Compliance Specialist Job Description

A compliance specialist is a mid-level analyst responsible for monitoring and providing business support on a variety of complex regulatory and legal procedures. Compliance specialists bring their breadth of financial and regulatory experience to a variety of businesses such as insurance and financial services and report to a senior compliance officer or business manager. Additionally, a compliance specialist also assists in reviewing marketing materials as they relate to the industry or products they offer counsel on.

Job Responsibilities

The primary job responsibilities of a compliance specialist are to provide strategic advice and recommendation to the professionals they support with regards to the business' policies, rules and regulations. A compliance specialist also ensures that those policies and procedures are continuously monitored and evaluated---specifically activities associated with marketing and execution of processes as they relate to the products he or she monitors. The compliance specialist will also oversee junior and entry-level professionals within the department and develop comprehensive training plans while overseeing periodic compliance training and education for future personnel.

Job Opportunities

Candidates seeking employment as a compliance specialist should look online at the various popular job banks or visit a company's website directly, especially if it is one you are familiar with or have always had a desire to work at. With the increasing requirements for banking regulation, job opportunities are on the rise in this particular area of compliance particularly at the mid-level range. Legal and regulatory teams within various corporations are beefing up their teams to increase control and accuracy in reporting.

Qualitative Requirements

The qualified candidate should have a working knowledge of basic regulatory frameworks, general regulatory and internal control requirements as well as industry knowledge in all aspects of compliance. He or she should be a strong leader and motivator as well as has having sound judgment, impeccable integrity and be highly organized and focused on delivering results. Experience in analysis and reporting is critical as is having a deep working knowledge of various financial products and services. Advanced skills in word processing and spreadsheet applications will be helpful.

Educational Requirements

A compliance specialist must have an undergraduate degree in business or a related field and have several years of experience in compliance either within the company he or she is employed at or in another business or industry.

Average Compensation

According to Salary.com the average compliance specialist working in the United States receives an annual salary of approximately $58,103.

References

• Salary.com
• Bankcompliance.com
• Financial Industry Regulatory Authority