In the last two decades, the need for regulatory compliance has increased exponentially, especially in heavily regulated industries like the healthcare, Oil and gas, and financial services industry. This has led to companies hiring various compliance officers and compliance analysts.

Usually, the compliance team works together with the risk and legal teams to ensure all compliance policies are updated and that there’s sufficient risk management. They help support the compliance program and plan by researching and analyzing relevant rules, laws, and regulations.

A compliance analyst play a major role leading their organizations toward excellence in compliance.

WHAT DOES A COMPLIANCE ANALYST DO – TYPICAL ROLES IN ORGANIZATIONS

The compliance analyst has a duty to maintain legal and regulatory compliance by researching, analyzing, and communicating regulatory requirements and socializing the requirements among the member of staff.

It is the duty of a compliance analyst plans and coordinates the operational activities of a given company or organization to guarantee compliance with governmental regulations and ordinances.

They work with risk management in developing  strategies to avoid non-compliance and file compliance reports with regulatory bodies.

DUTIES AND TASKS

Every compliance analyst has slightly different duties, tasks, and responsibilities due to varying job descriptions. Depending on the size and organizational structure of the organization, the duties can expand or contract. However, there is a clear set of duties and tasks that every compliance analyst should be able to perform.

In any case, the following duties, tasks, and responsibilities are what the typical compliance analyst has to manage.

  • Report to the senior compliance analyst, compliance manager, compliance head, corporate compliance officer, or chief compliance officer with the necessary analyzed information regarding laws and regulations.
  • Research different laws, rules, and regulations by reviewing regulatory bulletins, federal updates, news briefs, and other sources of information.
  • Keep other departments, including the legal, human resources, finance, and other departments, updated on regulatory requirements, documentation processes, and regulatory filling information. You may have to write and communicate guidelines to relay the information to various employees.
  • Compile all the information by collecting and coordinating rate deviation filings. Update necessary information and provide overviews of all product and service disclosures.
  • Obtain the necessary approvals from upper management by revising relevant forms, rates, and other documentation.
  • Prepare compliance reports based on the extensive collection, analysis, and summary of compliance information.
  • Review internal and external policies on compliance standards and recommend changes if necessary.
  • Maintain a good relationship with the regulators and regulatory bodies by developing better contracts and resolving concerns on time.
  • Ensure that the same organizational standards are being followed throughout the organization in terms of compliance.
  • Maintain a working knowledge of essential laws and regulations, such as the anti-money laundering (AML) law, GDPR data privacy regulations, and more.

WHAT DOES A COMPLIANCE ANALYST DO – SKILLS AND ABILITIES

No two days are alike. Compliance analysts must juggle many responsibilities and adapt to evolving industry regulations, all while serving as a beacon of ethics and integrity.

Compliance analysts can have varying duties and tasks, but the skills, qualifications, and abilities required remain the same. The only difference comes with the industries as compliance analysts are expected to have the relevant knowledge and certifications of a specific industry.

On average, the compliance analyst is expected to have the following qualifications, skills, and abilities.

  • A bachelor’s degree in accounting, business, or any related field that’s relevant in the industry.
  • A master’s degree is a preference and not a necessity.
  • At least two to five years of experience in compliance auditing, compliance analysis, or as a compliance officer is needed. It’s best to have prior experience in the same industry and a similar organization.
  • It’s advisable to have a background in auditing, compliance, or any other regulatory field.
  • You need to be able to work your way around all Microsoft Office products, including Word, Excel, SharePoint, Outlook, and PowerPoint. Furthermore, it’s advisable to have a working knowledge of any relevant software in auditing and analysis.
  • Excellent research and analysis skills are needed to find and examine new and existing laws, rules, and regulations.
  • Critical thinking skills are required to develop workable solutions for any new analysis.
  • Problem-solving skills are needed to rectify any compliance issues that may pop up during compliance audits.
  • Excellent communication skills are needed to work with other compliance officers and heads effectively.
  • It’s crucial to showcase technical proficiency and have strong verbal and written communication skills to relay information efficiently.
  • Follow-up skills are needed to keep up with various projects, tasks, and compliance plans simultaneously.
  • There is a need to be detail-orientated to meet strict deadlines and match compliance standards.
  • Compliance analysts need to ensure that the company complies with local, federal and state laws along with organizational policies and procedures. They conduct trainings to keep all employees informed about various relevant laws and procedures and the need to do so. They are supposed to document compliance procedures and processes.

The qualification, skills, and abilities listed above are what each compliance analyst should possess. However, you should work on also getting industry-specific certifications and knowledge.

BECOMING A GREAT COMPLIANCE ANALYST

Becoming a great compliance analyst is about getting the right kind of experience in the right industry. That means you should decide on an industry and work getting the appropriate knowledge on that industry’s laws and regulations. Then get a compliance or audit job to get the necessary experience. When you have adequate experience, you can apply to be a compliance analyst.

Compliance analyst jobs are best suited for lifelong learners who can quickly and adeptly synthesize their existing knowledge with on-the-job learnings.

It’s also best to keep a good relationship with regulators and regulatory bodies.

More importantly, work with fellow compliance professionals and assist them in their duties to get a better idea.

Most compliance analysts are called on not only to audit and report on an organization’s compliance but also to help streamline processes. When starting out as a compliance analyst, don’t be shy!

Be proactive and vocal about how to continually improve reporting and measurement tactics to demonstrate your value in your current role and shine a light on your vast potential.