What does a Regulatory Compliance Specialist do?
Learn all about Regulatory Compliance Specialist duties, skills and much more. Get expert advice on how to become a Regulatory Compliance Specialist.
Published 4 min read
A Regulatory Compliance Specialist is responsible for ensuring that an organization complies with all applicable laws and regulations. They may develop and implement compliance programs, train employees on compliance issues, and conduct audits. They also may investigate potential violations and take disciplinary action when necessary.
Regulatory Compliance Specialist job duties include:
- Research and interpret laws and regulations
- Develop and implement policies and procedures to ensure compliance with laws and regulations
- Monitor compliance with laws and regulations
- Investigate violations of laws and regulations
- Enforce compliance with laws and regulations
- Prepare reports on compliance activities
- Coordinate compliance activities with other departments
- Train employees on compliance policies and procedures
- Assist in the development of compliance plans
Regulatory Compliance Specialist Job Requirements
A Regulatory Compliance Specialist typically needs at least a bachelor's degree in a relevant field, such as business administration, finance, or accounting. Many employers also prefer candidates who have professional certification, such as Certified Regulatory Compliance Manager (CRCM) designation from the American Bankers Association. In addition, Regulatory Compliance Specialists should have several years of experience working in compliance or a related field.
Regulatory Compliance Specialist Skills
- Understanding of laws and regulations
- Ability to develop policies and procedures
- Strong research skills
- Excellent writing and communication skills
- Organizational skills
- Attention to detail
- Critical thinking skills
- Problem-solving skills
- Time management skills
- Interpersonal skills
- Negotiation skills
How to become a Regulatory Compliance Specialist
There are many compliance specialist roles available in a variety of industries, but most likely your career as a compliance specialist will begin in the financial industry. In order to become a regulatory compliance specialist, you will need at least a bachelor’s degree in business or a related field. Many compliance specialists have law degrees or master’s degrees in business administration or public administration. You will also need to have experience working in the financial industry in a compliance-related role.
Once you have the necessary education and experience, you can begin your career as a compliance specialist by finding a job with a financial institution or regulatory body. You will be responsible for ensuring that the institution or company you work for complies with all applicable laws and regulations. This may involve developing and implementing compliance policies, conducting audits, and investigating potential violations.
As you gain experience in the field, you may eventually become a manager or director of compliance. In this role, you will be responsible for overseeing the work of other compliance specialists and ensuring that the organization’s compliance program is effective. You may also be involved in developing new compliance policies and procedures, as well as training employees on compliance issues.