Regulatory Compliance Officer in North Dakota Career Overview

As a Regulatory Compliance Officer, your primary responsibility revolves around ensuring that your organization adheres to relevant laws, regulations, and guidelines that govern its operations. This role is essential in maintaining the integrity, transparency, and trustworthiness of businesses across various industries.

Key aspects of the role include:

  • Monitoring Regulations: You will regularly review and analyze changing legislation and regulatory guidelines to understand their implications on your organization.

  • Policy Development: Creating and implementing internal policies and procedures that align with regulatory requirements is a critical part of your job. You will work closely with various departments to ensure compliance across all levels of the organization.

  • Training and Education: Providing training to employees on compliance matters is fundamental. You will develop programs and materials that help staff understand compliance risks and responsibilities.

  • Risk Assessment: Conducting assessments to identify potential compliance risks within organizational processes enables you to take proactive measures to mitigate these risks.

  • Reporting and Documentation: You will be responsible for maintaining accurate records and documentation related to compliance efforts, ensuring that relevant stakeholders are informed of any compliance issues.

  • Collaboration with Regulatory Bodies: Engaging with government agencies and regulatory bodies is a significant aspect of your role. You will often liaise with these entities during audits, inspections, or investigations.

In summary, as a Regulatory Compliance Officer, your work is vital for upholding legal standards, fostering ethical practices, and ultimately protecting the organization's reputation and operational viability within its industry.

Regulatory Compliance Officer Salary in North Dakota

Annual Median: $114,830
Hourly Median: $55.21

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

Required Education To Become a Regulatory Compliance Officer in North Dakota

To become a Regulatory Compliance Officer, you will need to obtain specific educational qualifications that prepare you for the complexities of compliance in various industries. Here are the relevant college degree programs:

  • Compliance Law: A degree in Compliance Law equips you with a foundational understanding of the legal frameworks and regulations that govern different industries. This program emphasizes the intricacies of laws, ethical considerations, and regulatory adherence.

  • Health Law: If you opt for a degree in Health Law, you will focus on regulations specific to healthcare practices, policies, and compliance issues. This program prepares you to navigate the legal landscape affecting healthcare organizations.

  • Regulatory Science and Affairs: A degree in Regulatory Science and Affairs provides insights into the scientific and technical dimensions of regulatory processes. You will learn about the evaluation, approval, and monitoring of products, which is essential for ensuring compliance.

  • Safety and Health Technology: This program combines safety management and technology, offering knowledge about workplace safety regulations and health standards. It prepares you to implement safety protocols and ensure adherence to regulatory requirements.

  • Health Services Administration: With a degree in Health Services Administration, you will gain competencies in managing healthcare facilities while ensuring compliance with industry regulations. The program covers healthcare laws, policies, and the operational aspects of health services.

Each of these degree programs provides valuable knowledge and skills applicable to a career in regulatory compliance.

Best Schools to become a Regulatory Compliance Officer in North Dakota 2024

#1Maricopa County

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
#1Middlesex County

Rutgers University-New Brunswick

New Brunswick, NJ

In-State Tuition:$12,900
Out-of-State Tuition:$30,600
Admission Rate:66%
Graduation Rate:84%
Total Enrollment:50,637
#2Cook County

Loyola University Chicago

Chicago, IL

In-State Tuition:$48,100
Out-of-State Tuition:$48,100
Admission Rate:79%
Graduation Rate:71%
Total Enrollment:16,899
#2Merrimack County

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
#3Salt Lake County

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
#3Suffolk County

Boston University

Boston, MA

In-State Tuition:$61,050
Out-of-State Tuition:$61,050
Admission Rate:14%
Graduation Rate:89%
Total Enrollment:36,714
Regulatory Compliance Officer Job Description:
  • Plan, direct, or coordinate activities of an organization to ensure compliance with ethical or regulatory standards.

Regulatory Compliance Officer Required Skills and Competencies in North Dakota

  • Attention to Detail: You must possess a keen eye for detail to identify compliance gaps and ensure adherence to regulations.

  • Analytical Skills: The ability to analyze complex regulatory information and legislation is essential for assessing compliance status and risks in your organization.

  • Problem-Solving Skills: You should approach challenges with a solutions-oriented mindset, developing strategies to address compliance issues effectively.

  • Communication Skills: Strong verbal and written communication abilities are critical for conveying compliance requirements clearly to stakeholders and for drafting concise reports.

