This role is responsible for the following areas:
• Regulatory compliance
• BSA Officer/OFAC Officer
• Internal audit and supervisory committee support
• IRA product management & operational support
• Enterprise Risk Management program development and execution
We’re seeking a candidate with experience or with banking experience and looking to grow into this particular role. Training provided.
1. Maintain working knowledge of all developments in regulatory requirements, general accounting principles and audit techniques.
2. Ensuring the credit union is habitually operated in full compliance with all regulations, rules and board policy, including but not limited to USA Patriot Act (CIP), OFAC and Bank Secrecy Act (BSA).
3. Fulfills all duties as the credit union’s Bank Secrecy Officer & OFAC Officer including but not limited to enumerated duties supporting the USA Patriot Act, BSA/AML, and OFAC.
• Coordinate and oversee an effective Bank Secrecy Act/Anti-Money Laundering/OFAC Compliance Program that is in line with current industry best practices, regulatory guidance and requirements.
• Enhance, develop, implement and administer the BSA/AML/OFAC/USA Patriot Act monitoring systems to ensure that appropriate parameters are in place to identify suspicious and/or fraudulent activity and that procedures are fair and consistently followed and documentation is complete.
• Maintain an effective CDD/EDD risk rating and monitoring program to include initial and ongoing assessments, and review and analysis of unusual/suspicious account activity.
• Timely complete monthly BSA reporting for the Board of Directors.
• Ensure Annual Bank Secrecy Act auditing is performed as required.
• Ensure all required regulatory reporting is completed and filed in a timely, accurate, and compliant manner, including the filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) to Fin CEN, as well as, FinCEN 314(a) and 314(b) registration, procedures and reporting.
• Process SDN report every 10 days as required
• Ensure account-opening procedures comply with CIP requirements and are consistently followed.
• Update, present and record annual staff & volunteer BSA training as well as newhire BSA training with 100% compliance.
• Ensure BSA records are retained as required.
• Update the BSA/AML risk assessment as necessary (i.e. when new products or services are introduced), review it at least annually, and subject it to approval by the Board of Directors
• Conduct BSA/AML/OFAC risk assessments annually or as needed with consideration to products, services, customers, and geographies that may present BSA/AML/OFAC related risks. Subject it to approval by the Board of Directors as often as it changes. Annually collect and report data required for the OCC Money Laundering Reporting System.
4. Establishes and quantifies an enterprise risk framework to support strategic decisions weighing risk, income, growth and increased member value.
5. Assures that functional areas adequately identify, measure, control, and monitor the credit union’s credit, compliance, interest rate, liquidity, reputation, strategic and transaction risks relative to their areas of responsibility.
6. Assists in reviewing new products, services, policies, procedures, and system changes or integration planning to assess risk identification, analysis and mitigation strategies.
7. Conducts risk assessments for large projects to identify risks, create internal controls and implement mitigation factors.
8. Monitors risk management throughout the credit union and summarizes risk at an enterprise level, advising management of trends compared to established tolerances.
9. Identify, research and understand impact on the credit union of emerging risks, new or amended laws, regulations, or agency guidance. Engage affected department heads to recommend and implement changes and controls to mitigate those risks and ensure compliance with new developments in compliance.
10. Oversee and facilitate the monthly board policy review/update process for the organization and maintain the written Board of Directors policies assigned to the compliance function as necessary with changes in regulations, in keeping with procedures established for updating board policies.
11. Oversee & facilitate vendor management program with support from departments. Maintain vendor binders and ensures periodic Board review.
12. Conduct compliance research and review new policies, documents, programs and marketing for regulatory compliance, as needed. As laws and rules change, assess impact on existing programs to manage risk, cost, opportunity, and ensure ongoing compliance. Conduct orientations, training, etc. as needed to support such changes.
13. Complete government agency reports as required.
14. Manage, order and distribute required Human Resources posters. Periodically assess each branch to ensure required HR posters are current and displayed in a compliant fashion.
15. Verify loan personnel lending credit limits are adhered to and ensure adequate understanding of the credit union’s loan procedures and policies.
16. Periodically perform audit of arbitrarily selected loan files, employee loans and larger loans to ensure quality and that lending policies are followed and the files are compliant with relevant regulations and rules. Look for indicators of employee fraud.
17. Facilitate & verify SAFE Act Registration (Credit Union & individuals).
18. Back up Lending Manager for HMDA reporting & ensure it is done as required.
19. Review new and existing loan policies as needed to verify regulatory compliance.
20. Disaster Recovery call tree maintenance & distribution, as needed.
21. Implement new or revised internal audit policies, methods, and procedures.
22. Conduct investigations or special audits at the request of management and the Supervisory Committee.
23. Prepare written and verbal audit reports for management.
24. Regular audit of super user accounts & executive and other employee restricted account spot checks.
25. Branch surprise vault cash & random drawer cash audits
26. Wire transfer risk management, policies & procedures and operational support.
27. IRA product management and support/operational functions including reporting IRA activity and records as required monthly and annually.
28. Travel to branches, meetings, training and conferences as required.
1. Ability to learn complex topics and consultatively apply that knowledge to the business context.
2. Thorough knowledge of credit union systems and regulatory environment.
3. High school diploma, or equivalent, preferred; At least three years experience in a financial institution required; Prior lending experience preferred. Current CUNA or NAFCU certifications in risk management, credit union compliance, and BSA/AML (e.g., NCRM, NCCO, NCBSO, BSACS) are preferred.
4. Ability to make decisions and work independently
5. Demonstrated ability to complete tasks with high degree of accuracy and adhere to deadlines; detail-oriented.
6. Ability to interact effectively with all levels of board members, supervisory committee, management, legal counsel, law enforcement, auditors, regulators and examiners while maintaining strict confidentiality.
7. Demonstrated ability to resolve problems and misunderstandings for members.
8. Demonstrated ability to effectively manage and defuse conflict.
9. Demonstrated ability to effectively communicate both verbally and in writing.
10. Skills to handle many tasks at different degrees of difficulty. Competence and initiative to take on additional responsibilities. Ability to manage time and set priorities.
11. Demonstrated ability to efficiently use Microsoft office, email, and common branch banking software.