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What is a compliance manager?
Compliance managers are a kind of “protective shield” because successful compliance avoids damage and liability for a company. A compliance manager ensures that the company complies with all legal and regulatory provisions as well as self-imposed ethical requirements in order to prevent claims for damages from third parties (authorities, companies, private individuals) from arising in the first place.
Depending on the size of the company, this is not only for financial reasons. In large corporations, compliance violations tend to spread in public and can damage the image of the company.
Compliance managers are usually found in large companies. Depending on the area of activity and industry, this position can also be important for small and medium-sized companies – for example in very specialized regulated industries (e.g. medical compliance in the pharmaceutical industry).
No two compliance jobs are the same
The abundance of laws, regulations and industry-specific standards requires compliance managers to work in an interdisciplinary manner. They themselves have no disciplinary powers, but tend to have a staff function. Interdisciplinarity and a central, specialized positioning within the company characterize the technical and organizational connection of the compliance manager.
Compliance covers many topics, which is why the job descriptions and the requirements for applicants are designed very differently. Applicants must therefore look specifically at the requirements and the tasks, because no job is like the other.
Compliance management and digitization
The job of the compliance manager is of course heavily influenced by digitization. They have created new opportunities, but also risks. The latter include, for example, data protection, unauthorized access to data from outside and serious hacker attacks. Threats like these have helped make data protection a core discipline for compliance managers.
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Education: University or technical college degree in computer science, business informatics or business administration
Starting salary: €60,000
Top salary: €180,000
Opportunities for advancement: CFO, Chief Compliance Officer
Tasks
What does a compliance manager do?
Development of an internal control system (“ICS”) as part of the implementation of compliance requirements: Responsibility for the entire control process from conception through implementation to rollout (if necessary at international level) in close coordination with the finance department and internal auditing
Accompanying and advising the internal audit on financial issues
Adaptation and further development of the business processes documented in the company
Here are also some examples from the task portfolio of an IT compliance manager:
Ensuring IT compliance
IT process and quality management
Development of the IT control system
Carrying out IT audits (checks in the area of IT controls and IT security)
Communication and advice from specialist departments
Contact person for company management, decentralized company units and central company functions (e.g. risk management)
Training (organization of compliance training)
Reporting to the management
Project management or support for cross-company projects
Education
How does one become a compliance manager?
As already mentioned, a clear demarcation of the activity is not so easy, since the job is interdisciplinary by definition. However, this also means that access to this position is possible with very different qualifications. The exact requirements always result from the specific job description.
Candidates in the field of “legal compliance” must have solid legal knowledge – as a rule, fully qualified lawyers are sought. In the environment of IT compliance managers, extensive knowledge is also required, as can be read here:
University or technical college degree in computer science, business informatics or business administration
3 – 5 years of professional experience in IT compliance or the related areas of IT management, IT security, IT risk assessment or IT process management
In-depth specialist knowledge in the three subject areas of IT compliance, IT risk and IT security management
Comprehensive knowledge of IT compliance requirements (e.g. GDPR, various ISO standards, ITIL, COSO, COBIT etc.)
practical experience in the assessment and implementation of IT compliance requirements, the development of IT control systems, IT audits and methodological skills in project management
Salary
What does a Compliance Manager earn?
from 45.000€
up to €90,000
On average, compliance managers earn an annual gross salary of € 60,000 to €180,000 — depending on the job profile, the specific compliance field of activity, the scope of the area of responsibility and professional experience. The term “compliance manager” is not clearly defined and can therefore encompass very different requirements — combined with correspondingly different salaries.
However, experience is the criterion for professional success as a compliance manager. This can also be expanded in a targeted manner with further training and the acquisition of certificates, although these are usually quite expensive. A specialization in individual compliance topics increases your own market opportunities for a position as a compliance manager and the possibility of a higher salary.
Requirements
What do you expect from the Compliance Manager?
Compliance management is not an area for career starters, because compliance managers must be highly responsible, have integrity and strong personalities who have several years of professional experience. You are communicative and have a confident, convincing demeanor. Their trusting cooperation with the various stakeholders is a criterion for success.
Compliance managers work independently, in a structured, precise and timely manner. You have the ability to present and represent complex issues in an understandable way, even to top management. They must also be willing to travel on business, especially in larger companies.
Career
Opportunities for advancement as a compliance manager
The area of compliance affects numerous areas of the company and is therefore very broad. This poses a problem for compliance employees: In order to do their job well and increase their salary, it is essential that they focus on individual areas and gain expert knowledge here. At the same time, however, with increasing specialization they limit the possibilities for change.
This also applies to the way to the top: Because compliance is becoming more and more important for companies, it is increasingly the responsibility of the board of directors — and here usually in the hands of the CFO. Compliance specialists therefore have a good perspective of being promoted to CFO — or the increasingly common compliance board. The compliance board should be reserved for lawyers, employees from other areas of study have a harder time.
In summary, it can be said that anyone who does not necessarily want to climb to the top of the career ladder should specialize as much as possible as a compliance manager in order to maximize their value for a company.
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