Compliance Data Analyst Job Description [Updated for 2024]

compliance data analyst job description

In the era of data-driven decision making, the role of a Compliance Data Analyst has never been more crucial.

As regulations continue to evolve and data sets become more complex, the demand for skilled individuals who can interpret, manage, and safeguard our compliance data grows stronger.

But what does it really mean to be a Compliance Data Analyst?

Whether you are:

  • A job seeker looking to understand the core responsibilities of this role,
  • A hiring manager trying to map out the perfect candidate,
  • Or simply fascinated by the field of compliance and data analysis,

You’ve come to the right place.

Today, we present a customizable Compliance Data Analyst job description template, designed for easy posting on job boards or career sites.

Let’s delve into it.

Compliance Data Analyst Duties and Responsibilities

Compliance Data Analysts play a critical role in ensuring that organizations adhere to all legal and regulatory standards.

They are responsible for analyzing and evaluating data to assess risks and ensure compliance.

Their primary duties and responsibilities include:

  • Collecting and analyzing data to identify compliance risks
  • Assisting in the development of compliance policies and procedures
  • Interpreting data and creating reports to present to management
  • Maintaining and updating databases, tracking systems, and electronic filing systems
  • Conducting audits to ensure adherence to laws, regulations, and internal policies
  • Assisting with regulatory reporting and submissions
  • Collaborating with different teams within the organization to ensure compliance across all departments
  • Keeping up with changes in regulatory standards and updating compliance programs as necessary
  • Providing training and guidance to employees on compliance-related matters

 

Compliance Data Analyst Job Description Template

Job Brief

We are currently seeking a meticulous Compliance Data Analyst to join our team.

This role involves ensuring that our business operations and procedures comply with legal regulations and internal policies.

The responsibilities include performing extensive data analysis, interpreting and presenting the data in meaningful ways, and assisting in the development of compliance strategies.

Our ideal candidate has a strong understanding of data analysis procedures, compliance, and is skilled at using data analysis software.

 

Responsibilities

  • Collect and analyze data to detect deficient controls, duplicated effort, fraud, or non-compliance with laws, regulations, and management policies.
  • Interpret data and analyze results using statistical techniques.
  • Prepare detailed reports and documentation for management and regulatory agencies.
  • Assist in the development and implementation of compliance programs.
  • Review and set standards for data disbursement.
  • Identify compliance issues that require follow-up or investigation.
  • Monitor compliance systems to ensure their effectiveness.
  • Report violations of compliance or regulatory standards to duly authorized enforcement agencies as appropriate or required.

 

Qualifications

  • Proven work experience as a Data Analyst or Compliance Officer.
  • Knowledge of legal requirements and controls (e.g. Anti-Money Laundering, or AML).
  • Familiarity with industry practices and professional standards.
  • Experience with data analysis software (e.g. Excel, SQL, SAS).
  • Excellent analytical and numerical skills.
  • Sharp auditing skills.
  • BSc/BA in Law, Finance, Business Administration or related field.
  • Certification of professional compliance (e.g., Certified Regulatory Compliance Manager (CRCM)) is a plus.

 

Benefits

  • 401(k)
  • Health insurance
  • Dental insurance
  • Retirement plan
  • Paid time off
  • Continuing education opportunities

 

Additional Information

  • Job Title: Compliance Data Analyst
  • Work Environment: Office setting with options for remote work. Some travel may be required for industry conferences or training sessions.
  • Reporting Structure: Reports to the Compliance Manager or Director of Compliance.
  • Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
  • Pay Range: $70,000 minimum to $100,000 maximum
  • Location: [City, State] (specify the location or indicate if remote)
  • Employment Type: Full-time
  • Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
  • Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does a Compliance Data Analyst Do?

Compliance Data Analysts typically work for corporations across various industries, especially in the financial and healthcare sectors.

They can also work as independent consultants or as part of consulting firms.

They are responsible for gathering and analyzing data to ensure a company’s operations comply with internal and external regulations.

This often involves reviewing and interpreting data from various sources, checking for accuracy, and producing reports that are presented to management.

Compliance Data Analysts often work closely with Compliance Officers and other relevant departments to identify any potential risks or breaches of compliance.

They may also be involved in developing and implementing policies and procedures to mitigate these risks.

Their job also includes staying updated with any changes in relevant regulations and ensuring these changes are reflected in the company’s operations.

They may be involved in training other employees on compliance issues and procedures, as well as in the development and implementation of compliance monitoring programs.

Their role is crucial in helping the company avoid legal issues, fines, and damage to its reputation due to non-compliance.

