Key Responsibilities and Required Skills for Compliance Specialist

🎯 Role Definition

The Compliance Specialist owns execution of day-to-day compliance activities to ensure the organization meets regulatory obligations and internal policy standards. This role actively monitors regulatory change, performs risk assessments, conducts investigations and audits, designs and delivers targeted controls, and serves as a primary point of contact for regulators and internal stakeholders to reduce compliance risk and support sustainable business operations.

📈 Career Progression

Typical Career Path

Entry Point From:

Compliance Analyst or Junior Compliance Officer with 1–3 years of experience
AML/KYC Analyst or Risk Analyst with transaction monitoring experience
Legal Assistant or Paralegal supporting regulatory matters

Advancement To:

Senior Compliance Specialist or Compliance Team Lead
Compliance Manager / Risk Manager overseeing a portfolio of programs
Head of Compliance or Director of Regulatory Affairs, ultimately CCO (Chief Compliance Officer)

Lateral Moves:

Internal Audit / Internal Controls
Anti-Money Laundering (AML) Officer or Financial Crime Investigator
Regulatory Policy or Privacy Officer (GDPR/HIPAA focus)

Core Responsibilities

Primary Functions

Develop, implement, and maintain compliance policies and procedures across business lines to ensure alignment with applicable laws, regulations (AML, KYC, BSA, GDPR, SOX, HIPAA), and industry standards, updating documentation upon regulatory change or operational shifts.
Conduct periodic risk assessments and compliance program reviews to identify control gaps, quantify risk exposure, and recommend prioritized remediation plans that reduce regulatory and operational risk.
Perform in-depth monitoring and transaction reviews using automated surveillance systems and manual analysis to detect suspicious activity, prepare STR/SAR reports, and escalate high-risk findings to senior management and regulators.
Lead or support regulatory examinations and audits by preparing responses, coordinating evidence collection, drafting position papers, and liaising with regulators and external auditors to resolve findings in a timely manner.
Investigate compliance incidents and employee-reported concerns, conduct root-cause analysis, document investigative findings, determine corrective actions, and track remediation to closure with clear timelines and ownership.
Design and execute compliance testing programs (control testing, sampling, and walkthroughs) across key processes, prepare testing reports with conclusions and recommendations, and follow up on management action plans.
Oversee customer due diligence (CDD), enhanced due diligence (EDD), and Know Your Customer (KYC) remediation projects including onboarding checks, periodic reviews, and adverse media screening consistency.
Prepare and submit mandatory regulatory reports and filings, ensuring accuracy, completeness, and timeliness while maintaining audit-ready documentation and version control for regulatory responses.
Deliver targeted compliance training and awareness programs for employees and front-line staff, develop training materials, track completion metrics, and measure effectiveness through assessments and follow-ups.
Partner with Legal, IT, Finance, and Business Operations to translate regulatory requirements into practical controls, update system configurations, integrate controls into workflows, and ensure alignment with enterprise risk appetite.
Maintain and update regulatory change management processes by monitoring new and amended laws, conducting impact assessments, advising stakeholders on required actions, and coordinating program updates for compliance adoption.
Implement and manage GRC (Governance, Risk, and Compliance) platforms and case management systems to centralize policies, incidents, remediation plans, and reporting, improving traceability and auditability of compliance activities.
Conduct vendor and third-party risk assessments and due diligence to ensure service providers meet contractual and regulatory obligations, monitor ongoing vendor compliance, and escalate third-party risks for executive review.
Produce regular management and executive reporting on compliance metrics, KPIs, control effectiveness, outstanding actions, and risk trends to inform decision-making, board reporting, and regulatory engagement.
Support the design and implementation of anti-bribery, anti-corruption, and conflicts of interest programs including attestations, monitoring controls, and escalation procedures to mitigate ethical and legal risks.
Coordinate with Privacy Officers to ensure personal data handling aligns with GDPR/CCPA/HIPAA requirements, provide privacy impact assessments, and ensure contractual and operational controls are in place for cross-border data transfers.
Assist in the development and maintenance of incident response and business continuity plans from a compliance perspective, ensuring regulatory notification requirements are understood and executed during major incidents or breaches.
Review and approve marketing, product, and contractual content for regulatory and compliance risk, ensuring product launches include required compliance controls and disclosures to minimize legal and reputational exposure.
Support escalation and remediation of system or process deficiencies with IT and operations teams, defining technical and process requirements, testing remediation effectiveness, and ensuring changes meet regulatory expectations.
Maintain a registry of laws, regulations, and supervisory expectations relevant to business units and ensure stakeholders have timely access to binding guidance and required implementation steps.
Mentor junior compliance staff, provide coaching on investigative and monitoring techniques, review workpapers and deliverables for quality, and foster a culture of compliance across the organization.
Evaluate and recommend technology enhancements, analytics, and automation opportunities (e.g., rule tuning, machine learning models, robotic process automation) to increase the efficiency and effectiveness of compliance monitoring.
Act as the primary point of contact for whistleblower reports, manage intake and triage, ensure confidentiality and escalation, and coordinate investigations consistent with internal policy and regulatory requirements.

