Does Your Financial Aid Office Need a Compliance Officer?

Agenda What is compliance and why is it important? What would a compliance officer do in your office? What background/education should a compliance officer have? How do you justify this position?

What is compliance? Regulatory compliance In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws and regulations.

Why is compliance important? Demonstrate administrative capability Maintain eligibility to participate in Title IV programs Provide consistent direction for staff and students Maintain complete and correct policies and procedures

Duties of a Compliance Officer Small Group Discussion

Proposed Duties Supervision of staff members – processors, advisors, etc. Review policies to determine compliance Complete FSA Assessments Create a blog or other method to notify staff of updated regulations Educate staff on the difference between laws and regulations

Proposed Duties (cont) Review expected ethical behavior Assist in creation of forms (paper or electronic) Assist in creating and keeping up the Policies and Procedures Manuel Research laws and regulations Perform file audits

Background and Education of a Compliance Officer Small Group Discussion

Background Background Experience reading and interpreting laws and regulations Previous financial aid experience advisor level or higher Self-described nerd (how do you put that in to a job description) A small dose of being anal

Education Education Bachelors degree required JD (law) degree preferred Master’s Degree preferred (Major focused on research)

How Do You Justify this Position? Small Group Discussion

Justifying the Position Use other sources Internal Audit NASFAA Standards of Excellence Review FSA Conference – Top 10 Audit Findings Create a comprehensive job description Combine duties, i.e. Compliance and Training Survey other schools in your state