Career Definition of Regulatory Compliance Analysts
Regulatory compliance analysts specialize in overseeing an organization's activities to ensure they are in compliance with regulatory or ethical standards. They are needed in a variety of organizations, including gaming equipment companies and engineering companies. Regulatory compliance analysts usually work full-time in an office environment.
Specific job duties for regulatory compliance analysts vary depending on the industry. General job responsibilities may include retaining documentation of investigations or complaints received, submitting appropriate paperwork to regulatory organizations, and overseeing the investigation into internal compliance issues. Regulatory compliance analysts may provide employee training on compliance policies. They may also serve as liaison between employees and organizational management for confidential compliance reporting.
Regulatory compliance analysts can evaluate and execute strategies to reduce product or operational risks. They can also serve as an organizational representative during audits by an external agent. Regulatory compliance analysts may assess and approve compliance project, as well as overseeing product approval procedures to guarantee they meet project timelines.
These analysts could manage the compliance portion of field trials, which includes directing status meetings and interfacing with regulators. They could also collaborate with quality personnel on product implementation plans, which include priorities and processes designed to minimize product compliance risk. Regulatory compliance analysts can provide guidance on understanding regulatory standards.
|Educational Requirements||Bachelor's degree|
|Job Skills||Excellent attention to detail, strong communication skills, effective organizational abilities, and strong analytical skills|
|Median Salary (2017)*||$61,138|
|Job Outlook (2016-2026)**||8% (Compliance Officers)|
Sources: *PayScale, **U.S. Bureau of Labor Statistics
Individuals will need a bachelor's degree to work as a regulatory compliance analyst. A strong background in cross functional teamwork could be beneficial. Interested individuals can seek membership in a professional organization like the Regulatory Compliance Association. The non-profit organization provides members with continuing education and create and implement certifications for regulatory organizations.
Excellent attention to detail is an essential asset for regulatory compliance analysts, as they are responsible for ensuring all aspects of an organization's operation are legal and ethical. Regulatory compliance analysts should have strong communication skills in order to educate personnel on compliance best practices. They should also have effective organizational abilities to effectively manage their time and work activities. Regulatory compliance analysts will need strong analytical skills in order to evaluate potential risks and ways organizations can minimize them.
Career Outlook and Salary
The U.S. Bureau of Labor Statistics (BLS) does not collect statistics on regulatory compliance analysts; however, they reported an 8% growth for compliance officers during 2016-2026. This job growth is as fast as the average for all occupations. In November 2017, PayScale reported a median annual salary of $61,138 for regulatory compliance analysts.
Individuals considering a career as a regulatory compliance analyst might also be interested in one of the related careers profiled below. They offer candidates the opportunity to utilize their skills in other compliance-oriented positions.