Compliance analyst entry level jobs – The Compliance Department works to establish a sound Compliance Program for the organization, which ensures compliance with laws, rules, and regulations.
The Compliance Department can expose candidates to various topics and develop foundational knowledge and skills related to Anti-Money Laundering, Global Sanctions, Employee Trade Monitoring, policies and procedures, assessing compliance risks, and monitoring and testing compliance with regulatory requirements. Compliance risk assessments and testing are implemented and executed by the Compliance Analyst to ensure DTCC’s entities comply with regulatory requirements.
Business leaders must follow the laws and regulations laid out by government agencies that regulate their industry, even if they are innovators and trailblazers. Compliance analysts play a key role in this process. A company’s transactions can be governed by regulations, laws, and guidelines that these professionals understand well.
Also, See: What is eb 2 business plan samples?
What is a compliance analyst?
A compliance analyst is responsible for ensuring that a company adheres to the laws and regulations of the industry. The role of these professionals includes:
- Examining business practices and policies.
- Identifying areas of noncompliance.
- Suggesting ways to improve them.
To accomplish this, it is necessary to regularly review and research the current rules and regulations of governing authorities.
Where do compliance analysts work?
The US Bureau of Labor Statistics indicates that government agencies, insurance companies, pharmaceutical manufacturers, and natural gas distributors employ the most compliance analysts. The compliance profession can be found almost anywhere and in all companies. A wide range of careers is available to them, including construction, finance, health care, human resources, information security, and technology.
Is Compliance Analyst good Career path?
A career as a compliance analyst might be a good fit for you if you like to follow the rules and stay within the lines. It may be helpful for you to gain a better understanding of the types of work they do and how much they can earn when you decide to pursue a career in this field.
Also, Read: What do basic industries jobs pay?
What does a compliance analyst do?
It varies from industry to industry and company to company what a compliance analyst is responsible for. For example, compliance analysts in the healthcare field may be concerned with ensuring that patient privacy is protected. A compliance analyst in the financial services industry is responsible for ensuring employees comply with the laws governing money and securities transfers. One or more of the following may be required of them:
- Identify and develop solutions for non-compliant practices.
- Ensure that company policies and industry regulations are being followed by departments.
- Prepare management reports.
- Update team members and management when regulations change.
- Make sure current practices comply with the law.
- Review the security of your data.
- Develop best practices that align with regulations for team members.
What skills required for compliance analyst careers?
Compliance analysts must have technical and human skills, including communicating clearly and conducting research. Your industry will determine what technical skills you need, such as software proficiency.
The following list of skills includes some of the ones you may often use in your job:
- Focus on details
- Performing audits
- Effective communication
- Ability to think critically
- Visualization of data
- International diplomacy
- The presentation
- Solving problems
- Conducting research
- Effective time management
Read More: How to find entry level work from home jobs
How to become a compliance analyst
A bachelor’s degree is the minimum educational requirement for becoming a compliance analyst. Compliance analysis is, however, rarely offered as a major in colleges and universities. Instead of earning a degree in compliance, most compliance analysts earn a degree in a related field. Consider your career goals before selecting a major, which will help you make the right decision.
For example, a health care administrator or nurse could major in health care administration or nursing if you want to become a compliance analyst. Computer science degrees are ideal for working in the technology industry. If you plan to work in financial services, you may major in accounting or finance.
It would help if you also had industry experience and a degree. You can start working in an entry-level position as you earn your degree. By doing so, you can familiarize yourself with industry regulations and better understand how the company or industry operates. You can identify non-compliant practices by understanding standard operating procedures.
You will continue to receive training as a compliance analyst even after working in the field for several years. If you wish to deepen your knowledge, you can pursue industry certificates or licenses or return to school to obtain a master’s degree. Attending professional learning events and classes will help you stay on top of regulations.
You May Also Like: How Many Jobs Are Available In Major Banks?
Compliance analyst entry-level jobs
Compliance analysts tend to have industry-specific roles so that they can take many paths in their careers. Compliance analysts may also have different education requirements. The construction industry may value hands-on experience more than formal education. A master’s degree may be required, however, for financial auditors.
It might be helpful to start your career working in an industry to learn how it operates. In some cases, you can shadow compliance professionals and managers. Roles and titles that may be included in the career path include:
Chief compliance officer
The chief compliance officer reports directly to the chief executive officer as the company’s top compliance analyst.
Average annual salary – $164,446
Senior compliance officer
Senior compliance officers have more experience and are more likely to be certified than compliance officers.
Average Annual Salary – $91,453
Compliance manager
An effective compliance manager implements and monitors employees’ compliance with company policies and industry standards.
Average Annual Salary – $83,249
Compliance officer
A compliance officer has a variety of tasks to perform, from creating policies and monitoring them to enforcing them.
Average Annual Salary – $70,935
Also, Read: How many jobs are available in the finance consumer services?
Compliance Specialist
Compliant specialists may specialize in a specific area, such as auditing or patient records, rather than entry-level compliance positions.
Average Annual Salary – $53,735
Alternative jobs for compliance analysts
Compliance analysts can hold several job titles, including examiners, auditors, managers, and screeners. There are a variety of compliance analyst job titles, but some examples include the following:
- Ethics officer: $144,136
- Director of corporate compliance: $111,249
- Information technology security specialist: $86,250
- Financial compliance officer: $66,677
- Building inspector: $56,491
- Food safety auditor: $55,263
- Fraud investigator: $54,388
- Occupational health and safety technician: $44,233
FAQs
What does a compliance analyst do?
The compliance analyst ensures the organization’s operations and procedures meet government and industry compliance standards. The job entails gathering regulations and policies, communicating requirements, and obtaining compliance certification for the organization.
Is it stressful to work as a compliance analyst?
There is often a high degree of stress experienced by compliance officers. Compliance and ethics violations, preventing and remediating them, are just a few of the problems organizations face.
What qualifications are required for a compliance analyst?
Working knowledge of compliance management software. Capable of formulating compliance policies, procedures, and related documentation at an exceptional level. Ability to analyze complex problems. Ability to conduct effective research and network professionally.
Is a career in compliance in demand?
As the Bureau of Labor Statistics predicted, financial examiner employment will grow 18% by 2030, much faster than the national average.
Conclusion
The job of compliance analysts isn’t just about checking boxes in a regulatory database. A successful organization relies on its assessments. According to Yahoo’s fine, they failed to promptly disclose a massive security breach, resulting in a $35 million fine. They would have saved millions of dollars by having an influential compliance analyst who ensured timely breach disclosure.
