to the Coronavirus pandemic, some of these will be held as virtual events, while others will be held as traditional face-to-face conferences.

With that out of the way, here are 7 corporate compliance conference that you should definitely consider attending:

1. CEFLI 2021 Compliance Fundamentals Training Conference

Date: May 6 – 7, 2021

Venue: The Union Station Hotel in Nashville, Tennessee

Price: TBA

Let’s start off with the basics.

The 2021 Compliance Fundamentals Training Conference (CFTC) presents a wonderful opportunity to young compliance professionals, seasonal professionals, and other individuals belonging to the life insurance industry to set strong foundations of compliance and/or revisit the fundamentals.

It’s being held by the “Compliance & Ethics Forum For Life Insurers” (or “CEFLI” for short) – a platform for the ethics and compliance professionals in the life insurance industry.

Companies looking to train their new compliance staff should definitely explore this conference.

The event will focus on the key risk areas and fundamentals of compliance, including anti-fraud, anti-corruption, form filing, and handling complaints, among other things.

Furthermore, attendees will get the opportunity to network and learn from the best.

The Compliance Fundamentals Training Conference was originally scheduled for May 2021, but due to unforeseen circumstances, it was rescheduled to 2021. 

Register here 

 

2. AMLFC 4th Anti-Money Laundering & Financial Crimes Conference

Date: April 21 – 23, 2021

Venue: JW Marriott Marquis Miami, Florida

Price: $549 (1 Day Conference: AMLFC Institute) and $1,459 (3 Day Combo: AMLFC Institute & ComplianceAid Conference)

The Anti-Money Laundering and Financial Crimes (AMLFC) institute offers certifications in Anti-Money Laundering (AML), Countering Financing Terrorism (CFT), and Financial Crimes Prevention to both graduate and undergraduate students.

Every year, the institute holds a compliance conference that attracts industry professionals from all over the world.

In 2021, AML and FC enthusiasts are in for a treat. The 4th Anti-Money Laundering & Financial Crimes Conference will discuss the latest trends and tips in executing AML/FCP/CFT procedures.

Attendees will get the chance to interact with regulators, and learn about country-specific AML/CFT issues, trends, regulations, and much more.

Additionally, attending the conference can earn you up to 18 CPEs recognized by NASBA.

You can find the complete agenda and other important details on the official event page.

Register here

 

3. HCCA 2021 Managed Compliance Conference

Date: February 1 -3, 2021

Venue: Virtual Conference

Price: TBA

Every year, the Health Compliance Association (HCCA) – an association with more than 12,000 members – arranges the Managed Compliance Conference. 

This event is focused on educating compliance professionals belonging to the health industry on the latest issues, trends, and developments.

Due to health and safety concerns related to COVID-19, the 2021 edition of the Managed Compliance Conference will be held online.

Regulators, auditors, and other industry experts will be invited to speak on topics (in the form of webinars), including, but not limited to:

  • Building and transforming a compliance program
  • Risk areas and enforcement trends
  • Medicaid fraud trends and reporting to regulators

This conference is perfect for compliance officers, data privacy officers, auditors, fraud examiners, and other relevant professionals belonging to the health industry.

As of now, the association hasn’t shared the agenda, pricing information, or the list of speakers. Keep an eye out for more details.

Learn more 

 

4. NRS Spring 2021 Compliance Conference

Date: May 17 – 21, 2021

Venue: Hyatt Regency Coconut Point Bonita Springs, Florida

Price: $1,495

The National Regulatory Services (NRS) is a leading provider of registration and compliance products targeted to financial institutions/wealth management companies.

Their Spring 2021 Compliance Conference is aimed at broker dealers, investment advisers, chief compliance officers, general counsels, and more, who want to learn about the latest trends in regulatory compliance.

Top-level industry experts, who know the secrets to navigating around the compliance challenges in the financial sector, will grace the event with their presence. Attendees will get the chance to learn with real case studies, expert insights, and discussions.

Additionally, exhibitors and sponsors will also get the opportunity to promote their products and services.

As of now, the NRS hasn’t disclosed the agenda and the list of speakers. But judging from the massive success of the last conference (held in 2019), it’s safe to assume that this event won’t be any different.

Pre-register

 

5. ABA Regulatory Compliance Conference

Date: June 13 – 16, 2021

Venue: Hyatt Regency San Diego, California

Price: TBA

The American Bankers Association (ABA) holds the Regulatory Compliance Conference every year.

This conference – targeted at compliance professionals in the banking sector – is aimed at discussing the latest compliance issues in the industry.

The Regulatory Compliance Conference is a 4-day event, where professionals from all over the country gather to soak in the latest compliance information through 50+ insightful sessions.

