Compliance Specialist
Salary undisclosed
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Description
Job Summary:
The Compliance Specialist plays a critical role in ensuring that the bank adheres to all regulatory and legal requirements established by relevant authorities, as well as internal policies and procedures.
Reporting to the Chief Compliance Officer, the Compliance Specialist will be responsible for monitoring and assessing the effectiveness of internal controls through ongoing reviews, reviewing and updating policies and procedures as needed, and working closely with various teams to respond to various compliance-related inquiries across the organization. This role is key in mitigating risk and maintaining the bank’s alignment with legal and regulatory standards.
Requirements
Key Responsibilities and Duties:
Job Summary:
The Compliance Specialist plays a critical role in ensuring that the bank adheres to all regulatory and legal requirements established by relevant authorities, as well as internal policies and procedures.
Reporting to the Chief Compliance Officer, the Compliance Specialist will be responsible for monitoring and assessing the effectiveness of internal controls through ongoing reviews, reviewing and updating policies and procedures as needed, and working closely with various teams to respond to various compliance-related inquiries across the organization. This role is key in mitigating risk and maintaining the bank’s alignment with legal and regulatory standards.
Requirements
Key Responsibilities and Duties:
- Regulatory Adherence: Maintain current understanding of relevant banking rules and regulations, including those related to consumer protection, lending, deposits, BSA/AML, and OFAC and other relevant regulations.
- Daily Monitoring: Review reports, logs, and transaction data on a daily basis to identify trends and unusual activities, ensuring timely detection of potential compliance risks.
- Internal Compliance Monitoring: Conduct ongoing monitoring and audits of various compliance areas such as, but not limited to: Flood Insurance, Expedited Funds Availability, Truth in Savings Act (TISA), Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act, Non-Originated Loans, and Open End Lines of Credit. Ensure adherence to both regulatory requirements and internal policies.
- Issue Identification & Resolution: Proactively identify compliance deficiencies or risks, communicate these issues to management, and collaborate on developing effective solutions.
- Policy & Procedure Management: Assist in the development, revision, and implementation of compliance policies and procedures to ensure they align with regulatory changes and industry’s best practices.
- Training & Education: Monitor and ensure timely completion of compliance training through FIS Reg U for all bank associates. Provide training as necessary to ensure understanding of regulatory requirements and internal policies.
- Cross-Department Support: Collaborate with other departments to provide compliance-related assistance and enhance the overall effectiveness of compliance processes.
- Additional Responsibilities: Execute all other duties as assigned by management, demonstrating flexibility and adaptability within the compliance function.
- Education/Experience: High School diploma or GED is required. Minimum of 2 years of experience in deposit and lending compliance within a financial institution, with a comprehensive understanding of banking regulations.
- Regulatory Knowledge: Strong understanding of lending and deposit-related banking regulations, including but not limited to, Flood, TILA, ECOA, TISA, RESPA, Reg CC, Reg DD, HMDA, CRA, and BSA/AML/OFAC.
- Analytical Skills: Exceptional ability to analyze data, identify compliance risks, and implement corrective actions when necessary.
- Communication: Strong verbal and written communication skills, with the ability to explain complex regulatory requirements to diverse audiences across the organization.
- Organizational & Project Management: Excellent organizational skills, with the ability to manage multiple tasks and projects efficiently and effectively.
- Attention to Detail: Meticulous attention to detail in reviewing compliance reports, policies, and transaction data.
- Interpersonal Skills: Professional demeanor with a collaborative attitude and the ability to work effectively with colleagues at all levels of the organization.
- Technology: Proficiency in compliance-related software and MS Office Suite (Excel, Word, PowerPoint).
- Ability to work independently, manage multiple priorities effectively, meet deadlines, and maintain professionalism in high-pressure situations.
- Strong ethical standards, organizational and time management skills, and a commitment to upholding the integrity of the institution.
- Proactive mindset with a focus on continuous improvement in compliance processes.