  • Interpersonal Skills: You need to cultivate strong relationships with various departments, fostering collaboration and understanding of compliance issues across the organization.

  • Knowledge of Regulatory Environment: A thorough understanding of relevant local, state, and federal regulations, as well as industry standards, is important for effective compliance management.

  • Organizational Skills: The capacity to manage multiple compliance tasks and deadlines efficiently is necessary to ensure that all requirements are met timely and accurately.

  • Ethical Judgement: You must maintain high ethical standards and integrity, making decisions that uphold compliance while aligning with company values.

  • Technical Proficiency: Familiarity with compliance software, data management systems, and regulatory reporting tools enhances your ability to perform compliance duties effectively.

  • Project Management Skills: Proficiency in managing projects, from inception to completion, including planning, execution, and monitoring progress, is beneficial for implementing compliance initiatives.

Job Duties for Regulatory Compliance Officers

  • Discuss emerging compliance issues to ensure that management and employees are informed about compliance reporting systems, policies, and practices.

  • Identify compliance issues that require follow-up or investigation.

  • Report violations of compliance or regulatory standards to duly authorized enforcement agencies as appropriate or required.

Technologies and Skills Used by Regulatory Compliance Officers

Compliance software

  • Actimize Brokerage Compliance Solutions
  • Thomson Reuters Paisley Enterprise GRC

Electronic mail software

  • Email software
  • Microsoft Outlook

Presentation software

  • Microsoft PowerPoint

Basic Skills

  • Reading work related information
  • Thinking about the pros and cons of different ways to solve a problem

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

Social

  • Changing what is done based on other people's actions
  • Talking people into changing their minds or their behavior

Job Market and Opportunities for Regulatory Compliance Officer in North Dakota

The job market for Regulatory Compliance Officers in North Dakota is influenced by several factors, including industry demand, regulatory changes, and the overall economic climate. Here are some key insights into the current landscape:

  • Growing Demand: Regulatory Compliance Officers are increasingly sought after in various sectors, including finance, healthcare, energy, and manufacturing. As industries expand and regulatory frameworks become more complex, the need for professionals skilled in navigating compliance issues continues to rise.

  • Economic Environment: North Dakota's economic growth, particularly in the energy and agricultural sectors, contributes to the demand for compliance professionals. Companies in these industries often require expertise to ensure adherence to environmental regulations and safety standards.

  • Regulatory Changes: Frequent updates in federal and state regulations create a continuous need for compliance oversight. Organizations are hiring Regulatory Compliance Officers to interpret these regulations and implement necessary changes to business practices.

  • Geographical Hotspots:

    • Fargo: As the largest city in North Dakota, Fargo is a hub for various industries. Financial institutions, healthcare providers, and educational organizations in the area often seek compliance professionals to help manage risk and meet regulatory standards.
    • Bismarck: The state capital, Bismarck, hosts numerous government agencies and regulatory bodies, creating opportunities for compliance officers to work closely with public sector organizations as well as private businesses.
    • Grand Forks & Minot: Both cities are experiencing growth in healthcare and manufacturing sectors. Compliance roles are expanding in these areas as companies strive to meet both local and federal regulatory requirements.

  • Networking and Professional Development: Engaging with professional organizations such as the Society of Corporate Compliance and Ethics (SCCE) or local business groups can enhance job prospects. Networking opportunities can lead to job openings and career advancement in the regulatory compliance field.

  • Future Growth Potential: As businesses increasingly recognize the importance of compliance in risk management, the role of Regulatory Compliance Officers is expected to evolve and expand. This growth trajectory may offer more diverse job opportunities, including specialization in specific regulatory areas, such as environmental law or financial compliance.

Staying informed about industry trends and building a professional network are essential strategies for navigating the job market and seizing opportunities in North Dakota’s evolving regulatory compliance landscape.

