What Does A Compliance Analyst Do?

WHAT DOES A COMPLIANCE ANALYST DO?

Updated: Dec 26, 2024 - The Compliance Analyst orchestrates strategic partnerships across vital internal functions, ensuring regulatory adherence and operational effectiveness. Detailed strategies are developed to integrate business opportunities with compliance requirements for global operations. Continuous collaboration across regions is maintained to align and standardize compliance practices.

A Review of Professional Skills and Functions for Compliance Analyst

1. Compliance Analyst Duties

Strategic Project Management: Provide project management for strategic initiatives and process improvement projects, driving completion of projects by building strong relationships across Regional Finance Center teams around the world, developing knowledge of underlying processes, and applying best practices focused on first time quality.
Regional Integrator Management: In the Regional Integrator role, work with the Regional Integrator lead to facilitate and project manage legal entity optimization processes and execution tasks by leveraging relationships and communication skills.
OBIP Process Mastery: Gain a strong understanding of the One Boeing International Process and multiple OBIP opportunities utilizing Enterprise Microsoft Dynamics (CRM) tool for emergent international activities for the responsible region.
Stakeholder Relationship Management: Establish and maintain relationships with key stakeholders to ensure early engagement by serving as a critical partner to cross-functional organizations such as Treasury, Law, Accounting, HR, Tax, and Law.
International Strategy Development: Develop strategies and execution plans that ensure effective and compliant business results by integrating technical capabilities, business opportunities and risks, operational constraints, and company goals associated with new international operations.
International Business Partnership: Partner with colleagues to ensure management is aware of business ramifications, alternatives, and decision timing to enable profitable, executable, and compliant international business growth.
International Technical Acumen Development: Develop international technical acumen on how to do business, infrastructure, operations, and current activity for each country in the region.
Presentation and Report Preparation: Assist with the preparation of presentations and reports for boards, regulators, and internal audiences.
Compliance Reporting: Prepare reports for compliance senior management.
Regional Coordination: Coordinate with colleagues across regions to ensure consistency.

2. Compliance Analyst Details

State Reporting: State data call reporting for the Shared Services operating units.
Data Collection and Validation: Collection and validation of premium and loss data.
Regulatory Submission: Preparation and submission of data call to applicable regulatory entity and response to any inquiries from the regulatory entity.
Consumer Complaints Handling: Handling of consumer complaints. Upon receipt of complaint, log complaint, identify applicable operating unit, forward to appropriate individual, diary for follow-up, review final response for accuracy and completeness, submit response to regulatory entity, and handle any inquiries/requests for additional information.
Surcharges Maintenance: Maintain and update applicable state surcharges for all lines of business.
Surcharges Monitoring: Monitor state websites for updated state surcharges.
Surcharges System Updates: Enter system service request for revised surcharges, update surcharge spreadsheet, distribute spreadsheet to operating units and update on Sharepoint site, and distribute affected policy listing to operating units.
Loss Control Reporting: Coordinate submission of loss control/accident prevention annual reports. Collection and validation of loss control data, preparation and submission of annual report, and response to any inquiries.
Compliance Support: Support implementation of compliance requirements.
Confidentiality Management: Regularly handle sensitive and/or confidential materials.

3. Compliance Analyst Responsibilities

Loan Origination Fee Oversight: Assist in the implementation and oversight of all loan origination fees including lender, vendor, and third-party fees for all of the GRI businesses including Retail, Wholesale, and Joint Venture.
Compliance Data Monitoring: Collect, monitor, and track compliance data across regions.
Project Support Coordination: Supports or coordinates projects from multiple sources.
Information Acquisition Communication: Communicate with internal and external sources to obtain necessary information.
Business Collaboration Support: Support ongoing business needs through collaboration with other business areas.
Regulatory Inquiry Response Drafting: Draft and respond to regulatory agency inquiries and/or correspondence.
Error and Practice Review: Review potential errors, inconsistencies, improper practices, and make recommendations to management.
Regulatory and Administrative Support: Provide regulatory and administrative support.
Catastrophe Data Submission Coordination: Coordinate submission of corporate-wide catastrophe data calls.
Catastrophe Monitoring and Reporting: Monitor state regulatory site after catastrophe occurrence for instructions, prepare system request for applicable catastrophe data, prepare and submit data call in accordance with state requirements, and put on diary for follow up reports.
Regulatory Compliance Monitoring: Provide regulatory compliance support for operating units, including monitoring of legislative environment in assigned states and handling of internal and external regulatory inquiries.
Legal Collaboration on Legislation: Collaborate with Legal department on legislation impacting provider agreement updates.
Legislative Analysis: Analyze proposed and enacted legislation, regulations, or regulatory bulletins and directives, consulting with other department members and business areas.

