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Career Path Job Descriptions

What Does an Outsourced Chief Compliance Officer Do?

While every organization needs a strict compliance program and compliance policies, not everyone can afford compliance officers. Some companies hire in-house compliance and legal personnel; others hire outsourced chief compliance officers, legal teams, and compliance professionals. 

The duties and responsibilities of an outsourced chief compliance officer vary according to the CCO services being offered. It also depends on the company, industry, and whether outsourcing compliance is a good idea for the company at the time. 

In this article, we’ll see what a chief compliance officer’s resume usually looks like, as well as the roles, duties, and abilities of an outsourced chief compliance officer. 

What Does an Outsourced Chief Compliance Officer Do – Typical Roles in Organizations 

Every company today needs a corporate compliance program to ensure transparency with regulatory bodies. Bills such as the Dodd-Frank Wall Street Reform Act, the Foreign Account Tax Compliance Act, the Investment Company Act of 1940, the Investment Advisers Act, and more have changed the position of every firm’s compliance program. 

For example, if a firm’s business is in the financial services, they would have to adhere to regulations on mutual funds, hedge funds, exchange-traded funds (ETFs), and other investment management opportunities. The Registered Investment Advisers (RIA) need to have a chief compliance officer if they need to continue their business. 

It has become crucial for companies to adhere to SEC, FINRA, and CFTC requirements, especially when the OCIE (Office of Compliance Inspections and Examinations) keeps an extremely close eye on all companies. Even something as simple as filling out the mandatory Form ADV is required to be managed by someone in the CCO role. 

All of the above is just for companies in the financial industry, specifically in the investment business. There are similar laws and regulations for every industry, and they all have their own ongoing compliance requirements. 

That is why many companies have resorted to CCO outsourcing for all chief compliance officer services. An outsourced CCO typically works the same as an in-house CCO; however, their role depends on the company and industry. Most importantly, it depends on whether the broker-dealer CCO is an independent contractor or with a law firm or compliance company. 

In any case, the outsourced chief compliance officer has to ensure regulatory compliance, enact enforcement actions on the compliance program, and do annual reviews of the organization’s compliance rules. 

The outsourced chief compliance officer has to avoid any conflicts of interest and work directly with the executives and board of directors. 

What Does an Outsourced Chief Compliance Officer Do – Duties and Tasks 

When you outsource a prominent position such as the CCO role, you have to make sure you have lined up all the duties and responsibilities for them. That doesn’t mean you need to tell them your compliance issues; that will be the CCO’s job; you have to clearly define what they have to do at your organization according to your industry. 

In any case, the following duties, tasks, and responsibilities are what the typical outsourced chief compliance officer has to manage. 

  • Work with and report directly to the Chief Executive Officer (CEO), the board of directors, and senior management. Offer advice and recommendations to the executives on all compliance functions. 
  • Collect and analyze compliance information and data from all stakeholders and internal/external systems using compliance software
  • Check the business practices, operations, processes, and systems to ensure all compliance needs are taken care of. 
  • Provide assistance with compliance reporting to meet all regulatory requirements. 
  • Perform routine analysis on all compliance operations with the help of additional compliance professionals. 
  • Oversee, organize, and present scheduled compliance reviews that portray all compliance risks with the help of continuous risk assessments. 
  • Develop compliance manuals for all the organizational departments and employees. 
  • Ensure all marketing materials are acceptable by regulators and within the business model. 
  • Update any current compliance policies according to new regulations and organizational direction. 
  • Help establish risk alerts for compliance issues to develop an early warning system. 
  • Draft complete compliance and regulatory calendars to formalize the yearly compliance program. 
  • Offer continuous compliance consulting and support with any regulatory issues. 
  • Help new registrants (new companies) develop an understanding of the compliance world. 

The duties, responsibilities, and tasks listed above are often part of the chief compliance officer services. However, you can include more tasks and duties according to your industry and organization. 

What Does an Outsourced Chief Compliance Officer Do – Skills and Abilities 

While outsourced chief compliance officers can have varying tasks and duties, they require the same skills and abilities. However, different industries may ask for slightly different qualifications and knowledge expectations. 

On average, the outsourced chief compliance officer is expected to have the following qualifications, skills, and abilities. 

  • A bachelor’s degree in a law-related field is required. It’s preferable to have a Juris Doctor degree as it shows that you have an excellent understanding of the laws and regulations. 
  • At least ten years of experience is needed in law and compliance. It’s better to have prior experience in the same industry consistently, giving the CCO more insight into the regulatory requirements. 
  • Some companies prefer that the outsourced chief compliance officer passes industry-specific exams and certifications, such as the SEC exam. 
  • An excellent understanding and knowledge of all local, state, and federal regulations is required. 
  • The outsourced CCO is expected to have rudimentary computer skills. The CCO should have a strong understanding of Microsoft Office products, such as Excel, Word, PowerPoint, Outlook, and SharePoint. 
  • Outsourced chief compliance officers should have an idea of organizational compliance standards and how they work. It’s crucial to ensure that the client develops compliance-ready policies, benefits packages, and more. 
  • It’s crucial to have excellent research and analytical skills to find and analyze new and existing regulations, laws, and rules that may affect clients. 
  • As a service provider, the outsourced chief compliance officer needs to have strong management and functional skills. 
  • Excellent communication skills are needed to work with internal and external stakeholders. 
  • Outstanding interpersonal skills are needed to develop good relations with relevant authorities. 

The skills, qualifications, and abilities listed above are what is expected from an outsourced chief compliance officer. It’s crucial for outsourced CCO’s to stand above and beyond to justify their role. 

