Vice President, Compliance
Responsible for the Credit Union’s overall compliance and risk management programs including but not limited to lending, deposit, and operational rules, regulations and statutory requirements. The Vice President of Compliance functions independently and objectively when reviewing and evaluating compliance issues/concerns within the organization. Ensures the Board of Directors, management and employees are in compliance with the rules and regulations, and that Credit Union policies and procedures are being followed. When implementing or recommending action to ensure compliance, the Vice President of Compliance uses a risk management approach and consider operational efficiency, cost effectiveness, and member service. Coordinates, develops, implements and administers all aspects of the corporate wide Bank Secrecy Act (BSA) compliance program. This position will supervise the Risk Operations Manager, Risk Management Specialists (indirect), and prepares and files reports with government agencies as directed by law.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
- Responsible for the vendor management program. Ensure that management are trained in the appropriate procedures for vendor due diligence. Assist in evaluating the risk for any vendor.
- Responsible for the development, oversight and implementation of core ERM tools including risk identification, assessment of risk on the operations and mission, prioritization, development and implementation of response to mitigation plans, monitoring, reporting templates and communications tools.
- Lead the annual and on-going assessment of the ERM framework working directly with risk owners to complete risk analysis and develop risk documentation and reporting mechanisms. Act as an advisor and partner to department heads.
- Lead projects to develop and execute risk optimization strategies for key strategic initiatives. Conduct custom strategic risk and opportunity assessments; maintain an ongoing awareness of emerging external and internal risks and opportunities; consult with subject matter experts as needed; report on those risks and/or opportunities; assist responsible officials to assess and respond to emerging risks. Identify and address gaps in the organization, recommend solutions, develop polices and develop standard reporting mechanisms.
- Develop and maintain written policies and ensures that procedures are in place to achieve compliance with applicable state and federal laws, regulations and board approved policies; ensures that staff receives related training as required; establishes and monitors internal controls and standards for compliance.
- Responsible for the oversight and management of the Compliance Committee including development of agenda, reports and presentations.
- Establish, and coordinate ongoing maintenance, of the credit union’s business continuity plan. Coordinate annual testing. Consult with and assists organization management leaders and other administrative leaders to develop, maintain and report on a response plan for all risks and opportunities assigned to them to ensure effective risk management, policies, procedures and controls.
- Responsible for corporate physical and information security.
- Responsible for ensuring credit union compliance with all NCUA and state/federal laws by serving as the Credit Union’s Compliance Officer. Responsible for serving as audit and examination coordinator.
- Responsible for all aspects of the corporate-wide Bank Secrecy Act (BSA) and Anti-Money Laundering (AML), Identity Theft and Red Flags programs.
- Primary responsible to assure the Credit Union is compliant with NCUA regulations and state/federal laws by acting as the Credit Union’s Compliance Officer.
- Monitor all changes and amendments to the laws and regulations which affect the Credit Union’s operation and advise Sr. Management of the operational impact of such changes.
- Research, implement and manage changes in the areas of banking regulations and laws, banking policies and procedures, consumer protection and public interest laws, and IRS rules and regulations.
- Identify potential areas of compliance vulnerability and risk; develop and implement corrective action plans for resolution of problematic issues and provide general guidance on how to avoid or deal with similar situations in the future.
- Conduct compliance/quality control reviews of credit union function areas to ensure compliance with regulations.
- Work with Training Department to produce training materials and coordinate on-going compliance training as needed. Answer staff regulatory questions.
- Review new forms, disclosures, advertisements, and product and service-related materials prior to finalization for compliance with all applicable regulations.
- Develop, participate in and review proposed changes to Credit Union policies, procedures and products for compliance with applicable regulatory and consumer laws, rules and regulations, and provide recommendations for any necessary changes taking into account improved efficiency and member service.
- Review all Change Management tickets for risk and compliance implications.
- Maintain the various departmental ticketing systems.
- Monitor ticket reporting information and make recommendations to include training, additional controls or adjustments to risk assessments.
