Compliance Manager - Mission Impossible?Of all of the groups benefiting from the wave of regulation, one has created the hottest job in the industry today - the "Compliance Manager." If you wear the "Compliance Hat" you know that this is just the industry looking for another panacea - a silver bullet to manage the seemingly overwhelming task of keeping up with the rules and regs tsunami. If you are a company owner or manager, you WANT a silver bullet (if not to just shoot yourself with!)
Reading the job descriptions in association with the Compliance Manager job posting, you would think the job is kind of amorphous; alot of "and other duties as may be assigned in order to comply with regulations..", or "and other regulatory requirements..." To me that is an anathema to the position. We want to be as specific as possible about the job duties. We need to specify WHAT that individual needs to do AND when.
A Simple and Practical Approach
|What are the duties of the Compliance Manager? This rubric attempts to manage the responsibilities in a finite way. Click here to add comments and suggestions to the sheet.|
We have seen a substantial growth in "Compliance Management Software", too. This is a reaction to that same search for panacea. Even with automation of data management, audit and reporting there still must be someone to parse the data and verify its timing and accuracy.
Since it's the human process that makes the program effective, we have upgraded our compliance manager position description to include these elements. This also ties in with all of the requirements of the CFPB audit guidance, so that if you are anticipating a CFPB examination ensuring you have implemented. If you are a subscriber to the updates you can get them on our Document Management Website.