What Is a Compliance Analyst? Job Role, Skills, and Salaries

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 industries. That’s where a compliance analyst comes in. These professionals ensure that a business and its employees adhere to these regulations. Compliance analyst professionals have expert knowledge of regulations, laws, and guidelines, and they make sure the company follows these rules whilst also training staff, preparing reports, and investigating potential compliance risks.

If you're a natural rule follower who likes to colour between the lines, you may be a good fit for a career as a compliance analyst. Discover more about the type of work a compliance analyst does and how much you can earn in this position whilst learning about what you need to do to work 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 your work, you might 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 and the company's design. For example, a compliance analyst working in the healthcare 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. In general, you can anticipate various duties, including the following:

• Develop solutions for practices that are out of compliance

• Monitor departments to ensure compliance with company policy and industry regulations

• Prepare reports and suggestions for management

• Review current practices to ensure they stay within the boundaries of the law

• Train staff regarding compliance regulations and procedures

• Work with team members to use best practices that align with regulations

Where do compliance analysts work?

As a compliance analyst, you may work alone or as part of a wider team, depending on the size of the organisation employing you. You’ll find compliance professionals in many different industries. They work in environmental sectors, finance, healthcare, employment, government departments, and more.

Importance of compliance professionals

As a compliance professional, you provide a valuable service to companies by helping them avoid costly fees whilst increasing efficiency. 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 between itself and its customers as well as vendors.

How to become a compliance analyst

You need at least a bachelor's degree in courses like business administration, law, or something similar to become a compliance analyst. Furthermore, depending on the industry in which you plan to work, you want to specialise in subjects such as finance, healthcare insurance, marketing, or auditing. This is why you should spend some time thinking about your career goals before you select a major.

For example, if you want to work as a compliance analyst in the healthcare industry, you may choose a degree in hospital administration, public policy, or health management. If your plans involve working in a government department, you may opt for a degree in international relations or politics. Similarly, you may choose a degree in finance, statistics and maths, or economics if you want to work in financial services.

Your training as a compliance analyst will likely continue even after you've worked in the field for years. You may pursue industry certificates or certifications to increase your hireability, deepen your knowledge, or assist with acquiring a senior position. Take a look at a few of the credentials that can help your career in the compliance industry:

• Certified Anti-Money Laundering Manager (CALM)

• Certificate in Trade Finance Compliance (CTFC)

• Certified Compliance and Ethics Professional (CCEP)

• Certified Information Privacy Professional (CIPP)

What skills do you need for compliance analyst careers?

Compliance analysts need technical and workplace skills, including communication skills and the ability to conduct research. The specific technical skills, such as software proficiency, you need to develop will depend on your industry.

However, the following list of skills encompasses some of the ones you may frequently use in your work:

Technical skills:

• Auditing

• Risk management

• Analytical abilities

Workplace skills:

• Time management

• Problem-solving

• Teamwork

Job outlook and career prospects for compliance analysts

Demand for compliance professionals, especially at a senior level, is growing, following increasing regulations in key industries, particularly in the fintech and finance industries, to protect the public from fraud. As long as companies must follow regulations, they will likely rely on compliance analysts to ensure they do what the law requires.

Alternative job titles for compliance analysts (with salaries)

You may see various job titles related to this position, including terms like management analyst, regulatory compliance officer, corporate compliance officer, and healthcare compliance officer. Job titles can vary, but you may see jobs in the field of compliance listed as follows: 

• Building inspector: ₹5,53,405 [1]

• Lead compliance analyst: ₹9,80,636 [2]

• Security compliance analyst: ₹11,80,000 [3]

• Fraud investigator: ₹4,50,000 [4]

• Technology security specialist: ₹18,00,000 [5] 

• Legal and compliance manager: ₹10,00,000 [6]

Career path in compliance analysis (with salaries)

Your career path as a compliance analyst can follow many directions because the roles tend to be industry-specific. The education requirements for compliance analysts may also differ depending on the role and industry you work in. 

You may start your career working in a specific industry to learn how it operates, and in some cases, you may be able to shadow managers and compliance professionals to learn what they do. The career path may include the following roles, titles, and salaries:

Compliance specialist

Average annual salary: ₹7,00,000 [7]

Requirements: Bachelor’s degree in law, finance, business administration, or related field

As a compliance specialist, you may work in a specific area, like auditing or patient records.

Compliance officer

Average annual salary: ₹6,50,000 [8]

Requirements: Bachelor’s degree related to your industry. For example, a course in science, engineering, finance, or economics.

Compliance officers can take on various responsibilities, from creating company compliance policies to monitoring and enforcing them.

Chief compliance officer

Average annual salary: ₹12,00,000 [9] 

Requirements: Bachelor’s degree related to your industry. For example, a course in science, engineering, finance, or economics.

You are the company's top compliance analyst and are in charge of the compliance department. You implement mandated compliances whilst also reducing risks for the business. Typically, you report to senior management, the board of directors, or the Audit Committee of the Board (ACB).

Discover more about compliance analyst roles on Coursera

Compliance is an essential part of a business, with many rules, laws, and regulations to follow. If you want to progress your career and work as a compliance analyst, you might consider boosting your resume with online learning. For example, The Regulatory Compliance Specialisation from the University of Pennsylvania on Coursera can offer an excellent place to start.