Responsible for ensuring the Company is in compliance with all state and federal regulations. Reviews and appraises the soundness, adequacy, effectiveness, and proper application of accounting and financial controls and of credit underwriting. Assesses the adequacy and extent of programs designed to safeguard Company assets. Assists with and schedules internal and external audits. Compiles and issues reports detailing conclusions and providing recommendations for improvement. Prepares and files reports with government agencies as directed by law. The compliance officer works closely with each department manager to maintain compliance in Operations, Information Technology, Lending, Collections, and Marketing. The compliance officer has the authority to review all documents and other information that are relevant to compliance activites. The compliance officer reports to the Chief Operations Officer.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
1. Assumes responsibility for the Company’s compliance with all applicable laws, rules, regulations, and policies.
a. Manages, implements, and ensures compliance with applicable financial laws and regulations. Analyzes and reports data as required.
b. Reviews and implements regulatory changes. Compiles reference resources for the Company’s daily use to ensure compliance with regulations.
c. Assists Senior Management in developing policies and procedures for compliance issues. Conducts periodic reviews of existing policies to ensure accuracy, efficiency, and effectiveness.
d. Ensures policies and procedures are updated and are in accordance with evolving regulations, legal requirements, and industry trends.
e. Reviews all laws and regulations pertinent to the credit union compliance.
f. Oversee and monitor the compliance program.
g. Evaluate the credit union policies, procedures, products and programs, to ensure compliance with applicable
laws and regulations. Make recommendations when appropriate.
h. Ensure that any change in policy or procedure is communicated to impacted departments or the credit union as
a whole to ensure changes are understood and implemented.
j. Prepare reports quartely for Board approval from Audit Committee meetings
k. Develop credit union responses to exam and audit findings as well as implements necessary changes in policies
and /or procedures..
l. Perform monitoring reviews at least twice annually of each department to ensure compliance with applicable laws and regulations.
m. Perform self- audit of each department with department manager using NCUA exam guidelines; briefing department manager in what laws and regulations pertain to their respective departments.
n. Perform periodic risks assesments.
o. Periodically review audit and file maintenance reports
p. Assist in revision / design of forms, products, web site, programs or marketin promotions to ensure compliance with all rules and regulations
q. Assist Human Resources manager in any investigation against the credit union or its employees.
r. Coordinate with Human Resources manager training programs for staff. Develop and implement corrective action procuedres as necessary to ensure compliance and avoid future compliance problems.
s. Maintain and monitor Record Rentention program.
t. Maintain Vendor Due Diligence program
2. Assumes responsibility for establishing and maintaining effective communication and coordination with area personnel and with management.
a. Assists area personnel as needed.
b. Keeps management informed of area activities and of any significant problems or concerns.
c. Completes and submits required reports, records, and related documents.
d. Attends meetings as required.
3. Assumes responsibility for ensuring professional business relationships are established and maintained with regulatory agencies, auditors, appraisers, and business associates.
a. Maintains the Company’s professional reputation.
b. Resolves complaints, questions, and problems promptly. Provides assistance as needed.
c. Represents the Company in contacts with business and trade associations and otherwise promotes the Company’s professional image.
4. Assumes responsibility for related duties as required or assigned.
a. Stays informed of trends and developments in compliance issues and loan reviews.
b. Ensures work area is clean, secure, and well maintained.
5. Maintain the Following Schedule Items
a. Notify SLT of regulatory changes and news which may affect current operations / procedures in any area or policies. Send as needed emails with a summary.
b. Review Audit and File Maintenance Reports: Member Account / Loan File Maintenance. Director of Operations completes Member Account file maintenance and Lending Manager the loan files maintenance. Compliance Officer reviews Operation and Lending Manager File maintenance as well as SARs, CTRs and other audit reports monthly.
c. Follow up on CU response to Exam Findings: Follow up with department leaders in completing the required revisions and policy updates based on exam findings. Provide updates to CEO / COO with updates on the exam finding corrections and policy completions.
d. Follow up on CU response to Exam Findings: Follow up with department leaders in completing the required revisions and policy updates based on exam findings. Provide updates to CEO / COO with updates on the exam finding corrections and policy completions.
e. Board Packets Review for accuracy of Reporting: Generally by the 8th of every month.
