Compliance Analyst Job Description
Job Title: Compliance Analyst
Overview/Summary of the role:
The Compliance Analyst is responsible for supporting an organization in ensuring that all business activities strictly comply with established regulations, policies, and procedures. The primary function of this role is to assess, create, and implement procedures and standards that will minimize the risk of non-compliance, legal or regulatory issues, and provide guidance to the organization's management.
Responsibilities and Duties:
• Regularly reviews financial, operational, and administrative policies and procedures to ensure compliance with local and federal regulations, and company policies and standards.
• Prepares reports summarizing results of the assessments, and recommendations to management for improvement.
• Develops and maintains a company-wide compliance program, including internal controls, policies, procedures, and training programs on compliance-related matters.
• Conducts internal audits and reviews to test the effectiveness of company controls and procedures.
• Collaborates with other departments, including legal, finance, audit, risk management, and human resources, to ensure compliance with regulatory requirements.
• Establishes and maintains positive working relationships with regulators and auditors by providing necessary documentation and responses to inquiries.
• Investigates and resolves compliance-related complaints or issues from employees, clients, or stakeholders.
• Develops and implements processes for detecting and preventing potential compliance problems.
• Stays current on new and changing regulations that could impact the organization and communicates those to relevant stakeholders.
Qualifications and Skills:
Hard Skills:
• Demonstrated knowledge of regulatory requirements related to the company's industry
• Strong analytical and problem-solving skills
• Experience in compliance investigations and audits
• Strong understanding of financial and operational concepts
• Excellent verbal and written communication skills
• Proficiency in Microsoft Office and database systems
Soft Skills:
• Detail-oriented with strong organizational skills
• Exceptional interpersonal skills to communicate with various teams and individuals effectively
• Ability to develop and maintain productive relationships with regulatory agencies and auditors.
• High levels of judgment, tact, and diplomacy
• Ability to work independently in a fast-paced environment with changing priorities and multiple projects simultaneously
Education and Experience:
Required:
• Bachelor's degree in Business, Accounting, or a related field
• At least three years of experience in compliance, risk management, internal auditing, or related field
Preferred:
• Master's degree in Business or a related field
• Professional certifications, such as Certified Regulatory Compliance Manager (CRCM), Certified Risk Management Professional (CRMP), or similar.Licensing requirements for Compliance Analysts vary depending on the industry they work in. In some cases, they may need to obtain specific certifications or licenses to perform their job duties effectively. For example, Compliance Analysts working in the financial industry may need to obtain relevant certifications such as the Certified Anti-Money Laundering Specialist (CAMS) or Series 7 license from the Financial Industry Regulatory Authority (FINRA).
Typical employers of Compliance Analysts include companies in the financial industry, healthcare, pharmaceuticals, and government agencies. Compliance Analysts may also work for consulting firms that provide compliance-related services to various clients.
Work environments for Compliance Analysts can vary depending on the industry and employer. They may work in an office setting, or their work may require travel to various locations to conduct audits, assessments, or investigations. They may also work remotely from home or other locations.
Career pathways for Compliance Analysts may include positions such as Compliance Manager, Regulatory Compliance Specialist, or Chief Compliance Officer. Entry-level positions may require a bachelor's degree in a related field, while those seeking advanced positions may need a master's degree or relevant industry experience.
Job growth trends for Compliance Analysts in the United States are expected to be strong due to increased regulatory scrutiny and demand for compliance-related services across various industries. According to the US Bureau of Labor Statistics, employment of Compliance Officers, including Compliance Analysts, is projected to grow 8 percent from 2019 to 2029. Global job growth trends for Compliance Analysts are also anticipated to be positive as companies expand their operations to comply with international regulations.Career Satisfaction:
Compliance analysts typically report high levels of job satisfaction. Many professionals in this role find the work intellectually stimulating and challenging, as they are responsible for ensuring that their organization complies with all applicable laws and regulations. Additionally, compliance analysts often enjoy opportunities to work with individuals in a variety of roles across their organizations, which can help them develop a broad understanding of the business.
Related Job Positions:
Other related job positions in the compliance field include compliance officer, compliance manager, regulatory compliance officer, and regulatory compliance manager. Each of these roles is responsible for overseeing compliance with a range of regulations and laws.
