Policy Compliance Auditor in Montana Career Overview

As a Policy Compliance Auditor, you play a significant role in ensuring that organizations adhere to established regulations and internal policies. Your responsibilities center around evaluating compliance with legal standards as well as industry guidelines, which can vary depending on the sector and the specific organization.

Key aspects of the role include:

  • Assessing Policies and Procedures: You examine the effectiveness and compliance of existing policies, identifying areas where improvements can be made or where compliance may be lacking.

  • Conducting Audits: Regular audits are a core part of your job, allowing you to monitor organizational practices and verify that they align with established regulations.

  • Risk Management: By identifying potential compliance risks, you help organizations proactively address issues before they escalate into larger problems.

  • Reporting Findings: You compile detailed reports on audit findings which inform management of compliance status and provide recommendations for corrective action.

  • Advisory Role: You often serve as a consultant to various departments, guiding them on best practices for achieving and maintaining compliance.

  • Staying Updated with Regulations: Keeping abreast of changes in laws, regulations, and industry standards is vital to ensure that the organization remains compliant in a constantly evolving landscape.

Your role as a Policy Compliance Auditor is essential for maintaining organizational integrity, minimizing legal risks, and fostering a culture of accountability and transparency within the organization.

Policy Compliance Auditor Salary in Montana

Annual Median: $62,620
Hourly Median: $30.1

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become a Policy Compliance Auditor in Montana

To pursue a career as a Policy Compliance Auditor in Montana, you typically need to meet specific educational qualifications that provide the foundation for your expertise in the field. Below are the relevant college degree programs:

  • Auditing: A degree in auditing equips you with the necessary skills to assess financial records and compliance with regulations. This program focuses on in-depth knowledge of accounting principles and auditing standards.

  • Business Administration and Management: Studying business administration and management offers a broad understanding of business operations, including compliance management. This program covers key areas such as organizational behavior, financial management, and strategic planning.

  • Compliance Law: A degree focused on compliance law gives you insight into the legal frameworks governing various industries. This education prepares you to understand regulations and develop policies to ensure adherence to legal standards.

  • Criminal Justice and Safety Studies: This program prepares you to navigate compliance issues related to legal and safety regulations. It provides a comprehensive view of the criminal justice system and the importance of compliance within it.

  • Risk Management: A degree in risk management focuses on identifying and mitigating potential risks that could affect an organization’s compliance status. This program teaches you methods for assessing risk and implementing strategies to manage compliance effectively.

In addition to completed degrees, most employers will expect you to have practical experience or specialized training related to auditing and compliance. Consider internships or entry-level positions that provide exposure to compliance processes and auditing practices.

Best Schools to become a Policy Compliance Auditor in Montana 2024

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935

Colorado Technical University-Colorado Springs

Colorado Springs, CO

In-State Tuition:$12,036
Out-of-State Tuition:$12,036
Admission Rate:N/A
Graduation Rate:20%
Total Enrollment:24,808

Grand Canyon University

Phoenix, AZ

In-State Tuition:$16,407
Out-of-State Tuition:$16,407
Admission Rate:78%
Graduation Rate:45%
Total Enrollment:101,816

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709
Policy Compliance Auditor Job Description:
  • Review settled claims to determine that payments and settlements are made in accordance with company practices and procedures.
  • Confer with legal counsel on claims requiring litigation.
  • May also settle insurance claims.

Policy Compliance Auditor Required Skills and Competencies in Montana

  • Analytical Skills: You must be able to assess complex regulations and standards, identifying areas for compliance and potential risk.

  • Attention to Detail: A keen eye for detail is essential to ensure that reports, documents, and processes adhere to legal and regulatory requirements.

  • Problem-Solving Abilities: You should be able to think critically and effectively address compliance issues or conflicts that may arise.

  • Communication Skills: Strong written and verbal communication skills are necessary for conveying compliance requirements, findings, and recommendations to a variety of stakeholders.

