Compliance Manager Interview Preparation Guide
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Compliance Manager Frequently Asked Questions in various Compliance Manager job interviews by interviewer. The set of questions are here to ensures that you offer a perfect answer posed to you. So get preparation for your new job interview

47 Compliance Manager Questions and Answers:

1 :: Explain a time when you went above and beyond the requirements for a project?

I called for weekly meeting and streamlined certain processes which were not available.

2 :: Explain about your banking compliance experience?

I posses knowledge of the laws, rules, regulations affecting the banking sector and able to intelligently ensure compliance.

3 :: Tell me are you aware of anyone who has not complied with or is not complying with the company’s code of conduct and/or compliance policies?

This question is directly associated with the compliance officer’s “monitoring” efforts to detect potential criminal conduct as per §8B2.1(5) (A) of the USSGs. It can also test compliance by managers and supervisors with internal policies requiring that any complaints from employees concerning compliance or ethics violations be reported to the compliance officer.

4 :: Tell me what should happen to someone who violates the company’s code of conduct and/or compliance policies?

This is a modified “behavioral analysis” question. The purpose of the question is to assess the ethical tone of both the individual and the organization. Generally speaking, the appropriate response should be that those who violate the company’s code of conduct or compliance policies should be fired and, if their actions broke the law, criminally prosecuted. While employees may vary in the severity of the punishments they believe appropriate, a pattern of responses that overly minimizes punishments may be indicative of an ethical tone that is not consistent with the company’s expectations or desires.

5 :: Tell me about your ability to work under pressure as Compliance Manager?

Pressure is actually a catalyst to my work. When there is an imperative deadline, I refocus my energy into my work which in fact, has helped me to produce some of my best works. (Give examples) I guess you can say I thrive under pressure.

6 :: Do you know how many paperclips can fit in an airplane?

I know this sounds like a crazy question, but oftentimes regulations don’t make a lot of sense and require businesses to do things that don’t make sense either. The candidate might be inclined to ask “Well, how big is the airplane? Is it a 747 or a single engine Cessna? And are we talking big or small paper clips?” All fair questions. Unfortunately, we don’t often get a lot of clarity from regulators, and we’re forced to make tough decisions in the absence of complete information. In fact, a great compliance officer should be very comfortable making tough decisions when there might not be one perfect answer. So maybe this question is a little silly, but it’s a solid test to see how your candidate tackles challenging questions.

7 :: Tell me do You Have Any Professional Compliance Certifications? Do You Plan to Get Any?

The employer is attempting to assess whether you are serious about a career as a compliance officer. Compliance is a field that attracts many people wishing to switch careers and is an attractive area for lawyers. Obtaining compliance designations and certifications shows the employer how committed you are to a profession as a compliance officer.

8 :: Tell us have you ever been involved in an internal or external investigation? If so, what was your role, what were the steps involved in the investigation, and what was the outcome?

To put it bluntly, the best scenario is when a past employer was charged with unseemly behavior, while you came out smelling like a rose. “In most businesses, employers don’t want to be associated with someone tainted by scandal,” Lewis says. “Ironically, when we’re looking to fill a compliance officer position, it’s a badge of honor if you’ve been through an investigation and are not tarnished by it.”

9 :: Please explain the abilities you have in order to work with us as compliance manager?

I have the ability to communicate information and ideas in speaking so others will understand, tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem, listen to and understand information and ideas presented through spoken words and sentences, read and understand information and ideas presented in writing, communicate information and ideas in writing so others will understand.

10 :: Why should we hire you as Compliance Manager?

I believe that I have got the right skills and experience for this job. Also, I am someone who love challenging and always pushing myself get better.

11 :: Explain about a time when you influenced the outcome of a project by taking a leadership role?

I was part of a team that had been selected to design a new product that would ensure financial inclusion. Initially the product was to be meant to be offered through the main banking channels but however I highlighted the strategic risk and AML risk issues with the result that the product ended up being offered through alternative channels. This ensured that the most profitable clients for the bank would continue to be serviced thorough the main channels without causing them inconvenience associated with crowed banking halls.

12 :: Tell me if you were to be promoted or leave the organization and someone took over your role who lacked the same level of integrity that you do, how could that person violate a policy or break the law and not be detected?

This is one of my “black hat” interview questions. Nobody understands the intricacies of a person’s role better than the person who performs that role – particularly if they have performed that role day after day for some length of time. This question challenges the employee to think about compliance policies and internal controls from the perspective of someone seeking to violate or circumvent them.

13 :: As you know what field experience do you have for a HEALTHCARE COMPLIANCE OFFICER POSITION?