Bank Secrecy Act Officer
- Oversees all aspects of the corporate-wide Bank Secrecy Act (BSA), Anti-Money Laundering (AML) programs.
- Coordinates responses to regulatory BSA-AML examinations and audits and actions taken to insure deficiencies are corrected.
- Maintains proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act (BSA), USA Patriot Act, and OFAC.
- Works with operations units to investigate transactions that are suspicious in nature.
- Submits Suspicious Activity Reports for BSA-AML-related activities.
- Monitors and track BSA-AML high-risk customers and accounts.
Information Security Officer
- Serve on Fortera’s IT Steering Committee.
- Ensure that Fortera is compliant with all FFIEC guidelines set forth in the IT Handbooks.
I.D. Theft and Red Flags Program
- Serve as the credit union’s Identity Theft Prevention Coordinator
- Responsible for the periodic update to Fortera’s Identity theft and Red Flags program reflecting changes in risks to members and to the safety and soundness of the financial institution or creditor from identity theft
- Provide reporting to the VP Enterprise Risk Management related to identity theft that has both occurred and been identified and thwarted
- Design, implement, and maintain information security controls to address identified risks relative to the sensitivity level of member information.
- Train management and staff, as necessary, to effectively implement the Identity Theft Prevention Program.
- Report to the Board of Directors at least annually. The report will address material matters related to the Program and evaluate issues such as: the effectiveness of policies and procedures in addressing the risk of identity theft in connection with the opening of covered accounts and with respect to existing covered accounts; service provider arrangements; significant incidents involving identity theft and management’s response; and recommendations for material changes to the Program.
- Develop, implement and administer a quality control review, at least annually, of the Identity Theft Prevention Program, “Red Flags Rule”, based on sections 114 and 115 of FACTA and NCUA Letters 900-CU-02 and 08-CU-24.
- Work in tandem with the Information Security Program.
Vendor Management Program
- Establish and maintain an effective Vendor Management Program as outlined under NCUA letters 01-CU-20, 07-CU-13 and 08-CU-09.
Credit Union Security Officer
- Serve as the Security Officer for the Credit Union.
- Monitor and administer building access (alarm codes and access devices).
- Act as liaison with security vendors.
- Monitor and coordinate the maintenance of security devices such as cameras and DVRs.
Audit and Examination Coordinator
- Respond thoroughly to any and all questions associated with audits and examinations.
- Provide in a timely manner all requested documentation associated with internal/external audits.
- For audits pertaining to Risk Management areas, provide in a timely manner (within thirty days) a thorough management response addressing corrective action that will be taken to address any identified exceptions and/or in response to any recommendations made.
- For audits pertaining to other Fortera departments, coordinate management response process and track all findings and tasks/corrective actions to ensure completion/satisfaction.
- Prepare reports to the Board, the Compliance Committee, and Executive Management regarding outstanding corrective actions.
- Provide training to Credit Union staff on a periodic basis covering topics and requirements under BSA, AML, OFAC, FRAUD, ID THEFT and others.
- Identify training needs to support Fortera’s business mission and provide information to Fortera’s Training department providing support where needed to facilitate additional training.
- Staff, chair, or serve on committees as requested. Represent the credit union to external parties. Report to the CEO and Board as appropriate.
- Communicate effectively with members, vendors, and employees. Responsible for development and maintenance of strong consultative and collaborative relationships across all levels of the organization, especially with department heads; maintain confidentiality and trust-worthy work relationships with management.
- Direct and monitor Risk Management for the entire credit union to ensure the credit union meets established goals and objectives.
- Participate in establishment of annual credit union budget with specific input for the departments supervised. Monitor performance to budget throughout the year.
- Participate in community and civic events to promote awareness of the credit union in the community.
- Provide day-to-day oversight responsibility for ensuring compliance with regulatory laws as they relate to functions within their departments to include Bank Secrecy Act/Anti-Money Laundering Act compliance, OFAC, and USA Patriot Act.
