Top 20 Compliance Officer Interview Questions & Answers 2021


Compliance Officer Interview Questions & Answers

You need to prepare well if you are attending a compliance officer job interview. Here, we provide a variety of compliance officer interview questions and their sample answers to help you familiarize yourself with what to expect in an interview.

1. What Are The Roles Of A Compliance Officer?

Your answer to this question enables your employer to know whether you are aware of your duties should you be hired for the job. The best way to respond to this question is to list a few responsibilities of a compliance officer as you align them with the job posting.

Sample Answer

“A Compliance Officer oversees company compliance with government regulations. He or she coordinates with organization management to pinpoint potential risks, implements policies and procedures to uphold regulations, as well as monitoring the organization’s adherence to policies and procedures. Other duties and responsibilities include:

  • Ensuring that the company has clearly defined programs for complying with the government regulations
  • Designing internal organization policies as well as ensuring that they are respected.
  •  Handling non-compliance situations and creating realistic plans to overcome them
  • Conducting regular audits to find if there are any potential weaknesses and non-compliance issues
  • Constantly reporting to management regarding the company’s compliance with regulations.
  • Ensuring that all the company’s employees are aware of what they need to  do to comply with internal and external regulations.”

2. What Are The Qualities That A Compliance Officer Need To Be Successful?

In most cases, the hiring manager asks this question to find out if you are aware of the qualities you should have to effectively perform this role. The best strategy of responding to this question is by listing the qualities of a good compliance officer.

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Sample Answer

“A competent compliance officer must be highly analytical, professional, and possess solid verbal and written communication skills. He or she must be familiar with the audit process as well as know legal requirements and procedures. Additionally, a compliance officer needs to be very keen on details.”

3. What Are Some Of The Key Elements That An Effective Compliance Program Should Have?

This question is meant to test your knowledge regarding a compliance program. Mention at least three elements present in an effective compliance program.

Sample Answer

“An effective compliance program shows that a business has taken steps to make sure that regulations, rules, and laws are adhered to and that employees uphold ethical conduct. Some key elements of this program include written code of conduct and policies, designated compliance officer, effective system of communication, effective education and training, and internal monitoring and auditing.”



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4. What Major Challenges Did You Face During Your Last Role? How Did You Manage Them?

The interviewer will ask you this question to assess how you handle challenging situations at work. In your response, describe the situation that you considered a challenge from your previous role and show how you managed it.

Sample Answer

“The major challenges I encountered was the reluctance of employees to comply with new government regulations. However, my strong interpersonal and problem-solving skills have always enabled me to handle such employees. I always ensure to explain to them in simple language regarding the implications of not following the set government laws and regulations At the end of the day, most of them end up complying with those rules and regulations.”

5. Describe Your Daily Routine As A Compliance Officer?

The hiring manager asks this question to get a grasp of how you prioritize your work. As you respond to this question, demonstrate that you are a good manager of time.

Sample Answer

“I begin my day by checking through my emails and voice messages to see if there is anything that requires my urgent attention. Then I embark on my daily routines which include:

  • Implementing and managing an effective legal compliance program
  • Designing and reviewing company policies
  • Advising management on the organization’s compliance with regulations through detailed reports
  • Resolving employees issues regarding legal compliance
  • Assessing company operations to evaluate compliance risk
  • Creating and managing effective action plans regarding audit discoveries and compliance violations.
  • Regularly auditing company practices, documents, and procedures to identify potential risks
  • Making sure that all the employees are educated on the latest processes and regulations .”

6. Describe Briefly About Your Experience

The interviewer asks this question to know whether your background relates to the needs of the company. The best strategy of responding to this question is by providing a summary of your work history as you connect it with the job.