Right now, it’s still too early to share any further information about this conference. You can sign up to receive updates.

Learn more

 

6. 2021 FINRA Annual Conference

Date: May 18 – 20, 2021

Venue: Marriott Marquis Washington, DC

Price: Varies (shared below)

The Financial Industry Regulatory Authority (FINRA) prides itself as a rare, government-backed private firm that regulates broker-deals in the United States.

If you’re a compliance professional, especially one who’s related to brokerage services, you should definitely look forward to their annual conferences.

Their 2021 conference, which was on cyber-security, attracted compliance officers, IT professionals, business founders, and security officers from all over the US, who gathered to exchange insights, network, and learn from the best.

The agenda for the event scheduled for 2021 has not been disclosed yet, but industry peers should definitely anticipate a highly informative experience.

Here are the pricing details:

  • Individual Attendee – $,1,395 (FINRA member firm), $495 (FINRA member small firm), $995 (government/regulator), $1,695 (attorney), and $1,995 (non-member).
  • Group – $,1,180 (3 to 5 – FINRA member firm), $1,000 (6 or more – FINRA member firm), $370 (3 or more – FINRA member small firm), $1,440 (3 or more – attorney), and $1,690 (3 or more – non-member).

 Register here

 

7. COMPLY (The Compliance, Risk, and RegTech Conference)

Date: May 4 – 5, 2021

Venue: Tribeca 360 & Rooftop New York City, New York

Price: $1,495 (individual) and $1,295 (group rate – 3+)

If you want to learn about the most recent developments in the compliance, risk, and RegTech spheres, you can’t afford to miss out on COMPLY 2021.

Originally scheduled for 2021, the conference was rescheduled for the upcoming year. 

In addition to networking and in-person learning, COMPLY 2021 also offers different credit-earning opportunities for continuing education.

Conference attendees will include a diverse set of professionals, ranging from regulators to investors.

Industry leaders from companies like ABA, Deutsche Bank, and PerformLine, are invited to speak on topics such as risk management, compliance, and cutting-edge regulatory technology.

You can view the complete agenda, read through the FAQs, and register on COMPLY’s official website.

Register here

Wrapping it Up

With so many amazing events to look forward to, it’s safe to say that 2021 will be an exciting year for compliance professionals.

If you’ve never attended a compliance conference before, there’s no time like the present to give it a shot.

And remember – you can always speak to your employer about sponsoring your ticket, in case you can’t afford it from your own pocket. Good luck.

Categories
Career Path Job Descriptions

What Does a Deputy General Counsel Do?

Government agencies and private corporations alike require legal oversight to stay on the right side of the law. That’s why every large organization needs a general counsel. And in their absence, a deputy general counsel takes the reigns.

A deputy general counsel has pretty much the same responsibilities as a general counsel – the only way they differ is in terms of the authority they have over their department and decisions.

In this article, we’ll break down the job description of a typical deputy in-house counsel, review general counsel compensation, and lay down a career roadmap for young attorneys.

Let’s get started.

Who is a Deputy General Counsel?

A deputy general counsel is a senior attorney who offers their legal services to a company as a full-time, part-time, or contractual employee. In an internal legal department, they are second only to the main general counsel /chief legal officer, and act as their backup.

A deputy general counsel works with the general counsel and the rest of the legal team to ensure that their organization complies with the law, guide corporate governance, provide legal representation when needed, and anything else that falls in their domain.

Deputy general counsel reports directly to the chief general counsel (or the CEO, when the GC is unavailable), and is responsible for supervising the assistant general counsel, associate general counsel, and the rest of the legal team. In that sense, you can think of them as the vice presidents of their department.

Why is a Deputy General Counsel Needed?

Not every organization has a deputy general counsel.

This begs the question – why does this job title exist anyway?

Here are two broad reasons why an organization might need a deputy general counsel for their office of general counsel:

  • Assisting the CLO – in an organization where the chief legal counsel has their fingers in many pies, the deputy general counsel assumes some of the responsibilities to make things easier for the general counsel. In other words, they act as the right hands of the general counsels.
  • Offering Additional Legal Expertise – in certain organizations where advice on legal issues is always needed (such as the US Department of Justice), having an extra senior-level attorney in the management team can be really helpful.

At the end of the day, titles vary. Some companies have senior associate general counsels instead of a deputy GC, whereas others have both, in which case, the latter has more authority.

Typical Duties and Responsibilities of a Deputy General Counsel

The exact duties of a deputy general counsel are not the same across all companies.

However, there are certain areas that are considered universal to some extent within the United States.

This is what most deputy GCs do:

 

  • Provide Legal Advice to Their Employer

 

The most basic responsibility shared by in-house attorneys of all levels in any organization is to provide expert advice on various legal matters to the senior management.

