What are the responsibilities and job description for the Compliance Officer position at Cornerstone Community Federal Credit Union?
Position Summary:
This position is primarily responsible for supporting the organization’s Risk Management oversight by ensuring compliance with applicable banking and credit union rules and regulations, working with the Director of Risk and Controls to assess control needs and effectiveness, and participate in vendor inherent and residual risk rating discussions. Partner with various internal teams for continuous improvement of existing policies and procedures based on regulatory changes, internal audits, and examinations by regulatory agencies. Works on issues of diverse scope where analysis of data requires evaluation of various factors.
Essential Duties and Responsibilities:
- Work with the Director of Risk and Controls and Vendor Risk Analyst in overseeing the risk management of the credit union and its vendors.
- Work with various interdepartmental teams for continuous improvement of existing policies and procedures based on regulatory changes, internal audits, and examinations by regulatory agencies.
- Assists in maintaining the compliance training program and ensures that all personnel receive adequate training specific to their job title.
- Assists management in evaluating new product development, including changes in products and advertising to ensure that compliance is maintained.
- Assists in the preparation for regulatory examinations.
- Assists in the management of alerts and/or other cases that fall under compliance and internal controls.
- Assists in monitoring key control reports to ensure compliance with internal policies.
- Responsible for identifying and reporting unusual and suspicious activity under the requirements of the BSA/Anti-Money Laundering Act.
- Responsible for compliance with OFAC/USA PATRIOT Act and the Customer Identification Program as applicable to your position.
- Investigate ADHOC regulatory related issues.
- Serve as backup to the access management process.
- Serve as back-up Safe Act Officer.
- Evaluate complaints for regulatory violations or concerns, root cause analysis, review the response, present to the board and/or supervisory committee if necessary, and maintain tracking of all escalated complaints or lawsuits against the credit union.
- Serve as a member of the Enterprise Risk Management team.
- Always represent the best interests of the Credit Union in words and actions.
- Complete all required training on or by the assigned due date(s).
- Performs other duties as assigned.
Knowledge, Skills and Abilities:
- Deep understanding of how a credit union functions, and the value it brings to its member’s and community. This includes understanding of what a Cooperative is, as that is the business models of all credit unions.
- Solid understanding of financial services, including applicable laws and regulations pertaining to products, payment systems, operational functions and processes and delivery channels.
- Basic knowledge and understanding of the National Credit Union (NCUA) examination process.
- Proficient with PC-based software applications such as Adobe, Word, Excel, and PowerPoint.
- Learn and utilize the nContracts system to store and record compliance activity.
- Excellent written and communication skills with the ability to create and present material to all levels of management.
- Strong interpersonal relationship skills; ability to work as a business partner with various managers and teams.
- Strong organizational, planning, and tracking skills.
- Data gathering, quantification and analysis skills.
- Ability to handle multiple concurrent tasks and projects.
- Ability to analyze issues and utilize problem-solving skills to identify and resolve issues.
- Ability to work independently with minimal supervision. Must be a self-starter with initiative.
- Strong personal organization, which includes managing details and follow-through.
- Ability to read, analyze, and interpret laws and regulations and procedure manuals.
- Ability to review and write policies, procedures, and memorandums in accordance with the credit union’s format.
- Ability to define problems, collect data, establish facts, and draw valid conclusions.
Confidentiality:
Employees are required to maintain the confidentiality of all sensitive Cornerstone CFCU, member, employee, and proprietary information both during and after their employment. If an employee has a question about the confidentiality of a particular matter, they should consult with their Manager/Supervisor or Human Resources. Any violation of this rule may subject the employee to disciplinary action, up to and including termination of employment.
Qualifications:
- Bachelor’s degree or at least two to three years’ related experience and/or training; or equivalent combination of education and experience.
- Financial institution or credit union experience is preferred.
- Bondable upon initial employment and continue to be bondable throughout term of employment.
Physical Requirements:
The functions of the position are usually performed sitting but may require some amount of time standing. Some amount of stooping, kneeling, bending, crouching, lifting, walking, carrying and other movements may be required. Tasks involving working on a computer keyboard, typewriter, calculator, cutting, labeling and taping involve extensive wrist and hand movements. All individuals are required to be able to perform these movements without significant risk of injury to themselves or others.
EOE Race/Sex/Vet/Disability
Cornerstone CFCU is an equal opportunity employer that complies with the laws and regulations set forth in the following EEO Is the Law poster: http://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf
Cornerstone CFCU is committed to diversity, and values the ways in which we are different.