Sample Answer

“I have been a compliance officer for the last four years. The job has been fun and interesting. Over these years, I have gained a lot of skills in Implementing and managing effective legal compliance programs; Designing and reviewing company policies; Advising management on the organization’s compliance with regulations through detailed reports; Resolving employees issues regarding legal compliance; Assessing company operations to evaluate compliance risk; Creating and managing effective action plans regarding audit discoveries and compliance violations; Regularly auditing company practices, documents, and procedures to identify potential risks and Making sure that all the employees are educated on the latest processes and regulations. Given a chance, I will utilize all these skills to make a success in this role.”

7. What Kind Of Strategies And Mindset Is Required For This Role?

The majority of the interviewers ask this question to know the mindset you have put in place to perform in this role. Be brief as you showcase the strategies and mindset you will use in the role.

Sample Answer

“Compliance officer must be creative since many compliance issues do not have a straightforward solution. This requires compliance officers to find ways of complying with regulations without affecting the organization’s operations negatively. Moral integrity is crucial in this role because the officer must understand and promote the importance of complying with rules and regulations. Additionally, one must be attentive to details to identify certain aspects of rules and regulations that can easily be overlooked.”

8. What Is The Biggest Challenge That You Foresee In This Job?

Here, the hiring manager wants to know whether you are familiar with the developments in this industry. As you answer this question, share about the challenges you can foresee in this job.

Sample Answer

“The biggest challenge that may affect this role in the future is the technology change. It might be impressive to adopt AI, machine learning, and cognitive computing to avoid falling behind the technological curve. However, technology will help companies to be more compliant but there is a danger of entirely relying on computer-based solutions and AI. For instance, AI can only process what is programmed and won’t perform or readjust when an unexpected event occurs.”

9. How Do You Stay Motivated In Your Work?

The hiring team may ask this question to understand your interests and values. The best strategy of answering this question is by sharing what you professionally value in your work as you connect to the job at hand.

Sample Answer

“I am passionate about identifying and eradicating the risks of noncompliance both internally and externally. I keep reflecting on myself to see how I am progressing. This helps me to offer significant value to the company by making sure that there is full compliance with the regulatory boundaries of the industry.”

10. Describe a Time When You Failed in This Role and The Lesson You Learnt?

The employer asks this question to know if you can admit your mistakes or not. In your response, do not blame others for your mistakes but own them. Remember to share the lessons you learned from your failure.

Sample Answer

“There are times I used to take up too much work that I could handle. Even after working for a longer period, I would find myself being caught up by deadlines. However, I am learning to delegate some tasks and this is working wonders.”

11. Which Ways Would You Monitor Compliance At Work?

Here, the interviewer wants to know if you are skilled in compliance monitoring. Demonstrate your competence by providing some compliance monitoring techniques.

Sample Answer

“There are several techniques I would use to monitor compliance. These include reviewing permits, inspecting credentialization and training, ensuring to perform pre-activity approvals, reviewing checklists completed by staff, reviewing recorded customer calls, and reviewing transactions.”

12. Share With Us Your Greatest Achievement.

Here, the hiring team wants to know what you consider a success.  In your response, share the success that you are most proud of.

Sample Answer

“Due to being keen to details, I have been able to identify a lot of aspects of regulations that were being overlooked in the company. This has helped the company to remain compliant with all the government regulations.”

13. Why Do You Want To Work For Us And Not Any Other Company?

The interviewer asks this question to determine whether you are aware of what the company does. In your response, convey that you did your homework well and match your skills with the needs of the employer.

Sample Answer

“Prior to applying for this Compliance Officer role, I spent a considerable amount of time researching your background, your values, and also the work you carry out within the sector. There’s wasn’t one thing I saw that deterred me from applying. You set high standards, you have a great team of people and you also want to do things to a high standard, which will all serve to help me perform my duties as a Compliance Officer competently and robustly. I feel this is somewhere I will enjoy working based on the people I will be working alongside and also the strong Senior Management Team that is in place.”

14. A Compliance Officer Is Responsible For Ensuring Employees Trust  Them To Report Any Policy Breaches. What’s Your Process For Ensuring That The Identities Of Employees Who Offer Insight On Any Policy Breakages Remain Protected And Confidential?

