SVP, Chief Compliance Officer
Whitestone, NY
Full Time
Compliance
Experienced
Purpose:
The Chief Compliance Officer (“CCO”) is responsible for developing, implementing and administering all aspects of the Bank’s Compliance Management Program. This position assists Executive Management with administrative, lending and operational compliance activities, and collaborates with the President and Chief Operating Officer in the overall administration of these directives for the Bank.
Salary Commensurate with experience 180K -210K
Required Education, Knowledge, Skills and Abilities:
Responsible for interpreting and ensuring implementation of all Federal and State regulations applicable to the Bank’s products, services, lines of business, operations, marketing, and community outreach efforts.
Responsible to ensure the proper administration of the Bank’s Compliance function including:
Responsible for managing compliance change management via the Bank’s Audit and or Risk Committees.
Designated as the Bank’s Regulations O and W Officer overseeing the meeting of all regulatory requirements surrounding any of the Bank’s Affiliated transactions and lending transactions with Executive Officers and Senior Management.
Responsible to ensure the timely, risk based, compliance monitoring program is scheduled and executed annually, including the annual affirmation of NYSDFS’ 504 reporting.
Responsible to stay abreast of emerging regulatory and industry changes. Must have ability to read, analyze and interpret regulatory changes.
Ensure timely distribution of new and modified regulations. Send any periodicals, professional journals and technical procedures to designated personnel to ensure adherence and understanding of regulatory changes.
Responsible for ensuring the ongoing Regulatory Compliance training program for the Board, Management and all staff members.
Responsible for the review and approval of all ads prepared and released for the promotion of the Bank’s products and services. The position ensures that all aspects of the Bank's advertising program meet FDIC and NYSDFS regulations.
Initiate new product risk assessments and provide advice to all departments in terms of meeting regulations and minimizing risks to the Bank. Responsible for actively participating in the preparation of Risk Assessments for any products and services being offered by the Bank.
Develop working knowledge of Specialty Banking Products (i.e. Cannabis Banking) including regulations.
Develop working knowledge of Merchant Services line of business.
Act as a liaison with outsourced internal audit firm for determining annual audit schedule. Participate with department management in Internal Audit Reviews exit meetings, when required, and assist department managers with the acceptance or rejection of any findings.
Responsible for coordinating management’s responses to consumer complaints.
Responsible for reporting regulatory compliance activities and review findings with Audit and Risk Board committees and ensuring corrective actions are taken.
Assists all branches and departments by consistently consulting on correct approaches to take with regulatory requirements affecting their areas.
Responsible for alerting the Bank’s appropriate Board Committees and respective departmental management of any customer/borrower of any suspected illicit customer activity and for ensuring the corrective actions are taken including recommending the closing of accounts.
Responsible for staying abreast of industry BSA/AML/OFAC trends and changes that may affect the Bank’s performance and direction of products and services to be offered.
Responsible for assigning third party vendors to conduct reviews across bank functions.
Responsible for actively participating and leading the interface with external attorneys on compliance matters.
Assumes responsibility for any special projects and prepares reports for Risk and Audit Committees and Board.
Responsible for tracking all findings resulting from regulatory exams, and the tracking of corrective action plans, including making recommendations on steps to be taken to correct findings.
Responsible for reporting to the Audit and Risk Committees on the status of all outstanding exam findings.
Responsible for providing ongoing annual Board training materials on BSA/AML/OFAC, Fair Lending UDAAP, Code of Ethics and Conflict of Interest regulations.
Responsible for providing minimally monthly, or more frequent if necessary, audit reports and updates to the Board Audit Committee, including the tracking of audit findings and their status to resolution.
Prepare annual Directors Examination Report and Part 363 Submission to NYSDFS.
Prepare Oath of Directors to NYSDFS.
Required Education, Knowledge, Skills and Abilities:
The Chief Compliance Officer (“CCO”) is responsible for developing, implementing and administering all aspects of the Bank’s Compliance Management Program. This position assists Executive Management with administrative, lending and operational compliance activities, and collaborates with the President and Chief Operating Officer in the overall administration of these directives for the Bank.
Salary Commensurate with experience 180K -210K
Required Education, Knowledge, Skills and Abilities:
Responsible for interpreting and ensuring implementation of all Federal and State regulations applicable to the Bank’s products, services, lines of business, operations, marketing, and community outreach efforts.
