You’ve finally been called in for an interview for a compliance analyst position, and you have jitters which is normal. Everybody always wants to get the job, but not all people get it. So how do you beat the system?
Before you head for the interview, it is best that you read through this article, as it will offer you a glimpse of some of the questions you are likely to be asked. But first, let’s describe who is a compliance analyst.
A compliance analyst is a professional who helps protect an organization from steep fines, lawsuits and PR nightmares. They often ensure that the company complies with all internal and external regulations.
Now that you understand what they do, let’s get straight into the questions you should expect during the interview.
1. What Are Roles Of A Compliance Analyst?
Interviewers tend to ask this question in order to assess if the candidate understands what is required of them. While answering this question, ensure that your answer aligns with the job description.
As a compliance analyst, my role will be to research to update myself with current regulations actively. I’ll also be required to communicate regulations to external and internal parties. With my great interpersonal and communication skills, it will be easy for me to do this.
I’ll assess any compliance issue brought to me and do my best to resolve it. Also, I’ll maintain legal and regulatory compliance.
2. Which Ways Would You Monitor Compliance At Work?
Here, the interviewer wants to know if you are skilled in compliance monitoring. Demonstrate your competence by providing some compliance monitoring techniques.
“There are several techniques I would use to monitor compliance. These include reviewing permits, inspecting credentialization and training, ensuring to perform pre-activity approvals, reviewing checklists completed by staff, reviewing recorded customer calls, and reviewing transactions.”
3. What Are The Qualities That A Compliance Analyst Need To Be Successful?
While answering this question, it is best that you highlight some of the must-have attributes for a compliance analyst. Once you highlight them, ensure that you explain how to exemplify them.
Having a degree that will help you be a great compliance analyst is not enough. From my point of view, you may require more to be successful. However, this is not to disregard the degree, but it will up your game when you have excellent communication skill.
It is quite easy for me to clearly communicate the regulations to both the external and internal parties with great communication skills. Also, whenever compliance is violated, I know how to communicate this.
I can attest that having this skill has helped me stand out from the crowd.
4. What Major Challenges Did You Face In Your Last Role? How Did You Manage Them?
This question helps the interviewer know the past challenges you might have experienced and how you solved them. In most cases, the question allows the interviewer see your problem-solving skills abilities.
There is one particular challenging incident that did test my work ethic. There was a time when a company approached me and asked if I could tamper with the analysis as they had not followed their regulations.
They were willing to pay a lot of money, but agreeing to this would deter me from the roles I swore to follow. I politely told them I’d not be part of the scheme and declined the offer.
5. Describe Your Daily Routine As A Compliance Analyst?
In most cases, interviewers tend to ask this question in order to get a glimpse of the candidate’s personality. The question helps portray the candidate’s values and discipline.
Once I clocked in the office, the first thing I do is check my emails. This helps me know what lies before me. I’ll check if the managing director has emailed that he requires to know if the new strategy complies with the regulation.
After checking my emial, I always set some time to go through the newsletter from the industry regulatory body. This helps me keep up-to-date with any new regulations set. I also check the internet to see if there are any regulatory changes. If there are, I’ll set a meeting with the government official to discuss them.
Once the meeting is over, I’ll check to see if any employees might have broken the rules. If there are, I usually set a meeting the HR to discuss on the disciplinary action.
Before ending my day, I go through my emails one more time to ensure that I did not miss out on anything.
6. Describe Briefly About Your Experience
Hiring managers tend to ask this question to have a complete detail on your work experience, as reading it on your resume might not offer the same feel. It also helps assess if the candidate possesses the skills required for the position.
I have had the chance to work as a compliance analyst for five years now. During this time, I tackled different responsibilities, such as researching on any new regulations. I was also tasked to check if the company was complying with the regulations.
I’d also strategize the right procedures and regulations for my company. The other responsibility I had while working at company X is training new employees for them to follow the set regulations.
7. What Kind Of Strategies And Mindset Is Required For This Role?
These questions often help the employer to know the candidate’s decision and thinking process. While answering such questions, it is best that you make use of scenarios you have gone through.
One particular strategy that I deem essential while working in this position is being attentive to minor details. Without this, some employees may break these rules without your knowledge. While working at Company X, there was a time a rule was broken by one of the employees.
No one had noticed it, but when I reviewed the company’s regulations, I noticed that she had broken it. Without this mindset, she probably would not have received any disciplinary action.
8. What Is The Biggest Challenge You Foresee In This Job?
Most hiring managers tend to ask this question as they want to know the kind of employee you’ll be. Also, this question helps the interviewer know how well you’d fit in the company.
I know that your organization delights in working with a team with high goals. I look forward to being part of this team. I have had the opportunity to do projects with a tight deadline which was challenging, but I succeeded in it.
My ability to work well with a team and manage my time will be a great addition to your company.
9. How Do You Stay Motivated In Your Work?
This is a question that may throw you off, mainly if you are not prepared. This is because the question is broad and can be easily misinterpreted.
What motivates me the most is successfully meeting set deadlines. This action often gives me a sense of accomplishment, and it’s something I look for each day. I’m also motivated by visible results.
For example, while working at company X, I noticed that internal regulations were not being followed. We held a meeting with the responsible parties, and everything was sorted. The visible change gave me a sense of motivation.
10. Describe A Time You Failed In This Role And The Lesson Learnt?
Whenever an interviewer asks this question, they are checking to see if the candidate blames others for their mistakes. Also, they assess if the candidate has done anything to correct their error.