How to Become an Outsourced Chief Compliance Officer 

Outsourced chief compliance officers are a cost-effective solution when companies don’t want an in-house CCO. However, it still doesn’t change how much a chief compliance officer earns over the year. 

According to Glassdoor, the average annual salary for chief compliance officers in the United States is $149,943. That is true for outsourced chief compliance officers too. As a result, the typical salary range is between $83,000 and $218,000, with the upper end being offered in major hubs like New York and Los Angeles. 

The outsourced chief compliance officer’s salary varies according to the industry too. For example, outsourced CCOs in the financial services industry tend to charge more per contract or per hour of consultation due to the increased complexity of compliance standards. Outsourced chief compliance officers in other industries that have less strict regulatory requirements may charge less. 

However, all chief compliance officer jobs are considered to be at the executive level. Therefore, outsourced chief compliance officers need to have years of experience before offering their services. It’s advisable to work in an organization as an in-house compliance officer and CCO before offering outsourced CCO services. 

Usually, smaller companies outsource their compliance matters. Therefore, it’s best to work towards getting experience at handling the compliance matters of smaller organizations. Furthermore, it’s also best to focus on any one single industry and build your knowledge base around it. 

It’s also best to continually brush up on the latest updates related to new or modified laws, rules, and regulations. You should also consider developing a working relationship with regulators and the State Bar Association. 

In any case, you should portray yourself as a dependable, knowledgeable, and reliable outsourced chief compliance officer. 

Becoming a Great Outsourced Chief Compliance Officer 

You can’t become a great outsourced chief compliance officer by only doing your due diligence. You need to rack up years of experience, understand the intricacies of various laws, and understand how to ensure complete regulatory compliance. 

Developing good relationships with the relevant internal and external stakeholders, such as the board of directors and regulatory bodies, helps. 

It’s also advisable to communicate with fellow compliance officers and attorneys and take their opinion while developing compliance programs and recommendations. 

Most importantly, it’s critical to avoid conflicts of interest when working as an outsourced chief compliance officer.

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Career Path Job Descriptions

What Does an Outside General Counsel Do?

Some companies prefer hiring a general counsel, while others outsource the job. Some companies have both in-house counsel and outside counsel. In any case, many companies tend to hire outside general counsel for their legal services. 

Outside general counsel services can differ in each industry and organization. However, their basic duties and tasks are similar to what a typical general counsel’s job description looks like. 

In this article, we’ll take a closer look into the roles, duties, and abilities of an outside general counsel. 

What Does an Outside General Counsel Do – Typical Roles in Organizations

Enterprise-level businesses are not the only ones that face legal issues. Medium and small businesses have their share of litigation and legal needs too. 

However, larger businesses usually have in-house counsel and entire legal departments for their legal needs. On the other hand, small businesses usually have to deal with legal matters by themselves, taking precious time away that could be used to scale their business. 

Even with the help of attorneys, many businesses often spend way too much time on legal matters. The primary reason for that is that each attorney specializes in a different form of litigation. For example, the business would have to hire different attorneys for tax issues, employment matters, and more. At that point, lots of legal issues at the same time can lead to a massive waste of time. 

In such cases, a general counsel arrangement works best for the company. In such an arrangement, the house attorney would be taking care of all the typical legal tasks, including providing legal advice, reviewing contracts, ensuring corporate compliance, and more. 

The general counsel would also manage other legal matters, delegate tasks to other attorneys, and liaison between other attorneys and the employer. As a result, the business owner and company save time and resources. 

In this case, the company would be hiring an outside general counsel rather than a corporate counsel or an in-house counsel. Full-time in-house counsel can be very expensive and impractical for smaller companies. Therefore, most companies hire an outside general counsel on hourly rates, on retainer, commercial contracts, a flat fee, or other fee structures. 

For small businesses and startups, it’s essential to manage your business needs and fiduciary duties effectively, and legal counsel helps you manage these needs and duties. 

What Does an Outside General Counsel Do – Duties and Tasks

Every outside general counsel can have varying duties, tasks, and responsibilities, depending on how many services the client requires. An outside general counsel can be independent contractors or law firms, depending on the client’s budget. 

In any case, the following duties, tasks, and responsibilities are what the typical outside general counsel can and should offer to all clients. 

  • Work with the CEO, in-house general counsel, and the legal department on various issues. 
  • Offer legal advice and recommendations to the client. 
  • Provide risk management services, if required. For example, if the company wants to make a decision in real estate matters, offer risk evaluations accordingly. 
  • Offer assistance with internal matters, such as shareholder resolutions, board meetings, and arbitration. 
  • Identify, manage, and monitor any potential legal issues and offer guidance to the executives and employees on how to comply with the law. 
  • Represent the company in all legal matters during litigation and major business transactions. 
  • Provide various legal services, such as contract drafting, contract review, employment law disclosures, corporate governance procedures, and more. 
  • Help with administrative work, including electronic document reviews, claims review, legal transcription review, and collection services. 
  • Develop disclaimers for the company, if required. 
  • Educate executives and employees on things like intellectual property rights. 
  • Help set up the company if it’s a startup. For example, help business owners understand the importance of having an LLP (Limited Liability Partnership). 
  • Determine the legal standards by searching various case law in legal repositories. 
  • Assist the company in developing employee handbooks that explain legal matters. 
  • Work with various business lawyers to draft compliance plans

The duties, tasks, and responsibilities listed above are what each outside general counsel should be able to offer in their services. 

What Does an Outside General Counsel Do – Skills and Abilities

The outside general counsel needs to have the same skills, qualifications, and abilities as in-house general counsel. However, they may need to upsell themselves more as they’re hired contractually. 