4. Compliance Analyst Accountabilities

HTS Update: Revision and update of HTS, value, and country of origin for raw materials and equipment as well as finished goods.
BOM Updates: BOM’s update and new parts set ups for raw materials, finished goods, and equipment.
Asset Labeling: Label and verify temporary equipment for internal asset identification control.
Import Audits: Perform random audits of imports along with the materials department.
Inventory System Maintenance: Review, update, and maintain the inventory system.
Data Accuracy Assurance: Ensure accuracy of information between annex 24, DataStage, and customs broker.
Inventory Accuracy: Ensure inventory accuracy between Annex 24, ERP, and Annex 31.
Annex 31 Management: Annex 31 administration and renewal VAT Certification.
Asset Control: In charge of the control of the assets and proper documentation (import documents, export control, correct identification, etc).
Compliance Leadership: Lead compliance efforts for the California Language Assistance Program.
Regulatory Partnership: Partner with strategic alliances on regulatory requirements and needs to effectively administer a dental/vision leased networks.
Regulatory Expertise: Serve as the subject matter expert on state and federal non-covered services laws related to dental and vision.

5. Compliance Analyst - Research Auditing Functions

Routine Audit Performance: Performs routine audits related to the annual research compliance monitoring and auditing plan, which may include on-site visits, interviews, reviews of medical and financial records, trend analysis, or longitudinal studies.
Research Compliance Reviews: Conducts prospective and retrospective ad hoc research compliance reviews and investigations related to issues identified through routine business activities and specific inquiries (e.g., to determine compliance with Medicaid and other third-party payer coding and billing requirements).
Audit Documentation Compilation: Compiles detailed back-up documentation (e.g., work papers) detailing audit work.
Audit Report Preparation: Prepares formal reports containing audit findings.
Audit Findings Analysis Assistance: Assists relevant stakeholders with assessing and analyzing audit findings to determine root causes of issues identified, formulating remediation plans, resolving issues/change processes, and determining whether corrective actions such as charge corrections and refunds are necessary.
Continuous Monitoring Support: Supports the development of continuous monitoring procedures to ensure remediation plans are fully implemented.
Follow-up Monitoring and Auditing: Performs follow-up monitoring and auditing activities to determine whether remediation plans were effective in correcting deficiencies/reducing compliance risks.
URAC Certification Compliance Support: Provides compliance support for triennial URAC certification.
State Exam Oversight: Oversees dental and vision provider network-related state exams.

6. Compliance Analyst Job Description

Policy Understanding: Understand Google’s Global Travel and Expense policies and relevant processes with focus on Ireland and Germany.
Taxability Assessment: Determine the taxability of different expense categories in scope during the assessment period based on established methodologies and generate reports based on the output produced during the review period.
Stakeholder Meetings: Meet with the client via Google Hangout to discuss the output of assessments and other projects.
Process Improvement Identification: Identify opportunities for process improvements, document processes, and ensure the performance of key controls.
Audit Leadership: Take the lead on ad hoc audit & investigation requests from stakeholders.
Record Maintenance: Maintain equipment, machinery, and purchases records updated for tax payments required by government authorities.
Regimen Change Management: Perform change of regimen monthly.
Trade Documentation Creation: Create monthly Import/Export information from Annex 24 for INEGI.
Material Regularization: Perform Raw Material and equipment regularization.
Tax Documentation Maintenance: Keep up-to-date files of machinery, equipment, and purchases for the payment of taxes and reports required by government authorities.
Audit Support: Support in gathering information for internal and external audits.
Regulatory Filing Completion: Complete applicable annual dental and vision network and network expansion filings.

