A compliance analyst must also possess much the same skill set as would a project manager; strong decision making skills, the ability to analyze and draw conclusions from complex sets of data and to turn these analyses into suggested courses of action for their employer company to follow. Managerial experience is a big plus for these positions, as is a strong set of interpersonal communication skills and the ability to train others in standard practices and procedures.
All well and good, but what exactly do compliance analysts do? That all depends on the industry they work in – a few examples of the duties typically performed by a compliance analyst follow. The common thread to all compliance analyst jobs is making sure that the operations of the company which employ them comply with applicable state and federal laws which govern their particular industry.
A compliance analyst working in the financial services industry will generally work closely alongside the legal department (one of the most important departments for a compliance office to acquaint themselves with the operations of). They will also work with the marketing departments as well as senior management and operational personnel to make sure that all of their advertising and other communications regarding products and services is in full compliance with all applicable laws and regulatory requirements. They will also make sure that record keeping meets the requirements of local, state, and federal law.
A compliance analyst who works with a pharmacy has the responsibilities of monitoring procedures and ensuring that the claims process is performed in a manner which complies with applicable laws and regulations as well as checking this process or processes for accuracy. Again, ensuring accurate and regulation-compliant record keeping will be a part of their responsibilities.
Whatever industry a compliance analyst chooses to work in, it must be one which they have a strong background in, as stated above. This can be quite complex in some positions, such as in the case of a compliance analyst who is employed in any industry where EPA regulations are a concern – there is a lot to know in their case; and part of the job of a compliance analyst is to stay abreast of all developments in their industry as well as legislation on the local, state, or federal level which is pertinent to their industry. The career of compliance analyst is certainly not one for those who lack a thirst for knowledge.
People who enjoy keeping up with the latest developments in their fields, however could find that a career as a compliance analyst suits them well; and the outlook for job growth in the field is strong, especially in the financial and healthcare sectors. Especially in healthcare, there has been a strong demand for compliance analysts who are well-versed in the issues and complex web of regulations governing the industry; making this a solid career path for those who possess the knowledge and attention to detail necessary to make a successful venture into this arena.
Compensation for compliance analysts varies by industry, with newcomers to these positions averaging a salary in the high 30's. This salary level increases to an average salary in the mid-50's with 5-10 years of experience. Average salaries may be far higher in certain industries; the salary of a compliance analyst is largely dependent on the field they have gone into and their level of knowledge and experience in the industry.
Conclusion
A career as a compliance analyst is challenging but depending on the level of dedication and interest that a person has to their chosen field, can be very rewarding, both financially and in terms of overall job satisfaction. This is not a career ideal for newly minted college graduates, but can be perfect for those who have already gained extensive knowledge and experience in their profession, especially in the laws and regulations which pertain to it who are looking to change their career without leaving their chosen field or specialized area of knowledge to do so.
