Career Path Job Descriptions

What Does a Compliance Analyst Do?

In the last two decades, the need for regulatory compliance has increased exponentially, especially in heavily-regulated industries like the healthcare and financial services industry. That 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. Compliance analysts play a role by offering potential recommendations based on careful research and analysis. 

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In this article, we’ll take a closer look into the roles, job duties, job responsibilities, and abilities of a regulatory compliance analyst. 

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 obtaining the appropriate approvals. 

However, some people and even organizations often mix up different job types. In this case, the compliance analyst job title is often used instead of the compliance officer job title. There are lots of job alerts on various job boards that list a compliance officer as a compliance analyst. That leads to confusion among jobseekers who are looking for clearly defined career paths. 

Companies consider both positions as related jobs; this, putting them under a single category. However, there are slight differences in both positions. But, there are some duties, roles, and responsibilities that overlap for both the compliance officer and compliance analyst. 

Smaller organizations tend to mix both roles by using the same template for both roles. The compliance analyst job description usually includes the roles of both compliance analysts and compliance officers. However, medium-sized and larger organizations often distinguish between the two roles. 

In the United States, a large organization usually has an entry-level compliance officer, compliance analyst, senior compliance analyst, compliance specialist, compliance manager, and a chief compliance officer or corporate compliance officer. 

In any case, the compliance analyst works along with other compliance officers and the compliance head. They help support the compliance program and plan by researching and analyzing relevant rules, laws, and regulations. Furthermore, they play a vital role in compliance audits and analyzing program effectiveness. 

When a compliance head has to do a survey, they usually appoint the help of a compliance analyst. The primary reason for that is that the compliance analyst is expected to have complete and foremost knowledge of all regulations of the industry according to the organization and their projects. 

What Does a Compliance Analyst Do – 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. 

The responsibilities, duties, and tasks listed above are what every compliance analyst should be able to do. However, organizations may include compliance officer duties too. 

What Does a Compliance Analyst Do – Skills and Abilities 

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. 

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. 

How to Become a Compliance Analyst 

Since the compliance analyst and compliance officer jobs often overlap, their salaries overlap too. However, you can find the average salary of a compliance analyst on various salary sites. 

According to Glassdoor, the average salary for a full-time compliance analyst in the United States can be rounded up to $55,229. Furthermore, the average salary range is between $38,000 and $79,000, with the upper end being offered in major hubs like New York and San Francisco. 

The compliance analyst salary mostly depends on the organization and industry. If it’s a heavily-regulated industry, it will require more years of experience, more knowledge, and better qualifications; thus, improving the salary. Other than that, it depends on the organization and its overall structure. If the organization is massive, compliance analysts get paid more than compliance officers on average. However, smaller organizations tend to develop their compensation packages according to the overall workload. 

Compliance analyst jobs are mostly considered entry-level research jobs. Therefore, you don’t need a lot of prior experience to become a compliance analyst. However, it isn’t a completely entry-level job that you can opt for without any experience. You need some prior experience in auditing, compliance, or industry-specific fields. 

Other than that, it’s crucial that you understand various research and analysis skills. A large part of the job is to find and update yourself on rules, laws, and regulations. That means that there will be a lot of reading and skimming off various sources of information. 

Therefore, training yourself to be detail-orientated also helps because you can find relevant information faster. 

It’s also advisable to keep a working relationship with the regulators, regulatory bodies, and other regulatory personnel. 

In any case, you should portray yourself as a fair auditor and by-the-book analyst. 

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. 

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 importantly, avoid any conflicts of interest and work in the interest of both the company and the law.

Career Path Job Descriptions

What Does a Chief Compliance Officer Do?

All organizations and government agencies need to follow a strict compliance program to ensure they don’t break any rules and laws. Therefore, companies hire compliance officers to manage all compliance issues, and the head of these officers is the Chief Compliance Officer (CCO). 

The duties and responsibilities of a chief compliance officer can vary depending on their industry. For example, corporate compliance will be very different from regulatory compliance in a federal department. 

In this article, we’ll take a closer look into the roles, duties, and abilities of a chief compliance officer. 

What Does a Chief Compliance Officer Do – Typical Roles in Organizations 

The chief compliance officer of an organization or governmental agency primarily oversees, manages, and ensures the regulatory compliance within that organization. 

Typically, the CCO reports to the Chief Executive Officer (CEO). However, in some cases, the CCO also reports to the Chief Financial Officer (CFO) and the Chief Information Officer (CIO). In any case, the chief compliance officer is an executive-level position and requires the person to work with fellow executives. 

Therefore, the chief compliance officer also needs to understand business administration along with compliance management. 

The state of compliance of any organization determines its relation to the market and the United States government. Therefore, it’s crucial to ensure that all compliance requirements are fulfilled. However, some chief compliance officers also develop positive relationships with regulators to ensure better compliance. 

There are different regulatory bodies for each aspect of an organization. The compliance manager and senior management are responsible for keeping track of each kind of compliance. The chief compliance officer has to ensure that compliance management is taking every regulatory requirement into account. 

The chief compliance officer position can be tricky at times due to conflicts of interest. That usually occurs when you have to ensure compliance standards are met, but that would mean disaster for the organization. At that point, either the chief compliance officer can let go of compliance activities to avoid organizational loss or purposely damage the company by enforcing compliance policies. 

