GUIDE 2022

What Does a Compliance Specialist Do?

Every big organization has its management, staff, and regulatory bodies to ensure that responsibilities are met, and regulations are followed. These bodies involved in the adherence of regulations could either be internal or external, i.e., in or out of the company. Whatever it is, there is always someone who spearheads that role, and such a person is called a Compliance Specialist. 

For new organizations that are yet to understand how this works, below is a comprehensive description of the roles of a Compliance specialist. If you are also looking to make a career out of this job, there are other information to enlighten you. Here it goes: 

Who is a Compliance Specialist? 

In a world where regulations are sometimes hard to follow, there is a need for a specialized, skilled, individual to ensure that they are. This individual is called a Compliance Specialist. He or she is charged with the responsibility of making sure crucial regulations and standards are followed in various sectors or industries, such as, healthcare, banking, business, pharmaceuticals, etc. 

As expected, the roles vary depending on the industry. They are full-time employees only involved in regulatory affairs. Sometimes, they take up the role of consultants in some organizations. Indeed, they are consequential to many large organizations. 

Compliance Officer Roles and Responsibilities

Compliance Specialist, often referred to as a Compliance Officer has important responsibilities to ensure that an organization is working at full-scale without ignoring laid-out standards and policies governing operation. These responsibilities and duties include the following: 

  • Scheduling and Conducting interviews for the executives and the general staff to determine compliance level
  • Creating and coordinating compliance regulation strategies and procedures 
  • Making provisions for compliance internal audits and reports of financial services
  • Staying abreast of regulatory changes and ensuring compliance to the new standards 
  • Ensuring licensing and regulatory requirements set out by federal law, or state and company standards, are up-to-date
  • Resolving compliance issues 
  • Setting up a team to ensure the environmental compliance of a company

How to Become a Regulatory Compliance Specialist? 

The job title is quite fancy, but it takes a lot to become a regulatory compliance specialist. There are needed skills and education. If you have everything it takes, you won’t even find it difficult becoming an entry level specialist. 

Compliance Specialist Skills and Qualifications

The more the skills you have, the easier it is to work for regulatory agencies. Below is a list of useful skills to help perform the duties in this job. 

  • Great interpersonal and communication skills
  • 5 years work experience in compliance and human resource management
  • Years of Experience in internal auditing 
  • Analytical thinking and investigative skills 
  • Strong knowledge in regulation and federal laws 
  • Sound computer and office skills 

Education

Having an education alongside the skills above is a huge plus. It is always an advantage because most organizations are looking to hire educated and sound individuals in different areas that involves regulatory compliance. 

If you have a bachelor’s degree or master’s degree, getting a job as a regulatory compliance specialist shouldn’t be difficult. Other professional certifications in the field are also recognized. 

How Much is a Corporate Compliance Specialist Salary?

The annual salary of a compliance manager varies from one organization to another. Likewise, the years of experience, education, and location in the United States are determinants of how much a specialist earns. So, if you are a specialist in San Francisco, you shouldn’t expect the same salary as for another in New York – demand varies in both places. 

With all these factors are put in consideration, the average salary of a specialist should be between $47,500 to $62,000. The Bureau of Labor Statistics, however, concluded that the national average salary is $72,850. 

If you belong to a bigger organization, there is a good chance you’ll earn higher based on your skills and qualifications. 

What is a Compliance Officer Job Description?

Before applying for the role of a compliance officer or manager at an organization, you should read the job description properly to know what they are looking for. As aforementioned, organizations are different from each other, meaning assigned tasks may vary depending on capacity and other factors. 

The Job Description Template

Notwithstanding, companies look for individuals that are ready to strictly govern regulations and policies set for work efficiency and safety. These individuals must be experts in different fields, and must possess certain skills so they could perform their duties and relate well with the management and staff. There is also much emphasis on the hire method – whether on contract or full-time basis. Banking and healthcare industries use contract employment while business organizations do full-time employment.

Is Compliance a Good Career?

A career in Compliance is a lucrative one. However, being a Compliance analyst or manager comes with its benefits and perks – not everyone can become one. 

First, it gives you an opportunity to be in a work environment where you are interested in safety. It becomes your responsibility to look out for everyone by ensuring compliance to regulations, policies, and standards. 

Secondly, it allows you to work with other members – a compliance team to ensure maximum efficiency, and quick resolving of issues. 

Lastly, you get to organize compliance programs in correspondence to company, state, and federal laws, that everyone else will strictly adhere to. 

With this summary of tasks, it is enough for anyone to decide to want to go into regulatory compliance services.

What Do You Do Next?

There are 4 things you need to do if you are ready to break into a compliance career.

Gather Enough Experiences and Qualifications 

There is no compliance-related job role that doesn’t require you possessing the certain experiences, skills, and qualifications. With them, you have an idea of what you are expected to do in that industry or organization. For instance, you need interpersonal skills to build relationships with every worker. For qualifications, human resource management and auditing will help in unimaginable ways. 

Stay Informed and Connected 

While you are honing your skills and gathering years of experience in compliance fields, you should stay informed on the latest information. Along the line, you may discover what next to do or what certifications to get before the end of the year. In the same vein, you could find websites on how to join national organizations, likethe Health Care Compliance Association (HCCA) or the Society of Corporate Compliance and Ethics (SCCE).

Apply to Top Organizations or Industries 

With everything in place, what you need next is a place to maximize the skills and experiences you’ve gathered over the years. Start looking for job openings in organizations or facilities near you ready to hire a regulatory compliance specialist. 

Work with a Reliable Team

Eventually when you are hired, there are certain things expected of you; one of them is working with a compliance team for effectiveness. Reliability should be one key quality of your team, so that issues are resolved and goals are met quickly. 

Are There Compliance Specialist Jobs?

As aforementioned, with the right skills you can get a job right away in compliance. However, you don’t just sit waiting for the job to meet you where you are; you have to do a little bit of work. 

First, you could find job postings near you, and apply. If you live in Fargo, North Dakota, check out postings available and see if you meet the requirements. 

Another method you could try is registering for job alerts for the role of a compliance officer. There are agencies like Assist Living that help connect skilled professionals with organizations who need them. 

The last method involves the use of LinkedIn. There are groups on this platform that post resources and job postings for the role of a Compliance Manager/Specialist when optimized for job search.  The PCI DSS Group is a fantastic group to join as there is room for networking and the sharing of information especially one that involves The Payment Card Industry Data Security Standard and compliance issues.

Final Thoughts

Breaking out into Compliance is one of the sanest decisions anyone can make, as long as the qualifications are met, as described in the job description. Even though everyone cannot become a specialist, having a passion to become one is something incredible. Besides, the salary structure is quite nice if you find an organization to hire you.