Compliance Analyst Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a compliance analyst. Feel free to use our compliance analyst job description template to produce your own. We also provide you with information about the salary you can earn as a compliance analyst.
Who is a Compliance Analyst?
The process of examining an organization to ensure that it is working within the relevant laws and regulations is known as compliance analysis. This procedure is overseen by compliance analysts. They examine a wide range of corporate issues, from workplace safety to product and service marketing, and make recommendations for improving regulatory compliance. Construction, financial services, health care, and manufacturing are all industries where compliance analysts can work.
Compliance analysts assist firms in identifying areas where more stringent auditing procedures are required. They speak with company management to build policies and processes to follow by studying current laws and regulations.
Compliance analysts are hired by businesses to ensure that their actions comply with government and industry regulations. For example, healthcare organizations may hire compliance analysts to stay on top of legislation regarding patient privacy, safety, and rights, and then communicate that knowledge to leaders to implement procedural adjustments. Compliance analysts could be hired by an asset management firm to ensure that client limitations are followed. Services to monitor and document compliance with special education programs may be sought by school districts.
Compliance analysts typically work full-time in an office setting during business hours. They may travel or move throughout a building to gather information from other departments and to train personnel about new procedures, despite spending a lot of time on a computer. Compliance analysts may pursue jobs such as compliance manager or chief compliance officer in the future.
This compliance is usually enforced through government legislation or industry rules. This is an entry-level research position with the possibility to advance to compliance officer in the future. Compliance analysts also assess an organization’s ethical policies to ensure fairness and protection. They usually operate as a consultant in-house for a company.
Compliance Analyst Job Description
Below are the compliance analyst job description examples you can use to develop your resume or write a compliance analyst job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a compliance analyst include the following:
- Examine all compliance policies and procedures, and work with all internal teams to effectively resolve all compliance issues. Attend all internal and external department reviews to promote all compliance programs.
- Maintain effective connections with all business units, monitor and respond to any inquiries and complaints about external consultants and auditors, and analyze policies and processes to make improvements to compliance procedures.
- Administer and review all compliance programs, as well as all system modifications in the organization, and work with all business units and auditors to conduct tests on all internal controls and maintain the organization’s efficacy.
- Oversee and manage all actions involving auditors and consultants, as well as create essential papers for compliance procedures and ensure audit efficiency.
- Maintain and update the compliance database, document all rules and processes, and aid in the retention of all relevant papers, compliance metrics, and the preparation of required reports.
- Maintain all legal procedures and design all employee training programmes by managing all communication-related compliance policies and procedures.
- Oversee all policies and ensure effective compliance throughout the organization.
- Develop and maintain all rules and procedures to prevent any unethical behavior and recommend modifications as needed, as well as develop an annual compliance work plan and monitor the effectiveness of the internal control system.
- Monitor all rules and regulations about compliance, build and maintain all power-producing stations, assist with all SOX needs, and manage all communication with union workers.
Qualifications
- Industry-related Bachelor’s degree and certification in compliance management.
- Previous compliance analyst experience in a comparable field.
- In-depth understanding of industry regulations and standards.
- Knowledge of compliance management software such as Paradigm 3 and Intellect Compliance is required.
- Outstanding ability to create compliance rules, processes, and documentation.
- Ability to think critically.
- Professional networking and effective research capabilities.
- Ability to accurately complete compliance certification applications.
- Ability to train personnel effectively.
- Communication and interpersonal abilities are exceptional.
Essential Skills
Compliance analyst skills are the qualities required to ensure that a corporation complies with all company, financial, and regulatory regulations. This position necessitates a deep awareness of legal rules and how a corporation might implement compliance measures. Their abilities enable them to develop business solutions, present complex information, and react to legal changes while also comprehending general business requirements.
These skills include;
- Problem-solving: The ability to analyze circumstances, examine several options, and choose the best path forward is known as problem-solving. Compliance analysts may be tasked with resolving multiple issues inside a company. A corporation may, for example, be required to apply a new customer data protection regulation. The compliance analyst may examine a company’s systems and present procedures and suggest a means to change them while preserving normal business operations.
- Communicating: Compliance analysts frequently communicate with people at all levels of a business, both verbally and in writing. They may, for example, be required to interpret legislation and communicate them to management in plain English so that they comprehend what is required. This also necessitates active listening, as analysts must first comprehend present business demands and processes before proposing changes. Compliance analysts may also be asked to write new procedures for a corporation, which would necessitate technical writing and communication abilities. They could also conduct training sessions for employees to explain any workflow changes and why compliance is vital with these new practices. Communication skills include the following:
- Writing procedures
- Writing technical documents
- Listening attentively
- Writing Documentation Training
- Auditing: Understanding regulations and recognizing potential regulatory violations are essential auditing abilities. Compliance analysts may conduct audits for some corporations to see how they record and secure information such as customer and financial data. They may collaborate with auditing teams to develop processes and examine audit results to identify areas for improvement and record any violations in particular sectors.