7. LC Compliance - Analyst Primary Overview

New Fund and Investor Onboarding Support: Supporting the on-boarding process for new funds and investors.
KYC Compliance Assurance: Ensuring the firm’s KYC procedures are followed.
Board Meeting Preparation Assistance: Assisting with the preparation of board meetings of the AIFM and Blackstone funds, including review of board materials.
Company Secretarial Supervision: Supervising company secretarial matters that have been delegated to third parties.
Fund Document Filing Supervision: Organising or supervising the filing of fund-related documents.
Corporate/Legal/Regulatory Tracking Maintenance: Maintaining corporate/legal/regulatory trackers.
Compliance Monitoring Program Updates: Updating the compliance monitoring program.
Complaints Register Maintenance: Maintaining the register of complaints.
Personal Transactions Register Maintenance: Maintaining the register of personal transactions of employees.
Marketing Registration for Funds: Ensuring that Blackstone funds are registered for marketing purposes.
Marketing Activity Reporting: Preparing quarterly summary reports in relation to Blackstone marketing activities.
Marketing Oversight Assistance: Assisting the distribution oversight team with the ongoing monitoring of marketing delegates.
Compliance Project Assistance: Assisting the Compliance team with various ad-hoc projects (e.g., branch establishment, oversight of existing branches, regulatory filings).

8. Junior Compliance Analyst Details and Accountabilities

Metrics Reporting Development: Support in the development of consistent and sustainable metrics reporting for Compliance Operations.
Data Management: Managing data through SharePoint and Microsoft Excel.
Compliance Reporting: Produce monthly and quarterly Compliance Operations metrics reports.
Metrics Analysis: Understanding and learning Compliance Operations metrics in order to evaluate and report key drivers.
Data Analysis Reporting: Conducting analysis on data and summarizing the data into metrics reports.
Process Oversight: Ensure oversight over the specific processes and provide information to management on key risks and action required.
Project and Change Management: Project Management and Change Management skills.
Performance Reporting: Reporting and Business Management.
Investment Banking Reporting: Preparation of key management reports providing insight on performance and risks metrics for Investment banking for the region.
Compliance Coordination: Coordination with compliance teams on sourcing of information and identifying trends.
Reporting Efficiency Improvement: Seek to ensure reporting processes are streamlined and identification of automation opportunities to provide further efficiencies across management reporting.
Management Document Coordination: Preparation and coordination of management review documents for regional business partners.
Business Management Support: Play a key role in supporting business management activities and the execution of key priorities and results.

9. Junior Compliance Analyst Tasks

KYC/AML Compliance Review: Reviews and follows up on documentation and information to meet the Firm's KYC/AML compliance regulatory requirements.
Non-compliance Issue Identification: Identifies and addresses non-compliance issues with management and partners.
Compliance Documentation Updates: Updates internal documentation and databases to keep current with compliance status of clients, the department, and Firm's KYC/AML guidelines and procedures, as well as new regulations and requirements.
New Client Risk Assessment: Performs new client risk assessments to include review and analysis of new clients for AML risk, financial viability with respect to bill payment, reputational risk, bankruptcy, and criminal records.
Prospective Client Analysis: Performs prospective client analysis, including enhanced due diligence, synthesizes findings and reports to management, partners, and committee members for effective assessment of viability and risk level of prospective client.
Client Relationship Research: Researches relationships between the Firm's new and existing clients for parent/subsidiary relationships to facilitate accurate and current reporting.
Effective Communication: Understands and responds to inquiries from partners, other attorneys, and staff and demonstrates this understanding through the use of effective communication.
SIC Code Review: Reviews new matters and works to ensure Firm SIC codes are assigned correctly where applicable.
Knowledge Enhancement: Actively seeks to enhance knowledge of all Client Accounting procedures and processes.
Interpersonal Communication Skills: Demonstrates effective interpersonal, written, and verbal communication skills to facilitate effective work relationships with others.
Resource Management: Manages Firm resources responsibly.
Firm Policy Compliance: Complies with and understands Firm operation, policies, and procedures.

