A Compliance Officer (CO) is responsible for ensuring that a company meets all local, state, and federal penal laws and regulations, but the regulations set forth by agencies that oversee and regulate their particular industry.
Depending on the nature of your business, this is a big job – not something you just hand off to your HR manager to do when they have time. The main (but not all) duties a CO is responsible for:
1) Monitoring all procedures and operations to ensure compliance.
2) Conducting regular assessments to maintain consistency with rules and regulations.
3) Training the staff in compliance measures, including ongoing legal changes.
4) Managing information and maintaining an even flow that adheres to compliance policies.
5) Acting as a liaison and contact person between department heads and senior management.
It is important to note that a Compliance Officer should operate independently of the company’s legal department in order to avoid conflicts of interest.