WHAT DOES A DIRECTOR OF COMPLIANCE DO?
Published: Nov 27, 2024 - The Director of Compliance oversees a global compliance team, managing Regional Directors and Compliance Managers to address legal and ethical risks. Develops and maintains policies, conducts risk assessments, and integrates compliance standards into global operations while ensuring effective communication and training. Leads internal investigations, monitors compliance effectiveness, and provides strategic updates to senior management and the Board Audit Committee.
A Review of Professional Skills and Functions for Director of Compliance
1. Director of Compliance Duties
- Regulatory Compliance: Responsible for ensuring the FPMG operates in compliance with all regulatory agreements, affordable housing program guidelines, and company procedures.
- Team Supervision: Supervise staffing to ensure compliance competence and adherence to Federal, State, and local laws for affordable housing programs.
- Policy Development: Collaborate with Asset Managers, Regional Managers, and upper management to develop, recommend, and monitor policies and procedures related to Section 42, Bond, HOME, Project-Based Section 8, City Inclusionary Programs, and other governing programs.
- Income and Rent Calculation: Calculate maximum tax credit income and rent limits based on HUD area median income limits and track utility allowance schedules quarterly to ensure compliance.
- File Review: Perform file reviews with department staff to ensure program requirements are met within the portfolio.
- Compliance Inspections Coordination: Coordinate compliance inspections by monitoring agencies (e.g., WSHFC, CTCAC, CAHI, SHRA, etc.) and notify site staff of pending inspections.
- Site Audits: Perform site visits for random file audits of resident certification files.
- Performance Monitoring: Monitor and evaluate site team performance monthly and provide ongoing mentorship and training.
- Compliance Training: Develop and conduct New Hire and Refresher Compliance Training either on-site or in group settings.
- Policy and Procedure Documentation: Create and maintain multiple compliance procedures and policy manuals.
- Portfolio Support: Provide direct support by assisting with program guideline questions or resources for site and department staff.
2. Director of Compliance Details
- Compliance Program Management: Monitor and maintain all compliance programs and processes for multiple licenses and facilities.
- Regulatory Review: Review federal, state, and county licensing regulations to determine necessary actions for compliance.
- Licensing Process Ownership: Manage the end-to-end licensing and permitting process for new warehouse facilities at the state and local levels, including tracking applications, renewals, and license status, and providing updates to leadership.
- Insurance and Safety Compliance: Manage all insurance policies and ensure compliance with OSHA regulations.
- Risk Mitigation: Collaborate with business leaders and executives to address changing laws, policies, and regulations, mitigating compliance risks and implementing programs to prevent breaches.
- Regulatory Communication: Monitor and communicate changes in state and local cannabis regulatory requirements to leadership.
- Team Leadership: Foster a team-oriented compliance culture and oversee subsidiary Metrc Compliance Officers.
- Report Preparation: Create and prepare reports for senior management and external regulatory bodies.
- Change Management: Promote and lead regulatory change management programs within operational compliance teams.
- Regulatory Coordination: Act as site coordinator with state regulators, respond to audits, and handle incidents requiring regulatory reporting.
- Internal Remediation: Identify and oversee internal remediation efforts under compliance oversight.
- Subject Matter Expertise: Serve as a resource for staff on products, services, policies, procedures, and regulatory changes.
3. Director of Compliance Responsibilities
- Team Leadership: Manage and direct the global compliance team, including Regional Compliance Directors and local Compliance Managers.
- Issue Identification: Identify urgent legal and ethical compliance issues of material concern and collaborate with leadership to determine actions.
- Policy Development: Develop, draft, promulgate, and maintain policies, standards, and procedures in key risk areas, integrating them into global operations.
- Risk Assessment: Conduct, guide, and participate in legal and ethical risk assessments, develop mitigation plans, and recommend financial investments for implementation.
- Compliance Communication: Oversee all compliance- and ethics-related communications.
- Training Implementation: Identify and implement training and education plans for employees and vendors.
- Investigation Management: Conduct, guide, or lead internal investigations, collaborating with departments like Human Resources, Internal Audit, and Internal Controls.
- Activity Monitoring: Monitor and assess the effectiveness of compliance activities.
- Corporate Communication: Develop and coordinate Corporate Compliance communications, including global presentations for Senior Management and the Board Audit Committee.
- Abstract Thinking: Think and communicate abstractly to derive value and conclusions from incomplete or high-level information.
4. Director of Compliance Accountabilities
- Project Management: Independently lead and manage cross-functional projects related to compliance initiatives, including system design, controls, and continuous improvement.
- Compliance Training: Foster a culture of compliance through periodic in-person training and leadership communications aligned with shared company values.
- Risk Analysis: Drive global compliance strategy using expertise in risk and data analysis from hotline and other sources.
- Hotline Management: Manage the hotline system, ensure timely investigations, proper escalation, and documentation of remedial actions.
- Process Improvement: Lead continuous improvement of hotline system updates and investigation procedures.
- Sensitive Investigation: Assist with investigations of sensitive or high-risk matters that require central oversight.
- Stakeholder Engagement: Build relationships with stakeholders to instill and deliver confidence in compliance processes.
- Policy Development: Assist in developing and updating the Code of Ethics, compliance policies, procedures, controls, and deployment plans.
- Third-Party Due Diligence: Conduct third-party due diligence to ensure compliance standards are met.
- Training Development: Drive the development of global ethics and compliance training, manage course roll-out, and oversee completion tracking.
- Investigation Coordination: Review reports of alleged noncompliance, coordinate investigations, and ensure proper documentation of remedial actions.
5. Director of Compliance Functions
- Subject Matter Expertise: Acts as an organizational expert within defined subject areas.
- Regulatory Development: Contributes to the development of new principles and concepts within a regulatory field.
- Trend Analysis: Understands and analyzes the impact of emerging regulatory trends and implications.
- Regulatory Forecasting: Analyzes and forecasts regulatory trends.
- Problem Solving: Develops complex solutions to problems through in-depth analysis, coordination, and negotiation with key decision makers.
- Strategic Integration: Adapts and integrates personal experience with Amgen-wide strategy.
- Innovation: Develops innovative solutions to unprecedented problems.
- Compliance Strategy: Contributes to strategic decisions affecting GLP/GCP compliance.
- Operational Alignment: Aligns operational plans with functional strategies and approaches.
- Team Management: Accomplishes results through managing a team of professional employees, managers, and leaders.
- Advisory Role: Acts as an advisor to subordinate staff members.
- Technical Review: Performs highly detailed technical reviews of complex data-driven systems and processes.
- Privacy Risk Mitigation: Finds and mitigates non-obvious privacy vulnerabilities using creative and efficient methods.
- Documentation Interpretation: Interprets complex technical documentation, source code, engineering schematics, database schemas, software architectures, APIs, ML models, and other data structures to assess privacy impacts and compliance issues.