Connected People:
Compliance analysts may interact with a range of individuals in their organizations, including executives, legal teams, human resources professionals, and financial analysts. Additionally, compliance analysts may work with regulatory agencies, auditors, and other external stakeholders.
Average Salary:
The average salary for compliance analysts can vary based on a number of factors, including location, industry, and level of experience. According to Glassdoor, the average salary for compliance analysts in the United States is around $69,000 per year, while in the United Kingdom, the average salary is around £37,000 per year. In Germany, the average salary for compliance analysts is around €54,000 per year, while in India, the average salary is around ₹700,000 per year. In Brazil, the average salary for compliance analysts is around R$67,000 per year.
Benefits Package:
The benefits package offered to compliance analysts can vary depending on the organization. Many employers offer standard benefits such as health insurance, retirement savings plans, and paid time off. Additionally, some companies may offer tuition reimbursement or training opportunities to help employees develop their skills and advance in their careers.
Schedule and Hours Required:
The schedule and hours required for compliance analysts can vary depending on the organization they work for. Many employers offer traditional 9-5 workdays, while others may require employees to work evenings or weekends depending on the nature of their work. Additionally, compliance analysts may be required to work longer hours during certain seasons or when deadlines are approaching.Level of Autonomy:
Compliance analysts are typically given a moderate level of autonomy in their work. While they may receive guidance and instructions from senior compliance personnel or management, they are expected to exercise independent judgment in analyzing and interpreting regulatory requirements and determining appropriate compliance measures. They may also be responsible for conducting investigations and audits, developing compliance policies and procedures, and reporting on compliance issues to senior management.
Opportunities for Professional Development and Advancement:
Compliance analysts may have various opportunities for professional development and advancement. They may participate in internal training programs or attend external conferences and workshops related to compliance and regulatory issues. They may also pursue advanced degrees or certifications in areas such as accounting, law, or compliance. Advancement opportunities may include promotion to senior compliance analyst or compliance manager positions.
Specialized Skills or Knowledge Required:
Compliance analysts require specialized knowledge of laws, regulations, and industry standards related to their organization's activities. They may also need strong analytical, problem-solving, and communication skills to analyze complex data, identify compliance issues, and communicate findings to internal and external stakeholders. In addition, they may need to possess knowledge of specific industries, such as healthcare or financial services, and have experience with relevant software and computer systems.
Physical Demands:
Compliance analysts typically work in an office environment and do not require any significant physical demands.
Tools and Technologies Used:
Compliance analysts may use a variety of tools and technologies to perform their job duties, including specialized software and databases used to track and analyze compliance-related data. They may also use communication tools such as email, teleconferencing, and video conferencing to communicate with colleagues, clients, and regulatory agencies.Work Style:
As a Compliance Analyst, you will need to have a meticulous and detail-oriented work style. You’ll need to be able to evaluate large volumes of information and identify any potential compliance violations. You’ll also need to keep up-to-date with regulatory changes at local, national, and international levels. Strong analytical and problem-solving skills will be essential to succeed in this role. You must be able to work independently and manage your time effectively to meet deadlines.
Working Conditions:
Compliance Analysts usually work in office environments during business hours. They may need to work in high-pressure situations, especially when responding to compliance emergencies. They must be prepared to work long hours when necessary and be available to attend meetings outside of normal business hours.
Team Size and Structure:
Compliance Analysts typically work in small teams, reporting to a Compliance Manager or Senior Compliance Analyst. They may also work with other internal departments such as Legal, Risk Management, and Audit. Occasionally, Compliance Analysts may work with external partners such as regulatory agencies or law enforcement.
Collaboration and Communication Requirements:
Compliance Analysts must have excellent communication skills, including the ability to express themselves clearly and persuasively to stakeholders at all levels of the organization. They’ll need to work collaboratively with other departments to ensure compliance policies are understood and implemented. You’ll have to be able to provide training on compliance policies and procedures for new staff or changes to existing policies.
Cultural Fit and Company Values:
As a Compliance Analyst, it is important to have a strong commitment to ethical behavior and leadership. Companies that run successful compliance programs have a culture that values integrity, accountability and transparency. You must align with the company's values, that will be reflected in your conduct and communication while complying with regulations. A critical component of the role is being able to provide objective and unbiased feedback to senior management, you should always act with the company's best interests in mind.
