Compliance Officer

Compliance Officer

Position Summary: The Compliance Officer’s primary responsibility is to ensure that requirements of regulatory laws, bank secrecy act and community reinvestment act are being implemented. The Compliance officer will act as a liaison between regulatory agencies and the various departments within the organization on regulatory and related matters. This position must oversee the bank functions through the compliance monitoring program and audits. The Compliance Officer administratively reports to the CFO and/or COO.

Duties and Responsibilities of the Compliance Officer include the following:

• Maintain a current understanding of all compliance responsibilities required by law, regulation or best practice.
• Develop, implement, and administer all aspects of the Bank’s Compliance Management Program relating to the Bank’s compliance responsibilities.
• Collaborate with the bank officers in the overall administration of these directives for the Bank.
• Participate in various committees, audits and examinations.
• Report to and advises the Board of Directors, Senior Management and Bank personnel of emerging compliance issues and consults and guides the Bank in the establishment of controls to mitigate risks.
• Supervise and facilitate training of Compliance Department Staff.

Duties also include, but are not limited to:

• Serve as the Bank’s BSA Officer, to include review of reporting and correspondence.
• Member of the Compliance and CRA Committee with leadership and primary reporting duties.
• Responsible for facilitating compliance with the Community Reinvestment Act.
• Review and Interpret new laws and changes to existing laws and regulations. Implement changes and train bank personnel as required.
• Collect and disseminate information related to compliance to appropriate staff.
• Investigate and coordinate the resolution of compliance problems, questions or complaints received from bank department staff, customers, OCC CAGNET, or other government regulatory agencies.
• Monitor and coordinate the correction of any deficiencies noted in compliance.
• Provide input on compliance concerns relevant to current and new products and services.
• Coordinate and assist regulatory examinations and maintain follow-up.
• Attend banking seminars/webinars/schools of banking for continuing education on regulatory “Hot Topics”.
• Review and file SARs and prepare the SAR Board Report.

Financial Responsibilities:

• Ensure the BSA/CRA/OFAC Policies are followed to reduce risk and potential loss for the bank.
• Ensure that Compliance Training is done to keep employees aware of laws and regulations.
• Ensure that the Compliance Monitoring Program is completed to reduce exposure.

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit, talk and hear. The employee is frequently required to walk, use hands to finger, handle, or feel objects, or controls, and reach with hands and arms. The employee is occasionally required to stand. Specific vision abilities required by this job include close vision and the ability to adjust focus.

Education and Experience:

Bachelor degree in accounting, finance, business administration, or another related field. Knowledge and experience in Bank Compliance.

Skills:

Understanding of regulatory guidelines and security policies, assessing business and operations’ risk, ability to conduct audits to ensure adherence to standards, identify compliance issues, ensure policies and regulations of the organization are kept in check, ability to develop risk management strategies and processes.

Other Duties:

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.