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What Is a Compliance Analyst?
A compliance analyst ensures that
companies follow the law and avoid fines. Learn more about compliance analyst jobs, what they do, and how much they earn.
Business leaders may be innovators and
trailblazers, but they still have to follow the law and the rules set forth by the government agencies that regulate their industry. That's where a compliance analyst steps in. These professionals have expert knowledge of regulations, laws, and guidelines that can govern everything from how a company processes transactions to what it has to disclose to clients. If you're a natural rule follower who likes to color between the lines, you may be a good fit for a career as a compliance analyst. Learning more about the type of work they do and how much they can earn may help you prepare for your next steps when you're ready to pursue a career in this field.
What is a compliance analyst? A compliance analyst's primary goal is to ensure a company complies with the industry's laws and regulations. In their work, they may examine practices and policies within the business, identify areas where they are out of compliance, and offer suggestions for how to make necessary modifications. This requires regular review and research into governing authorities' current rules and regulations. What does a compliance analyst do? A compliance analyst's responsibilities vary depending on the industry they work in and the company's design. For example, a compliance analyst working in the health care field may focus on how well the company protects patient privacy. A compliance analyst in the financial services industry may review transactions to ensure employees follow the laws regulating money and securities transfers. They may be asked to do any of the following:
Develop solutions for practices that are
out of compliance.
Monitor departments to ensure
compliance with company policy and industry regulations.
Prepare reports for management.
Provide updates to team members and management when regulations change.
Review current practices to ensure they
stay within the boundaries of the law.
Review data security.
Train team members to use best
practices that align with regulations.
Importance of compliance professionals Compliance professionals provide a valuable service to companies by helping them avoid costly fees and legal problems. Regulatory agencies may levy fees and other penalties for violations. Depending on the nature of the violation, the business may need to pay back taxes and interest or face an audit of the company's resources. Sometimes a violation leads to the business owner accepting personal responsibility or being forced to close the business. A violation also can affect the company's reputation and damage the trust of its customers and vendors.
List of skills : • Attention to details • Auditing • Communication • Critical thinking • Data visualization • Diplomacy • Presentation • Problem-solving • Research • Time management
Include Interviewing Selected HR Employees and Other Department Managers To Learn Whether Certain Policies and Procedures Are Understood, Practiced and Accepted
Include Interviewing Selected HR Employees and Other Department Managers To Learn Whether Certain Policies and Procedures Are Understood, Practiced and Accepted
