The Compliance Analyst works in partnership with the lines of business and the Chief Compliance Officer to help manage compliance risk via conducting compliance testing, reviews and compliance risk assessments. This position acts as the primary Compliance Department point-of-contact and subject matter expert for the retail division of the bank and is also responsible for the timely and accurate reporting of the bank’s CRA performance. The role requires an in-depth knowledge of federal and state regulations in order to effectively assist in researching, preparing, implementing, maintaining, developing, and tracking compliance.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.
- Performs ongoing Compliance Monitoring of Deposit, BSA/CIP/OFAC, Privacy, E-Sign, regulations. Identifies gaps in controls, proposes solutions, and implements corrective actions. Actively partners with the lines of business in the implementation of comprehensive, ongoing, compliance reviews/monitoring based upon the results of the risk assessment process.
- Collects, evaluates, and maintains timely and accurate data from the lines of business to track CRA reportable Small Business Loans, Small Farm Loans, as well as Community Development Loans, Investments, and Service Activities.
- Shares responsibility to manage the employee volunteering data reporting system. Works across all lines of business to ensure comprehensive collection of employee volunteer activity. Stays current on various databases’ capabilities and enhancements as it applies to CRA eligibility review and verification. Creates and maintains status reports, presentations, decks, etc. to communicate the bank’s progress.
- Responds to questions from the lines of business and provides advice based upon current regulatory expectations and guidance as to CRA applicability of specific loans, investments, donations, and service activities. Assists with employee CRA training.
- Under the direction of the Chief Compliance Officer, actively partner with the business units in implementation of all changes and/or updates to the Community Reinvestment Act.
- Act as the primary point of contact for the retail division of the bank. Provide timely regulatory support and compliance advice to the business units based upon a review of the applicability of regulations, evaluation of the related compliance risks, and identification of mitigating controls.
- Responsible to conduct a compliance evaluation of all materials submitted by Marketing in order to establish an understanding of the products or services being promoted, the target audience, method of delivery, and any preliminary compliance concerns. Ensures all pertinent information is provided to the party performing the detailed advertising review. Evaluates the results of the review to ensure appropriate and complete information is provided to the marketing department in a prompt manner.
- Performs some Compliance Monitoring of the lending areas of the bank (Residential Mortgage, Consumer Lending, and Commercial Lending). Identifies gaps in controls, proposes solutions, and implements corrective actions. Actively partners with the lines of business in the implementation of comprehensive, ongoing, compliance reviews/monitoring based upon the results of the risk assessment process.
- Responsible to timely and accurately run, process, and distribute various periodic reports such as a training status report, compliance monitoring reports, upcoming policies reports, consumer complaint reports, etc.
KNOWLEDGE, SKILLS, and ABILITIES
Must possess the wherewithal and flexibility to undertake new functions/tasks as the compliance risk and line of business evolves and grows. Solid written and communication skills. Strong research skills coupled with strong problem solving/analytical skills and ability to effectively summarize findings. Organizational skills and attention to detail. Knowledge of bank operations; lending and legal requirements; bank services, policies and procedures. Ability to work independently, take initiative and have strong verbal and written communication skills. Strong individual contributor with the ability to work effectively as a team.
EDUCATION and EXPERIENCE
Bachelor’s Degree preferred or equivalent experience. One to two years of compliance, compliance risk, data analytics, audit, or industry-related experience. Proficient in Microsoft Office tools such as Excel, Word, Access, PowerPoint, and the proven ability to learn how to use other unique technologies.
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