1. Does Your Financial Aid Office Need a Compliance Officer?

2. 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?

3. 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.

4. 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

5. Duties of a Compliance Officer Small Group Discussion

6. 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

7. 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

8. Background and Education of a Compliance Officer Small Group Discussion

9. 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

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

11. How Do You Justify this Position? Small Group Discussion

12. 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