Secondary Functions

Support ad-hoc regulatory and compliance-related data requests, perform exploratory data analysis using Excel and SQL to validate hypotheses, and deliver insights to compliance stakeholders.
Contribute to the organization's compliance transformation roadmap by identifying process improvement opportunities, piloting new tools, and documenting business requirements for implementation.
Collaborate with business units to translate compliance requirements into operational controls and system requirements, ensuring smooth integration during product or process changes.
Participate in cross-functional project teams and sprint planning to provide compliance perspectives on agile development, assist with acceptance criteria related to regulatory controls, and validate deployments.
Assist with contract reviews for regulatory clauses and develop standardized contract language to mitigate compliance risk in commercial agreements.
Support preparation of board and audit committee materials, consolidating compliance program performance, regulatory trends, and remediation progress for executive stakeholders.
Facilitate periodic control self-assessments across business units, collect attestations, analyze results, and produce consolidated reports highlighting systemic issues and action plans.
Maintain a compliance resource library and FAQ repository for employees, keeping guidance current and easily accessible to improve policy adherence and reduce repeat inquiries.

Required Skills & Competencies

Hard Skills (Technical)

Deep knowledge of regulatory frameworks and standards including AML/BSA, KYC/CDD, OFAC/sanctions, GDPR, CCPA, SOX, HIPAA, and industry-specific regulations relevant to banking, fintech, healthcare, or insurance.
Transaction monitoring and suspicious activity detection experience using AML systems and case management platforms (e.g., Actimize, NICE, Oracle Mantas, Fiserv, SAS).
Strong policy and procedure writing skills with experience developing compliance manuals, regulatory filings, and control documentation.
Proficiency with GRC platforms (e.g., Archer, MetricStream, RSA) and experience managing control registries, testing schedules, and remediation workflows.
Experience with regulatory examinations and audits, including preparation of responses, documentation control, and remediation management.
Data analysis skills: advanced Excel (pivot tables, VLOOKUP/XLOOKUP), basic-to-intermediate SQL, and familiarity with BI tools (Tableau, Power BI) to produce compliance dashboards and metrics.
Case management and investigative tools experience; ability to produce and manage high-quality investigative workpapers and escalation packages.
Vendor risk management skills: due diligence questionnaires, contractual review for compliance clauses, and ongoing monitoring of third-party risk.
Legal and regulatory research capabilities to track new rules, interpret supervisory guidance, and produce impact assessments.
Experience implementing or testing internal controls, designing control matrices, and performing control effectiveness testing.

Soft Skills

Excellent written and verbal communication skills for clear regulatory reporting, policy drafting, and stakeholder engagement.
Strong analytical and problem-solving abilities with attention to detail and an evidence-based approach to investigative work.
Sound judgment and ethical standards; ability to handle confidential information and escalate issues appropriately.
Ability to influence and partner cross-functionally with business, legal, IT, and operations teams to implement compliance solutions.
Project management skills with the ability to manage multiple priorities, meet regulatory deadlines, and drive remediation to closure.
Training and coaching aptitude to deliver effective compliance education across varied employee populations.
Adaptability and resilience in a fast-changing regulatory environment; comfortable with ambiguity and iterative policy updates.
Customer-focused mindset to support business growth while safeguarding regulatory compliance and reputation.
Critical thinking with the ability to synthesize complex regulatory requirements into pragmatic operational controls.
Attention to process and systems detail to ensure accurate regulatory filings and audit readiness.

Education & Experience

Educational Background

Minimum Education:

Bachelor’s degree in Finance, Business Administration, Law, Accounting, Economics, Information Systems, or a related field.

Preferred Education:

Master’s degree in Law, Business Administration (MBA), Risk Management, or related discipline; or J.D. with compliance experience.
Professional certifications such as CAMS (Certified Anti-Money Laundering Specialist), CRCM, CCEP, CISA, CISSP, or similar regulatory/compliance credentials.

Relevant Fields of Study:

Finance
Law
Business / Business Administration
Risk Management / Corporate Governance
Information Security / Cybersecurity
Accounting / Auditing

Experience Requirements

Typical Experience Range: 2–6 years of progressive compliance, AML, regulatory affairs, or risk management experience; variable by seniority and industry.

Preferred:

3–5+ years of compliance experience in a regulated industry (financial services, fintech, healthcare, insurance, or pharmaceuticals).
Demonstrated experience managing regulatory examinations, AML/KYC programs, policy development, and control testing.
Proven track record of implementing remediation plans, working with regulators, and driving cross-functional compliance projects.
Familiarity with compliance technology stacks (GRC, AML surveillance, case management) and basic data querying skills for monitoring and reporting.