Overview/Summary of the role:
The Compliance Analyst is responsible for supporting an organization in ensuring that all business activities strictly comply with established regulations, policies, and procedures. The primary function of this role is to assess, create, and implement procedures and standards that will minimize the risk of non-compliance, legal or regulatory issues, and provide guidance to the organization's management.
Responsibilities and Duties:
• Regularly reviews financial, operational, and administrative policies and procedures to ensure compliance with local and federal regulations, and company policies and standards.
• Prepares reports summarizing results of the assessments, and recommendations to management for improvement.
• Develops and maintains a company-wide compliance program, including internal controls, policies, procedures, and training programs on compliance-related matters.
• Conducts internal audits and reviews to test the effectiveness of company controls and procedures.
• Collaborates with other departments, including legal, finance, audit, risk management, and human resources, to ensure compliance with regulatory requirements.
• Establishes and maintains positive working relationships with regulators and auditors by providing necessary documentation and responses to inquiries.
• Investigates and resolves compliance-related complaints or issues from employees, clients, or stakeholders.
• Develops and implements processes for detecting and preventing potential compliance problems.
• Stays current on new and changing regulations that could impact the organization and communicates those to relevant stakeholders.
Qualifications and Skills:
Hard Skills:
• Demonstrated knowledge of regulatory requirements related to the company's industry
• Strong analytical and problem-solving skills
• Experience in compliance investigations and audits
• Strong understanding of financial and operational concepts
• Excellent verbal and written communication skills
• Proficiency in Microsoft Office and database systems
Soft Skills:
• Detail-oriented with strong organizational skills
• Exceptional interpersonal skills to communicate with various teams and individuals effectively
• Ability to develop and maintain productive relationships with regulatory agencies and auditors.
• High levels of judgment, tact, and diplomacy
• Ability to work independently in a fast-paced environment with changing priorities and multiple projects simultaneously
Education and Experience:
Required:
• Bachelor's degree in Business, Accounting, or a related field
• At least three years of experience in compliance, risk management, internal auditing, or related field
Preferred:
• Master's degree in Business or a related field
• Professional certifications, such as Certified Regulatory Compliance Manager (CRCM), Certified Risk Management Professional (CRMP), or similar.Licensing requirements for Compliance Analysts vary depending on the industry they work in. In some cases, they may need to obtain specific certifications or licenses to perform their job duties effectively. For example, Compliance Analysts working in the financial industry may need to obtain relevant certifications such as the Certified Anti-Money Laundering Specialist (CAMS) or Series 7 license from the Financial Industry Regulatory Authority (FINRA).
Typical employers of Compliance Analysts include companies in the financial industry, healthcare, pharmaceuticals, and government agencies. Compliance Analysts may also work for consulting firms that provide compliance-related services to various clients.
Work environments for Compliance Analysts can vary depending on the industry and employer. They may work in an office setting, or their work may require travel to various locations to conduct audits, assessments, or investigations. They may also work remotely from home or other locations.
Career pathways for Compliance Analysts may include positions such as Compliance Manager, Regulatory Compliance Specialist, or Chief Compliance Officer. Entry-level positions may require a bachelor's degree in a related field, while those seeking advanced positions may need a master's degree or relevant industry experience.
Job growth trends for Compliance Analysts in the United States are expected to be strong due to increased regulatory scrutiny and demand for compliance-related services across various industries. According to the US Bureau of Labor Statistics, employment of Compliance Officers, including Compliance Analysts, is projected to grow 8 percent from 2019 to 2029. Global job growth trends for Compliance Analysts are also anticipated to be positive as companies expand their operations to comply with international regulations.Career Satisfaction:
Compliance analysts typically report high levels of job satisfaction. Many professionals in this role find the work intellectually stimulating and challenging, as they are responsible for ensuring that their organization complies with all applicable laws and regulations. Additionally, compliance analysts often enjoy opportunities to work with individuals in a variety of roles across their organizations, which can help them develop a broad understanding of the business.
Related Job Positions:
Other related job positions in the compliance field include compliance officer, compliance manager, regulatory compliance officer, and regulatory compliance manager. Each of these roles is responsible for overseeing compliance with a range of regulations and laws.