Be brief while answering this and ensure that you give an encounter you experienced.
While working at Company X, I was not keen on details. This time, I failed to identify a regulation the company had not followed and cost the company a huge fine. I accepted my mistakes and learned the importance of being keen on details.
From that day on, the company has never been requested to pay up any fines as I checked keenly if all the regulations are being followed.
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11. Why Do You Feel You Are Most Suited For This Job?
Most interviewers tend to ask this question as they want to assess the candidate’s confidence. While answering this question, focus on how you can help the organization. Ensure that your answer does not sound memorized.
The skills I have are a great match with the requirements set for this position. In particular, my excellent interpersonal and communication skills make me the ideal candidate. I oversaw Company X for five years, and they did not have to worry about paying up any fines as I was vigilant with the regulations.
I’m confident that I can bring the same success once I start working for you.
12. Share With Us Your Greatest Achievement
Whenever a hiring manager asks this they are trying to assess what makes you stand out from other candidates.
My most outstanding achievement must be when I worked at Company X and helped them identify regulations they were not observing. The manager then was happy that I noticed them as it would have cost me a huge fine.
So I was assigned to train the employees on the regulations they should obey. Later on that month, I was recognized as the employee of the month.
13. What Is Your Greatest Strength In This Role Of Compliance Analyst?
Whenever the interviewer asks this, they are trying to assess if your strengths align with the company’s principles. Your response will help the interviewer know if you are the best applicant or not.
While answering this question, it is best that you include a real-life story.
My greatest strength is that I’m detail-oriented. Nothing can bypass me, and this is a bonus as I’m certain that I’ll never miss on picking up a regulation that has been broken.
14. Are there any systems you have used to help eliminate or reduce errors in your work?
Whenever the interviewer asks this question, what they are looking for is to see if you are accustomed to different systems that can help improve your productivity. Human is to error, but any mistake made by a compliance analyst can cost a big deal. This is why most interviewers will ask this to ensure that you will not make any mistakes.
Come rain come sunshine I’ve always stood by using software X. I did a survey and noticed that software X often delivers accurate results compared to other systems. I usually counter-check the work three times and cross-check through software Y.
15. How Do You Feel About Firing An Employee Or Suggesting It To The Management?
When the interviewer asks this, it is essential to know that they are assessing how you can discipline an individual who has committed multiple grievances without changing. While answering the question, ensure that you highlight that you will not let emotions get the better of you while making this decision.
Before firing the employee, I’ll check to see the regulations they have broken. If the employee drinks at work or starts a fight, the board will not pardon them. If the rules the employee has broken are not serious, then we’ll hold a meeting with them.
During the discussion I’ll explain to them what they did wrong and give them a warning. If this happens more than two times, then they should be dismissed. Also, before making decisions, I’ll make sure to discuss it with my manager.
16. Tell me How You Would Protect An Employee Who Has Reported A Serious Issue?
When asked this question, the interviewer is assessing your integrity. Ensure that you think through the question; a small mess up might reduce the chances of you getting the job.
There are laws that protect whistleblowers; the unfortunate thing is that during practice are hardly followed. While I was working at Company X, whenever an employee would come to me with a sensitive topic, I’d ensure that I’d protect their identity.
Few occasions might prompt me to disclose their identity, which in my five years of experience, I’ve had none.
17. Where Do You See Yourself In Five Years From Now?
Be careful while answering this question. You would not want to tell the interviewer that you will not be working for them. In most cases, most companies prefer hiring compliance analysts who are likely to stay with them for long.
Also, if the company is small, there is no need to mention that you would want to be promoted.
It takes a lot of time and commitment to understanding how a company operates fully. Hence within those five years, I’ll still want to be working for you. It will make no sense if I stay at this job for a year or two.
Also, I recently took a course on how to use software X, and I’d like to exercise this newly acquired knowledge and be better at it in the next five years.
18. How Would You Respond If You Found Out That One Of The Executives Violated A Regulation?
In most cases, you may find that some of the executives are part of the hiring board. So be careful while answering this question.
If the violation is not severe, I’d sit down with the executive and point out that they broke the regulations. I’d also give suggestions on how they can avoid the same mistake happening. However, if this does not help, then I’d report them to the CEO.
The other option I’d take is to ask for counsel from people who may have insider information on how to deal with the issue. Before reporting the executive to the CEO I’d also try to verify the information first.
19. What Do You Wish To Accomplish In This Job?
While answering this question, do not show the interviewer that all you are thinking about is the salary you’ll get. Show them the bigger picture of how you’ll help the organization.
Once I get this job, I hope that to improve the overall satisfaction of the employees. I also would want to help maintain the great name this company has. This will only be possible if I ensure that the company is fully complying with the set regulations.
20. What Is Your Greatest Weakness?
While answering this do mention not only your weakness but also mention measures you are doing to help ensure that you improve on it.
My weakness is that I prefer things to be perfect. To some people, this might come out as a great thing. However, this trait is the other side of the coin. I, at times, tend to set high, unrealistic goals.
The good thing is I noticed this weakness, and I’m working on it by convincing myself that I’m human. And I am also giving myself the grace to accomplish achievable goals.
In conclusion, after you are done with the interview, you could choose to ask them a question on something that you need some clarification on. It is best to prepare yourself, and I hope these questions will help you get the job. Good luck!