Regulatory Compliance Specialist Job Description, Key Duties and Responsibilities

Regulatory Compliance Specialist job description, duties, tasks, and responsibilities.
Regulatory Compliance Specialists ensure their organizations adhere to established regulations.

Regulatory Compliance Specialist Job Description, Key Duties and Responsibilities

This post provides exhaustive information on the job description of a regulatory compliance specialist to increase your knowledge of what they do.

It presents the key tasks, duties, and responsibilities that commonly make up the regulatory compliance specialist work description in most organizations.

This post also highlights the major requirements that applicants for the regulatory compliance specialist job are typically expected to meet to qualify for hiring.

Please, read on to learn about the regulatory compliance specialist career:

What Does a Regulatory Compliance Specialist Do?

The job of a regulatory compliance specialist is to ensure that the organization or company they represent adheres strictly to the laid down regulations obtainable both at the federal and state levels.

His/her job description entails addressing compliance issues in an organization.

It involves carrying out audit/examination and resolving irregularities that may turn out to be a problem.

In addition to managing anomalies, it also involves creating a long term solution to prevent their recurrence.

A regulatory compliance specialist is expected to be an expert in a particular field or industry.

This is because there is need for a compliance specialist in various sectors, including banking, health care, government, manufacturing, etc.

Regulatory compliance specialists are also responsible for keeping track of the company’s compliance.

They review and examine the business practices of the organization periodically to ensure they are in line with pertinent regulations.

They are required to stay in touch with the latest changes in regulations that may affect the operations of the company, and also submit compliance report to the regulatory bodies that oversee their operations.

A regulatory compliance specialist can work on full time or as a consultant in an organization; working as a consultant is usually on a contract basis, which comes in form of carrying out semi-annual or annual reviews of compliance issues and/or being there as an onsite supervisor to manage projects.

Regulatory Compliance Specialist Job Description Example/ Sample/Template

The regulatory compliance specialist performs various functions, which primarily entails ensuring that the organization adheres to all laws guiding its operations.

The major duties, tasks, and responsibilities that commonly make up the regulatory compliance specialist job description are listed below:

  • Serve as a liaison between the company and the regulatory bodies
  • Perform regulatory compliance safety rounds/checks to guarantee continuous regulatory compliance as directed
  • Relate with all levels of employees to discuss regulations, standards, and company policies with the aim of providing education as needed
  • Responsible for the review of incident data and carry out root cause analysis to ascertain the cause
  • Render support during Federal, State, and Joint Commission surveys
  • Offer assistance with the department newsletter and perform additional administrative and reporting duties as assigned
  • Review and evaluate the company’s products/services to ensure compliance with relevant regulations, standards of identity, and claim requirements
  • Communicate up-to-date knowledge of current US and relevant international regulations that concern the operations of the company to internal partners
  • Responsible for answering compliance-related questions to provide regulatory guidance regarding the products/services of the company, in accordance with emerging/new regulations
  • Conduct research to provide appropriate compliance recommendations, advice on upcoming regulations, and evaluating the overall impact on the business.

Regulatory Compliance Specialist Job Description for Resume

If you have had some experience working as a regulatory compliance specialist and are now writing a new resume, you will have to include the professional or job experience section to your resume to show the experience.

You can adopt the duties and responsibilities in the sample job description above in describing your work experience as a regulatory compliance specialist in your resume.

Regulatory Compliance Specialist Requirements – Skills, Knowledge, and Abilities for Career Success

If you are seeking the job of a regulatory compliance specialist, it is important to know that you will be expected to meet certain requirements to prove that you will be effective in performing the obligations, purpose, and objectives of the role.

Shown below are major requirements recruiters may want you to meet to be qualified to access the regulatory compliance specialist position:

  • Education: To work as a regulatory compliance specialist, applicants are commonly required to have minimum of Bachelor’s degree. However, an advanced degree is preferred
  • Knowledge: It is important that they have years of practical experience as regulatory compliance specialist. Also, familiarity in fields like law, ethics, organizational business, finance, and statistical analysis is also essential
  • A regulatory compliance specialist must be knowledgeable in his/her area of expertise. They should also possess impeccable knowledge of regulation and be skillful in enforcing the rules. To do this, he/she is expected to be conversant with rules. This is accrued through years of training onsite and offsite
  • They should have investigating, auditing, and interviewing skills. Successful regulatory compliance specialists are highly analytical and are detail-oriented. It is crucial that they can unravel hidden records of the company as well as tactfully ask helpful or meaningful questions that are capable of producing the desired results from both the employer(s) and the employees
  • Teamwork skills: Applicants may be required to provide education to employees in teams. So it is important that they can work in a team oriented environment
  • Collaboration and influencing skills: Regulatory compliance specialists serve as a link between the organization and the regulatory bodies, so it is vital that they can establish and manage relationships as well as influence decisions in the favor of their organization
  • Computer skills: It is also important that applicants have strong computer skills and use of software application(s), including MS Windows, MS Office (Word, Excel, and PowerPoint)
  • Communication skills: The regulatory compliance specialist job involves providing counsel, education, and providing answer to compliance related questions, and reporting. So they must have exceptional verbal and written communication skills.

Regulatory Compliance Specialist Salary

According to online sources, the average salary of a regulatory compliance specialist falls between $48,000 and $61,000. This can be negotiated depending on the agreement between the regulatory compliance specialist and the employer. It could be lesser or higher.

Conclusion

If you are an HR manager or recruiter hiring for the regulatory compliance specialist position, you will need to publish a description of the job to inform prospective candidates of the duties they will be assigned if hired.

You can adopt the sample regulatory compliance specialist job description above as a template in creating the description that perfectly fits the role in your organization.

The information about the duties and responsibilities of a regulatory compliance specialist provided on this page is also useful to individuals interested in the career to learn more about what they do.

This will help them decide if the regulatory compliance specialist job is the right career for them or not.