Top Related Careers to Regulatory Compliance Officer 2024

Compliance Audit Director
Ethical Standards Manager
Regulatory Affairs Manager
Corporate Compliance Coordinator

Additional Resources To Help You Become a Regulatory Compliance Officer in North Dakota

  • ComplyAdvantage
    A leading provider of compliance data and anti-money laundering solutions. Explore articles, webinars, and reports on regulatory compliance best practices.
    ComplyAdvantage

  • Society of Corporate Compliance and Ethics (SCCE)
    Offers resources, continuing education, and networking opportunities for compliance professionals. A valuable membership organization for developing your career.
    SCCE

  • National Society of Compliance Professionals (NSCP)
    Provides educational resources, best practices, and a community for compliance professionals in the financial services sector.
    NSCP

  • U.S. Securities and Exchange Commission (SEC)
    Offers a wealth of information regarding compliance regulations in the financial sector. Stay updated on new developments and compliance guidelines.
    SEC

  • Federal Regulatory Agencies
    Depending on your sector, familiarize yourself with relevant federal regulations. Websites such as the following provide regulatory insights:

  • Compliance Week
    A resource rich with articles, news, and events pertaining to compliance management and regulatory updates.
    Compliance Week

  • Regulatory Compliance Handbook
    This book is a useful resource for understanding compliance expectations and frameworks across various industries. Available for purchase online.
    Regulatory Compliance Handbook

  • Institute of Internal Auditors (IIA)
    Offers training resources related to compliance audits and risk management, enhancing your understanding of compliance within organizations.
    IIA

  • LinkedIn Learning
    Provides courses on compliance management, ethics, and legal frameworks. Utilize this for professional development and skills enhancement.
    LinkedIn Learning

  • North Dakota Department of Financial Institutions
    Stay informed about state-specific regulations and compliance resources relevant to North Dakota businesses.
    ND Department of Financial Institutions

  • Continuing Education Opportunities
    Look into local universities and community colleges in North Dakota that offer degree programs or certificates in compliance, risk management, or related fields. Many institutions provide online courses as well.

By utilizing these resources, you can enhance your knowledge base and stay informed about industry trends, regulatory changes, and professional development opportunities as a Regulatory Compliance Officer.

Frequently Asked Questions (FAQs) About Regulatory Compliance Officer in North Dakota

  • What does a Regulatory Compliance Officer do?
    A Regulatory Compliance Officer ensures that a company adheres to laws, regulations, and internal policies. This includes monitoring compliance, conducting audits, providing training, and advising on risk management strategies.

  • What qualifications do I need to become a Regulatory Compliance Officer in North Dakota?
    Typically, a bachelor’s degree in fields such as finance, business administration, law, or a related area is required. Relevant certifications, such as Certified Compliance and Ethics Professional (CCEP) or Regulatory Compliance Professional (RCP), can enhance job prospects.

  • Is prior experience necessary for this role?
    While some positions may seek candidates with prior experience in compliance or a related field, entry-level roles may be available for recent graduates. Internships or related volunteering can also be beneficial.

  • What are the key skills needed for a Regulatory Compliance Officer?
    Essential skills include strong analytical abilities, attention to detail, excellent communication skills, problem-solving skills, and a firm understanding of relevant regulations.

  • What industries employ Regulatory Compliance Officers?
    Regulatory Compliance Officers are commonly found in sectors such as finance, healthcare, manufacturing, and environmental services. Each industry has its own set of regulations that require compliance oversight.

  • What is the typical salary for a Regulatory Compliance Officer in North Dakota?
    Salaries can vary based on experience, education, and industry, but the average salary for a Regulatory Compliance Officer in North Dakota typically ranges from $60,000 to $85,000 annually.

  • Are there opportunities for advancement in this field?
    Yes, there are numerous opportunities for career advancement. With experience, you can progress to senior compliance positions, such as Compliance Manager or Director of Compliance, and may have the option to specialize in certain regulatory areas.

  • What is the job outlook for Regulatory Compliance Officers?
    The demand for Regulatory Compliance Officers is expected to grow as businesses continue to navigate complex regulations. This growth is largely driven by increased regulatory scrutiny and the need for businesses to adhere to compliance standards.

  • How can I stay updated on regulatory changes?
    To keep up with changes in regulations, you can attend industry workshops, webinars, and conferences. Joining professional organizations and subscribing to relevant publications or newsletters can also be helpful.

  • What role does technology play in compliance management?
    Technology is increasingly important in compliance management. Compliance software can help streamline processes, improve tracking and reporting, and ensure that all regulatory requirements are met.

  • What should I do if I identify a compliance issue?
    If you identify a compliance issue, it is essential to report it to the appropriate internal authority, such as a supervisor or compliance manager. Documenting the issue thoroughly and recommending possible solutions is also advisable.