However, most companies are required by law to have their chief compliance officer sign an official document that says they’ll enforce the law first. In any case, the chief compliance officer also has to relay such compliance risks beforehand so every stakeholder involved can work on a solution. 

Therefore, chief compliance officers need excellent analytical skills to work out potential issues. 

What Does a Chief Compliance Officer Do – Duties and Tasks 

All chief compliance officers tend to work in slightly different capacities in organizations. Primarily, the industry matters a lot. For example, a chief compliance officer for a financial services company would have to understand various financial regulations, laws, and conduct internal audits, as per the law. 

Therefore, each industry has its compliance functions and regulations; thus, making each CCO’s job slightly different. 

In any case, the following duties, tasks, and responsibilities are what the typical chief compliance officer has to manage: 

  • Report directly to the CEO, CFO, and CIO relaying all compliance-related news and updates. 
  • Develop an annual compliance work plan that reflects the organization’s approach and characteristics. 
  • Define a certain level of knowledge and understanding of current and upcoming regulatory compliance standards across the company. This is to ensure all relevant stakeholders understand regulatory requirements and why the company is implementing them. 
  • If required, revise the company compliance plan due to changes in organizational direction, change in regulations, or other matters. 
  • Oversee, monitor, and manage the implementation of the company-wide compliance program
  • Read and analyze compliance reviews to better understand where the organization is lacking in terms of regulatory compliance. 
  • Guide, oversee, and manage the compliance teams and management to ensure they’re productive and effective. 
  • Provide guidance, training, and advice to various departments, including the financial, marketing, human resources, and other departments, to improve their understanding of the laws, rules, and regulations. 
  • Work with the general counsel to ensure all laws are taken into account. 
  • Develop risk assessments along with the risk officer to evaluate potential compliance issues. Take an active part in the risk management of such issues to ensure there are no ongoing issues. 

The duties, tasks, and responsibilities listed above can be expected from every chief compliance officer. However, each organization will have specific tasks. 

What Does a Chief Compliance Officer Do – Skills and Abilities 

A chief compliance officer can have different tasks and duties, but the skills, abilities, and qualifications required remain the same. However, different industries will expect the CCO to have knowledge of regulations pertaining to that specific industry. 

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

  • A bachelor’s degree is required in a law-related field. A Juris Doctor degree is preferred but not necessarily required in most cases. 
  • At least seven to ten years of experience is needed in an organizational setting. Most companies prefer prior experience to be in the same industry to ensure that the CCO understands all the regulatory requirements from the start. 
  • Excellent knowledge of various federal and state regulations is required, with respect to the industry. For example, understanding the GDPR Data Privacy Regulations is usually expected from most CCOs. 
  • Ability to manage various computer-related tasks is necessary. The CCO should have strong computer skills and should be familiar with various Microsoft Office products, such as Word, Excel, Outlook, PowerPoint, and SharePoint. 
  • A good understanding of various organizational compliance standards is also needed. For example, the CCO should understand the state healthcare regulations, 401k requirements, and more. 
  • Superior research and analytical skills are needed to ensure you are up to date with the latest laws, rules, and regulations. 
  • Strong management and functional skills are needed to manage the compliance management team. 
  • The CCO should have a proactive approach to identifying risks and have problem-solving skills to develop creative solutions. 
  • Excellent communication skills are required to work with executives, senior management, and various stakeholders. 
  • Outstanding interpersonal skills are needed to develop good relations with regulatory bodies. 

The skills, qualifications, and abilities listed above are what the average chief compliance officer should have, but they may vary in different organizations. 

How to Become a Chief Compliance Officer 

According to Glassdoor, the average chief compliance officer salaries in the United States can be rounded up to $149,943. The typical range for the average salary is between $83,000 and $218,000, with the higher end being offered in cities, such as New York and Washington, DC.

The chief compliance officer salary tends to vary in different industries and organizations. For example, a CCO in the financial industry is bound to earn more because of all the additional regulations and compliance standards they have to take into account. Alternatively, a CCO in retail wouldn’t have to worry that much, thus earning slightly less. 

All chief compliance officer jobs are considered to be at the executive level. Therefore, it can take years to become a chief compliance officer. Typically, you start in the legal department as a risk officer, compliance officer, or attorney. You then work your way up to senior management, and then towards the chief compliance officer position. 

Some companies tend to hire outside counsel for compliance matters. As a result, some companies have contractual chief compliance officers. However, they only hire CCOs who have had years of experience in the same industry and in the same type of organization. However, most companies hire full-time CCOs to avoid over-the-top conflicts of interest. 

It’s advisable to brush up on industry-specific laws, rules, and regulations before applying for any chief compliance officer job. Furthermore, a working relationship with regulators, regulatory bodies, and the State Bar Association also helps. 

In any case, you should portray yourself as a by-the-book compliance officer that can help companies be more compliant without many issues. 

Becoming a Great Chief Compliance Officer 

Becoming a great chief compliance officer is about getting as much experience as you can in your industry. The more experience you have, the more you’ll understand the laws, rules, and regulations of that industry. Furthermore, you’ll develop a knack for developing great compliance policies and programs. 

More importantly, you’ll develop working relationships with the regulators, regulatory bodies, and other stakeholders. 

It’s always advisable to take the opinion of other compliance officers, attorneys, and the general counsel before recommending actions or developing compliance programs. 

Most importantly, it’s crucial to avoid any conflicts of interest and work in the interest of the law and the organization simultaneously.