On average, the outside general counsel is expected to have the following qualifications, abilities, and skills. 

  • A bachelor’s degree in law or any related legal field. A bachelor’s degree in any other field is acceptable, as long as the person gets a law degree from an accredited law school. 
  • A Juris Doctor degree is preferred, but not necessary. 
  • At least seven to ten years of legal experience is required. Most companies also prefer prior experience as an in-house or outside general counsel. 
  • It’s also advisable to have specialty certifications in business litigation, tax law, international law, and workers’ compensation. Several practice areas widen the outside general counsel’s horizon. 
  • The outside general counsel needs to have a firm grasp on regulatory compliance, corporate governance, and various employment laws. 
  • The person should have the ability to maintain customer privacy and also keep trade secrets if required. 
  • It’s also advisable to have a strong grasp on federal consumer protection and privacy laws related to advertising. 
  • Should be able to assist companies in creating intellectual property rights and help them secure, maintain, and protect them. 
  • Excellent communication and interpersonal skills are needed to maintain a healthy client relationship. 
  • Research and analytical skills are required to find relevant laws and regulations and to analyze potential legal issues and find solutions for them. 
  • Critical problem-solving skills are needed to monitor, evaluate, and manage any legal matters effectively and efficiently. 

The qualifications, abilities, and skills listed above should be present in all outside general counsels, even if the client doesn’t require it. 

How to Become an Outside General Counsel 

According to Glassdoor, the average general counsel salaries in the United States can be rounded up to $153,430. That number includes the sum total of what outside general counsels make through contractual work. However, because of the disparity, the typical salary range is between $100,000 and $255,000. 

The outside general counsel salary tends to vary depending on how much work they get and what kind of company hires them. For example, if a venture capital-backed startup hires an outside general counsel, they will end up paying them above average. However, small businesses would usually pay the average or below average at times. In any case, each outside general counsel has varying rates for different companies. 

Furthermore, it also depends on whether you’re an individual contractor or working through a law firm. Outside general counsels that work out of a law firm tend to have more rugged experience under their belt compared to individual contractors. However, they also cost more. 

In any case, to get to the outside general counsel level, the person has to go through various positions, such as a corporate attorney, associate counsel, and more. 

It’s best to work as an in-house general counsel before opting to work as an outside general counsel. It helps understand what each company requires. 

It’s also advisable to keep brushing up on the latest laws, rules, and regulations. Another thing is to keep a good relationship with the State Bar Association, regulatory bodies, and, most importantly, your clients. 

For the most part, you should practice good law with years of experience to become an outside general counsel. 

Becoming a Great Outside General Counsel

At the start, you may resort to attorney advertising to sell your services, especially if you’re an independent contractor. Therefore, it’s best to get as much experience as you can as an outside attorney. After you’ve had considerable experience working with various organizations, corporate attorneys, and general counsels, you can opt to become an outside general counsel. 

Becoming a great outside general counsel primarily depends on how much experience you’ve had. If you’ve had prior experience as an in-house general counsel, that’s even better. 

The general counsel role is extremely valuable for any company. Therefore, it’s best to keep up with all legal matters, laws, and regulations to provide the best services as an outside general counsel. 

It’s also advisable to work closely with the in-house counsel and legal department (if there is one) to formulate the best possible recommendation. 

Most importantly, it’s crucial for the outside general counsel to work according to the company’s standards first.

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Career Path Job Descriptions

What Does an Associate General Counsel Do?

Every organization and governmental agency requires legal counsel to handle legal issues and legal matters. That’s why companies hire general counsels, assistant general counsels, and associate general counsels. 

The duties and responsibilities of an associate general counsel usually differ depending on where they work. For example, working as a corporate counsel may be different than working under the United States federal government. 

However, on average, an associate general counsel usually works in established organizations and agencies. 

In this article, we’ll take a closer look into the roles, duties, and abilities of an associate general counsel. 

What Does an Associate General Counsel Do – Typical Roles in Organizations 

The associate general counsel provides direct support to management and executives by offering legal advice. 

Associate general counsels usually work in the legal department but report to the general counsel or chief legal officer. They work alongside assistant general counsels, attorneys, in-house counsel, and outside counsel. In governmental agencies, they work in the office of general counsel

In any case, associate general counsels develop corporate governance procedures, recommend legal courses of action, determine risks, and monitor various legal issues. They also work as mediators when liaising with external stakeholders. 

Most associate general counsels also have experience and knowledge with administrative tasks. At times, organizations may make an associate general counsel work on management and administrative tasks in the absence of another employee. 

As a result, companies usually expect associate general counsel to have the legal knowledge, counseling experience, analytical thinking, administrative experience, professional ethics, and financial acumen (especially in the financial services industry). 

In the average organization, most non-legal departments, such as marketing, finance, human resources, engineering, and design departments, have their own associate general counsel. Therefore, you will find several associate general counsel in most companies and governmental agencies. 

As an associate general counsel in any department, you have to manage all the legal issues of that particular department while reporting to the deputy general counsel. That means you have to offer legal advice to management, partake in legal research with the legal department, and ensure regulatory compliance of the department you’re working in. 

Furthermore, associate general counsels are also expected to have knowledge of various laws, regulations, and rules, such as employment law, intellectual property law, health care rules, and more. 

Other roles may include helping in risk management, real estate matters, and more, depending on the company. 

What Does an Associate General Counsel Do – Duties and Tasks 

Associate general counsels work in different settings in each department and organization. For example, an associate general counsel in the finance department would need to have knowledge of finance laws and regulations. 

