What to Expect on a Compliance Analyst Job Description
Behind every well-oiled and effective compliance program is an exemplary compliance analyst. (Probably more than one.) Compliance analysts safeguard organizations against lawsuits, steep fines, and PR nightmares by ensuring they comply with all internal and external regulations. Roles for compliance analysts exists at the entry, mid, and senior levels, depending on the scope of the role and responsibilities. But whatever the level, compliance analysts must perform well under pressure, solve complex problems and communicate results accurately and clearly.
Compliance analysts are in demand in industries such as finance, technology, information security, insurance, transportation, human resources, healthcare, and many more. While every compliance analyst job description will vary based on the specific industry, role, and organization, most will share common ground across key competencies, job responsibilities, and preferred education.
Key Competencies, Skills, and Traits of a Compliance Analyst
An effective compliance analyst will possess the following:1
- Superb analytical and research skills
- Ability to comprehend complex data sets
- Excellent interpersonal, written, and oral communication skills
- Ability to execute multiple tasks in a fast-paced environment
- Critical-thinking and problem-solving skills
- Ability to perform under pressure
- Adaptability and flexibility
- Attention to detail
Job Responsibilities and Duties of a Compliance Analyst
The answer to the question “What does a compliance analyst do?” will vary based on the industry and role, but your responsibilities and duties may include:
- Ongoing auditing and reporting on the organization’s compliance
- Proactively researching to stay up to date with regulations and rules
- Implementing and documenting all policies and procedures
- Identifying, analyzing, and resolving compliance issues
- Communicating regulations to internal and external parties
- Communicating across stakeholders/departments to ensure alignment of goals
- Serving as a subject-matter expert on all compliance-related matters
- Developing and maintaining relationships with appropriate parties
- Developing procedures and workflows to meet compliance documentation standards
- Creating and executing any employee training documents or sessions
Preferred Education and Experience of a Compliance Analyst
Companies generally require a minimum of a bachelor’s degree to serve as a compliance analyst. Common majors/areas of study include accounting, finance, economics, or law, but this will vary depending on the role.
Some junior-level compliance roles may accept applicants with little experience, but typically, companies require at least one year of compliance-related experience, with that number jumping to five or more years for more senior roles.
If you want your resume to rise to the top, you may want to pursue industry-recognized certifications or a master’s degree, such as the one-year Online Master of Legal Studies (MLS) in Corporate Compliance from Santa Clara University School of Law.
Compliance Analyst Salary Information
So, how much does a compliance analyst make? Again, the answer varies based on the role, industry, and years of experience. Robert Half reports the following annual 50th percentile compliance analyst salaries in the U.S. in 2019 across a few industries:
Compliance Within Corporate Accounting2
- $77,000: compliance analyst salary
- $87,250: senior compliance analyst salary
Risk and Compliance Within Financial Services2
- $82,250: compliance analyst salary
Compliance Administration Within the Legal Field3
- $75,000: compliance analyst salary (4-6 years of experience)
- $71,750: compliance analyst salary (1-3 years of experience)
The average salary in your location may be higher or lower than those listed above. Below are market variances for a handful of U.S. cities:2
- Austin +9%
- Denver +9%
- Los Angeles +32%
- Minneapolis +7%
- Oakland +32%
- San Diego +27%
- San Francisco +41%
- San Jose +38.5%
- Seattle +25%
- Washington, D.C. +33%
The average salary for a senior compliance analyst in Los Angeles is actually $115,170, for instance, and it is an even more impressive $123,022 for one in the San Francisco market.
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1 Retrieved on June 19, 2019, from moneygramjobs.com/7-must-have-qualities-of-good-compliance-analyst
2 Retrieved on June 19, 2019, from roberthalf.com/sites/default/files/documents_not_indexed/2019_Salary_Guide_Financial_US_0.pdf
3 Retrieved on June 19, 2019, from roberthalf.com/sites/default/files/documents_not_indexed/2019_Salary_Guide_Legal_NA_5.pdf