 

Compliance Data Analyst Qualifications and Skills

A competent Compliance Data Analyst should possess a set of skills and qualifications that align with the job role, such as:

  • Data analysis skills to interpret complex data and turn it into useful information that can help the company make informed decisions.
  • Knowledge of regulatory standards and compliance requirements to analyze and interpret data within these parameters.
  • Strong attention to detail to ensure data accuracy and detect any inconsistencies or anomalies in the data.
  • Proficiency in data analysis tools and software such as SQL, Python, and Excel to effectively manipulate and analyze data.
  • Excellent communication skills to explain complex data in a clear, concise manner to non-technical team members and stakeholders.
  • Problem-solving skills to identify and address potential issues in data, as well as propose and implement effective solutions.
  • Understanding of data privacy laws and regulations, to ensure the company’s data practices are compliant.
  • Interpersonal skills to collaborate effectively with team members, stakeholders, and other departments in the organization.

 

Compliance Data Analyst Experience Requirements

Entry-level Compliance Data Analysts typically have at least 1 to 2 years of experience, often gained through internships or part-time roles in data analysis or compliance departments.

They should have a basic understanding of regulations related to the industry, as well as skills in data manipulation and analysis.

Candidates with 3 to 5 years of experience should possess a deeper knowledge of compliance protocols and data analysis methodologies.

They have often developed their skills through roles such as Data Analyst, Compliance Officer, or Compliance Analyst.

Applicants with more than 5 years of experience are generally expected to have a robust understanding of compliance regulations, profound data analytic skills, and experience with data reporting tools.

They may have also gained some leadership experience and could be ready for a senior analyst or team lead position.

Additionally, it’s beneficial for Compliance Data Analysts to have experience with specific software used in data analysis, such as SQL, Python, or R, and familiarity with regulatory compliance frameworks relevant to their industry, such as GDPR for data privacy or SOX for financial reporting.

 

Compliance Data Analyst Education and Training Requirements

Compliance Data Analysts typically require a bachelor’s degree in a related field such as finance, business administration, accounting, or computer science.

They should have a strong background in data analysis, including proficiency in data analysis tools such as SQL, Excel, and data visualization software like Tableau.

Understanding of regulatory compliance standards, laws, and procedures in their specific industry is crucial.

This knowledge could be gained through coursework, internships, or on-the-job experience.

Some roles may require a master’s degree in business administration (MBA), finance, or a related field, especially for positions with more responsibility or specialized duties.

Certifications, though not always necessary, could make a candidate more competitive.

These could include Certified Information Systems Auditor (CISA), Certified in Risk and Information Systems Control (CRISC), or Certified Anti-Money Laundering Specialist (CAMS), among others.

Strong interpersonal and communication skills are also necessary as Compliance Data Analysts often need to explain their findings and suggest improvements to non-technical staff members.

Continuous learning and staying updated with the latest regulations, data analysis methods, and tools are essential for success in this role.

 

Compliance Data Analyst Salary Expectations

A Compliance Data Analyst earns an average salary of $71,680 (USD) per year.

The actual income can vary depending on factors such as the level of experience, relevant education, the complexity of duties within the organization, and geographical location.

 

Compliance Data Analyst Job Description FAQs

What skills does a Compliance Data Analyst need?

A Compliance Data Analyst needs strong analytical skills to assess complex data and determine compliance with regulations.

They must possess attention to detail and excellent problem-solving abilities to identify non-compliance issues.

Good communication skills are also required to effectively liaise with different departments and explain complex data in understandable terms.

Proficiency in data analysis software and tools is also necessary.

 

Do Compliance Data Analysts need a degree?

Yes, most Compliance Data Analyst roles require a bachelor’s degree in fields such as finance, economics, business administration, or a related field.

Some employers may prefer candidates with a master’s degree or relevant certifications.

A strong background in data analysis or auditing is often required.

 

What should you look for in a Compliance Data Analyst’s resume?

A Compliance Data Analyst’s resume should highlight their analytical skills, experience with data analysis tools and software, and knowledge of compliance regulations in their industry.

It should also show their ability to manage multiple projects and tasks, as well as their communication skills.

A history of experience in a regulatory environment or a similar role would be a bonus.

 

What qualities make a good Compliance Data Analyst?

A good Compliance Data Analyst is detail-oriented, ensuring they do not overlook any non-compliance issues in the data they analyze.

They should be proactive and possess strong critical thinking skills to identify potential compliance risks.

A good analyst should also have excellent communication skills to effectively convey their findings to both technical and non-technical staff.

 

Is it difficult to hire Compliance Data Analysts?

Finding the right Compliance Data Analyst can be challenging, as the role requires a unique blend of skills, including a strong understanding of regulations, data analysis expertise, and excellent communication skills.

It’s important to be clear about the role’s requirements and offer a competitive salary to attract the best candidates.

 

Conclusion

And there you have it.

Today, we’ve unveiled the intricate details of what being a Compliance Data Analyst truly entails.

Surprised?

It’s not all about number crunching and examining spreadsheets.

It’s about shaping the future of corporate governance, one data point at a time.

With our comprehensive Compliance Data Analyst job description template and industry-specific examples, you’re fully equipped to take the next step.

But why halt your momentum now?

Dig deeper with our job description generator. It’s your stepping stone to creating precision-focused listings or fine-tuning your resume to stand out.

Remember:

Every bit of data contributes to the larger compliance framework.

Let’s construct that future. Together.

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