Similarly, associate general counsels in other departments will have knowledge pertaining to their departments. However, that doesn’t necessarily limit them to one specific department as they’re working along with the legal department at all times. 

In any case, the following duties, tasks, and responsibilities are what the typical general counsel has to manage: 

  • Work under the supervision of the general counsel, deputy general counsel, or chief lawyer. 
  • Manage the legal secretarial and administrative work. 
  • Research, analyze, and prepare legal documents to develop effective and accurate contracts. 
  • Manage, calendar, and monitor various deadlines to legal matters, such as litigations, claims, active cases, or any relevant legal procedures. 
  • Ensure that the organization’s goals and objectives are achieved according to corporate compliance standards, rules, regulations, and laws. 
  • Portray legal knowledge by offering legal advice and recommendations during legal investigations. 
  • Study, analyze, and develop policies and practices pertaining to the organization. 
  • Develop effective governance procedures for the departments and organizations. 
  • Liaison with various stakeholders during legal proceedings. 
  • Advise relevant figures in the organization on complex purchase transactions to avoid legal problems. 
  • Renew any legal licenses, such as compliance software license agreements. 
  • Offer advice and recommendations when developing internal policies for the organizations. 
  • Practice law and litigation involving tort matters, contract disputes, and various other issues. 
  • Prepare and file any annual updates or proceedings of various statements to ensure regulatory compliance. 

The duties, tasks, and responsibilities listed above are what most associate general counsels are expected to do effectively. However, some organizations may add other duties related to the particular department. 

What Does an Associate General Counsel Do – Skills and Abilities 

Most associate general counsels will have different skills, qualifications, and abilities due to varying experiences. However, the typical job description usually lists down the basic skills and abilities every associate general counsel should have. 

On average, the associate general counsel is expected to have the following qualifications, skills, and abilities. 

  • A bachelor’s degree in law or any related legal field. Bachelor’s degrees in English, economics, philosophy, political science, psychology, history, and arts & humanities can also work. 
  • You need to register in an accredited law school if you have a non-legal degree. Having a Juris Doctor (JD) degree is the best and highest form of education you can have. 
  • Pass the State Bar and have good relations with the State Bar Association. 
  • A minimum of five years of experience while practicing law, working at a law firm, or in any legal position in an organization is required. 
  • Specialty certifications in business litigation, tax law, international law, and workers’ compensation can help. 
  • If you have a veteran status as an attorney, you can surpass various checks. 
  • Excellent analytical skills are needed to accumulate, order, and analyze information from various perspectives to find adequate solutions. The associate general counsel may have to analyze multiple sources of information simultaneously. 
  • Top-tier communication skills are needed to develop good relations with stakeholders, contractors, and other departments. 
  • Great interpersonal skills are needed to effectively manage the legal needs of any department. 
  • Ability to overlook gender identity, national origin, sexual orientation, and other biases are needed to ensure you keep the company an equal opportunity employer. 
  • Crucial problem-solving skills are needed to evaluate legal issues quickly and accurately while offering expert legal advice. 

The skills, qualifications, and abilities listed above are generally what you can expect from an associate general counsel, but they may change according to organizations and departments. 

How to Become an Associate General Counsel 

According to Glassdoor, the average associate general counsel salaries in the United States can be rounded up to $162,125. The typical range for the full-time average salary is between $95,000 and $246,000, with the higher end being offered in cities such as New York, San Francisco, and Washington, DC. 

The associate general counsel job title may also double as an assistant general counsel in some cases. Most associate general counsel jobs tend to have multiple titles for maximum reach. As a result, you may get job alerts for assistant general counsel at times. 

In any case, the general counsel salary depends a lot on the industry, organization, and the department you’re working in. The overall salary is decided according to your overall experience, law certifications, and standing in the legal community. 

You may also find that some companies have lower salaries for associate general counsels. That usually happens when companies have an associate general counsel for each department. 

Becoming an associate general counsel isn’t as hard if you’ve been practicing law for a while. You need to get some organizational experience before you can move into an associate general counsel position. 

Generally, it’s best to work in the legal department of an organization. If your specialty is financial law, you should consider working in the legal department of a financial services institution. 

You should be up to date with the latest laws, rules, and regulations. Furthermore, it’s also best to keep a good relationship with the State Bar Association as organizations may double-check your credentials. 

In any case, getting to the associate general counsel position requires excellent law knowledge, years of organizational experience, and outstanding credentials. 

Becoming a Great Associate General Counsel 

Becoming a great associate general counsel is all about getting as much relevant experience as you can. You can further secure your standing by getting additional law certifications, managing more legal matters, and working with relevant stakeholders. 

The more experience you get in various legal settings, the better. For example, if an employee asks for legal advice, you should offer them the same level of advice you would to the CEO. It helps brush up on various laws, rules, and regulations. 

You should also actively discuss recommendations and advice with other legal counsel before making a final decision. 

Most importantly, a great associate general counsel will always work according to the organization or government agency’s standards first.

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What Does a General Counsel Do?

Every company or government department requires legal counsel. You can’t rely on the frequently asked questions (FAQs) of websites for legal advice. That’s where the average general counsel, chief counsel, or chief legal officer (CLO) comes in. It’s their job to ensure corporate compliance standards are met in the organization.

The duties and responsibilities of a general counsel may differ depending on where they work. For example, corporate counsel may work differently than the office of general counsel in any United States gov department. 

In this article, we’ll take a closer look into the roles, duties, and abilities of a general counsel, which might help you write a better general counsel resume

What Does a General Counsel Do – Typical Roles in Organizations 

A general counsel is the head of the legal department or the chief lawyer at any company or governmental department. 

