Compliance Specialist Job Description [Updated for 2024]

compliance specialist job description

In the era of increasing regulatory demands, the role of Compliance Specialists has never been more vital.

With the ever-evolving landscape of laws and standards, the need for skilled professionals who can understand, implement, and monitor compliance mechanisms escalates.

But let’s delve a little deeper: What’s truly expected from a Compliance Specialist?

Whether you are:

  • A job seeker trying to understand the core of this role,
  • A hiring manager outlining the perfect candidate,
  • Or simply fascinated by the intricacies of compliance management,

You’ve come to the right place.

Today, we present a customizable Compliance Specialist job description template, designed for seamless posting on job boards or career sites.

Let’s dive right into it.

Compliance Specialist Duties and Responsibilities

Compliance Specialists are integral to a company’s ability to adhere to regulatory standards and laws.

They ensure that the company’s operations and business transactions follow all relevant legal and internal rules.

Their duties and responsibilities include:

  • Identifying and assessing areas of significant business risk and implementing effective risk management strategies
  • Conducting regular internal reviews or audits to ensure that compliance procedures are followed
  • Conducting or directing the internal investigation of compliance issues
  • Assessing the business’s future ventures to identify possible compliance risks
  • Reviewing and setting standards for the dissemination of company policies and procedures related to compliance
  • Collaborating with human resources departments to ensure the implementation of consistent disciplinary action strategies in cases of compliance standard violations
  • Providing training and advice to company staff on areas of compliance
  • Keeping up to date with, and understanding, relevant laws and regulations
  • Preparing compliance reports to present to management

 

Compliance Specialist Job Description Template

Job Brief

We are seeking a diligent Compliance Specialist to ensure our company adheres to legal standards and in-house policies.

You will be responsible for enforcing regulations in all aspects and levels of business as well as providing guidance on compliance matters.

The ideal candidate will be skilled at understanding and interpreting complex regulatory and legal materials and have a keen eye for detail.

The goal is to preserve the company’s integrity by making sure it stays on a lawful and ethical course.

 

Responsibilities

  • Develop and implement effective compliance programs
  • Conduct periodic internal reviews to ensure compliance procedures are followed
  • Conduct or direct the internal investigation of compliance issues
  • Assess product, compliance, or operational risks and develop risk management strategies
  • Identify compliance issues that require follow-up or investigation
  • Disseminate written policies and procedures related to compliance activities
  • Serve as a confidential point of contact for employees to communicate with management about suspected unethical or illegal activities
  • Verify that all company and regulatory policies and procedures have been documented, implemented, and communicated

 

Qualifications

  • Proven experience as a Compliance Specialist
  • In-depth knowledge of the industry’s standards and regulations
  • Excellent knowledge of reporting procedures and record keeping
  • Methodical and diligent with outstanding planning abilities
  • An analytical mind able to “see” the complexities of procedures and regulations
  • Excellent communication skills
  • BSc/BA in law, finance, business administration or related field
  • Certified compliance professional is a plus

 

Benefits

  • 401(k)
  • Health insurance
  • Dental insurance
  • Retirement plan
  • Paid time off
  • Professional development opportunities

 

Additional Information

  • Job Title: Compliance Specialist
  • Work Environment: Office setting with options for remote work. Some travel may be required for meetings or trainings.
  • Reporting Structure: Reports to the Compliance Manager or Senior Compliance Officer.
  • Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
  • Pay Range: $60,000 minimum to $90,000 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 Specialist Do?

Compliance Specialists are usually employed by companies across multiple industries, including finance, healthcare, and technology.

They can work in-house or as consultants, ensuring that the company’s policies and procedures adhere to regulatory and ethical standards.

They work closely with different departments, such as legal, human resources, and management, to review and develop company policies and identify potential areas of compliance vulnerability.

Their primary role is to ensure that the business activities of the company comply with laws, regulations, and internal policies.

This is achieved by conducting regular audits, researching new and updated laws and regulations, and providing training to employees on compliance related matters.

They may also handle internal investigations of compliance issues and work towards resolving them.

They are responsible for creating reports and presenting their findings to management.

Compliance Specialists often play a significant role in decision-making processes related to risk management and they ensure the organization is aware of, and prepared for, potential compliance risks.

Ultimately, their objective is to ensure that the organization operates in a legal and ethical manner while meeting its business goals.

 

Compliance Specialist Qualifications and Skills

A competent Compliance Specialist should possess a unique blend of qualifications and skills, which are essential to ensure that an organization complies with all regulatory standards, including:

  • Comprehensive knowledge of regulatory guidelines and standards relevant to the organization’s industry.
  • Strong research skills to keep up-to-date with the latest regulations and changes in the law.
  • Analytical skills to interpret laws and regulations and determine how they apply to the organization.
  • High attention to detail and organization to manage multiple compliance issues concurrently and ensure all are addressed properly.
  • Excellent communication skills to effectively explain complex regulatory information to colleagues and stakeholders at all levels of the organization.
  • Ability to design, implement and manage internal audit processes to evaluate the organization’s compliance status.
  • Problem-solving skills to identify potential areas of compliance vulnerability and risk, develop corrective action plans for resolution of problematic issues, and provide general guidance on how to avoid or deal with similar situations in the future.
  • Strong understanding of risk management strategies and ability to implement risk mitigation plans.

