What are the responsibilities and job description for the Senior Risk Mitigation, BSA & Fraud Specialist position at CORNERSTONE COMMUNITY FINANCIAL CREDIT UNION?
Job Description
Job Description
Our Opportunity :
The Senior Risk Mitigation Specialist is responsible for safeguarding the credit union and its members against loss. This position contributes significantly to the management and execution of fraud detection, prevention, and BSA compliance strategies. The Senior Risk Mitigation Specialist accomplishes this by identifying, investigating, and responding to suspected cases of fraud associated with member accounts, identifying and reporting on patterns and commonalities associated with fraud, and recommending risk mitigation measures to further prevent the credit union and its members from loss. The position will assist in identifying training needs, evaluating, and developing the Risk Mitigation Team. Senior Risk Mitigation Specialist will also be responsible for the day-to-day BSA functions and support various other risk mitigation efforts.
What You'll Do in This Role :
- Adhere to the credit union's BSA / AML program and work within the credit unions BSA / AML software system to review and investigate BSA, fraud, and OFAC alerts, complete Currency Transaction Reports and Suspicious Activity Reports. Monitor, review, and update, as needed, high risk accounts and member due diligence. Make recommendations to enhance the BSA / AML systems effectiveness including recommendations for new alerts and changes to thresholds and parameters. Coordinate BSA responsibilities among Risk Mitigation Specialists and serves as the first escalation point for Risk Mitigation Specialists related to the BSA and OFAC. Monitor and analyze developing trends and changes to BSA, fraud and identity theft related regulatory compliance laws, rules and regulations, and advises management.
- Review internal reports for and investigate suspected instances of fraud or high-risk transactions. Review, responds to, and investigate unusual activity reports and other notifications of potential fraud submitted by team members. Monitor accounts for potential fraud and high-risk activity and investigates and takes appropriate action as needed. Communicate as needed with members and team members as part of the investigation process and to resolve fraud related issues. Work with law enforcement as needed to file police reports related to fraud. Coordinates fraud investigative duties of the Risk Mitigation Specialists, including assignment of fraud cases for investigation and serves as the first escalation point for Risk Mitigation Specialists related to fraud. Assist in overseeing research, interpreting laws and regulations, and forming opinions relating to BSA and fraud, including identity theft, Red Flag compliance, and fraud risk. Provide fraud and BSA compliance and risk guidance and direction to business areas, as needed.
- Identify educational and training opportunities for staff related to fraud and overall risk mitigation and assist in the creation of educational and training materials. Visit branches and departments to discuss fraud and risk mitigation topics and assist in the facilitation of educational and training sessions on those topics. Participate in branch and department security and cash audits. Respond in a timely manner to team member requests for assistance related to fraud and risk mitigation efforts.
- Provide back up to the card services area related to card disputes card fraud alerts; reviews written statements of unauthorized debit claims and conducts investigations as necessary to determine validity of the claim and communicates such decision to accounting. Perform file maintenance and loan and new account quality control reviews.
- Review confirmed fraud cases and attempted fraud and report to management on the commonalities associated with confirmed and attempted fraud. Stay abreast of current fraud schemes and Red Flags associated with such schemes. Work with management to provide periodic communication to team members and members regarding fraud schemes and red flags. Maintain a library of past and present fraud schemes and red flags. Participate in various groups and forms to obtain information beneficial to the credit union to further mitigate fraud and losses.
- Must comply with all company policies and procedures, applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.
What You'll Bring To CCF :
Work Location : This position is based in Auburn Hills Michigan. Hybrid working arrangements are available following 3-6 months of successful employment.
EOE : CCF is committed to equal opportunity and complies with EEOC rules and regulations.