10. Trainee Compliance Analyst Roles

Compliance Program Assistance: Assist with all aspects of the Jersey-based Compliance Monitoring Programs for a range of licensed and regulated fund structures.
Compliance Reporting Preparation: Assist with information gathering and initial preparation of compliance reports based on compliance monitoring activity.
Compliance Team Support: Provide support to the Compliance Team with day-to-day compliance activities.
Compliance Query Assistance: Assist on day-to-day compliance-related queries from client-facing teams.
Regulatory Register Monitoring: Assist in the maintenance and monitoring of various regulatory registers, including breaches and complaints.
Compliance Housekeeping: Undertake routine compliance housekeeping tasks.
Regulatory Update Monitoring: Assist in monitoring any regulatory and legislative updates.
Compliance Inbox Management: Assist in the maintenance and monitoring of the Jersey Compliance inbox.
Audit Query Support: Assist with information gathering and completion of routine Audit queries.
Regulatory Knowledge Development: Establish a working knowledge of key regulations and obligations.

11. Pharmacy Compliance Analyst I-Sarasota Roles

340B Program Oversight: Oversees the daily operations/auditing of the 340B program.
340B Compliance Assurance: Ensures compliance, adheres to legal requirements, and maintains data integrity of the 340B program to achieve maximum savings opportunities.
340B Policy Management: Responsible for following 340B policies and procedures established by the organization and the guidelines established by HRSA.
Pharmacy Liaison: Serves as a liaison with the participating pharmacies/vendors.
340B Audit Collaboration: Collaborating with the 340B (Pharmacy) Compliance Analyst team to monitor active/inactive account(s) for 340B monthly audits.
Operational Efficiency Support: Supporting program projects to ensure operational efficiency targets via data analysis.
Vendor Relationship Management: Maintaining and monitoring strong relationship(s) between covered entity leadership and assigned 340B vendor(s).
Audit Reporting: Organizing and reporting monthly findings of internal 340B audits to maintain successful client relations with Third Party Administrator(s).

12. Pharmacy Compliance Analyst I-Sarasota Additional Details

Goal Development: Develop short and long-term goals that meet established objectives and contribute to the overall goals of the 340B team/program.
Internal Audit Execution: Develop, execute, and document internal audits of the 340B process.
Audit Coordination and Remediation: Coordinate, review, and ensure remediation of findings in collaboration with the 340B Program Manager and 340B vendor(s)/pharmacy partner(s).
Database Maintenance: Maintain system databases to reflect changes in the formulary or product specifications.
340B Compliance Assurance: Ensure compliance with the 340B program requirements of qualified patients, drugs, providers, vendors, payers, and locations.
Ordering Process Monitoring: Monitor ordering processes, integrating most current pricing from wholesaler, and analyze invoices to claims as a part of the monthly audit process.
Audit Support: Support all ad-hoc/external audit requests and HRSA 340B Audits.
Organizational Mission Promotion: Promote and practice CAN Community Health, Inc.'s mission, values, and follow policies.

13. Compliance Analyst Essential Functions

Compliance Program Support: Assisting in the design, development, delivery, and maintenance of best-in-class Compliance programs, policies, and practices for ICRM.
Compliance Advice: Providing advice and credible challenge to the first line on rules, regulations, and Control Group owned policies.
Control Group Participation: Participating in Control Group BAU activities such as watch listing, research, and conflicts review, particularly handling more complex reviews with minimal supervision and acting as an initial escalation point for other members of the team.
Workflow Coordination: Helping to coordinate team workflows, ensuring that urgent requests are prioritized.
Regulatory Assistance: Assist with regulatory inquiries and/or examinations.
Cross-Functional Collaboration: Collaborating with other internal areas including: Legal, Business Management, Operations, Technology, Finance, other Control Functions, and In-Business Risk to address compliance issues which may impact the supported function/business/product.
Compliance Review Support: Supporting the business in performing timely compliance reviews of new transactions and/or products.
Compliance Training Development: Assisting in the development and administration of Compliance training for the supported function/business/product.
Regulatory Research: Researching any rules and rule changes and implementing policies, procedures, or other controls necessary to comply with the rules/regulations.
Project Assistance: Assisting in project work as requested, in particular those relating to systems enhancements, including carrying out UAT.
Control Implementation Collaboration: Work with Internal Audit, external auditors, IT management, and staff to identify feasible implementation of controls and resolutions to manage weaknesses and create opportunities for improvement.