- Recruit, hire, train, manage (coaches/counsels), and provide directives to staff including monitoring goals, objectives, managing day-to-day operational activities and performing annual evaluations.
- Attend and participate in all meetings, trainings and committees as required.
- Perform other duties that may be assigned by management.
- Work area and assigned equipment are clean, secure, and well-maintained.
- Collections activities are efficiently and effectively provided in accordance with established Credit Union policies and standards and with applicable laws and regulations.
- Problem loans are closely tracked and effectively resolved.
- Risk Management functions are well coordinated with departments and branches.
- A trustworthy and respectful working relationship is established with external examiners and auditors, other financial institutions, law enforcement agencies, internal auditors and department heads.
- Department personnel are well trained and efficient, and their activities are well directed and coordinated.
- Required reports and records are accurate and timely.
- Senior Management and the Board of Directors are appropriately informed of area activities and of any significant problems. Suggestions for improved efficiency are provided.
- Fortera Core Values are satisfactorily demonstrated.
Special Note: Fortera Federal Credit Union is an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to age, sex, race, color, national origin, disability, pregnancy, genetic
information, religious preference, protected veteran status, sexual orientation, gender identity or any other trait protected by state or federal law.
Please be advised, visa sponsorship is not available for this position.
- Accurately assesses cultural environment, exhibiting emotional intelligence and appropriate sensitivity while maintaining individuality.
- Strong leadership, supervisory, and interpersonal skills.
- Able to demonstrate strong teamwork, relationship management experience and the ability to collaborate with senior leaders across an organization.
- Strong analytical, project management and organizational skills.
- Excellent oral and written communications skills, including an ability to develop and deliver effective risk assessment reports and presentations.
- A high level of analytical and critical thinking skills.
- Able to create momentum and promote change.
- Able to operate a PC and related computer applications and business equipment.
- Ability to work well under pressure while always maintaining a professional demeanor.
- Able to meet deadlines and maintain and effective and efficient workflow.
- Professional dress, appearance and attitude.
- Regular and predictable attendance
- Able to work in a cooperative manner with others.
PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
- Especially where one must frequently convey detailed, important instructions or ideas accurately, loudly or quickly.
- Using fingers and palm on an object.
- Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.
- Able to hear average or normal conversations and receive ordinary information.
- Movements frequently and regularly required using the wrists, hands, and/or fingers.
Average Visual Abilities:
- Average, ordinary visual acuity necessary to prepare or inspect documents or products or operate machinery.
- Sedentary work; sitting most of the time. Exerts up to 10 lbs. of force occasionally. (Almost all office jobs.)
- No hazardous or significantly unpleasant conditions (such as in a typical office).
MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
- Ability to apply logical or scientific thinking to define problems, collect data, establish facts, and draw conclusions.
- Able to interpret a variety of technical instructions and can deal with multiple variables.
- Ability to compute discount, interest, profit, and loss; commission markup and selling price; ratio and proportion and percentage.
- Able to perform very simple algebra.
- Ability to read periodicals, journals, manuals, dictionaries, thesauruses, and encyclopedias.
- Ability to prepare business letters, proposals, summaries, and reports using prescribed format and conforming to all rules of punctuation, grammar, diction, and style.
- Ability to conduct training, communicate at panel discussions and make professional presentations.
- Bachelor's degree in Business or related field or an equivalent combination of education and experience.
- Certified Risk Manager (CRM), or equivalent, designation preferred or must be able to attain within 18 months.
- BSA certification required or must obtain within the first six months of hire.
- Strong broad-based knowledge of enterprise risk management (ERM) issues and operational risk.
- Strong analytical, project management and organizational skills.
- Eight (8) years of experience with increasing leadership positions overseeing risk management in complex organizations (e.g., financial, international, publicly traded, governmental agency and/or highly regulated).
- Five (5) years of supervisory experience to include hiring, terminations, coaching, counseling and evaluating.