- Researching: Compliance analysts conduct research to learn about the regulations that their organization must obey and keep track of any changes in the sector. You may need to look into several government websites, pamphlets, and organizations to figure out what the company needs to do to be fully compliant. You might also look at what other, similar businesses do when it comes to analyzing and assuring compliance. For example, a publishing company might look into what other publishers use and how they record their costs and sales effectively. Skills that are related include:
-
- Source review
- Database research Networking
- Law analysis
- Internet investigation
- Reporting and giving presentations: Following an analysis or audit, compliance analysts frequently gather data to share with leadership to determine any future measures. This could include using company technology to provide reports that highlight where a company complies with standards and where it could improve. You may also compile this information into a presentation to show leaders which topics you think should be prioritized first. You might also improve your visualization skills, which will allow you to create graphs based on data that demonstrate change over time.
You might also learn the following skills:
- Reporting and presentation software
- Leadership
- Meeting coordination
- Data visualization
- Trend analysis
- Multitasking: Multitasking allows compliance analysts to complete multiple jobs at once in a fast-paced setting while staying on track with deadlines.
- Organization: Compliance analysts must be organized to keep track of various compliance regulations and other pertinent information.
- Attention to detail: Compliance analysts might benefit from being detail-oriented when examining compliance regulations.
- Technical knowledge: Compliance analysts frequently use compliance software and import research data into their computers.
- Critical thinking: Compliance analysts utilize critical thinking skills to influence their decisions when establishing compliance programs and developing solutions for an organization.
How can compliance analyst skills be improved?
You can improve your compliance analyst skills by taking the following steps:
- Look into related certifications: Although most compliance analyst jobs just demand a bachelor’s degree in business administration, finance, or a closely related discipline, you may want to pursue additional qualifications. Each certification you look into might help you improve your skills by teaching you industry standards and best practices in your field. A Chartered Financial Analyst certification, for example, can teach you how to analyze and improve an organization’s financial compliance. Because healthcare organizations frequently demand patient information compliance, you might choose to acquire a Healthcare Research Compliance Certification to hone your skills in this area.
- Obtain feedback: Requesting input from your management and coworkers is one technique to develop your analyst abilities in your current position. You may organize regular meetings to discuss your projects and ideas, and ask your manager for suggestions on how you can improve, in addition to traditional performance reviews. Consider setting skill-development goals for yourself and keeping track of your progress with a manager. For example, you might want to enhance your research skills, so you establish a goal to keep track of any regulatory developments monthly, including the sources and methods you utilized. Your boss could then give you advice on more efficient resource methods or sources to look into.
- Look into industry norms: By conducting your study, you can get a lot of knowledge about the area, including new methodologies and instruments. Take advantage of online classes or webinars to learn how other businesses maintain compliance. This can aid in the development of your research abilities as well as the learning of new tactics that you can employ at your workplace. Joining professional groups to talk about your experiences is another option.
How to Become a Compliance Analyst
- A bachelor’s degree is required: A bachelor’s degree is required for employment as a compliance analyst. Because there isn’t a specialized degree for compliance analysts, major in the area you want to work in, making sure the field matches your goals. For example, if you want to work for the government as a compliance analyst, major in government. Business degrees, such as business administration or accounting, are common for compliance analysts.
- Select your preferred industry: Find a field that interests you because compliance analysts can work in practically any sector. This can help you target your future employment hunt. When choosing an industry, think about your present talents and interests. The following are some common industries to pick from:
- Finance\sTechnology\sGovernment\sInsurance
- Information protection
- Healthcare
- Human capital
- Transportation
- Obtain experience in your field: Many organizations look for people with three to five years of experience. Find an entry-level job in the industry you want to work in to get a better understanding of how businesses operate. You can learn about the regulations that apply to your industry during this period. Compliance auditing and analyzing roles can help you develop compliance knowledge and the abilities you need to get the career you want.
- Continue your education: Compliance analysts in several businesses are required to acquire industry-specific qualifications or licenses. Those working in finance, for example, may need to become certified public accountants. Coding credentials may be required in other areas, such as healthcare. Find out whether your industry has any additional learning needs and start working on them. A certification can indicate your dedication to the field.
- Think about pursuing a master’s degree: Going back to school may be beneficial because some organizations require a master’s degree. This will also give you an edge over other job applicants. Consider majoring in your targeted industry before making your decision. You might also consider studying finance, criminal justice, or business. A master’s degree can help you gain extra information and abilities to help you in your compliance analyst position.
- Apply for a position as a compliance analyst: Begin looking for compliance analyst positions once you’ve gained experience and expertise. Look for open positions on company websites or job search sites. Create a CV that displays your experience and qualifications so that future employers can see why they should hire you.
Where to Work as a Compliance Analyst
- Manufacturing industries
- Health care
- Financial Service
- Construction industries
Compliance Analyst Salary Scale
In the United States, the estimated total pay for a Compliance-Analyst is $77,509 per year, with an average salary of $59,201.
The extra salary is anticipated to be $18,308 per year. Cash bonuses, commissions, tips, and profit-sharing are all possibilities for additional compensation.
In the United Kingdom, the average compliance analyst salary is £37,500 per year or £19.23 per hour. Starting salaries for entry-level professions start at £30,000 per year, with the most experienced professionals earning profit-sharing10 per year.