Compliance Analyst Skills (With Definitions And Tips)

By Indeed Editorial Team

Published 5 July 2022

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.

By auditing, organising and processing information, compliance analysts ensure that companies and organisations adhere to state and industry regulations. Some job roles pertaining to compliance analysis include management analyst, regulatory compliance officer, corporate compliance officer and healthcare compliance officer. If you are interested in pursuing a career in this field, you can benefit from knowing the technical skills and soft skills required for the job role. In this article, we discuss various compliance analyst skills, review some examples, find out how to develop these skills and look at some ways to highlight them during a job search.

What Are Compliance Analyst Skills?

Compliance analyst skills are a combination of hard and soft skills that professionals use on the job or to advance in their careers. These professionals may specialise in a variety of fields, such as finance, marketing, healthcare insurance, auditing and banking, as part of their bachelor's degree in business administration, law or a relevant subject. Additional certification courses also allow graduates to learn and develop the skills they need for this career.

Related: Build A Career In Finance By Applying One Of These 12 Jobs

Examples Of Compliance Analyst Skills

Here are some examples of hard skills and soft skills that compliance analysts use:

Auditing

Auditing skills require an understanding of regulations and the ability to identify areas of regulatory violations. An organisation's compliance analysts may review audit reports to learn how it records and safeguards customer and financial data. In some industries, they might devise processes and review audit results to document violations and identify areas that need improvement. Types of audits include:

  • Internal auditing

  • External auditing

  • Compliance auditing

  • Payroll auditing

Related: What Does An Auditor Do? Duties And Responsibilities

Problem-solving abilities

The ability to solve problems and propose relevant solutions is important for compliance analysts, as this skill helps them complete complex projects on time and accomplish business goals. This includes analysing a company's system and workflow, assessing the risks and proposing solutions that adhere to set standards and policies while maintaining business operations. Some essential problem-solving abilities include:

  • Data analysis

  • Critical thinking

  • Process management

  • Risk assessment

Communication skills

Compliance analysis professionals require communicating their findings, such as audit reports, data analysis or violations, to various levels of management. These findings help companies make informed business decisions. You may also require conducting training sessions for employees regarding changes in policies or workflow. Excellent communication skills enable you to deliver this information effectively and solicit feedback.

These professionals also create or update regulatory frameworks to ensure that companies adhere to industry guidelines. Having effective technical writing skills enables you to understand a company's processes and write guidelines that are easy to understand.

Researching skills

In compliance analysis, professionals collect information about industry compliance regulations and policies so that they can ensure that a company complies with those. This includes compiling data from government websites, brochures, archives and legal documents. Some examples of research skills include:

  • Data gathering

  • Database search

  • Source validation

  • Evaluation of credibility

  • Statistical analysis

Time management

Compliance analysts may work full time with a company or offer their services to various companies. This requires them to manage and process multiple compliances and regulatory requests simultaneously. An effective time management strategy helps them organise their work well and complete tasks on time. By prioritising tasks, creating to-do lists, checking progress and delegating tasks, they can effectively manage their time.

Related: Time Management Skills: Definition And Examples

Data analysis and presentation

Compliance analysts require gathering and analysing data and presenting it to non-technical staff or management. Detailed reports and visual diagrams are among the ways to help management understand the areas in which a company can improve its compliance. Examples of relevant skills include:

  • Data visualisation

  • Trend analysis

  • Presentation skills

How To Improve Compliance Analysis Skills

Follow these steps if you want to improve your skills:

1. Get certified

You may choose to pursue additional certifications beyond a bachelor's degree in business administration, finance or a related field to enhance your credibility. Some relevant certification courses that you can include on your resume are:

  • Chartered Financial Analyst (CFA)

  • Project Management Professional (PMP)

  • Certified Information Systems Auditor (CISA)

  • Healthcare Research Compliance Certification (CHRC)

Related: What Are The Objectives Of Project Management? (With Phases)

2. Stay updated

Here are some ways you can stay current with the latest developments:

  • Researching industry compliance regulations and policies in related fields such as health care, finance, law and banking

  • Staying updated on compliance requirements and updates to regulations

  • Attending workshops, live events and seminars

  • Following other professionals and industry experts

Related: What To Do After An MBA Course: 12 Options After An MBA

3. Focus on soft skills

Apart from technical proficiency, companies and organisations seek candidates who can collaborate well with others and foster a positive work environment. Other soft skills include communication, leadership, problem-solving and teamwork. Here are some ways you can improve them:

  • Practising active learning

  • Pursuing additional courses to improve your communication and writing skills

  • Building positive relationships at the workplace

  • Adapting to workplace changes

  • Emphasising teamwork

  • Asking for feedback and making improvements

Compliance Analysis Skills In The Workplace

The ability to show your skills at the workplace helps you gain the credibility and trust of your colleagues and managers. Listed below are some ways to present your skills at the workplace:

  • Understand business processes. Having an in-depth understanding of how a company operates can help you devise strategies to help it grow and succeed. It can also help you identify the areas where the companies can improve their compliance processes and develop tools to automate some of these processes.

  • Make recommendations. Suggest innovative ways of improving the current risk management strategies, which help reduce costs and resources and increase the operational efficiency of a company. It shows that you are up-to-date with the industry standards and policies.

  • Conduct training sessions. You can conduct sessions to share recent developments and train employees on industry compliance requirements. This shows that you are eager to learn new things and share your knowledge with others in the team.

  • Propose unique solutions. By identifying a unique solution to a problem or an alternative method to accomplish something, you can demonstrate your creative problem-solving skills.

  • Accept challenging projects. A challenging project can help you improve your professional skills, collaborate with people from different domains, propose creative solutions and contribute to an organisation's growth.

Ways To Highlight Compliance Analysis Skills

It is important to highlight your technical skills and soft skills during your application process. Here are some ways you can do so:

On a resume

You can begin by listing your skills in the professional summary section of your resume. This helps the interviewer gain a better understanding of your professional background and work experience. When describing your work experience, mention how you used your skills to achieve goals in the past. You can include skills such as proficiency in data analysis, auditing, risk management, financial analysis and knowledge of regulations and guidelines.

Position the skills section at the top of your resume so that the employer gets a quick overview of your technical skills and qualifications. Place the skills section after you have added the header and contact details. If you plan on writing a professional summary, you can include the skills section below it. Review the job description to ensure you add skills and include specific keywords that the employer may look for when screening resumes.

In a cover letter

In your cover letter, mention how you used your skills to achieve your objectives in your previous roles. Explain how you plan to achieve similar results for the company for which you are applying. For instance, you can highlight how you analysed company data and discovered discrepancies in insurance filing forms that saved the company ₹50 lakhs. Through this, you can clearly demonstrate to potential employers that you understand their vision, challenges and goals and are eager to contribute to the organisation's growth.

During an interview

As part of your job interview, the interviewer may ask you questions related to your past work experience. Mention how you applied your technical skills to solve problems in your previous workplaces. For instance, you can mention how you implemented an internal system that tracked and monitored potential compliance issues, helping reduce the risk by 85%. This helps the interviewer assess if you are a suitable candidate for the job role.

Please note that none of the companies, institutions or organisations mentioned in the article are associated with Indeed.

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