There are six skills every compliance officer should have.

Ability to interpret. ...

Attention to detail. ...
Attention to the big picture. ...
Ability to apply rules to real-life facts. ...
Risk assessment capabilities. ...
Communication

1. Ability to interpret. There are very few black-and-white rules so the ability to

interpret the spirit of the rule as well as the actual language is important. Compliance
staff need to be able to work within the gray areas.
2. Attention to detail. This seems obvious because so many regulations require
detailed analysis, but it’s important to attend to the details while maintaining a view of
the big picture.
3. Attention to the big picture. Compliance officers must understand the bigger
picture and what the regulators are trying to accomplish with the regulation. They must
also have the attention to detail to help them figure out how to implement it.
4. Ability to apply rules to real-life facts. Knowing the regulations inside and out
is great, yet staff must have the ability to apply their fact situations to the rules and
regulations.
5. Risk assessment capabilities. The ability to assess the alternatives and make a
decision based on the risk is critical.  Compliance officers must understand the risk
tolerance of the credit union as well as litigation environment in their area.
6. Communication skills. Written and verbal communication skills are essential.
The compliance officer must have the ability to communicate at all levels in the
organization from front-line staff to the CEO and board of directors.  Having
compliance expertise adds little value if it can’t be communicated effectively.

strong knowledge of laws, state regulatory guidelines and standards.

possess knowledge of compliance standards and policies, audit techniques, regulatory

issues, and operations and procedures that relate specifically to the company.

Industry experience c

excellent analytical, project management and organizational skills.

degree in business administration

also have a solid mix of soft skills, including leadership abilities. Expert communication
and public speaking skills to facilitate a better organizational understanding of complex
regulatory standards.

Integrity and a history of ethical decision-making

 Critical Thinking and Problem Solving: Compliance officers need to be able

to recognize and evaluate problems, then identify potential solutions. 
 Reading Comprehension: Many documents cross your desk of compliance
officers, especially if their jobs are specific to making sure paperwork is filed
properly and on time. These documents will need to be understood thoroughly.
 Detail-oriented: The differences between compliance and noncompliance often
can be minuscule, but compliance officers need to be able to recognize the
differences and help others to understand the significance.
 Leadership: Being effective as a compliance officer often involves helping
management find new ways to be profitable while still maintaining standards
that must be met for legal or commercial reasons.
 High ethical standards: Those with a strong sense of what is right and what is
wrong often are drawn to careers as compliance officers.
----ethically minded.

- act with integrity and be motivated to do the right thing.

 Reactivity and proactivity: a propensity to anticipate or self-initiate projects and

be change-oriented versus the ability to effectively respond to and solve issues
as and when they arise.  

 Innovation and rationality: the inclination to be resourceful and innovative or

logical, rational and structured.

 Emotional intelligence and subject matter expertise: the tendency to be more

people-focused or technically-minded.

--- have the ability to promptly and independently provide advice on potential
compliance issues in a methodical, structured way which gets to the root cause of the
issue

---- capitalize on their emotional intelligence to get the best out of the people involved
and ensure that the process is dealt with in an understanding yet effective manner,
implementing innovative solutions. 

--- — charismatic, empathetic and collaborative

--- have the skill of rapport building and developing the right chemistry with
stakeholders across the business leading to honesty and transparency

- benefits of doing business in an ethical and compliant way to achieve commercial

objectives and safeguard the company

--- technically minded, -

---- have the knowledge and experience to address the variety of compliance issues the
business may face

-- understand the potential impact of, and act upon, the evolving and increasingly
complex regulatory landscape,

----- methodical, rational, results-driven individuals with a budget conscious approach

that are focused on the successful realization of the company’s commercial objectives.

----The ability to better utilize data

Data analytics and technology enablers can offer valuable insights that allow a business
to measure the effectiveness of its compliance program, identify potential issues, and
understand the root cause of compliance misdemeanors.

---- to use real time data pulled from many data points and various sources from across
the organization, not just data available within the compliance function. This should be
used to identify patterns and issues before they become endemic and embedded.