Legal Risk Officer

Job Summary

The Legal Risk Officer (LRO) has responsibilities that encompass both legal risk management and vendor management, as it relates to contracts.  In support of the Third-Party Risk Manager (TPRM), the LRO will have primary responsibilities for managing Bank related lawsuits and legal claims, facilitating legal engagement for the Bank, reviewing legal documents and contracts, and writing legal agreements and letters such as for indemnity agreements, hold harmless and customer legal disputes with other banks.  This role will also play a key role in reviewing disclosures and client-facing agreements and related activities under the supervision of the             -Party Risk manager. In addition, the LRO will support the broader vendor management function by reviewing and drafting of clauses within contracts and agreements, working with vendors to resolve differences to meet Bank requirements and assisting process owners in complying with the Bank’s TPRM Program.  This is a collaborative, 2^nd line of defense (2LOD) role which will work in conjunction with Bank’s department managers with a heavy emphasis on ITS, Info Sec, PMO and other support functions.  

Essential Duties 

• Support the TPR Manager in the development and evolution of the legal risk management process.  
• Conduct the due diligence of lawyer/attorney vendors and maintain the roster of approved lawyer/attorney vendors. 
• Ensure that lawyer/attorney vendors are added and removed from the approved roster in an orderly manner with sufficient documentation.   
• Review legal invoices to validate that amounts billed by lawyer/attorney vendors are consistent with the services performed and the relevant agreements with the Bank.   Approve them for payment.  
• Prepare and maintain legal risk reporting on legal liabilities, contingent liabilities, settlements, costs of litigation, etc.  
• Manage and respond to verbal and written legal communications, writ of judgements, and restraining orders.  
• Handle operational legal issues and claims such as Death of Depositor claims.
• Prepare and/or review disclosures and agreements for deposit accounts as well client-facing agreements and disclosures.
• Prepare indemnity agreements / hold harmless agreements and ad-hoc agreements and authorizations, as needed.
• Review and modify Public Funds contracts and Correspondent Banking agreements, as required.
• Address and manage legal disputes, including breach of warranty claims with other Banks and other similar client related issues.
• Address clients’ legal complaints. 
• Draft legal correspondence and prepare evidentiary documentation in response to court requests or proceedings, including but not limited to small claim courts. 
• Support business units with legal risk identification and in their legal risk management needs.
• Partner with business units and Enterprise Risk Management in identifying, measuring, monitoring, and controlling legal risk across the Bank. 
• Work with business units and Enterprise Risk Management in assessing the Bank’s overall legal risk and help these stakeholders ensure that legal risk remains within the Bank’s established risk appetite 
• Support the Third-Party Risk Manager in developing and operationalizing policies and procedures for the management of legal risk. 
• Understand and implement vendor management requirements, particularly in the context of legal/attorney vendors. 
• Review and redline vendor contracts in line with the Bank’s TPRM policies and standards.  Participate in negotiations, as applicable.  
• Work directly with vendors to obtain resolution to contract clause requirements in a timely manner.
• Manage the vendor contract database keeping it accurate, clean and updated.
• Actively participate in all Third Party Risk Management audits and exams.  
• Update the legal risk policy and framework annually.

Complies with all State and Federal Banking regulatory requirements, including but not limited to: BSA, Anti-Money Laundering OFAC, CIP, CCPA, CPRA, Financial Elder Abuse Reporting, Sexual Harassment, Information Security and privacy requirements.  This position will elevate suspicious activity to supervisory staff and/or BSA department.  Completes compliance and other technical training workshops as assigned.

Required Knowledge 

• Knowledgeable about contract law and the interpretation of regulations  
• Ability to assess legal risk including the likelihood and impact of relevant risk events and the effectiveness of mitigating actions 
• Ability to draft contracts and disclosures 
• Knowledgeable about law firm operations and billing practices 
• Knowledgeable about contract language and contract management; paralegal or legal background preferred
• Knowledgeable about vendor management practices 
• Knowledgeable about risk management practices 
• Ability to work with vendor owners and vendors
• Ability to work collaboratively with employees, teams, and management
• Knowledge of Bank operational processes and procedures

Basic Knowledge, Skills and Abilities

• Excellent communication, negotiation, and interpersonal skills
• Excellent vendor management and contract management skills
• Excellent presentation and writing skills 
• Excellent analytical and organization skills
• Strong legal research and time management skills
• Ability to assist with vendor problems and identify ways to mitigate

Officer Title Eligibility

For qualified positions, the Bank may designate an Officer Title to an employee who seeks and/or meets defined competencies for an eligible position. This position qualifies for the officer title(s) Assistant Vice President and Vice President. 

Equipment Operated

• Standard Office Equipment (copiers, fax machines, telephones) 

Physical Requirements & Work Environment 

• Requires sitting for prolong periods of time
• Requires lifting up to 15 lbs.
• Office setting w/controlled temperature 

Education and Experience 

• This role requires a combination of education and experience in contracts, customer agreements, interpreting regulations, drafting documentation, and risk analysis.
• Bachelor’s degree in business administration or equivalent, California paralegal certification (24-month certificate), and 7 years of work experience with litigation, compliance, contracts, legal issues, and risk management areas.
• Alternatively, a bachelor’s degree in business administration or equivalent and a Juris Doctor (J.D.) degree with extensive coursework in California corporate law, business law, contract law, compliance law, and privacy law.
• Work experience in banking is preferable.
• An active license to practice law is highly desirable. 

This job description is not intended to be all-inclusive, and employees will be required to perform additional related work duties as assigned by their immediate supervisor and/or management.

Farmers and Merchants Bank of Long Beach reserves the right to revise or change job duties and responsibilities as the need arises. This job description does not constitute a written or implied contract of employment.

January 01, 2025