Description
Job Summary:
The Compliance Specialist plays a critical role in ensuring that the bank adheres to all regulatory and legal requirements established by relevant authorities, as well as internal policies and procedures.
Reporting to the Chief Compliance Officer, the Compliance Specialist will be responsible for monitoring and assessing the effectiveness of internal controls through ongoing reviews, reviewing and updating policies and procedures as needed, and working closely with various teams to respond to various compliance-related inquiries across the organization. This role is key in mitigating risk and maintaining the bank’s alignment with legal and regulatory standards.
Requirements
Key Responsibilities and Duties:
Job Summary:
The Compliance Specialist plays a critical role in ensuring that the bank adheres to all regulatory and legal requirements established by relevant authorities, as well as internal policies and procedures.
Reporting to the Chief Compliance Officer, the Compliance Specialist will be responsible for monitoring and assessing the effectiveness of internal controls through ongoing reviews, reviewing and updating policies and procedures as needed, and working closely with various teams to respond to various compliance-related inquiries across the organization. This role is key in mitigating risk and maintaining the bank’s alignment with legal and regulatory standards.
Requirements
Key Responsibilities and Duties:
- Regulatory Adherence: Maintain current understanding of relevant banking rules and regulations, including those related to consumer protection, lending, deposits, BSA/AML, and OFAC and other relevant regulations.
- Daily Monitoring: Review reports, logs, and transaction data on a daily basis to identify trends and unusual activities, ensuring timely detection of potential compliance risks.
- Internal Compliance Monitoring: Conduct ongoing monitoring and audits of various compliance areas such as, but not limited to: Flood Insurance, Expedited Funds Availability, Truth in Savings Act (TISA), Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act, Non-Originated Loans, and Open End Lines of Credit. Ensure adherence to both regulatory requirements and internal policies.
- Issue Identification & Resolution: Proactively identify compliance deficiencies or risks, communicate these issues to management, and collaborate on developing effective solutions.
- Policy & Procedure Management: Assist in the development, revision, and implementation of compliance policies and procedures to ensure they align with regulatory changes and industry’s best practices.
- Training & Education: Monitor and ensure timely completion of compliance training through FIS Reg U for all bank associates. Provide training as necessary to ensure understanding of regulatory requirements and internal policies.
- Cross-Department Support: Collaborate with other departments to provide compliance-related assistance and enhance the overall effectiveness of compliance processes.
- Additional Responsibilities: Execute all other duties as assigned by management, demonstrating flexibility and adaptability within the compliance function.
- Education/Experience: High School diploma or GED is required. Minimum of 2 years of experience in deposit and lending compliance within a financial institution, with a comprehensive understanding of banking regulations.
- Regulatory Knowledge: Strong understanding of lending and deposit-related banking regulations, including but not limited to, Flood, TILA, ECOA, TISA, RESPA, Reg CC, Reg DD, HMDA, CRA, and BSA/AML/OFAC.
- Analytical Skills: Exceptional ability to analyze data, identify compliance risks, and implement corrective actions when necessary.
- Communication: Strong verbal and written communication skills, with the ability to explain complex regulatory requirements to diverse audiences across the organization.
- Organizational & Project Management: Excellent organizational skills, with the ability to manage multiple tasks and projects efficiently and effectively.
- Attention to Detail: Meticulous attention to detail in reviewing compliance reports, policies, and transaction data.
- Interpersonal Skills: Professional demeanor with a collaborative attitude and the ability to work effectively with colleagues at all levels of the organization.
- Technology: Proficiency in compliance-related software and MS Office Suite (Excel, Word, PowerPoint).
- Ability to work independently, manage multiple priorities effectively, meet deadlines, and maintain professionalism in high-pressure situations.
- Strong ethical standards, organizational and time management skills, and a commitment to upholding the integrity of the institution.
- Proactive mindset with a focus on continuous improvement in compliance processes.