 

Compliance Specialist Experience Requirements

Compliance Specialists generally start their careers with a bachelor’s degree in business administration, finance, law or a related field.

Internships or part-time roles in regulatory bodies, corporate compliance departments, or financial institutions can provide valuable initial experience.

Entry-level candidates may have 1 to 2 years of experience in roles such as Compliance Assistant, Audit Assistant, or Legal Assistant, where they are exposed to the basics of regulatory compliance, audit procedures, and legal requirements.

Candidates with 3 to 5 years of experience are often skilled in the development and implementation of compliance programs, conducting risk assessments, and preparing compliance reports.

They may have honed these skills in roles such as Compliance Analyst or Compliance Officer.

Those with more than 5 years of experience are typically well-versed in regulatory laws and are adept at ensuring company-wide compliance.

They may have led teams and managed complex compliance projects.

At this stage, they can potentially step into a senior compliance role or a position as a Compliance Manager.

Continual professional development and staying updated on changing regulations is crucial in this role, and certifications like Certified Compliance & Ethics Professional (CCEP) or Certified Regulatory Compliance Manager (CRCM) can greatly enhance a Compliance Specialist’s credentials.

 

Compliance Specialist Education and Training Requirements

Compliance Specialists generally require a bachelor’s degree in Business Administration, Finance, Accounting, or another related field.

They must have an extensive understanding of regulatory and legal procedures that pertain to their field of work.

Therefore, specific courses in law, ethics, corporate governance and risk management are beneficial.

Some employers may require Compliance Specialists to have a master’s degree in business administration or law, especially for senior positions.

In addition, obtaining Certified Compliance & Ethics Professional (CCEP) certification from the Compliance Certification Board (CCB) can be advantageous.

Moreover, Compliance Specialists should have several years of experience in their respective fields, as this role requires a deep understanding of industry-specific regulations and compliance standards.

Continuing education and staying updated with changes in laws and regulations is essential.

Therefore, many professionals in this role engage in ongoing professional development opportunities and training sessions.

Having a master’s degree and/or certification may also indicate a candidate’s leadership potential and dedication to the profession.

 

Compliance Specialist Salary Expectations

A Compliance Specialist earns an average salary of $69,567 (USD) per year.

The actual earnings can fluctuate based on factors such as experience, industry, and the location of the job.

 

Compliance Specialist Job Description FAQs

What skills does a Compliance Specialist need?

Compliance Specialists should have strong analytical and problem-solving skills to understand and interpret laws and regulations.

They need to have excellent communication and interpersonal skills to effectively liaise with different departments and levels of management.

Organizational and project management skills are also important for managing multiple projects and deadlines.

 

Do Compliance Specialists need a degree?

Most Compliance Specialist roles require a bachelor’s degree in law, finance, business administration, or a related field.

Depending on the industry, additional certification or licensure may also be necessary.

This can include Certified Compliance and Ethics Professional (CCEP) certification, or certification specific to the industry, such as healthcare or finance.

 

What should you look for in a Compliance Specialist resume?

Firstly, check for relevant education and certifications.

Look for experience in compliance, risk management, or a related field.

Depending on the industry, it might be important for the candidate to have knowledge of specific laws and regulations.

The resume should also show strong analytical, communication, and organizational skills.

 

What qualities make a good Compliance Specialist?

A good Compliance Specialist has a strong ethical mindset and integrity.

They should have strong attention to detail to identify non-compliance issues and gaps.

Being proactive and taking initiatives is also important to prevent potential compliance issues.

Good Compliance Specialists are also adaptable, as laws and regulations frequently change.

 

Is it difficult to hire Compliance Specialists?

Hiring Compliance Specialists can be challenging due to the specialized knowledge required and the high level of responsibility the role carries.

It’s important to find someone with the right combination of education, certification, experience, and soft skills.

Offering competitive salaries and benefits, and showcasing a company’s commitment to ethics and integrity, can attract top candidates.

 

Conclusion

And there we have it.

Today, we’ve delved into the intricacies of what it really means to be a Compliance Specialist.

Surprised?

It’s not just about following rules.

It’s about safeguarding business operations, one regulation at a time.

Armed with our detailed compliance specialist job description template and real-world examples, you’re well-prepared to take the next step.

But why not go further?

Explore more with our job description generator. It’s your pathway to meticulously crafted job listings or refining your resume to excellence.

Keep in mind:

Every regulation adhered to is a part of a safer business environment.

Let’s create that security. Together.

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