I have been working with computers since 2001. I also have a degree in network support/computer repair. I have built my last 3 computers, have work with Dell as an employee. So I have around 15 years experience working with computers.

14 :: Suppose you get a call from one of your delivery drivers and there is confusion over a labeling requirement. The driver is anxious to get to the next delivery stop and the store manager accepting the delivery has two other orders to check in. The driver wants an answer on the fly but you’re not 100% sure you have the right answer. What would you do?

Situational questions are great for seeing how your candidate would react when faced with a tough decision. In this specific example, a good answer might be: it’s best to be honest with the driver, and tell them you need five minutes to check the regulations. A solid candidate would also show some creativity by asking if the store manager would be willing to accept the product “as is” with a promise that new labels will be delivered the next day if it turns out there is, in fact, an error (of course, make sure the incorrectly labeled products are not put on the shelf for sale!). Guessing and providing misinformation is far more painful than taking a few minutes to get it right the first time.

15 :: Explain me what is your experience working with (a) internal compliance teams, (b) the C-suite and board of directors, and (c) external regulatory agencies?

The way you answer this question tells the interviewer two things: the level of authority you were granted in your past positions, and your ability to interact and communicate with those compliance officers you both will oversee and report to.

16 :: Explain me how Would You Handle a Request by a Senior Executive to Violate a Company’s Code of Conduct?

This question is an attempt to assess whether you are comfortable dealing with senior level employees. As a compliance officer, you must convince corporate boards and senior executives, including the CEO, that an effective compliance program is a priority. You must ensure that all employees, regardless of rank, are educated about the risks to the organization of not complying with laws, rules and regulations.

17 :: Tell me what are the main job duties and responsibilities of compliance manager employee?

compliance manager responsibilities are to identify compliance issues that require follow-up or investigation; discuss emerging compliance issues with management or employees; disseminate written policies and procedures related to compliance activities; provide assistance to internal or external auditors in compliance reviews; keep informed regarding pending industry changes, trends, and best practices and assess the potential impact of these changes on organizational processes; design or implement improvements in communication, monitoring, or enforcement of compliance standards;
advise internal management or business partners on the implementation or operation of compliance programs; maintain documentation of compliance activities, such as complaints received or investigation outcomes; consult with corporate attorneys as necessary to address difficult legal compliance issues; conduct periodic internal reviews or audits to ensure that compliance procedures are followed; direct the development or implementation of compliance-related policies and procedures throughout an organization; prepare management reports regarding compliance operations and progress; provide employee training on compliance related topics, policies, or procedures; serve as a confidential point of contact for employees to communicate with management, seek clarification on issues or dilemmas, or report irregularities;
monitor compliance systems to ensure their effectiveness; verify that all firm and regulatory policies and procedures have been documented, implemented, and communicated; conduct or direct the internal investigation of compliance issues; report violations of compliance or regulatory standards to duly authorized enforcement agencies as appropriate or required; assess product, compliance, or operational risks and develop risk management strategies; file appropriate compliance reports with regulatory agencies; oversee internal reporting systems such as corporate compliance hotlines and inform employees about these systems; collaborate with human resources departments to ensure the implementation of consistent disciplinary action strategies in cases of compliance standard violations; verify that software technology is in place to adequately provide oversight and monitoring in all required areas; review communications such as securities sales advertising to ensure there are no violations of standards or regulations.

18 :: Tell me why do you want a career as a Bank Compliance Officer?

Ever since I have started working in the finance sector, I have realised that I really enjoy the compliance side of it and I want to pursue a career in that field. I love how to have to investigate issues and think and analyse and suggest new procedures/ improvements to the system that we use.

19 :: Tell me what are the compliance- and/or ethics-related challenges you face most frequently in your current role?

This question provides information on several important aspects of a compliance program. First, it may highlight risks that the compliance officer was unaware of or didn’t fully appreciate (risk assessment). Second, it assesses how well employees are able to apply corporate policies in the context of their role (policy comprehension/retention and training effectiveness). Third, it reiterates and reinforces the employee’s understanding of risks and policies specific to them (training). Interviewees frequently struggle with this question initially and the interviewer may need to provide an obvious example of such a challenge to help the interviewee get started (i.e. gift policy, etc).

20 :: Explain me a time you interacted with a government regulator or other authority figure. How would you handle a dispute with a regulator? What would you do if a regulator asked you about a known compliance infraction?

Engaging with regulators, especially during an inspection, can be extremely stressful. And people tend to gravitate towards bad habits under stress. Make sure your candidate demonstrates patience and flexibility under stress.