As we work to build careers in regulatory compliance, we often look for ways to become more valuable to our organizations and establish ourselves as experts. While experience and self-taught technical expertise are a must for any compliance professional, finding a way to be recognized as an industry leader can help build credibility with auditors and peers alike. One way to do this is to obtain professional regulatory compliance certification. Adam Witmer is a speaker, author and founder of the Compliance Cohort. Adam has taught hundreds of seminars and trainings to thousands of bankers across the United States and teaches in all areas of regulatory compliance. Adam has written five e-books that he never published, encountered a grizzly bear while driving in a national park, and is an award-winning photographer and musician (though he no longer takes photos or plays instruments). In his spare time, Adam kayaks on the lake, does taekwondo with his children, works on his (project) house, or spends time with his family. In addition to establishing yourself as an industry expert, a compliance officer certification can help compliance professionals gain confidence that they truly have a good understanding of the rules and regulations for which they are responsible. Because one of the hardest parts of managing a compliance function is knowing what you don`t know (and then knowing how to find it), regulatory compliance certification programs ensure that compliance officers have at least a general understanding of all the important rules and regulations that apply to their organization. Members receive even more free videos, articles and other resources on all topics related to regulatory compliance. You must have five years of work experience in two of the eight categories listed to be eligible for the test that offers this certification of conformity.
If you have a four-year university degree or a recognised qualification, you can meet the criteria to take the exam even with four years of experience. Finally, if you agree to the Code of Ethics (ISC)2, you must explain any criminal record or links to hackers. Finally, another benefit of certifying a compliance officer is that regulatory compliance certifications can be used for career advancement. Certifications are often a requirement for certain job postings, helping to earn a higher salary and placing a candidate above the competition. Many countries require a certificate of conformity before transporting imported goods to ensure that they meet all compliance obligations. A certificate of conformity is offered for products that meet recognized international standards. The CoC is then submitted to the site during customs clearance so that it can be released for shipment. The Certified Compliance and Ethics Professional (CCEP) is one of the certifications they offer. By focusing on large-scale compliance activities, this certification strengthens your reputation as a compliance specialist in your organization. The Certificate in Financial Services Compliance provides lawyers and non-lawyers with the opportunity to take courses on financial institution law offered by the School of Law`s Graduate Program in Banking and Financial Law, the oldest Master of Laws program in the country. The 12-credit certificate program is completed online and can be completed in two to four consecutive semesters. The program is open for registration in the fall and spring semesters for part-time students.
Eight credits, consisting of new courses designed specifically for the certificate program, address the history, structure, characteristics and components of financial institutions` compliance. The remaining 4 credits can be selected from the LLM in Banking & Financial Law program qualification courses: banking structure and regulation, mutual funds and investor protection, governance, risk management and compliance programs, and consumer financial services. There are several main certifications that compliance professionals have used. Each is a little different and may depend on your experience and/or career goals. Here are the three main ones I see and the ones I would recommend: certificates of conformity are issued for different reasons and depending on the subject; They are usually prepared and signed by official institutions. The main purpose of applying for these certifications is to meet a legal need to obtain authorization to carry out an activity or carry out a commercial transaction. They are quite common in real estate and utility companies. When a broker guides a client through a real estate sale, the federal or state government may require multiple compliance certifications to ensure the functionality and security of the property. They could also be used as a form of credibility. The Certified Community Bank Compliance Officer (CCBCO) designation comes from the Independent Community Bankers Association (ICBA) and is also a popular compliance certification. This certification is a bit easier to get as you`ll essentially attend a two-week compliance school/seminar and then take an exam at the end of the school. More information is available here.
Certification as a Certified Community Bank Compliance Officer (CCBCO) is a competency characteristic in the field of banking compliance. Holders of this qualification have a thorough understanding of the criteria for developing, implementing and monitoring a regulatory compliant banking compliance program. CCBCOs are experts in TRID, UDAAP, HMDA, RESPA, Fair Housing Act, Consumer Privacy, Reg GG, E-Sign Act, financial privacy rights and other areas of regulatory requirements. Since obtaining a professional regulatory compliance certification requires significant effort in terms of learning knowledge and training and certification costs, it is important to understand why obtaining such certification is valuable for you and your business. First, regulatory compliance certification can help a bank compliance officer establish themselves as an expert in their field. Since it is quite difficult to obtain the best certification programs for compliance officers, such certification recognizes the knowledge and expertise of one person in the world of regulatory compliance. A certificate of conformity is a contractual document that confirms that certain criteria have been met. This is an official statement that a person or organization has met a number of requirements. For all credit union compliance experts, one certification I`ve left out is the NAFCU Certified Compliance Officer (NCCO) certification.
Designed for professionals in the credit union industry, it is designed to help credit union compliance officers acquire and maintain essential knowledge to advance their careers and keep pace with our industry`s ever-changing regulatory environment. As the NAFCU website explains, “To become certified, a person must pass a series of four exams. From CEOs and compliance officers to lawyers and suppliers, more than 1,500 professionals from across the country have successfully earned their NCCO. Information about NCCO certification can be found here: www.nafcu.org/ncco The Compliance Certification Board (CCB) is an audit firm that certifies compliance and ethical expertise in various industries and professions. They offer a variety of certifications, some of which cover general principles, while others are based on a specific topic. The Certificate in Financial Services Compliance is open to lawyers and non-lawyers who wish to learn and join one of the fastest growing compliance careers in the financial services industry. The program is specifically designed for individuals who wish to become senior compliance officers. Course credits can be used to provide advanced status in the LLM in Banking & Financial Law program upon completion of the certificate, provided that a student receives admission to the LLM program. The Certified Information Systems Security Professional (CISSP) certification is one of the most renowned and recognized in the field of information security. As of July 1, 2020, 141,607 people worldwide had this qualification, 63% of whom lived in the United States.
It is in high demand because many IT organizations consider it a minimum qualification for their network security personnel. In my opinion, the American Bankers Association (ABA) CRCM seems to be the most recognized certification, but the requirements to obtain it are quite strict. For example, they have minimum experience requirements that are a bit tricky (contact the ABA with any questions). In fact, I have written a few articles about tips for studying/taking the CRCM. An article can be found here. More information on the CRCM`s participation requirements is available here. Banks, insurance companies and investment firms must comply with several rules and regulations. In the United States alone, there are federal and state rules and laws. The Federal Deposit Insurance Corporation (FDIC), for example, sets various criteria for members to maintain coverage, such as conducting regular bank audits.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, introduced in 2010, prohibits certain investment activities, enforces restrictions on payment cards, and imposes a number of other regulations.