POSITION SUMMARY: The Chief Compliance Officer position will serve as a key role in managing the compliance management system for key areas of compliance risk and providing oversight and counsel on the compliance risk within the company. This position will perform a variety of duties for the areas noted above. This position will be responsible for ensuring the various components of the compliance management system are in place and functioning properly for all areas including fair banking, mortgage loan quality control, second line oversight functions, and second line testing. This position requires attention to detail and strong communication skills. The individual in this position will report directly to the Chief Risk Officer and lead a team of 24 employees. ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Compliance Program Development:
- Ensure an effective compliance risk management program, reflecting the size and complexity of our business practices and objectives and aligns with the regulatory requirements and industry best practices.
- Regulatory Monitoring and Reporting:
- Monitor and analyze changes in regulatory requirements and assess their impact on the Bank's operations.
- Provide oversight for preparing and submitting any required regulatory reports and filings.
- Liaise with regulatory bodies and respond to inquiries and examinations.
- Risk Management:
- Assess the compliance risk exposure and provide ongoing reporting on the level and direction of the risk.
- Identify significant compliance risks and promote early detection of compliance risks.
- Provide advice and counsel to the executive team regarding compliance risks related to strategic decisions, including new products/services, systems, and vendors.
- Develop and implement corrective action plans for identified compliance issues.
- Training and Education:
- Oversee administration of compliance training programs for employees and management.
- Partner with Bank management to ensure that employees are informed of and understand their compliance responsibilities.
- Policy and Procedure Oversight:
- Review and update compliance policies and procedures regularly.
- Ensure that internal policies are consistent with regulatory requirements and best practices.
- Advisory Role:
- Advise and elevate significant compliance issues and trends to the executive team, business line leaders, relevant committees, and the Board of Directors;
- Partner with the executive team, markets, and business lines to assess whether compliance risks remain within the established risk appetite;
- Provide advice and oversight on appropriate policies, standards, procedures, and controls commensurate with the level of risk; and monitor and advise on regulatory issues and risks.
- Culture of Compliance:
- Advocate for and foster a strong culture of compliance.
- Encourage ethical behavior and ensure that compliance is integrated into the Bank's business operations
- Bachelor's degree in business, finance, law or a related field (advanced degree preferred).
- Minimum of 7-10 years of experience in compliance, preferably within the banking or financial services industry.
- Strong knowledge of banking regulations, including but not limited to CRA, Fair Lending, and consumer protection laws.
- Excellent analytical, organizational and communication skills.
- Ability to work independently and make informed decisions.
- Proven track record of managing compliance programs and leading compliance initiatives.
- Certification in compliance (e.g., CRCM) is preferred.