Compliance Analyst Job Profile and Description
A compliance analyst is a person employed in areas that are regulated by the government like the financial services, pharmaceutical and telecommunications industry. He has to keep himself up to date with the regulations for his industry and makes sure that his employer works within the confines of those guidelines. They also have to perform audits in various departments of the company to see that all regulations are followed. Some of them also work in different areas of the company like legal and corporate communications where they give advice on changes in business practices so that a company complies with the law. Thus the primary responsibility of a compliance analyst is to ensure compliance with applicable internal policies and external regulations.
Compliance Analyst Duties and Responsibilities
The duties and responsibilities of a compliance analyst will involve:
- Reviewing and analysing compliance monitoring reports and other related source documents for any suspicious patterns of activity.
- Doing a follow-up to suggest appropriate action in case there is any unusual activity
- Providing his support to assigned areas on compliance-related issues like opening an account, registrations matters, form review for compliance
- Participating in compliance reviews, projects and training efforts and acting on behalf of senior management
- Guiding less experienced compliance workers on regulatory matters
- Assisting the management in identifying and containing compliance risk and proactively fostering a compliance culture
Compliance Analyst Skills and Specifications
The skills and specifications that are required of a compliance analyst include:
- Good interpersonal and communication skills are necessary
- Organizational, analytical and project management skills are helpful
- Must be knowledgeable about products, services and operations and must be able to deal with laws, regulations and regulatory agencies related to assigned areas
Compliance Analyst Education and Qualification
The education and qualification requirements for a compliance analyst are as follows:
- A bachelor’s degree in business, finance, accounting or related field is preferable
- Experience in the field of audit, compliance, financial services operations or regulatory experience is also helpful
- Proficiency in computers, mainframe systems and software packages
- Proper registration, licenses and certification may be required
Compliance Analyst Salary
A compliance analyst can expect to get around $56,000-64,000 per year on an average. Most of them also get employee benefits like health, life, dental insurance and also bonuses. Experienced analysts can earn over $72,000 per year. They are mostly hired by banking, general insurance, investment banking and health insurance companies.