What are the responsibilities and job description for the Compliance Officer position at Bay Federal Credit Union?
About the Role:
The Compliance Officer acts as the subject matter expert for all regulations applicable to the credit union. This positions primary responsibility is to stay abreast of current and new regulatory and legal issues regarding the credit union while assisting management in identifying, assessing, reporting and containing compliance risk through the implementation and execution of the compliance risk assessment process. Collaborate with senior management in the development and maintenance of the credit union’s compliance program and associated policies and procedures and the completion of routine compliance control testing and monitoring. Additionally, this position will work closely with business partners to complete risk assessments to help ensure that risk management is integrated into the business strategy and culture of the organization. This position is expected to have in-depth knowledge of company policies and procedures including industry best practices.
Scheduled Weekly Hours:
40 hours per week; Monday – Friday
What you’ll be doing:
- Conduct risk assessments of credit union operations and practices to identify controls in place to mitigate identified risks, make suggestions of new controls to mitigate identified risks and help minimize any potential losses to the Credit Union.
- Perform compliance reviews and provide oral and written reports that clearly summarize the scope of work performed and any findings so that management understands the findings and any recommendations.
- Responsible for conducting and effectively communicating information on regulatory requirements to Credit Union Management so that management can gain actionable insight and facilitate strategic decision-making.
- Participate in activities related to systems development, new products and services, and the analysis of policies to ensure that internal controls for compliance are evaluated, developed, and implemented in the early stages of these activities.
- Provide ongoing administrative management and support to Senior Management to ensure that current processes are reviewed and documented (i.e. updated departmental policies and procedures), maintain a compliance library that provides adequate and necessary reference materials, assist in the revision and implementation of forms and procedures as requirements change, and to determine that process-managers have effectively established internal controls.
- Provide management with updates and analysis on any new, or updates to, existing laws and regulations that might have any bearing on the credit union’s operations.
- Responsible for partnering with Senior Leadership Team members regarding day-to-day duties and internal controls to ensure we have appropriate oversight and mitigate risk to the credit union.
- Works closely with auditors, examiners and staff in the development of appropriate controls to avoid future issues and perform follow up on corrective action when necessary.
- Maintain and update the policy and procedures storage archive and make available to staff. Manage the policy and procedure update process. Prep drafts, work with management to update, finalize, and update the archive.
- Review and maintain Compliance and Controls Centralized Library to ensure accuracy and completeness.
- Assist the Talent Development team to ensure Compliance training and training materials are appropriate and effective.
- Promote and maintain a positive image of Bay Federal at all times to all personnel, members, volunteers, vendors and the community.
You’re Perfect For This Role If You Have:
- Bachelor’s degree in Business Administration, Accounting, Finance, JD preferred or equivalent experience is required.
- 5-10 years’ Compliance related experience, CRCM or Compliance Certification preferred
- Regulatory experience with banking or credit union, knowledge of risk assessments, internal controls and audits.
- Strong analytical skills and ability to manage and coordinate multiple tasks. Experience with data analytics and/or data analytics software a plus.
Who We Are:
Bay Federal Credit Union was started in 1957 when local school teachers pooled their money together to start a credit union. This original vision and investment has grown into the area’s largest locally-owned financial institution, with nearly $1.6 billion in assets. Today, Bay Federal provides full service financial products and solutions to individuals and businesses in Santa Cruz, Monterey, and San Benito counties.
As a local, member-owned, not-for-profit financial cooperative, we are passionate about contributing to the community and being an integral part of its incredible story. Each year, our employees volunteer their time and donate their money to local non-profits, schools, and events. Our managers serve on local non-profit Boards of Director to be involved, understand challenges, and to make a real difference in the communities we serve.
From our founding as a teacher’s credit union, Bay Federal has continued our commitment to education. We offer annual student scholarships for members and offer a comprehensive array of solutions to support our member's financial wellness. Through online financial education course offerings, solutions for teachers and students, as well as special programs for youth, our financial wellness programs are free and available to the public. This is a small part of our work in creating thriving and vibrant communities!
We look forward to continuing our story, and hope that you will be a part of it!
Perks of Joining Bay Federal Credit Union:
- Rated #1 Credit Union to Work For by CU Journal
- Best Places to Work in the Bay Area (SF Business Times/Silicon Valley Journal)
- 11 Federal Holidays observed as paid days off
- We invest in your professional growth & development by providing access to industry standard webinars, LinkedIn Learning courses, and career tracking. We also partner with Cabrillo College for a 12 week leadership program for up and coming supervisor and manager level employees
- Mac McCormac Employee Scholarship award for $1,500 towards education expenses
- Our hybrid work approach combines the flexibility of remote working with the benefits of bi-annual in-person all staff meetings
Benefits Offered at Bay Federal Credit Union:
- 401k Matching – $1 for $1 company match up to 5% of pay
- Eligibility to participate in annual bonus plan
- Benefits Offered – Medical, Dental, Vision, Life Insurance, and Long Term Disability coverage
- Employee Assistance Program that supports 6 face-to-face sessions per person, per reason, for you and your household
- A wellness program that supports your physical, financial, and emotional health
- Supplemental benefits such as Pet Insurance and Aflac
Bay Federal Credit Union is proud to offer a competitive, robust compensation and benefits package. Bay Federal considers many factors in determining base pay such as experience, education/training, internal peer equity, job location, and other business considerations when extending an offer. For Santa Cruz, CA only, the pay scale Bay Federal reasonably expects to pay for this position is $78,206.88 - $97,758.60 annually. Salaries are based on the geographic location in which you live if working remotely.
Bay Federal provides health care benefits, life and disability insurance, paid holidays and 401k with a company match to eligible employees; along with employee paid voluntary benefits. Paid time off is accrued per paycheck for eligible employees at a rate based on your tenure. Leaves of absences are available in adherence with state and federal regulations.
Bay Federal is committed to providing equal employment opportunity for all persons regardless of age, disability, national origin, race, color, religion, sex, sexual orientation, gender, gender identity or expression, pregnancy, veteran or military status, marital and civil partnership/union status, alienage or citizenship status, creed, genetic information or any other status protected by applicable federal, state, or local law. Bay Federal is at at-will employer.
For CCPA's requirements regarding security practices and procedures, please see our privacy page here (https://www.bayfed.com/privacy). Bay Federal Credit Union takes our obligation to keep our member's data safe and secure and adhere to industry standard best practices
Salary : $78,207 - $97,759