14. Compliance Analyst Role Purpose

Compliance Framework Support: Support the Compliance efforts across the business, working with external consultants, project managers, and OGC crew in the review and enhancement of the existing Compliance framework.
Compliance Integration Assurance: Ensure obligations are embedded within Vanguard’s enterprise Compliance framework and are reflected in those of third-party service providers.
Obligations Monitoring Assistance: Assist in the monitoring of the obligations register for VIA and articulate Compliance requirements in business requirements documentation.
Compliance Testing and Policy Development: Test compliance oversight and operating policies and procedures for effectiveness of regulatory compliance controls. Participate in developing and writing new compliance policies and procedures.
Compliance Documentation Management: Ensure compliance documentation and manuals are up to date and distributed.
Regulatory Research and Impact Assessment: Research potential issues, determine scope, and potential regulatory impact.
Compliance Best Practices Recommendation: Recommend practices to reduce potential for violations and noncompliance.
Compliance Policy Development and Maintenance: Develop, review, and maintain compliance policies and processes as they relate to VIA.
Executive Reporting Support: Assist in providing the information required for presentation to executives, the Board, and Committees.
Special Compliance Projects Participation: Participate in other special compliance projects.
Time Management Utilization: Utilize time tracking software to record work activity.

15. Compliance Analyst General Responsibilities

KYC File Review: Review the KYC files for new and existing clients and identify main issues and missing information.
Customer Due Diligence: Conduct customer due diligence checks (KYC) on new and existing clients to identify and evaluate AML/CTF risks as per the internal risk-based approach.
AML/KYC Documentation: Gather, analyze, and maintain AML/KYC documentation.
Regulatory Monitoring: Monitor and follow-up on regulatory developments and update procedures and templates accordingly.
KYC Maintenance: Keep all KYC files up-to-date.
KYC/AML Coordination: Liaise and coordinate with different parties (internal as well as external) in relation to KYC and AML-related matters.
Compliance Contact: Be a contact person within the law firm for questions or issues raised for Compliance purposes.
Project Participation: Participate in various internal projects.
Risk Assessment: Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients, and assets.
Compliance Enforcement: Drive compliance with applicable laws, rules, and regulations, adhering to Policy.
Regulatory Follow-Up: Complete follow-up with regulatory/government agencies on application status, manage and track all projects and licenses within proprietary software.

16. Corporate Compliance Analyst Key Accountabilities

Compliance Staff Oversight: Oversees Compliance Analyst I staff and facilitates investigations.
Compliance Chart Review: Perform chart reviews to assess compliance with coding and billing regulations.
Regulatory Data Compilation: Extract and compile reimbursement data for regulatory analysis.
Healthcare Industry Knowledge: Possess understanding of health care terminology and industry risk.
Compliance Monitoring: Monitor and report on Compliance Helpline (hotline), Exit Interviews, Conflict of Interest related matters, and other miscellaneous compliance projects.
Professionalism Development: Assist in developing, maintaining, and exhibiting departmental professionalism and reputation.
Conflict of Interest Analysis: Facilitate and help analyze conflict of interest reporting.
Website Maintenance: Help to enhance and maintain internal and external websites.
Compliance Watch Monitoring: Assist with collection and monitoring of Compliance Watch results.
Conflict Management Reporting: Assist with monitoring and reporting of conflict management plans.
Compliance Training Development: Assist in planning, developing, and creating educational and training materials related to specific compliance topics.
Organizational Communication: Effectively communicate and support the values of UPMC to employees at all levels of the organization.
Compliance Policy Support: Assist in establishing and maintaining policies, procedures, and tools to support compliance activities.
Departmental Contribution: Contribute to ongoing departmental goals.
Compliance Project Assistance: Assist the Chief Audit and Compliance Officer and Compliance Managers on special projects.
Policy Development: Incorporate draft policy language and policy amendatory language in response to regulatory and legislative changes for the benefit of business partners and Legal.