Responsible to ensure the proper administration of the Bank’s Compliance function including:
- Management of compliance staffing and vendors,
- Developing of compliance department budget,
- Ongoing development of Compliance staff,
- Maintaining effective Compliance systems and other resources.
Responsible for managing compliance change management via the Bank’s Audit and or Risk Committees.
Designated as the Bank’s Regulations O and W Officer overseeing the meeting of all regulatory requirements surrounding any of the Bank’s Affiliated transactions and lending transactions with Executive Officers and Senior Management.
Responsible to ensure the timely, risk based, compliance monitoring program is scheduled and executed annually, including the annual affirmation of NYSDFS’ 504 reporting.
Responsible to stay abreast of emerging regulatory and industry changes. Must have ability to read, analyze and interpret regulatory changes.
Ensure timely distribution of new and modified regulations. Send any periodicals, professional journals and technical procedures to designated personnel to ensure adherence and understanding of regulatory changes.
Responsible for ensuring the ongoing Regulatory Compliance training program for the Board, Management and all staff members.
Responsible for the review and approval of all ads prepared and released for the promotion of the Bank’s products and services. The position ensures that all aspects of the Bank's advertising program meet FDIC and NYSDFS regulations.
Initiate new product risk assessments and provide advice to all departments in terms of meeting regulations and minimizing risks to the Bank. Responsible for actively participating in the preparation of Risk Assessments for any products and services being offered by the Bank.
Develop working knowledge of Specialty Banking Products (i.e. Cannabis Banking) including regulations.
Develop working knowledge of Merchant Services line of business.
Act as a liaison with outsourced internal audit firm for determining annual audit schedule. Participate with department management in Internal Audit Reviews exit meetings, when required, and assist department managers with the acceptance or rejection of any findings.
Responsible for coordinating management’s responses to consumer complaints.
Responsible for reporting regulatory compliance activities and review findings with Audit and Risk Board committees and ensuring corrective actions are taken.
Assists all branches and departments by consistently consulting on correct approaches to take with regulatory requirements affecting their areas.
Responsible for alerting the Bank’s appropriate Board Committees and respective departmental management of any customer/borrower of any suspected illicit customer activity and for ensuring the corrective actions are taken including recommending the closing of accounts.
Responsible for staying abreast of industry BSA/AML/OFAC trends and changes that may affect the Bank’s performance and direction of products and services to be offered.
Responsible for assigning third party vendors to conduct reviews across bank functions.
Responsible for actively participating and leading the interface with external attorneys on compliance matters.
Assumes responsibility for any special projects and prepares reports for Risk and Audit Committees and Board.
Responsible for tracking all findings resulting from regulatory exams, and the tracking of corrective action plans, including making recommendations on steps to be taken to correct findings.
Responsible for reporting to the Audit and Risk Committees on the status of all outstanding exam findings.
Responsible for providing ongoing annual Board training materials on BSA/AML/OFAC, Fair Lending UDAAP, Code of Ethics and Conflict of Interest regulations.
Responsible for providing minimally monthly, or more frequent if necessary, audit reports and updates to the Board Audit Committee, including the tracking of audit findings and their status to resolution.
Prepare annual Directors Examination Report and Part 363 Submission to NYSDFS.
Prepare Oath of Directors to NYSDFS.
Required Education, Knowledge, Skills and Abilities:
- Requires minimum bachelor’s degree from a college or university, preferable major in Business and or Accounting.
- Minimum experience of 10 years in interfacing with regulators, specifically FDIC and NYSDFS. Must be able to effectively communicate with regulators.
- Must be able to interface with Board members and have excellent presentation skills.
- Requires tactful experience interfacing with management across all departments. Management experience of minimal 10 years in managing staff and departmental budgets.
- Mastered knowledge of related state and federal banking compliance regulations, and other Bank operational policies.
- Mastered knowledge and understanding of Bank policies and procedures.
- Knowledge of the Bank’s products and services.
- Advanced computer skills using word processing and spreadsheet software programs.
- Exceptional verbal, written and interpersonal communication skills.
- Exceptional verbal, written and interpersonal communication skills, with the ability to apply common sense to carry out instructions and instruct others, train personnel, write reports, correspondence and procedures, and speak clearly to customers and employees.
- Write reports, correspondence and procedures regarding compliance issues.
- Ability to work with no supervision while performing duties.
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