The role is typically divided into several tiers if the company or department is massive. For example, you may see deputy general counsel, inspector generals, vice president legal, and more.

If you’re interested in learning more about the role via video, then watch below.

https://youtu.be/eZISvzv3EcU

Typically, the general counsel tends to report directly to the CEO of the organization or head of the department. They oversee and identify all legal issues in various departments, how they’re related, and how to resolve them. 

The other departments include marketing, sales, finance, engineering, design, distribution, human resources, credit, and corporate governance departments, among others. The legal department works alongside these other departments under the authority of the general counsel. 

The general counsel also has to educate everyone on relevant laws and rules, such as the Freedom of Information Act (FOIA), the No-FEAR Act, labor law, OGC Compliance, employment law, environmental law, and international law. 

The general counsel has to apprise the CEO or any relevant department heads of any regulatory issues or changes in legal matters. Most importantly, they have to practice absolute discretion. 

Small business owners typically hire a law firm, outside counsel, or consultants for legal matters. However, most organizations tend to hire in-house legal counsel for the majority of legal work while outsourcing redundant legal services. 

Some organizations also let the general counsel manage administrative tasks beyond advocacy. At the executive level, the general counsel tends to oversee various departments. 

Other roles a general counsel can have may be in compliance reporting, crisis management, and public policy advocacy. In some cases, general counsel may do tax work, manage intellectual property, mergers & acquisitions, and accessibility & labor laws. 

What Does a General Counsel Do – Duties and Tasks 

Every general counsel will have varying duties, tasks, and responsibilities, depending on the organization and department they’re working in. Furthermore, the duties also differ depending on their job description. For example, the organization may list them as an executive, head of department, or just a manager. 

In any case, the following duties, tasks, and responsibilities are what the typical general counsel has to manage: 

  • Act as the chief lawyer and the head of the legal department. 
  • Provide relevant, accurate, and on-point legal guidance to company executives and other department heads. 
  • Attend all executive meetings related to mergers & acquisitions, changes in policy, or any change in the direction of the organization or department. 
  • Manage all compliance-related matters, risk management, and legal services groups. 
  • Engage with legal practice groups. 
  • Monitor and ensure that the company and departments are in compliance with business, corporate, and labor laws. 
  • Create various contracts and develop contractor agreements. 
  • Handle the legal requests that come from other departments – delegate tasks to assistant general counsels where required. 
  • Develop, overlook, and manage all leasing agreements to ensure any issues are resolved beforehand. 
  • Provide continuous status reports on all cases relevant to the organization or department. 
  • Do proper research into proposed laws and regulations that may be imposed. Analyze the potential laws, rules, and regulations and offer legal advice to counteract any issues that may arise. 
  • Work in tandem with the CEO, offering legal advice and recommendations on crucial decisions. 
  • Oversee training programs for new legal recruits, legal department employees, or outside counsel. 
  • Liaison with other departments, outside counsel, law firms, or online legal services if necessary. 

The duties, tasks, and responsibilities listed above can be expected from the average general counsel. However, some organizations may include duties outside the realm of legal work. 

What Does a General Counsel Do – Skills and Abilities 

While a general counsel may have varying duties and responsibilities, the skills and abilities required tend to be the same. However, general counsel in governmental departments may require additional skills and abilities. 

On average, the general counsel is expected to have the following qualifications, skills, and abilities. 

  • A bachelor’s degree in law or any related legal field. However, bachelor’s degrees in political science, English, economics, philosophy, history, psychology, and arts & humanities can also work if you gather legal education from elsewhere. 
  • If you have any other degree, you should complete a pre-law curriculum. 
  • A completed degree from a reputable law school (after passing the Law School Admission Test). 
  • At least 5-10 years of experience practicing corporate law. 
  • Pass the state bar. That includes the Multistate Bar Examination (MBE), Multistate Essay Examination (MEE), or other state-specific board certifications. 
  • Specialty certifications in tax law, business litigation, workers’ compensation, and international law also help. 
  • Excellent research skills are required to find relevant laws and regulations that may apply to the organization or government agency. It’s imperative to offer appropriate advice at this level. 
  • Expert analytical skills are needed to properly combine and analyze information to find adequate solutions. Ideally, a general counsel should be able to process and analyze large amounts of information from multiple sources simultaneously. 
  • Impeccable interpersonal skills are needed, including written & verbal communication, teamwork, dependability, and leadership skills. You should be able to communicate with other executives and show confidence in justifying legal decisions. 
  • Communication skills are needed to effectively negotiate matters, such as mergers and acquisitions. 
  • Critical problem-solving skills are required to evaluate legal issues and problems and offer appropriate legal guidance. 

The skills, qualifications, and abilities listed above usually are what you can expect from a general counsel, but they may change according to organizations. 

How to Become a General Counsel 

According to Glassdoor, the average general counsel salaries in the United States can be rounded up to $153,430. The typical range for the average salary is between $100,000 and $255,000, with the higher end being offered in cities, such as New York and Washington, DC. 

The general counsel salary tends to vary depending on the organization or department you’re working in. The salary mostly depends on what level of responsibility the general counsel has. For example, they will earn more if their title is Chief Legal Officer. Another factor for the salary is what industry you’re working in; for example, general counsel in the telecommunications industry may earn less than someone in the finance industry. 

Since most general counsels are considered executives, becoming a general counsel requires years of experience and practice. Smaller organizations tend to delegate more tasks to the general counsel, while larger organizations break the role down. 

For example, aspiring general counsel in enterprises may have to go through the positions of in-house counsel, associate counsel, litigation counsel, corporate attorney, or deputy general counsel, among others. 