f. Policy Review: Smart Sheet is developed into all policies. By the 5th of the month, policies are sent to appropriate department leaders to revise with necessary compliance changes and then returned to compliance officer by 15th. New polices and additions that are added to an existing policy will not fall within this time frame, however if it is changes or additions based on exam findings, those will be completed by promised date.
g. Review policies to see if there is anything upcoming that needs to be sent to the Board on an annual basis.
h. Working with the Department Heads by sending the policy to the Department Manager with compliance changes. Department Head will complete the revisions and send back for final review, approval and forward to Shawna for Board approval. Once received back only the compliance officer will upload lock and read policies and remove older version.
i. Review monthly SARs, CTRs, and other audit reports.
j. Branch Monthly Audits: Review Vault and ATM Reports and countdown vault . Count down teller cash drawers and review against previous day balance summary. Audits to be conducted morning before opening branches. No employee should be made aware of compliance officer coming to conduct audit. Findings tracked and then submitted to Director of Operations and COO for review and corrections if needed.
k. Work with Lucas and William to populate the Intranet for employees to have access to developed polices, quick links, news in marketing campaigns, community volunteer, lending, operations, call center, page for products and services, procedures, Help Desk IT for Compliance: IT: HR, Etc..
l. Audit Committee Meetings- March, June, September, December Meetings, prepare reports for Board review after meeting..
m. Risk Assessments to be conducted quarterly: SAFE ACT-, ACH Audit, BSA Risk Assessment, OFAC, etc. 12 Total Assements.
n. Self Audit of each department using NCUA exam guidelines
o. Vendor Due Diligence: Review annually vendors and do analysis on security, prices and performance. As new vendors are to be added provide due diligence on those vendors as well.
p. NOTE: COOP , ASG, Shoretel – to be done in October / November.
q. Record Retention: Determine what is to be shredded due to time limit has passed and then record anything that is being destroyed. The list and record destroy log is in files. Determine what needs to be filed or moved to a safer or secure location, etc.
r. Policy Refresh Schedule: Make sure all new policies have been added to the schedule as well. Have it available to the credit union by December 1st
s. Submit Privacy Notice to membership
1. February – Escrow Analysis
2. September - Verification of Accounts
3. September – Security, Website, ATM Audit, eCommerce
4. October - External Audit
5. November – SAFE Act Audit
6. December- OFAC, BSA, CIP, ACH Audit
7. December – Risk Assessments
1. Attendance & Punctuality
2. Record Keeping & Retrieval
3. Scheduling Effectiveness & Efficiency
4. Audit Performance
5. Professionalism & Confidentiality
6. Professional Development
Minimum: Compliance Certification or 2 Years of Related Experience.
Preferred: Bachelors in Business Administration or Accounting Management.
Minimum: Microsoft Office Suite or Similar Software
Preferred: Auditing Process & Procedure Requirements to Meet Federal Regulations
Minimum: 1 Year of Auditing.
Preferred: 2 Years of Auditing Experience.
Desired: Composed, Well Articulated, Professional Record Keeping Ability.
PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
VERBAL: Ability to convey verbal information clearly and concisely.
AUDIBLE: Ability to hear and understand normal audible conversations.
REPETITIVE MOTION: Ability to perform frequent repetitive movement of the wrists, hands, and/or fingers.
VISUAL ACUITY: Ability to inspect and prepare standard 10-12 font documents.
PHYSICAL STRENGTH: Sedentary work; Primarily Sitting & Ability to Lift/Exert 10Lbs of Force.
NONE: No hazardous or significantly unpleasant conditions (Office Environment).
MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
a. Ability to apply logical or scientific thinking to define problems, collect data, establish facts, and draw reasonable conclusions or develop solutions.
b. Able to interpret a variety of technical instructions and can deal with multiple variables.
c. Ability to operate standard office equipment.
a. Ability to compute discount, interest, profit, and loss; commission markup and selling price; and ratio, proportion, and percentage.
b. Able to perform very simple algebra and computational logic.
LANGUAGE ABILITY: a. Ability to read periodicals, journals, manuals, dictionaries, thesauruses, and encyclopedias.
b. Ability to prepare business letters, proposals, summaries, and reports using prescribed format and conforming to all rules of punctuation, grammar, diction, and style.
c. Ability to conduct training, communicate at panel discussions, and make professional presentations.
4041 E 52nd Street