Recruiting in the risk and compliance space in recent times has been exciting to see roles in this area evolve and be in demand due to the regulatory and legislative changes in New Zealand that have occurred. Organisations are being challenged to update and implement regulatory changes, creating new demands on compliance. The pace of the changes in a heavily regulated industry such as financial services has created a complex environment for compliance leaders to keep the business updated and safeguarded constantly. One specific role which is of importance and brings an organisation a varied skill-set is a compliance analyst role.
Compliance analysts are an integral part of a risk & compliance team in any business. In short, they are professionals that essentially ensure organisations are adhering to internal standards. And also to legislations that are relevant to the company and then protect against any infractions by ensuring that they comply with all regulatory requirements.
The Compliance Analyst role requirements
A Compliance Analyst will possess a unique set of skills. Skills that allow them to scope the issues and potential risks out of an organisation’s frameworks, policies, and governance structure. Depending on the level they are situated at, they will write reports on the findings. They will present these to senior management with recommendations on what can be done to prevent the risks.
Essentially, the most important factor of a compliance analyst is to provide guidance to a company in order for it to meet all relevant legal and regulatory requirements. This involves monitoring the movements of a company. Pulling out anything that may be a risk to the business and reporting on this. Not only monitoring the company activities but also keeping a watchful eye on the industry and regulations. Laws change now and then, especially in compliance. Therefore, as a compliance analyst, you have a responsibility to ensure you are up-to-date on regulatory changes and advise employers on how to maintain compliance.
What a successful compliance analyst looks like
A compliance analyst will have a varied set of responsibilities. Though the skills and qualifications are usually the same. The only difference being the relevant knowledge of a specific industry. An analyst will be required to have strong knowledge of relevant regulatory guidelines and standards. Also knowledge of policies, audit techniques and procedures relating to that specific company and industry. They will also be required to help enhance and improve procedures and systems that ensure the business is safeguarded.
Excellent communication is an absolute must for a compliance analyst. On any given day they will be communicating with stakeholders internally and externally whether it be auditors, legal teams, regulators or senior management.
In order to become a great compliance analyst, the right kind of industry experience is needed. Therefore it is important to decide on which industry you want to work in then gain an understanding of the relevant laws and regulations related to that specific area.
Talk to Tyler Wren about your next compliance role
The world of compliance is never boring and is an exciting area to be in at the moment. The regulatory space is always in a state of change and sometimes quick changes are needed. With regulations never going away, organisations are in need of qualified and knowledgeable professionals to help with the demand. Therefore opportunities have increased significantly in recent times. Feel free to reach out for a chat about your risk and compliance career!