  • Interpersonal Skills: You need to build rapport with colleagues and external parties, facilitating cooperation and understanding of compliance matters.

  • Organizational Skills: Managing multiple audits or compliance projects simultaneously requires excellent organizational abilities to prioritize tasks and meet deadlines.

  • Technical Proficiency: Familiarity with compliance-related software, data analysis tools, and relevant technology is important for efficient auditing processes.

  • Research Skills: Being proficient in gathering, analyzing, and evaluating information from various resources will help you stay informed about regulations and industry practices.

  • Ethical Judgment: You should demonstrate integrity and a strong sense of ethics in handling sensitive information and reporting compliance issues.

  • Adaptability: The ability to adjust to changing regulations and organizational needs is vital for ongoing success in a compliance auditing role.

Job Duties for Policy Compliance Auditors

  • Analyze information gathered by investigation and report findings and recommendations.

  • Examine claims forms and other records to determine insurance coverage.

  • Pay and process claims within designated authority level.

Technologies and Skills Used by Policy Compliance Auditors

Data base user interface and query software

  • Microsoft Access
  • Xactware Xactimate

Document management software

  • Document management system software
  • InSystems Calligo Document Management System

Video conferencing software

  • Zoom

Basic Skills

  • Listening to others, not interrupting, and asking good questions
  • Reading work related information

People and Technology Systems

  • Figuring out how a system should work and how changes in the future will affect it
  • Thinking about the pros and cons of different options and picking the best one

Problem Solving

  • Noticing a problem and figuring out the best way to solve it

Job Market and Opportunities for Policy Compliance Auditor in Montana

  • The demand for Policy Compliance Auditors in Montana is on the rise, particularly as organizations increasingly recognize the importance of adhering to regulatory frameworks. This has heightened the need for professionals who can assess and ensure compliance with both state and federal regulations.

  • Growth potential within this field is significant, with many sectors, including healthcare, finance, and government, expanding their compliance teams. This expansion often leads to new job openings, fostering a dynamic environment for career advancement.

  • Geographically, several regions in Montana demonstrate a higher concentration of job opportunities. Key hotspots include:

    • Billings: As the largest city in Montana, Billings has a variety of businesses requiring compliance audits, from healthcare facilities to financial institutions.
    • Missoula: Known for its educational institutions and non-profit organizations, Missoula provides opportunities in both public and private sectors focusing on compliance and regulatory standards.
    • Bozeman: With a growing technology sector and various startups, Bozeman is becoming more reliant on auditors to navigate compliance issues associated with rapid growth.
    • Great Falls: This area hosts several government agencies and large employers that necessitate compliance oversight to meet legal and ethical standards.
  • In addition to urban centers, rural areas may offer opportunities for those willing to work remotely or travel. Organizations in smaller cities and towns are increasingly seeking policy compliance professionals to help them maintain adherence to laws as they expand their operations.

  • The evolving regulatory landscape, particularly post-pandemic, is prompting many organizations to reassess their compliance needs. This trend will likely result in sustained demand for Policy Compliance Auditors across various sectors.

  • Networking within professional organizations and participating in local industry events in Montana can greatly enhance your visibility and open doors to new opportunities. Engaging with peers and established professionals can provide insights into emerging trends and job openings in the field.

Additional Resources To Help You Become a Policy Compliance Auditor in Montana

  • American Institute of CPAs (AICPA)
    A national organization that offers resources for accountants and auditors, including specific guidelines on compliance auditing.
    Website: www.aicpa.org

  • Institute of Internal Auditors (IIA)
    This global organization provides comprehensive resources for internal auditors, including standards, guidelines, and educational materials that can enhance your skills in compliance auditing.
    Website: www.theiia.org

  • Compliance Online
    A resource hub for regulatory compliance professionals, offering webinars, articles, and a community forum focused on compliance auditing.
    Website: www.complianceonline.com

