FinOps Financial Compliance Analyst

Last Updated:
September 19, 2023

Job Description Overview

A FinOps Financial Compliance Analyst job description typically involves managing and ensuring the compliance of financial processes and systems within an organization in the Information Technology (IT) industry. This professional plays a crucial role in optimizing financial operations and reducing risk by implementing strategies that adhere to relevant regulations and industry standards. 

A skilled FinOps Financial Compliance Analyst monitors the organization's financial transactions, implementing measures to prevent financial losses and identifying areas of improvement. They work closely with finance and IT teams to design, develop, and implement efficient financial systems that ensure data integrity and security. Additionally, this professional aids in preparing financial statements and reports following regulatory guidelines.

Overall, a FinOps Financial Compliance Analyst serves as a valuable resource for maintaining a strong financial compliance framework, safeguarding the organization's financial health, and supporting long-term success in the dynamic IT industry.

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Job Duties and Responsibilities

  • Ensure financial compliance by reviewing and analyzing company expenses, transactions, and payment methods within the IT department.
  • Develop and maintain a strong understanding of financial regulations and industry standards, and apply this knowledge to the identification and mitigation of potential risks.
  • Monitor and assess the effectiveness of internal financial controls, and recommend improvements to increase efficiency and coordination among IT teams.
  • Collaborate with internal audit teams and participate in external audits, providing necessary documentation and support to verify compliance.
  • Research and remain up-to-date on new technology-related financial regulations and guidelines, and communicate important changes to IT teams.
  • Implement effective reporting tools to track financial performance and compliance, and provide regular updates to management and stakeholders.
  • Assist in the development and implementation of policies and procedures to ensure consistent financial practices and compliance throughout the organization.
  • Facilitate financial training and education for IT personnel, ensuring all team members are aware of and adhere to compliance standards.
  • Collaborate with cross-functional teams, such as procurement and IT project management, to provide financial oversight and guidance on IT-related initiatives.
  • Support IT budget planning and forecasting by analyzing historical spending and identifying potential areas for cost saving and strategic spending.

Experience and Education Requirements

To work as a FinOps Financial Compliance Analyst in the IT industry, you typically need a Bachelor's degree in finance, accounting, or a related field. Experience in IT, finance, or compliance is often required too. Gaining certifications, such as the Financial Risk Manager (FRM) or Certified Internal Auditor (CIA), can improve your chances of getting hired. Having strong analytical, communication, and problem-solving skills is also important. Employers may prefer candidates with knowledge of financial regulatory frameworks, such as Sarbanes-Oxley or Dodd-Frank. On-the-job training is common, so you can learn and develop your skills over time.

Salary Range

The FinOps Financial Compliance Analyst salary range in the United States varies depending on experience and location. On average, professionals in this role can expect to earn between $60,000 and $100,000 per year. Entry-level positions start at around $60,000, while more experienced analysts can earn up to $120,000 or more. In other countries like the United Kingdom, the salary range is similar, with annual earnings between £40,000 and £80,000. These figures show that a career in FinOps Financial Compliance Analyst can be quite rewarding financially, while also offering opportunities for growth and advancement.

Sources:

  1. https://www.salary.com/research/salary/alternate/financial-compliance-analyst-salary
  2. https://www.glassdoor.com/Salaries/financial-compliance-analyst-salary-SRCH_KO0,26.htm
  3. https://www.payscale.com/research/UK/Job=Compliance_Analyst/Salary

Career Outlook

The FinOps Financial Compliance Analyst career is looking promising in the next five years. As companies in the Information Technology industry grow, they need professionals to manage their finances. FinOps analysts help with cost control and financial planning. They ensure companies meet legal financial standards. This job will become more important as more businesses adopt cloud computing and manage large-scale data.

We can expect the demand for FinOps Financial Compliance Analysts to increase in the next five years. This means more job opportunities and growth in this field. It's a great time to consider a career as a FinOps Financial Compliance Analyst, as the future looks bright and full of opportunities.

Sources:

  1. https://www.gartner.com/en/newsroom/press-releases/2019-11-13-gartner-forecasts-worldwide-public-cloud-revenue-to-grow-17-percent-in-2020
  2. https://finops.org/about/finops-job-descriptions/

Frequently Asked Questions (FAQ)

Q: What does a FinOps Financial Compliance Analyst do?

A: They analyze financial data, ensure compliance with regulations, and help in developing better financial strategies for IT companies.

Q: What skills are required for this job?

A: Strong analytical, communication, and problem-solving skills, along with knowledge of accounting, finance, and IT systems.

Q: What kind of education is needed?

A: A bachelor's degree in finance, accounting, or related field, with some IT experience.

Q: Is certification necessary for this job?

A: Some employers may require certifications like CISA, CPA, or CIA, but it's not mandatory.

Q: What is a typical workday like for this role?

A: Tasks include analyzing financial data, reviewing compliance processes, and collaborating with teams to improve financial operations.


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