What are the responsibilities and job description for the Compliance Associate position at People's Bank of Commerce?
Description
Steelhead Finance, a subsidiary of People’s Bank of Commerce, is a leader in factoring and financial solutions for businesses seeking to manage and grow their cash flow. Established in 1981, we are located in Medford, OR. Our mission is to provide the best customer service possible to the many clients, customers, and partners we work with on a regular basis. We continue to build an ever-growing team that:
-Delivers top-notch service
-Embraces change
-Pursues personal growth
-Helps build a positive team spirit
-Is passionate and creative
The Compliance Associate (CA), under the supervision of the Director of Credit & Compliance (DCC), is responsible for the accurate and timely monitoring and reporting of client compliance to Steelhead Finance’s agreements and policies, notifying the DCC of any and all occurrences of non-compliance, and for following the processes for such non-compliant situations.
The CA shall ensure the company’s client base is monitored and in compliance with company policies and parameters using the tools provided (i.e. worksheets & reports), including the Compliance Master worksheet.
Requirements
The Compliance Associate is responsible for ensuring:
- That all reports and worksheets that pertain to compliance monitoring are up to date and accurate at all times.
- That compliance processes are being followed in order to ensure that all non-compliant items are identified within the pre-determined timeframe.
- That the Director of Credit & Compliance is immediately aware of all non compliance occurrences that would cause Steelhead to consider not factoring.
- That they understand and follow the actions expected for each non-compliance situation (i.e. charge fees, create and send default letter, monitor for compliance, etc.).
- That all non-compliance items are monitored for the expected outcome and timeframe of that outcome and if such outcome doesn’t occur, they notify the DCC of such in a timely manner.
- That Steelhead Finance does not incur unnecessary losses of income or unnecessary increased risk due to non-compliance situations and the actions taken or not taken.
- That the below compliance items have procedures in place to identify occurrences of non-compliance, how they are to be handled, and such procedures and processes are in writing.
The following items are to be managed in the above manner by the Compliance Associate:
- Concentrations
- Reserve requirements
- Bankruptcy searches
- 8821 update and confirmation
- Superpriority lien searches
- Items on the Exception Report, including minimum volume, turntime minimums and their associated charges as well as inactive clients.
- Dilution identification
- Bond status for broker clients
- Insurance status for carrier clients
- Insurance certificates for carrier clients
- Authority status
- Entity status with SOS
- Client reviews
- Client file reviews
- UCC renewals
- Past due taxes
- Exiting clients
- Any additional items identified by a Senior Manager, including addendums to the Factoring Agreement needing to be created, sent and monitored for return.
QUALITIES NEEDED
- Capable of promptly identifying items out of compliance and clearly and promptly communicating those issues to his/her supervisor.
- Capable of prioritizing and focusing on those areas of greatest concern
- Capable of continuously monitoring and managing issues and items of concern until those items reach resolution
- Capable of measuring the risk potential of all situations and decisions and appropriately notify the Credit Administrator when the situation or decision exceeds their risk approval parameters
- Strong analytical and problem solving skills
- Objective decision making
- A desire to contribute to company growth and professional development
- An effective and professional communicator
- An enthusiastic team player
- Ability to identify areas in need of development and improvement and contribute to solutions