Therefore, it’s crucial to brush up on most legal matters before opting for a general counsel position. It’s best to keep a good relationship with the State Bar Association as organizations and government agencies check up on you through the SBA. 

For the most part, becoming a general counsel is about practicing good law and having years of experience with a good background. The more experience you have, the better. 

Becoming a Great General Counsel 

Becoming a great general counsel is all about racking up as much experience as you can. The general counsel plays a crucial role in the organization or government agency, managing and overlooking critical legal matters. 

The more experience you have in various legal settings, the better. Furthermore, you should develop a habit of revising relevant laws and regulations while keeping an eye out for any new laws and regulations. 

It’s always advisable to take the opinions of other legal counsel to formulate your legal decisions. It will also help develop good relations with other legal professionals. 

Most importantly, a great general counsel will always work according to the organization or government agency’s standards first.

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What Does a Deputy Chief Compliance Officer Do?

The Deputy Chief Compliance Officer ensures that all employees adhere to the compliance of all legal and regulatory requirements, including internal procedures and policies, and resolves all corporate compliance related issues within the organization. However, this is just one of the many important responsibilities of a deputy chief compliance officer. Since their job description entails a lot, it is difficult to summarize their duties and responsibilities in only a few words. 

Therefore, if you’re a student deciding on a career, a recruiter considering your next hire, or an employee wondering what it is you need to become a successful deputy chief compliance officer, keep reading.

In this article, we’ll take you through:

  • Who a Deputy Chief Compliance Officer is 
  • Their typical roles and responsibilities in an organization 
  • How to become a successful Deputy Chief Compliance Officer 
  • Average salary estimates in the United States

 

Let’s get started

Who is a Deputy Chief Compliance Officer?

Deputy Chief Compliance Officers are deputy heads of the compliance department and are responsible for managing the entire organization for compliance related activities and report back to the HODs (Chief Compliance Officer) and upper management. 

Since, they work in a diverse environment with ever evolving, legal and regulatory, social and economic issues and guidelines, their main responsibility is to constantly design, review, and modify compliance programs in light of complex rules and regulations.

However, this is just one of their many responsibilities. In the light of the changes in the global economy, deputy chief compliance officer roles have shifted from just reporting compliance issues to legal authority such as the Deputy General Counsel towards achieving complete transparency within the entire organization, ultimately building a culture of integrity.

Deputy chief compliance officers are continuously facing risks pertaining to the organization’s reputation and internal control (such as, noncompliance of employees, bribery, cybersecurity risks) and finding effective ways to raise awareness, prevent, and mitigate them. 

They not only regulate organization’s culture and behaviour by effectively communicating vision and mission of compliance programs but are also involved in all strategic decisions of the organization.  

Nevertheless, not all organizations have the same job descriptions for their deputy chief compliance officers. Most still have deputy CCOs with legal backgrounds, who are restricted to enforcement and compliance matters, on the other hand, large organizations who are operating internationally have promoted their deputy CCOs towards executive level positions. They have increased authority, lead cross-functional teams, and have a valuable say in strategic key stakeholders decisions. 

It is important to note, the only important difference Deputy Chief Compliance Officers share with the role of a Chief Compliance Officer (sometimes known as Corporate Compliance Officer) is their focus areas. They work collaboratively in all compliance related matters, however, Chief Compliance Officers focus on the strategy aspect (theoretical) and Deputy Chief Compliance Officer focus on ensuring the implementation (practical). 

In many organizations with no Deputy Chief Compliance Officer, CCOs take the role of both. 

What Does a Deputy Chief Compliance Officer Do? [Typical Roles and Responsibilities]

As mentioned earlier, deputy CCOs collaboratively work with Chief Compliance Officers on strategy and decisions, however, their focus is on the implementation of compliance related activities.

Having said that, the typical duties and responsibilities of a Deputy Chief Compliance Officer job title in an organization include: 

 

  • Define the requirements for regulatory compliance and develop compliance risk assessment programs according to annual compliance plan. 
  • Identify risks and recommend solutions and implementation strategies for compliance issues to management and employees of all business units.

 

    • Provide compliance training to compliance managers on effectively carrying compliance programs for all employees in order for them to be knowledgeable of organizational policies, and federal/state standards.

 

  • Review and revise compliance policies on a regular basis and coordinate with other departments including internal audit and risk management.
  • Supervise, guide, and counsel compliance teams and monitor their implementation of key compliance strategies, initiatives and action plans.
  • Oversee internal and external funding sources and budgeting within compliance units to ensure successful implementation of compliance mission.
  • Consult and report to chief compliance officer regarding all compliance related initiatives, corrective actions, and reviews. 

 

  • Document, maintain and present timely compliance reports and collaborate with senior management of other departments especially, chief financial officer (CFO), chief ethics officer (CXO), chief information security officer (CISO), anti-money laundering (AML) compliance officer, and board members. 

Again – all organizations have varying job functions for their deputy chief compliance officers, therefore it is advisable to modify the list according to your organization needs.

What Skills/Abilities Does a Deputy Chief Compliance Officer Need?

If you have access, a right in decision making, and direct communication with the board members of the company, your skills and abilities must reflect your job position.

Considering that, its needless to say that deputy CCOs have strong compliance expertise. 