Connected People:
Compliance analysts may interact with a range of individuals in their organizations, including executives, legal teams, human resources professionals, and financial analysts. Additionally, compliance analysts may work with regulatory agencies, auditors, and other external stakeholders.
Average Salary:
The average salary for compliance analysts can vary based on a number of factors, including location, industry, and level of experience. According to Glassdoor, the average salary for compliance analysts in the United States is around $69,000 per year, while in the United Kingdom, the average salary is around £37,000 per year. In Germany, the average salary for compliance analysts is around €54,000 per year, while in India, the average salary is around ₹700,000 per year. In Brazil, the average salary for compliance analysts is around R$67,000 per year.
Benefits Package:
The benefits package offered to compliance analysts can vary depending on the organization. Many employers offer standard benefits such as health insurance, retirement savings plans, and paid time off. Additionally, some companies may offer tuition reimbursement or training opportunities to help employees develop their skills and advance in their careers.
Schedule and Hours Required:
The schedule and hours required for compliance analysts can vary depending on the organization they work for. Many employers offer traditional 9-5 workdays, while others may require employees to work evenings or weekends depending on the nature of their work. Additionally, compliance analysts may be required to work longer hours during certain seasons or when deadlines are approaching.Level of Autonomy:
Compliance analysts are typically given a moderate level of autonomy in their work. While they may receive guidance and instructions from senior compliance personnel or management, they are expected to exercise independent judgment in analyzing and interpreting regulatory requirements and determining appropriate compliance measures. They may also be responsible for conducting investigations and audits, developing compliance policies and procedures, and reporting on compliance issues to senior management.
Opportunities for Professional Development and Advancement:
Compliance analysts may have various opportunities for professional development and advancement. They may participate in internal training programs or attend external conferences and workshops related to compliance and regulatory issues. They may also pursue advanced degrees or certifications in areas such as accounting, law, or compliance. Advancement opportunities may include promotion to senior compliance analyst or compliance manager positions.
Specialized Skills or Knowledge Required:
Compliance analysts require specialized knowledge of laws, regulations, and industry standards related to their organization's activities. They may also need strong analytical, problem-solving, and communication skills to analyze complex data, identify compliance issues, and communicate findings to internal and external stakeholders. In addition, they may need to possess knowledge of specific industries, such as healthcare or financial services, and have experience with relevant software and computer systems.
Physical Demands:
Compliance analysts typically work in an office environment and do not require any significant physical demands.
Tools and Technologies Used:
Compliance analysts may use a variety of tools and technologies to perform their job duties, including specialized software and databases used to track and analyze compliance-related data. They may also use communication tools such as email, teleconferencing, and video conferencing to communicate with colleagues, clients, and regulatory agencies.Work Style:
As a Compliance Analyst, you will need to have a meticulous and detail-oriented work style. You’ll need to be able to evaluate large volumes of information and identify any potential compliance violations. You’ll also need to keep up-to-date with regulatory changes at local, national, and international levels. Strong analytical and problem-solving skills will be essential to succeed in this role. You must be able to work independently and manage your time effectively to meet deadlines.
Working Conditions:
Compliance Analysts usually work in office environments during business hours. They may need to work in high-pressure situations, especially when responding to compliance emergencies. They must be prepared to work long hours when necessary and be available to attend meetings outside of normal business hours.
Team Size and Structure:
Compliance Analysts typically work in small teams, reporting to a Compliance Manager or Senior Compliance Analyst. They may also work with other internal departments such as Legal, Risk Management, and Audit. Occasionally, Compliance Analysts may work with external partners such as regulatory agencies or law enforcement.
Collaboration and Communication Requirements:
Compliance Analysts must have excellent communication skills, including the ability to express themselves clearly and persuasively to stakeholders at all levels of the organization. They’ll need to work collaboratively with other departments to ensure compliance policies are understood and implemented. You’ll have to be able to provide training on compliance policies and procedures for new staff or changes to existing policies.
Cultural Fit and Company Values:
As a Compliance Analyst, it is important to have a strong commitment to ethical behavior and leadership. Companies that run successful compliance programs have a culture that values integrity, accountability and transparency. You must align with the company's values, that will be reflected in your conduct and communication while complying with regulations. A critical component of the role is being able to provide objective and unbiased feedback to senior management, you should always act with the company's best interests in mind.