The employer knows that receiving reports on potential rule breaks within the organization is an efficient way to catch and eradicate any misconduct occurring taking place in the workplace. The employer will ask you the above question to assess your commitment to employee protection and confidentiality. In your response, explain the strategies you will use for keeping employee information private.

Sample Answer

“In my previous role as a compliance officer, I have had workers who witnessed their supervisors violating company policy. However, they were hesitant to discuss it with me because they feared that they would be dismissed from work for coming forward. When I learned about it, I reassured them that there are laws that protect them from disciplinary measures for reporting a policy regulation. This made them too trust me such that they ended up sharing a lot of information regarding those who break policy within the company. I also take it upon me to let the employees understand the importance of reporting to me about policy breaches. I have always kept the information of those who report this kind of information anonymous.”

15. Compliance With Any New Regulation Requires A Certain Period For The Company To Fully Get With The Rules. What Do You Do When You Notice That There Is A New Compliance Requirement That Needs To Be Implemented?

The interviewer asks this question to get an idea of how you approach new compliance from start to finish. The best strategy for responding to this question is to demonstrate an orderly process of how you approach a new compliance initiative through using an effective implementation.

Sample Answer

 “In my current role, I have been overseeing the implementation of compliance efforts for many regulations and policies. During this time, I remained organized and regimented and organized throughout the process. I also ensured to check regularly with the departments involved.”

16. Compliance Rules Keep Changing. What Do You Do To Stay Informed Of Developments In Your Professional Area?

Here, the employer is seeking to understand how you keep yourself informed to help the organization be on top of the curve. In your answer, demonstrate that you have gained new knowledge in this field as well as evidence of continuing education.

Sample Answer

“Compliance rules keep changing and one has to be up to the pace to ensure that the company complies with the changes in the given time. This drives me to keep looking for opportunities to upgrade my skills and knowledge so that I can remain relevant in this role. Additionally, I have a proactive approach in tracking new developments whenever they arise as well as identifying potential issues.”

17. One Of Your Responsibility Will Be To Ensure That Rules And Regulations Are Followed. How Will You Handle The Situations With Workers When Telling Them That They Are Violating Rules And Regulations.

Knowing that some situations such as disciplining employees can be difficult, the employer asks this question to test your skills in dealing with these situations. The best strategy of responding to this question is by conveying your ability to handle difficult situations and dexterity in dealing with hostile and recalcitrant employees.

Sample Answer

“I understand that I am responsible for protecting the integrity and reputation of the company and I am fully prepared to do this. As a compliance officer, I try to view things from the employee’s point of view. I believe in respecting every employee without looking down on them as I explain the rules.”

18. How Would Your Previous Employees Rate Your Performance As A Compliance Officer.

Here, the employer is assessing whether you can develop relationships with other team members and if you are capable of treating them fairly. Your response to this question will demonstrate how you perceive yourself and the impact of your actions on other workers.

Sample Answer

“I believe that my previous employee would rate me highly. I have had time to build good relationships with all my peers. In my opinion, everyone is important to the success of the company. I treated all my previous employees with respect without compromising on policies’ compliance. Sometimes, a degree of firmness was important but I remained fair at all times.”

19. Do You Have Any Question For Me?

Here, the interviewer wants to know whether there is an area that you may need clarity. Having gone through the company’s website, ensure that the question you’re asking is reasonable.

Sample Answer

” Yes, I have. Kindly tell me the timeline for filling this position. Is this role a replacement, or an opening due to growth?”

20. What Is Your Salary Expectation For This Role?

What Is Your Salary Expectation For This Position?

The employer asks you this question to examine whether your salary expectation is within their range. The best way to answer this question is by providing a salary range.

Sample Answer

“A compliance officer who possesses the education, skills, and experience similar to mine earn a salary of $80000 – $ 100000 in this district. I would be happy to receive a salary similar to this range for this given role.”

Conclusion

After reviewing the above questions, check the company’s website to familiarize yourself more with the roles.

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