Short Description

Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.

 

Relations

Compliance Officer, Compliance Vice President, Compliance Director, Community Reinvestment Act Officer (CRA Officer), Compliance Specialist, Compliance Manager, Internal Auditor, Compliance Analyst, Finance Director, Risk Manager

 

Wages & Employment Trends

  1. Median wages (2006) $31.43 hourly, $65,370 annual
  2. Employment (2006) 26,000 employees
  3. Projected growth (2006-2016) Average (7% to 13%)
  4. Projected need (2006-2016) 7,000 additional employees

 

Tasks

  1. Investigate activities of institutions in order to enforce laws and regulations and to ensure legality of transactions and operations or financial solvency.
  2. Review and analyze new, proposed, or revised laws, regulations, policies, and procedures in order to interpret their meaning and determine their impact.
  3. Plan, supervise, and review work of assigned subordinates.
  4. Recommend actions to ensure compliance with laws and regulations, or to protect solvency of institutions.
  5. Examine the minutes of meetings of directors, stockholders and committees in order to investigate the specific authority extended at various levels of management.
  6. Prepare reports, exhibits and other supporting schedules that detail an institution’s safety and soundness, compliance with laws and regulations, and recommended solutions to questionable financial conditions.
  7. Review balance sheets, operating income and expense accounts, and loan documentation in order to confirm institution assets and liabilities.
  8. Review audit reports of internal and external auditors in order to monitor adequacy of scope of reports or to discover specific weaknesses in internal routines.
  9. Train other examiners in the financial examination process.
  10. Establish guidelines for procedures and policies that comply with new and revised regulations, and direct their implementation.

 

Tools & Technology

Tools used in this occupation:

  1. Adding machines
  2. Desktop computers
  3. Notebook computers
  4. Personal computers

Technology used in this occupation:

  1. Compliance software — NILS INSource; ODEN Insurance Services State Rules & Regulations; Oversight Systems software; System for Electronic Rate and Form Filing SERFF
  2. Financial analysis software — Auditing software; Financial transaction analysis software; General Examination System GENESYS *; PricewaterhouseCoopers TeamMate
  3. Information retrieval or search software — LexisNexis; Westlaw
  4. Project management software — Investigation management software; Microsoft Project
  5. Spreadsheet software — Microsoft Excel
  6. Word processing software — Microsoft Word

 

Knowledge

  1. English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  2. Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  3. Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  4. Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  5. Administration and Management — Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
  6. Clerical — Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
  7. Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  8. Education and Training — Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

 

Skills

  1. Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
  2. Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  3. Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  4. Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  5. Writing — Communicating effectively in writing as appropriate for the needs of the audience.
  6. Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
  7. Time Management — Managing one’s own time and the time of others.
  8. Learning Strategies — Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
  9. Instructing — Teaching others how to do something.
  10. Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.

 

Abilities

  1. Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
  2. Problem Sensitivity — The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
  3. Written Comprehension — The ability to read and understand information and ideas presented in writing.
  4. Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  5. Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
  6. Near Vision — The ability to see details at close range (within a few feet of the observer).
  7. Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
  8. Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
  9. Speech Recognition — The ability to identify and understand the speech of another person.
  10. Speech Clarity — The ability to speak clearly so others can understand you.

 

Work Activities

  1. 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.
  2. Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
  3. Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
  4. Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
  5. Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
  6. Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
  7. Guiding, Directing, and Motivating Subordinates — Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
  8. Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  9. Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
  10. Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.

 

Work Context

  1. Telephone — How often do you have telephone conversations in this job?
  2. Face-to-Face Discussions — How often do you have to have face-to-face discussions with individuals or teams in this job?
  3. Electronic Mail — How often do you use electronic mail in this job?
  4. Freedom to Make Decisions — How much decision making freedom, without supervision, does the job offer?
  5. Importance of Being Exact or Accurate — How important is being very exact or highly accurate in performing this job?
  6. Structured versus Unstructured Work — To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?
  7. Indoors, Environmentally Controlled — How often does this job require working indoors in environmentally controlled conditions?
  8. Spend Time Sitting — How much does this job require sitting?
  9. Contact With Others — How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
  10. Impact of Decisions on Co-workers or Company Results — How do the decisions an employee makes impact the results of co-workers, clients or the company?

 

Job Zone

Considerable Preparation Needed

  1. Overall Experience A minimum of two to four years of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
  2. Job Training Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  3. Job Zone Examples Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, human resource managers, computer programmers, teachers, chemists, and police detectives.
  4. SVP Range (7.0 to < 8.0)

 

Education

Most of these occupations require a four – year bachelor’s degree, but some do not.

 

Interests

  1. Enterprising — Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  2. Conventional — Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
  3. Social — Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.

 

Work Styles

  1. Integrity — Job requires being honest and ethical.
  2. Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
  3. Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
  4. Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
  5. Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
  6. Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
  7. Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
  8. Independence — Job requires developing one’s own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
  9. Initiative — Job requires a willingness to take on responsibilities and challenges.
  10. Persistence — Job requires persistence in the face of obstacles.

 

Work Values

  1. Working Conditions — Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
  2. Achievement — Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
  3. Recognition — Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.

 

Other Occupation Details:

  1. Controller/Treasurer
  2. Chief Executive
  3. Financial Manager
  4. Purchasing Manager
  5. Accountant
  6. Auditor
  7. Tax Examiner
  8. Personal Finance Advisors
  9. Bookkeeper
  10. Budget Analyst
  11. Financial Analyst
  12. Credit Analyst
  13. Supervisor
  14. Loan Officer
  15. Bill Account Controller
  16. Administrative Officer
  17. Purchasing
  18. Cost Estimator
  19. Tax Preparer
  20. Clerk – Junior Accountant
  21. Clerk – Statement
  22. Teller
  23. Cashier