The Regulatory Risk Assessment and Exam Management Officer is based in New York, will report into the Deputy Chief Compliance Officer and will perform their duties independently and as part of the Compliance Methodologies & Governance Unit in support of the overall Compliance function. The position is responsible for managing the process by which key compliance risks are periodically identified and evaluated across business lines. The results of the risk assessments are used to drive the planning of the Compliance program and development of control enhancement initiatives to manage compliance risk throughout the organization. The role is also responsible for managing the supervisory examinations of the Bank, including several internal audits. The Officer will act as a liaison between the regulators and Senior Management and coordinate the transfer of information between stakeholders.
Primary Responsibilities (75%):
- Manage the overall execution of the annual compliance risk assessment processes (e.g., AML, OFAC, consumer regulations etc.) including planning, execution, and reporting to management.
- Develop and document the methodology used to quantify risk.
- Draft clear and concise reports on the results of the Compliance Risk Assessment and offer qualitative insight to management.
- Ensure key risks and business lines are mapped to an appropriate inventory of products, services and relevant rules and regulations
- Identify enhancements to controls and develop action plans with relevant senior stakeholders.
- Coordinate Compliance Risk Assessment activities across regions in alignment with Bank standards.
- Assist in the implementation of technology initiatives to enhance the firm’s Compliance Risk Assessment framework and activities.
- Coordinate with internal partners to ensure that risks identified in the various assessments are properly managed through the control environment (e.g., KYC, Client Risk Rating models, Transaction Monitoring, sanctions screening etc).
Secondary Responsibilities (25%):
- Overseeing and executing the end-to-end process for regulatory engagements, including reviewing examination requests, advising internal stakeholders, and reviewing and obtaining approval for regulatory submissions.
- Preparing Bank personnel for regulatory interactions, including examinations, and coordinate meetings involving personnel and regulators.
- Identifying, escalating, and developing solutions for potential regulatory risks.
- Maintaining appropriate tracking and communications regarding information requested by regulators.
- Delivering information requested by regulators in accordance with Bank standards.
- Overseeing and completing appropriate reporting accurately and in a timely fashion.
- Building and maintaining excellent relationships with internal partners and colleagues.
- Managing the remediation of Compliance related Audit and Regulatory issues
Skills & Experience:
- Bachelor’s degree in Accounting, Finance, Management Information Systems or a related discipline.
- 5 + years experience in regulatory compliance at a banking or financial services firm.
- Comprehensive understanding of U. S. financial regulations.
- Strong knowledge of banking products and lending facilities
- Understanding of regulatory expectations relating to risk assessments and prior experience in the development or execution of risk assessment programs.
- Background in the management of regulatory exams or internal audits.
- AML certification from accredited organization (e.g., CAMS, FIBA etc.) or ability to attain designation in 12 months.
- Excellent oral and written communication skills.
- Ability to communicate well across all levels of the organization and with regulatory agencies.
- Excellent organizational and time management skills.
- Strong project management and problem solving skills.
- Proficiency in Microsoft Word, Excel and PowerPoint.
- Strong Attention to detail and follow-up skills
- Must be able to multitask and complete projects on time.
- Ability to understand and draw conclusions from data sets.
- Should be a self-starter, and organized, and must have the ability to work independently, without supervision.