Compression of speech signal is an important field in digital signal processing. Speech signal compression has significant importance in today's world, because of limited bandwidth and transmission or storage capacity. Speech compression is a process of converting human speech signals into efficient encoded representations that can be decoded back to produce a close approximation of the original signal. This paper explores a transform based methodology for compression of the speech signal. In this methodology, different transforms such as FFT, DCT and DWT are exploited. A comparative study of performance of different transforms is made in terms of SNR, PSNR NRMSE and compression factor (CF). When compared, DWT gives higher compression with respect to DCT and FFT in terms of CF.