17. Compliance Analyst Duties

Action Item Tracking: Capture and track key action items to ensure continued progress against broader area objectives.
Compliance Engagement: Engage with and support initiatives across Core Compliance while gaining a working knowledge of day-to-day compliance risk management activities.
Data Facilitation for Compliance: Facilitate the collection and summary of compliance data to produce accurate and reliable information for decision-making and to support risk assessment, testing, monitoring, control room, surveillance, registration, and reporting activities.
Compliance System Updates: Support updates to and maintenance of the inventory of applicable laws, rules, and regulations within the Compliance information management system.
Data Analysis and Quality Control: Provide data input, analysis, and quality control for information repositories in Open Pages and across other platforms.
Stakeholder Coordination: Coordinate with key stakeholders and subject matter experts from business, risk, and support function areas to understand regulations and the applicability of requirements to areas across MUFG.
Regulatory Documentation Creation: Create documentation to evidence regulatory mappings, key decisions, processes, and controls.
Compliance Training Completion: Complete trainings on compliance topics, soft skills, and other subjects, as coordinated through the Compliance Analyst Program.
Ethical Judgment Application: Apply sound ethical judgment regarding personal behavior, conduct, and business practices, and escalate, manage, and report control issues with transparency.
Regulatory Support for Business Partners: Provide business partners in Product Management and Actuarial with state requirements in preparation for filing development and submission.

18. Compliance Analyst Details

Licensing Compliance Engagement: Engage with customers and Non-Compliant targets to resolve licensing discrepancies and ensure full compliance with licensing agreements.
License Compliance Development: Partner with systems and forensics team to develop comprehensive and compelling License Compliance cases.
Compliance Analytics: Leverage systems / analytics to develop and enrich Compliance cases.
Infringement Investigation: Investigate, review, and qualify infringement data.
Compliance Reporting: Ensure timely tracking and reporting on Compliance cases.
Best Practices Collaboration: Collaborate with vendors and partners in developing best practices.
Insurance Project Leadership: Lead and support personal lines insurance projects within state filings and other regulatory services functions.
Regulatory Assistance: Assist regulatory services staff with regulatory inquiries, which may include market conduct exams, desk audits, surveys, and data calls.
Regulatory Response Leadership: Lead and support action plans resulting from regulatory inquiries, regulatory and legislative changes, and self-audits.
ISO Communication: Monitor, review, summarize, and communicate relevant ISO circulars to business partners.

19. Compliance Analyst Responsibilities

Compliance Advisory Role: Act as a key contact in the Central Compliance Team (CCT), dealing with queries and offering Compliance advice to the Business.
Stakeholder Relationship Management: Form strong relationships with the Business, Compliance Partners, Financial Crime, Risk, and Internal Audit functions.
Compliance Support: Providing positive and practical assistance.
Information Coordination: Ensure information is shared as appropriate and there is no significant overlap of work.
Global Compliance Support: Work closely with Compliance Business Partners globally, to support the wider Compliance objectives.
Task Ownership: Taking ownership of daily tasks and processes, ensuring that tasks are delivered within the agreed time frames.
Risk Assessment: Review and approve areas such as Gifts, Entertainment, and Hospitality submissions, assessing bribery and corruption risk.
Marketing Compliance: Make Financial Promotions and similar marketing materials, assessing regulatory requirements have been followed for cross-geography promotions.
Third-Party Relationship Management: Keep relationships with Third-Party.
Third-Party Compliance Assessment: Assisting the Business and associated Compliance Business Partners (as applicable) in determining Third Party suitability.

20. Compliance Analyst Accountabilities

Training Reporting: Assist with Employee, Agent, and Merchant training and awareness program reporting.
Fraud Monitoring: Track and monitor notifications for Data Integrity, Chargebacks, and Fraud received from Card Brands. Facilitate resolution of issues with various teams.
Due Diligence Reporting: Use Internal reports for monitoring and reporting enhanced due diligence merchant activity.
Compliance Review: Assist with periodic reviews of merchant accounts to ensure compliance with regulatory and Card Brand requirements.
Compliance Monitoring: Conduct regular website reviews and reporting of non-compliance.
PCI DSS Reporting: Assist with PCI DSS merchant compliance and reporting.
Merchant Communication: Manage communication with new enhanced due diligence merchants on compliance requirements.
Regulatory Research: Research relevant regulatory updates and/or news for internal communications.
Compliance Escalation: Ensuring the appropriate escalation of compliance weaknesses to line management.
Compliance Support: Support other CCT functions and Compliance projects.

Relevant Information

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