  • National Association of State Boards of Accountancy (NASBA)
    NASBA provides important information regarding the licensing of CPAs and can be a valuable asset for auditors focused on compliance within the public sector.
    Website: www.nasba.org

  • Montana Department of Labor and Industry
    This state department offers resources related to employment regulations, workplace safety, and compliance that are pertinent to auditors in Montana.
    Website: dli.mt.gov

  • Society for Corporate Compliance and Ethics (SCCE)
    The SCCE offers a wealth of resources including training, certifications, and a community for those in the compliance field, focusing on ethical standards in business practices.
    Website: www.corporatecompliance.org

  • ISO 19600:2014 - Compliance Management Systems
    The International Organization for Standardization provides guidelines that can be beneficial for creating a compliance management system, enhancing your understanding of global standards.
    Website: www.iso.org/iso-19600-compliance-management.html

  • Montana Society of CPAs
    A state-specific organization that provides support, education, and networking opportunities for CPA professionals in Montana, including auditors focusing on compliance.
    Website: www.mtsocpa.org

  • Government Accountability Office (GAO)
    The GAO provides access to reports, best practices, and guidelines on compliance and oversight relevant to federal programs and agencies.
    Website: www.gao.gov

  • LinkedIn Learning
    An online educational platform offering various courses related to auditing, compliance, and financial regulations, which can be beneficial for ongoing professional development.
    Website: www.linkedin.com/learning

You can utilize these resources to deepen your understanding of policy compliance auditing, enhance your skills, and stay updated on industry trends and regulations.

Frequently Asked Questions (FAQs) About Policy Compliance Auditor in Montana

  • What is a Policy Compliance Auditor?
    A Policy Compliance Auditor evaluates organizations' adherence to legal regulations, internal policies, and industry standards. Your role includes examining records, conducting interviews, and assessing processes to ensure compliance.

  • What educational background is required to become a Policy Compliance Auditor?
    Typically, a bachelor’s degree in fields such as accounting, business administration, law, or a related discipline is required. Some roles may prefer or require a master’s degree or professional certifications such as Certified Internal Auditor (CIA) or Certified Compliance & Ethics Professional (CCEP).

  • What skills are essential for this career?
    Key skills include strong analytical and problem-solving abilities, attention to detail, excellent communication skills, proficiency in data analysis software, and a solid understanding of regulatory frameworks relevant to your industry.

  • What is the job outlook for Policy Compliance Auditors in Montana?
    The demand for Policy Compliance Auditors is expected to grow as organizations face increasing regulatory requirements. The job market can vary based on industry trends, but compliance roles are generally in demand across sectors.

  • What industries hire Policy Compliance Auditors?
    You can find opportunities in various industries such as healthcare, finance, manufacturing, government, and non-profit organizations. Each sector has distinct regulations, which may impact the nature of your work.

  • What does a typical day look like for a Policy Compliance Auditor?
    Your daily tasks may include conducting audits, analyzing data, preparing reports, meeting with stakeholders, and recommending improvements to compliance processes. Each day can vary based on project demands and deadlines.

  • Are there opportunities for advancement in this field?
    Yes, there are various paths for advancement. With experience, you can move into senior auditor roles, compliance management positions, or even regulatory affairs. Additional certifications can also bolster your advancement opportunities.

  • What are the challenges faced by Policy Compliance Auditors?
    Common challenges include staying updated with changing regulations, managing tight deadlines, and navigating complex organizational structures. Additionally, communicating findings to management can sometimes be difficult.

  • How can I improve my chances of getting hired as a Policy Compliance Auditor?
    To increase your employability, focus on gaining relevant experience through internships or entry-level positions in compliance or auditing. Networking with professionals in the field and pursuing additional certifications can also be beneficial.

  • Is it necessary to have previous auditing experience to enter this field?
    While previous auditing experience can be advantageous, it's not always required for entry-level positions. Having a relevant degree and demonstrating strong analytical skills can help you secure a position and gain experience on the job.