Why Do Business Organizations Need Compliance Analysts?

When contemplating to build a career in the field of finance, the job of a compliance analyst is one of several highly recommended finance-related positions. The demand for compliance analysts is evergreen, especially in major countries like the U.S. and the UK.

The regulatory landscape in America is quite complex as businesses have to pay heed not only to federal laws but also to legislations and policies imposed by each autonomous state or territory in which a business operates and carries out transactions.On the other hand, members of the European Union like the UK, deal with compliance complexities related to agreements and policies set out by the European Council.

Currently, with the UK’s impending Brexit or withdrawal from the European Union, review and analyses of business compliance remains important, as there may be Brexit conditions to consider during the transition period. Now more than ever, compliance analysts play important roles in various sectors and industries in light of global transactions that may transpire via the World Wide Web.

After all, subsequent modifications in regulations tend to transpire in concurrence with the political ideologies of those currently serving as legislators and executive administrators in each country participating globally.

What Do Compliance Analysts Do?

Any type of regulation that a business needs to comply with is finance related, regardless of industry classification. Most regulations impose fines, penalties and surcharges on those that fail to comply. Other finance-related issues include fees, caps or limits, and taxes, as well as risk assessment valuations.

That being the case Compliance Analysts are expected to perform the following:

* Make certain that all activities of the business entity are in accordance with the rules and regulations pertaining to its industry, not only in the territory in which the organization operates but also in countries with which they maintain inter-global deals, transactions and ventures.

* Keep track of regulatory compliance by gathering pertinent data, whilst reviewing completeness and proper validation of all necessary documents that serve as proofs of compliance.

* Keep abreast of amendments and modifications enacted as laws and imposed by related government agencies; such as but not limited to the IRS, SEC, Dept. Of Labor, Dept of Trade and Industry, Dept. Of Finance, FDA, Consumer Protection Bureau and EPA.

* Act as representative or assist the Senior Compliance Officer in representing the interests of the company when called to attend public meetings or discussions and regulatory hearings related to the industry.

* Liaise with various organizations and governing bodies implementing and supervising the rules and regulations related to the industry

* Identify potential compliance problems and formulate ways or strategies aimed at eliminating possibilities of non-compliance, including preparation of risk management analysis and reports.