Career Development

What Does a Compliance Specialist Do?

Find out what a compliance specialist does, how to get this job, and what it takes to succeed as a compliance specialist.

Compliance specialists are responsible for ensuring that companies and organizations follow the rules and regulations that apply to them. They commonly work in a regulatory or legal department, where they monitor current events and developments in their industry to identify any new laws or policies that might impact their organization’s activities.

Once they identify these changes, compliance specialists work with other departments within their company to ensure that everyone is following the new guidelines. This may include training employees on how to comply with the new regulations, updating internal policies to reflect these changes, etc.

Compliance Specialist Job Duties

Compliance specialists have a wide range of responsibilities, which can include:

  • Monitoring compliance with federal, state, and local laws, regulations, and standards
  • Assisting with the development of policies and procedures designed to improve compliance with laws
  • Providing legal support for litigation cases involving complex legal issues
  • Conducting audits of companies’ practices to ensure compliance with regulations
  • Conducting training workshops for employees on topics such as ethics and workplace harassment prevention
  • Maintaining records of compliance activities in order to make sure that actions are taken when necessary
  • Investigating complaints received from the public regarding possible violations of laws or regulations
  • Preparing reports documenting findings from investigations or audits in order to inform management of potential problems
  • Recommending disciplinary action against employees who violate company policies or laws

Compliance Specialist Salary & Outlook

Compliance specialists’ salaries vary depending on their level of education, years of experience, and the size and industry of the company. They may also earn additional compensation in the form of bonuses.

  • Median Annual Salary: $62,500 ($30.05/hour)
  • Top 10% Annual Salary: $135,000 ($64.9/hour)

The employment of compliance specialists is expected to grow at an average rate over the next decade.

Employment growth will be driven by the need for compliance officers in healthcare and financial services, as well as in other industries that are subject to complex regulations. Compliance officers will be needed to ensure that companies adhere to regulations governing health insurance and banking practices.

Compliance Specialist Job Requirements

A compliance specialist typically needs to have the following qualifications:

Education: A minimum of a bachelor’s degree is often a requirement to become a compliance specialist. Some companies may prefer a master’s degree in business administration or a related field. Relevant coursework includes ethics, business law, accounting, economics, statistics and finance.

Training & Experience: Compliance specialists receive on-the-job training to learn the specific regulations and procedures of their organization. They may receive training in the following areas:

Compliance with federal, state and local regulations Internal auditing Internal control and risk management Internal and external audit Internal and external compliance Internal and external auditing Internal and external compliance Internal and external risk management Internal and external audit Internal and external compliance Internal and external risk management Internal and external audit Internal and external compliance Internal and external risk management Internal and external audit Internal and external compliance Internal and external risk management Internal and external audit Internal and external compliance Internal and external risk management Internal and external audit Internal and external compliance Internal and external risk management Internal and external audit Internal and external compliance Internal and external risk management

Certifications & Licenses: Certifications can provide compliance specialists with valuable information about their responsibilities and expand their career opportunities.

Compliance Specialist Skills

Compliance specialists need the following skills in order to be successful:

Communication: Communication is the act of conveying information to others. As a compliance specialist, you may be required to communicate with a variety of people, including employees, managers, executives and clients. It’s important to be able to convey information in a way that everyone understands. This can include using technical language that those in compliance may understand, but also using language that those outside of compliance can understand.

Attention to detail: Compliance specialists must have excellent attention to detail to ensure they follow all regulations and standards. They must also be able to notice any potential risks or issues that may arise from noncompliance. This can help them develop strategies to ensure their company remains compliant.

Problem-solving: Compliance specialists often work with multiple teams to ensure their organization meets all regulations. This job requires the ability to identify potential issues and develop solutions to prevent them. For example, if a company is not meeting standards for employee safety, a compliance specialist might suggest changes to their processes or procedures to ensure their employees are safe.

Organization: Compliance specialists often have to manage large amounts of information, including paperwork, data and other records. Having strong organizational skills can help you keep track of all the information you need to do your job. You can also use organization skills to keep track of training records, employee files and other important documents.

Leadership: Compliance specialists often work in teams with other compliance professionals and other employees of a company. Leadership skills can help you motivate your team and encourage them to complete their work on time. You can also use leadership skills to help your team work together and resolve any conflicts that arise.

Compliance Specialist Work Environment

Compliance specialists work in a variety of settings, including corporate offices, law firms, government agencies, and nonprofit organizations. They typically work full time, and some may work more than 40 hours per week to meet deadlines or to complete special projects. Many compliance specialists work in teams and must be able to work well with others. Some travel may be required for meetings or training. The work can be stressful at times, and compliance specialists must be able to handle multiple tasks simultaneously and meet deadlines.

Compliance Specialist Trends

Here are three trends influencing how compliance specialists work. Compliance specialists will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Need for More Technical Skills

The need for more technical skills is a trend that is quickly becoming apparent in the compliance industry. As businesses become more reliant on technology, they are also increasingly turning to compliance specialists to help them manage and protect their data.

Compliance specialists who are able to understand and implement complex technical solutions will be in high demand, as they will be able to provide valuable assistance to businesses of all sizes. In order to stay ahead of the curve, professionals should focus on developing their technical skills and keeping up with the latest trends in the industry.

More Focus on Cybersecurity

As businesses become more reliant on technology, the need for cybersecurity professionals will continue to grow. This is because cyberattacks are becoming more sophisticated and difficult to detect, which means that businesses need professionals who can identify and mitigate potential risks.

Compliance specialists can capitalize on this trend by becoming experts in cybersecurity. This includes understanding how to identify and prevent attacks, as well as understanding the legal implications of data breaches.

Greater Regulatory Scrutiny

Regulatory scrutiny is increasing across all industries, but it is particularly pronounced in the financial sector. Compliance specialists are essential in helping businesses meet these new regulations and ensuring that they are in compliance with the law.

As regulatory scrutiny increases, compliance specialists will need to develop expertise in new areas, such as anti-money laundering and privacy protection. They will also need to be able to work effectively with other departments within their company, such as marketing and sales, in order to ensure that the company is meeting its legal obligations.

How to Become a Compliance Specialist

A compliance specialist career can be a great way to start your career in the legal field. As a compliance specialist, you’ll have the opportunity to work with a variety of different industries and learn about their unique regulations and requirements. This will give you a better understanding of how the law affects businesses and help you develop the skills needed to become a successful attorney.

To become a compliance specialist, you’ll need to have a strong knowledge of the law and be able to understand complex regulations. You should also have excellent communication skills so that you can effectively explain complicated legal concepts to non-lawyers.

Related: How to Write a Compliance Specialist Resume

Advancement Prospects

There are many ways to advance in the field of compliance. One of the best is to get further education, which can lead to positions that are not otherwise open to those without an advanced degree. For example, a compliance specialist with a law degree may be promoted to compliance manager or compliance director. A compliance specialist with a master’s degree may be promoted to a senior compliance position.

Another way to advance in compliance is to become certified. The Certified Compliance Professional (CCP) credential is the most widely recognized certification in the field. To earn the CCP, candidates must have at least three years of compliance experience and pass an exam. Those who are certified often have an advantage when competing for jobs and promotions.

Finally, compliance specialists can advance by taking on more responsibility within their organization. Those who demonstrate leadership ability may be promoted to compliance manager or compliance director. Those who take on additional assignments or projects may be seen as rising stars and be given preferential treatment when it comes to job openings and promotions.

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