Career Definition of a Regulatory Compliance Associate
Regulatory compliance associates have the responsibility of knowing the regulations that apply to their industry. They can work in a number of different industries, such as finance and manufacturing. Their main objective is to ensure that the company they work for is aware of all applicable regulations. They might also assist in instituting policies and practices to ensure that regulations are followed.
Their work involves maintaining records of all regulations. They must also file paperwork when necessary to show that their company complies with regulations. They may consult with managers to discuss regulation issues and develop methods of informing staff of regulations in the workplace. They must also keep management informed of their progress in meeting all regulation requirements and maintain records of their meetings. They also keep records of all certifications their company has.
|Educational Requirements||Bachelor's degree|
|Job Skills||Attention to detail, problem-solving skills, computer skills, ability to multitask, communication skills, organizational skills, ability to meet deadlines|
|Mean Salary (2021)*||$72,304 (regulatory compliance associates)|
|Job Outlook (2020-2030)**||6% (compliance officers)|
Sources: *Glassdoor.com; **U.S. Bureau of Labor Statistics
Regulatory compliance associates are typically required to have a bachelor's degree in a relevant field. Since they can work in a number of industries, the specific undergraduate degree pursued can vary widely. Those who work in banking regulations, for example, may have a degree in finance or accounting. Regulatory compliance associates who work in food production may have studied food science. Those who are uncertain about which industry they are interested in working may wish to pursue a major or minor in business.
Regulatory compliance associates work with a lot of paperwork, so they need to be able to organize materials and information. They also need to be able to prioritize tasks and meet deadlines to ensure their company has the necessary certifications to operate or files reports on time to demonstrate regulatory compliance. They may produce materials on computers, so they need computer skills. Communication skills are important as well, since these associates regularly meet with managers and must also prepare reports. Since they must ensure all regulations are properly followed, they also need to be able to pay attention to details to ensure that nothing is missed.
Career Outlook and Salary
According to PayScale.com, the average annual salary for compliance associates was $62,905 as of 2021. The U.S. Bureau of Labor Statistics (BLS) provides information for compliance officers in general. From 2020 to 2030, the BLS expects compliance officers to see a 6% rate of job growth.
There are other career options that involve reviewing information to determine if a company has complied with operating regulations or ensuring workplace safety regulations are followed. Information about some careers that are similar to the role of a regulatory compliance associate is available through these links.