To be specific, deputy chief compliance officers should have the following skills:

  • Leadership Skills – they are responsible and accountable for the entire compliance department. They plan, develop, and lead cross-functional teams, and ensure implementation of all compliance procedures in the entire organization. For that purpose, they have expert level leadership skills, including empathy and a strong influential/charismatic presence. 
  • Problem Solving and Analytical Skills – deputy CCOs are attentive to details, observant and quick at resolving problems, in order to recognize and deal with the day to day compliance related issues. 
  • Communication Skills – since they are expected to communicate with all level of employees including key stakeholders, they have excellent writing (developing compliance plans and reporting purposes) and verbal communication skills in order to effectively perform job functions along with persuading the entire organization to do the same.  
  • Organizational Skills – the deputy chief compliance officer is responsible to create the entire organization culture and relays guidelines for appropriate behavior and conduct, which cannot be possible without organization skills. They ensure everyone employee feels valued, and effective communication and transparent collaborative practices are established in the entire organization.  

In addition to the above, deputy chief compliance officers also know how to set budgets and create compliance strategies accordingly.

How to Become a Deputy Chief Compliance Officer? [Qualifications and Experience]

The growing need for strong compliance departments in organizations has subsequently created a need for departmental heads to be subject matter experts in not just corporate compliance but all relevant corporate fields, including business administration, human resources, auditing, finance, and the list goes on. 

Considering that, here is a general roadmap for anyone wishing to climb the deputy chief compliance officer ladder:

  • Academic Requirements – a deputy chief compliance officer should at least have a bachelor’s degree in a relevant field (law, finance, human resources, or business administration) depending on the industry they work in (such as, healthcare, food, banking), with a strong preference for a juris doctor (JD) degree considering the major nature of their work (enforcement of all applicable laws and regulations).
  • Experience – deputy chief compliance officers have at least 10 years of compliance experience within industries such as, compliance consultancy, government law and regulatory bodies, financial services, or the same years of experience in similar jobs. 
  • Additional Credentials – finally, having additional compliance certification in relevant areas is a must, such as, Certified Compliance & Ethics Professional (CCEP), Certified Internal Auditor, Certified Public Accountant (CPA). The type of certification a deputy chief compliance officer has depends on the type of industry they work in. 

Apart from these, it’s a given that deputy chief compliance officers are well versed and knows how to interpret their industry-specific federal and state laws and regulations, policies and procedures. 

How Much Do Deputy Chief Compliance Officer Earn?

Since, Deputy Chief Compliance officer is a senior-level, full time job position responsible for all compliance functions, employers make sure they are compensated well for their hard work.

However, the salaries vary according to the job type (level of responsibility), type of industry, and size of the organization.

To give you a clear idea, here are some Deputy Chief Compliance Officer salary estimates gathered from reliable platforms:

  • Glassdoor – according to Glassdoor, Deputy Chief Compliance Officer earn anywhere between $56,000 to $120,000 per year. The yearly average is $82,218.
  • ZipRecruiter – as per the data collected on ZipRecruiter, on average, a Deputy Chief Compliance Officer can earn between $23,500 to $221,500 per year (with the national average of $111,474). Furthermore, according to salary reports the average in major states such as New York, San Francisco, Washington DC and Los Angeles fall within $80,000 to $90,000.
  • Indeed – as per the data collected on Indeed, the average salary for Deputy Chief Compliance Officer ranges from approximately $117,478 per year. 

Apart from salary reports, if you’re looking for job opportunities, these platforms also keep you updated with job alerts on deputy chief compliance officer job postings. 

Wrapping it Up

Every organization, regardless of their size, needs a compliance team if not an entire department in order to ensure integrity and create a healthy organization culture. Therefore, it’s safe to say, that a deputy chief compliance officer is an integral job title to an organization. 

While the roles, responsibilities, and duties aren’t exactly the same across all industries, however, the deputy chief compliance officer, along with the CCO, leads the compliance department and aligns organization strategy, vision and mission according to the laws and regulations ascribed by the government bodies.

Keeping that in mind, if you wish to assume such a difficult role, it is crucial for you to develop the relevant ​skills, and acquire the minimum experience needed to qualify for the job title.

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Career Path Job Descriptions

What Does a Corporate Compliance Officer Do?

Every company in the private sector has to adhere to strict rules, laws, and regulations. Understanding compliance requirements and fulfilling it is as important as doing your taxes. That’s why companies hire in-house or external corporate compliance officers

The duties of corporate compliance officers can change according to different industries and organizations. Some industries are heavily regulated, while others are relatively lax. 

In this article, we’ll take a closer look into the roles, duties, and abilities of a corporate compliance officer. 

What Does a Corporate Compliance Officer Do – Typical Roles in Organizations 

The corporate compliance officer and the chief compliance officer are usually considered to be the same role. Most companies don’t differentiate between the two. 

The chief compliance officer job title is generally acceptable and works in private and public organizations. However, the corporate compliance officer job title is only used in the private sector/corporate world. 

If you’re interested in learning more via video, then watch below:

https://youtu.be/DyOIKPJnimE

As a result, you’ll find that a lot of private companies often use the corporate compliance officer job title. However, in some companies, the two titles are used to showcase progression. The compliance department has compliance specialists, senior compliance officers, compliance managers, corporate compliance officer, and then the chief compliance officer, in that particular order. However, this usually happens in larger organizations. 

Smaller organizations usually have a few compliance officers and a corporate compliance officer that heads the other officers. 

Regulated industries such as the financial services industry, healthcare industry, and the insurance industry usually have multiple CCO roles. These industries are also required by law to have a chief compliance officer. In such cases, the corporate compliance officer is considered secondary to the chief compliance officer. 

In any case, the corporate compliance officer usually works with senior management or directly with executives and the board of directors. 

The corporate compliance officer role involves ensuring regulatory compliance, the development of compliance policies, and the development of a corporate compliance program

Furthermore, corporate compliance officers have to make sure an organization’s corporate integrity is intact. Managing that requires knowledge of legal requirements and regulatory requirements for all organizational departments. 

