The regulatory requirements of the business world have been increasing, especially since the last two decades. That’s more true for heavily-regulated industries, such as the financial services and healthcare industry. That has led to companies hiring various compliance experts like the senior compliance analyst.
The senior compliance analyst has to work with compliance officers and the legal department to ensure there’s minimal risk of lawsuits, fines, or other issues. Their role involves a lot of research, monitoring, and analysis.
In this article, we’ll take a closer look into the roles, job duties, job responsibilities, and abilities of a senior compliance analyst.
What Does a Senior Compliance Analyst Do – Typical Roles in Organizations
The senior compliance analyst position is the next in line after the compliance analyst position. Senior compliance analysts have to maintain legal and regulatory compliance through proper research and analysis. They have to ensure regulatory requirements are met and that they have the necessary approvals.
Some organizations tend to mix up different job types within the compliance department. For example, some organizations consider senior compliance analysts and senior compliance officers to be indifferent. Many job postings often use both the job titles when posting new jobs. The job alerts mostly depend on the company size and how the human resources department works there.
However, in larger organizations, the roles are more distributed. That is why you’ll find compliance analysts, senior compliance analysts, compliance officers, compliance specialists, compliance managers, and more. In heavily-regulated industries, you might find specific roles like the senior financial analyst, data analyst, or risk analyst.
In the United States, most organizations differentiate between different compliance roles due to increased regulation. As a result, there has been an increase in senior compliance analyst jobs and an even bigger difference in the senior compliance analyst salaries. You’ll find that most organizations tend to have different job descriptions now.
Smaller organizations still focus on having a single compliance specialist rather than a complete department. In some cases, they outsource compliance services from various subject matter experts.
In any case, senior compliance analysts tend to work with compliance officers and legal counsel. They offer support to compliance analysts, research compliance risks, and help develop new and improved compliance programs.
The compliance head usually enlists the help of the senior compliance analyst during internal audits, surveys, and more. That’s because the senior compliance analyst is expected to be updated on all recent regulatory compliance requirements.
What Does a Senior Compliance Analyst Do – Duties and Tasks
Each senior compliance analyst will have slightly different duties, tasks, and responsibilities. The change usually occurs due to different industries, company types, and organizational structures. Therefore, you might find that some senior compliance analysts have to take on the duties of compliance officers, too, in some cases. However, there is a clear set of responsibilities and duties that every senior compliance analyst has to perform.
In any case, the following duties, tasks, and responsibilities are what the typical compliance analyst has to manage.
- Report to the compliance lead, compliance manager, compliance lead, corporate compliance officer, or chief compliance officer with the necessary research, analysis, and advice.
- Research various laws, rules, and regulations by viewing the latest regulation news, federal updates, and more. Be up to date with the regulatory issues of major companies like the recent Citi regulatory issues.
- Keep all the departments up to date on the latest regulatory requirements documentation processes, and regulatory filing information. That includes legal, human resources, finance, accounting, IT, and other departments. You may have to write and communicate the guidelines to effectively relay the information.
- Obtain all the approvals from upper and compliance management by revising relevant rates, forms, and other documentation.
- Compile information on various compliance issues and update the necessary information.
- Maintain a working knowledge of the essential regulations, laws, and rules, such as the GDPR Data Privacy Regulations, the Anti-Money Laundering (AML) law, HIPAA, and more.
- Understand various employee compliance issues relating to things like sexual orientation, gender identity, personal information security, and more.
- Maintain a working relationship with regulatory agencies, regulatory bodies, and various regulators by developing better contracts and timely resolving concerns.
The responsibilities, tasks, and duties listed above are what the average senior compliance analyst should be able to do.
What Does a Senior Compliance Analyst Do – Skills and Abilities
Senior compliance analysts may have varying duties and responsibilities, but the skills, qualifications, and abilities required tend to remain the same. The primary difference in qualifications and skills comes in different industries as the senior compliance analyst would be expected to have industry-specific certifications.
On average, the senior compliance analyst is expected to have the following qualifications, skills, and abilities.
- A bachelor’s degree in business, accounting, or any related field that’s relevant in the industry. A master’s degree is preferred but not necessary.
- At least five to seven years of experience in compliance analysis, compliance auditing, or as a compliance analyst/officer is needed. Related experience in different companies and industries is also preferred.
- Getting a veteran status in compliance fields is preferred, such as in auditing, regulatory compliance, or any other field.
- Should be able to work with different computers and have a working knowledge of Microsoft products, including Excel, Word, PowerPoint, Outlook, and SharePoint.
- Have work experience in risk management, risk assessments, and with various business units. You should be able to develop and take corrective actions in the case of compliance issues,
- Excellent research and analysis skills are required to find and examine relevant regulations, laws, and rules.
- Problem-solving and critical thinking skills are needed to identify compliance issues, risks, and problems and develop solutions around them.
- Good communication skills are required to work with other compliance professionals, departments, and stakeholders.
- Interpersonal skills are needed to develop good relations with all relevant stakeholders.
- It’s imperative to have the technical proficiency, verbal, and written skills to relay information effectively.
- It’s crucial to be detail-orientated to meet deadlines and achieve compliance standards.
The qualifications, abilities, and skills listed above are what every senior compliance analyst should have. However, it’s best to get some industry-specific certifications and qualifications too.
How to Become a Senior Compliance Analyst
Since the senior compliance analyst and senior compliance officer jobs tend to overlap, their salaries overlap too. However, you can still find the average salary of a senior compliance analyst in various industries.
According to Glassdoor, the average salary for a full-time senior compliance analyst in the United States can be rounded up to $67,973. Furthermore, the average salary range is between $48,000 and $96,000, with the upper end being offered in cities like New York, Ashburn, and Washington, DC.
The senior compliance analyst salaries mostly depend on the industry and organization. Heavily-regulated industries tend to pay more because they require more work experience, knowledge, and better qualifications. Other companies may consider the job as an entry-level job compared to other compliance professionals. Smaller companies may pay less but have more responsibilities. In any case, the overall salary and compensation package depends on the industry, organization, and overall job duties.
The senior compliance analyst job is a mid-level job in most organizations. You need appropriate experience in different compliance fields, and prior experience as a compliance analyst certainly helps. It’s also advisable to have experience in auditing, accounting, and legal fields.
Other than that, you should have extremely strong research and analysis skills. It’s crucial because you need to find and extract relevant information on new and existing laws and regulations according to the organization’s needs. That requires massive amounts of reading, skimming, and going over various sources of information.
It’s best to keep good relationships with fellow compliance professionals, regulators, regulatory bodies, and regulatory agencies.
In any case, having a clear career path will lead you to become a senior compliance analyst.
Becoming a Great Senior Compliance Analyst
Becoming a great senior compliance analyst is about getting relevant work experience in your industry. It’s advisable to choose one industry and stick with it, especially if you need to get industry-specific certifications.
You should sign up with various compliance newsletters and publications to get the latest updates on all compliance-related news. It’s also best to get some experience in auditing, accounting, and legal work to have a better understanding of compliance management.
More importantly, it’s important to keep good relations with other compliance professionals and assist them in their duties at times.
Most importantly, avoid all conflicts of interest and work in the interest of both the law and the company.