Work Environment
Compliance Managers typically work in the following Career Sectors:
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Most commonly reported Work Activities
- Evaluating Information to Determine Compliance with Standards Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
- Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
- Communicating with Supervisors, Peers, or Subordinates Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
- Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- Documenting/Recording Information Entering, recording, storing, or maintaining information in written or electronic/magnetic form.
- Making Decisions and Solving Problems Analysing information and evaluating results to choose the best solution and solve problems.
- Updating and Using Relevant Knowledge Keeping up-to-date technically and applying new knowledge to your job.
- Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Identifying Objects, Actions, and Events Identifying information by categorising, estimating, recognising differences or similarities, and detecting changes in circumstances or events.
- Organising, Planning, and Prioritising Work Developing specific goals and plans to prioritise, organise, and accomplish your work.
Most commonly reported Work Tasks
- Report violations of compliance or regulatory standards to duly authorised enforcement agencies as appropriate or required.
- Identify compliance issues that require follow-up or investigation.
- Discuss emerging compliance issues to ensure that management and employees are informed about compliance reporting systems, policies, and practices.
- File appropriate compliance reports with regulatory agencies.
- Maintain documentation of compliance activities, such as complaints received or investigation outcomes.
- Consult with corporate attorneys as necessary to address difficult legal compliance issues.
- Conduct or direct the internal investigation of compliance issues.
- Provide employee training on compliance related topics, policies, or procedures.
- Serve as a confidential point of contact for employees to communicate with management, seek clarification on issues or dilemmas, or report irregularities.
- Verify that all regulatory policies and procedures have been documented, implemented, and communicated.
Interests - Compliance Manager
This occupation is typically suited for people with the following Career Interests:
Administrative
Administrative people are interested in work that offers security and a sense of being part of a larger process. They may be at their most productive under supervisors who give clear guidelines and while performing routine tasks in a methodical and reliable way.
They tend to enjoy clerical and most forms of office work, where they perform essential administrative duties. They often form the backbone of large and small organisations alike. They may enjoy being in charge of office filing systems, and using computers and other office equipment to keep things running smoothly. They usually like routine work hours and prefer comfortable indoor workplaces.
Enterprising
Enterprising people like situations that involve using resources for personal or corporate economic gain. Such people may have an opportunistic frame of mind, and are drawn to commerce, trade and making deals. Some pursue sales and marketing occupations. Many will eventually end up owning their own business, or in management roles in larger organisations. They tend to be very goal-oriented and work best when focused on a target. Some have an entrepreneurial inclination.
Realist
Realists are usually interested in 'things' - such as buildings, mechanics, equipment, tools, electronics etc. Their primary focus is dealing with these - as in building, fixing, operating or designing them. Involvement in these areas leads to high manual skills, or a fine aptitude for practical design - as found in the various forms of engineering.
Realists like to find practical solutions to problems using tools, technology and skilled work. Realists usually prefer to be active in their work environment, often do most of their work alone, and enjoy taking decisive action with a minimum amount of discussion and paperwork.
Entry - Compliance Manager
A Compliance Manager role requires significant knowledge and experience. Many Analysts may start their careers in Law, Finance, operaitons management, and regulation and then progress.
The most relevant degree subjects include business, and Law, management. Although a degree may sometimes be required, experience and track record are often as important to an employer.
Training & Development Pathways
Training can also help you progress and there are both undergraduate and postgraduate courses in business and management which can support you in your career.
FET Centre Traineeship: Business Admin, Customer service, Quality Management (Quality Assurance) available around Ireland at NFQ Levels 5-6 Search FET Courses
FET PLC Courses: Business Management, Sales, Marketing, Commerce, Compliance & Data Management, and Accounting available around Ireland at NFQ Levels 5-6 Search FET PLC Courses
Apprenticeship: Accounting, Finance, Sales, Lean Sigma management Apprenticeships NFQ levels 6-9 Search Apprenticeships
Higher Education CAO Entry: Business, Commerce, Law, Economics, Maths & Statistics, Accounts & Finance available around Ireland at NFQ Levels 6-8 Search CAO courses
Postgraduate Study Options Sales, Business, Accounts, Management, Financial & regulatory compliance advice, Global Trade Compliance, Governance Compliance & Data Protection in Financial Services at NFQ level 9
Qualified financial Advisers
On-the-job training continuous professional development is complemented by study for the Chartered Financial Analyst (CFA) qualification. Three levels of examination measure a candidate's ability to apply the fundamental knowledge of investment principles at a professional level.
Professional Organisations Training or networking events:
International Financial Services Skillnet Network
Irish Banking & Payments federation
Association of Compliance Officers in Ireland (ACOI)
The 30% club: Growth Through Diversity
Last Updated: November, 2023
Pay & Salary - Compliance Manager
Salary Range (thousands per year)* 50k - 130k
Salaries vary based on employer, location, experience, duties, and role.
Data Source(s):
Sigmar / Brightwater / CPL / Lincoln/ Collins McNicholas/ Azon
Last Updated: July, 2024
* The lower figures typically reflect starting salaries. Higher salaries are awarded to those with greater experience and responsibility. Positions in Dublin sometimes command higher salaries.
View Salary information from Indeed.ie
Note: data not aways available
Labour Market Updates - Compliance Manager
This information has been derived from the Solas National Skills Bulletin (2023).
The five-year annual average growth rate for this occupation was significantly above average, with strong growth observed between 2020 and 2021; employment grew by approximately 2,000 persons between 2021 and 2022. Employment was spread across all sectors of the economy, with the largest share, at just over a fifth, for professional activities. Employment permits, primarily in the ICT sector, spanned a number of roles, including data analysts, account strategists and logistics specialists.
While the number of online job adverts (OVATE) remained almost unchanged in 2022 for this occupational group, there was a 6% increase in adverts for financial and accounting technicians (although the numbers involved are small).
Employers (Skills for Growth & Spotlight on Skills) have signalled difficulties in recruiting data analysts. Furthermore, data analysis skills were required in other difficult-to-fill job roles such as engineers, software developers, and lab analysts. Demand for data analytics skills is evident; however, rather than existing only as standalone roles, these skills are increasingly embedded in other occupations.
Useful Contacts - Compliance Manager
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The Association of Compliance Officers in Ireland
- 3rd Floor, Fitzwilliam Hall, Dublin 2,
- (01) 779 0200
- [email protected]
- Click Here
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Chartered Institute of Personnel and Development in Ireland
- CIPD, A3 The Locks, Charlotte Quay Dock, Dublin 4
- (01) 678 0090
- [email protected]
- Click Here