At times, corporate compliance officers also work with the legal department. They may work alongside attorneys and the general counsel, especially when they need to offer advice or recommendations to upper management. 

As a result, corporate compliance officers require several skills to effectively do their job. 

What Does a Corporate Compliance Officer Do – Duties and Tasks 

Every corporate compliance officer can have different duties and tasks, depending on how the organization views the role. Other than that, the industry matters too since heavily regulated industries are more likely to have more responsibilities for CCOs. 

The companies that only hire corporate compliance officers tend to relay all compliance-related management to the CCO. 

In any case, the following responsibilities, tasks, and duties are what the typical corporate compliance officer has to manage. 

  • Work with the chief compliance officer or directly with the CEO, CFO, CIO, and the board of directors. Offer recommendations and advice related to compliance issues if needed. 
  • Manage various smaller sections and departments of an organization by developing internal policies. 
  • Make sure you’re the person enforcing HIPAA compliance while promoting privacy practices across the company. 
  • Work towards improving the quality of documentation, walk-through, and testing. 
  • Evaluate external rules and compliance requirements to determine how the organization should move forward with a compliance plan. 
  • Update company compliance policies to move on to implementing an organization-wide compliance plan. 
  • Manage the compliance committee or compliance department while working side-by-side with the legal department. 
  • Ensure all compliance efforts are being done and manage compliance activities across the company. 
  • Minimize compliance risk and regulatory risk through thorough risk assessment. Assist the risk officers in risk management to avoid long-term issues. 
  • Monitor and analyze any areas of noncompliance and figure out the reason behind it. Come up with solutions to fix any further issues brought on by noncompliance. 
  • Provide compliance training to employees and compliance officers. 

The duties, tasks, and responsibilities listed above are usually what a corporate compliance officer is expected to do. However, due to changes in the job title, it’s possible that the corporate compliance officer has a lot more responsibilities or a lot less. 

What Does a Corporate Compliance Officer Do – Skills and Abilities 

While the duties and tasks of a corporate compliance officer can change according to the organizational structure, the skills and abilities required stay the same. The only noticeable difference is that corporate compliance officers in different industries would be expected to have knowledge of their own industry. 

On average, the corporate compliance officer is expected to have the following qualifications, skills, and abilities. 

  • A bachelor’s degree in law or any related field is needed. Furthermore, a master’s degree is also expected. However, most companies prefer that the corporate compliance officer has a Juris Doctor degree. 
  • Somewhere between five to ten years of experience is required. Prior experience is expected to be in the same industry. The reason for the massive range in the expected years of experience is due to different organizational structures. 
  • Complete knowledge of local, state, and federal rules, laws, and regulations for the relevant industry is required. 
  • An excellent understanding of organizational compliance standards is mandatory. The CCO should know exactly what regulation applies in various circumstances to avoid noncompliance. 
  • Ability to manage different computer-related tasks is essential. The CCO is expected to have a solid understanding of the usual Microsoft Office products, including Word, PowerPoint, Excel, Outlook, and SharePoint. 
  • Excellent research and analytical skills are required for a proactive approach to compliance. The CCO is expected to keep all relevant regulations and compliance standards in mind while developing solutions to be more compliant. 
  • Strong functional and management skills are required to manage the compliance team. 
  • Outstanding communication and interpersonal skills are needed to effectively work with executives, regulators, and other stakeholders. 

The qualifications, skills, and abilities listed above are needed by most corporate compliance officers. However, in heavily-regulated industries, the corporate compliance officer may need to show additional qualifications, skills, and abilities. 

How to Become a Corporate Compliance Officer 

Since the corporate compliance officer can have extremely varying roles, their salaries can be very different. Due to that massive difference, the average salary of corporate compliance officers is much lower than the average salary of a chief compliance officer. 

According to Glassdoor, the average salary of a full-time corporate compliance officer in the United States is $67,637. The typical salary range is between $45,000 and $100,000, with the upper end being offered in major hubs such as New York. 

The primary reason for the drastic change in the average salary is primarily due to different organizational structures. Companies that consider the corporate compliance officer to be an executive-level position pay accordingly. However, most organizations that consider the position as a stepping stone to becoming a chief compliance officer pay less. 

However, the salary also depends on whether the corporate compliance officer is in a heavily-regulated industry or not. 

Due to this disparity, not all corporate compliance jobs are at the executive level. However, that also means that aspiring corporate compliance officers don’t need to have excessive working experience. Furthermore, working in the role helps you understand the chief compliance officer role too. 

In any case, becoming a corporate compliance officer starts with getting the right education. It’s best to opt for a Juris Doctor degree. 

When you start working, it’s advisable to start in a company that’s in an industry you want. That’s primarily because it’s best to continue your professional compliance experience in the same industry throughout your career. 

Once you’ve nailed the industry, work towards the rank from the compliance officer to the corporate compliance officer. 

Most importantly, develop a good reputation through a by-the-book approach. 

Becoming a Great Corporate Compliance Officer 

Becoming a great corporate compliance officer is about finding the right trajectory for your career. The most important thing is to decide on one industry and work towards it until you have adequate knowledge and experience with all the relevant laws, rules, and regulations. 

It’s also advisable to keep a close relationship with the State Bar Association, regulators, and regulatory bodies. 

Furthermore, it’s also best to work closely with other compliance officers and attorneys. Ask for their opinions and thoughts before recommending action or advising someone. 

Most importantly, it’s critical for the corporate compliance officer to remove any conflicts of interest.