The deputy general counsel, as the second most-senior attorney, is consulted by the management to ensure that the organization complies with the law. 

These could include different state, federal, and international laws addressing areas such as equal opportunity, employee/customer privacy, copyright infringement, etc.

Furthermore, the deputy general counsel also oversees the legal research process. This entails supervising paralegals/clerks (if available) to make sure that they stay on top of any developments taking place in statutes and regulations.

 

  • Developing and Implementing Policies

 

Providing legal consultancy is the easy part – especially for a deputy general counsel who has spent close to a decade (or even more) doing legal work.

The challenging bit is to establish, implement, and track a framework that will ensure corporate compliance with the law.

This mainly includes working with the chief GC, board of directors, and the human resources creating and imposing internal policies that promote compliant behavior throughout the organization.

Of course, not every deputy general counsel may be required to create policies from scratch whenever they join a new company, given that there are policies already in place. However, they still need to carefully assess the existing legal landscape and tweak existing policies if needed.

 

  • Handle Litigation for the Company

 

Another major responsibility of the deputy general counsel is to oversee and manage litigation for the organization.

As the company’s senior attorney, it is their duty to protect the interests of their organization, such as their intellectual property, right to manufacture something, etc. This involves providing legal representation to the company both when prosecuting and defending. 

The company may also seek the legal services of an outside counsel, but usually, the deputy general counsel, together with the in-house general counsel, handle lawsuits.

Not every company will handle lawsuits every day. But whenever they do, the deputy general counsel supervises everything and reports to the general counsel.

 

  • Oversee Business Transactions

 

From time to time, large businesses and government departments sign deals with huge implications for their future.

These include deals like the acquisition of new real-estate, business mergers between two companies, right to manufacture and/or sell a product, etc.

Since such deals are so important, the deputy general counsel oversees them to ensure everything is alright.

This entails negotiating better terms on the behalf of their employer, drafting the contract, and advising the management, among other things. 

 

  • Manage Risk

 

Corporate law can be tricky.

One small misstep, and the organization can lose a fortune, and more importantly, all of its respect overnight.

To that end, the deputy general counsel consistently assesses the different risk areas – activities where there’s a risk of non-compliance – and comes up with plans to address said risk areas. All of this falls under the umbrella of risk management – an important part of corporate legal practice.

Of course, the deputy GC doesn’t do this alone. They have the assistance of the entire legal team at their disposal.

 

  • Lead the Legal Team in Absence of the General Counsel

 

Last but not least, the deputy general counsel is responsible for leading the in-house legal team, especially in the absence of the general counsel.

They have the authority to make large-scale decisions, such as budgeting, recruitment, strategy, etc.

Additionally, they’re also responsible for liaising with the outside counsel to ensure everything is in order.

How Much Do Deputy General Counsels Earn?

Since deputy general counsels have a huge level of responsibility on their shoulders, they are well-compensated all over the US.

Let’s look at the average general counsel salary figures collected from the following trustworthy resources:

 

  • Glassdoor – on average, deputy general counsels earn $210,859 per year. This figure is only based on 55 reports.
  • Salary.com – according to this platform, deputy general counsels, on average, earn $291,290 per year. 
  • PayScale – as per reports on PayScale, the average deputy general counsel salary is $187,597. The platform also suggests that the highest paying cities are New York, San Francisco, Washington DC, Boston, and Philadelphia.

 

Salaries tend to vary greatly, especially from city to city. This is due to the difference in the cost of living.

If you’re a recruiter, make sure to factor in everything before creating a compensation package. In case you’re a candidate going for interview, conduct thorough research before giving your potential employer a number.

How to Become a Deputy General Counsel?

All things considered, the deputy general counsel is one of the most senior level positions in any organization.

But how do you go about becoming one?

Here’s everything you need to know:

  • Get the Right Education – since all deputy general counsels are attorneys, the candidate must have a Juris Doctor (JD) degree from an accredited law school and must have passed the state bar exam.
  • Build Up Ample Experience – employers typically require the candidates to have between 5 to 10 years of experience in a law firm, government position, or any other similar position of legal practice.
  • Apply for Open Positions – finally, start applying for open deputy general counsel jobs over the internet. 

Of course, all of the above sounds a lot easier than it really is. You can’t expect to become a senior counsel overnight. But by staying consistent, having a clear goal, and keeping your eyes on the prize, you’ll get there eventually.

Ending Note

The deputy general counsel is, more or less, accountable for the performance of the legal team – especially when the general counsel isn’t available.

Hopefully, by now, you have a good understanding of what their job entails, why some organizations prefer to hire them, and what makes them so important.