Job Description
POSITION PURPOSE
Responsible for ensuring that the credit union is in compliance with all applicable state and federal regulations, including Bank Secrecy Act (BSA) compliance, to ensure the credit union’s risks are mitigated and all regulations are being followed. Also tasked with implementing any IT initiatives under the supervision of the Chief Administrative Officer.
CORE COMPETENCIESThis position requires strong organizational and analytical skills and attention to detail. A solid understanding of regulatory and compliance standards and practices is also required. Finally, the applicant should possess a working understanding of IT, including experience implementing software and hardware updates.
ESSENTIAL FUNCTIONS AND BASIC DUTIESI. Responsible for the credit union's compliance with all applicable laws, rules and policies. These include, but are not limited to policies and regulations in the credit union's policy manual.
a. On an ongoing basis, maintains a current working knowledge of credit union rules, internal controls, and governmental regulations that impact the operations or policies of the credit union. Researches, reads, understands, reviews, and interprets regulatory issues that impact the credit union. Compiles compliance reference resources for the credit union’s daily use.
b. Develops, manages, and coordinates implementation of policies, procedures, and internal controls to ensure compliance with applicable laws and regulations. Fosters a culture of compliance throughout the Credit union.
c. Completes all daily Bank Secrecy Act (BSA) reporting for the credit union, such as: Process all Currency Transaction Reports (CTRs) as required; reviewing and analyzing reports to determine if member structuring may be occurring; investigate and gather supporting documentation to provide recommendations to the Chief Administrative Officer regarding the filing of a Suspicious Activity Report (SAR).
d. Keep current and knowledgeable about BSA compliance issues and regulations through resources which may include newsletters, webinars or seminars.
e. Serve as designated BSA Compliance Officer for the credit union.
f. Prepares, and analyzes reports for management and the board of directors detailing compliance activities with conclusions and provides recommendations for improvement. Prepares and files reports with government agencies as directed by law.
g. Develops plans and conducts periodic reviews to ensure ongoing implementation, accuracy, adequacy, efficiency, effectiveness, and proper application of compliance policies, procedures, and internal controls.
h. Develop and maintain processes for identifying, assessing, measuring, monitoring, and managing compliance risks as part of the Credit union’s Enterprise Risk Management system.
i. Ensures that policies and procedures are updated and are in accordance with evolving regulations, legal requirements, and industry trends. Makes suggestions and recommendations of changes to improve policies and procedures.
j. Develops, coordinates, and conducts training for all employees and volunteers on compliance issues related to their positions and responsibilities.
k. Responsible for the credit union’s Vendor Due Diligence program.
l. Serves as credit union’s Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) administrator.
m. Serves as credit union’s Credit Review Manager, which oversees the maintenance of the credit review program.
n. Assists with internal and external compliance audits and federal exams. Is responsible to develop, implement, and monitor corrective actions of compliance findings identified by staff, federal examiners, and auditors.
o. Assists in the revision and/or design of forms, products, web site, programs, marketing materials, or promotions to ensure compliance with all State and Federal rules and regulations.
p. Manages the credit union’s disaster recovery & business continuity program.
q. Disseminates information, answers questions, and be a subject matter resource for the credit union on all compliance related issues. Communicates complex regulatory issues effectively in both oral and written form.
r. Assists branches and departments with problem resolution and processes as it relates to their ability to meet compliance and regulatory standards.
s. Assists with various compliance-related projects as directed by the Chief Administrative Officer or Chief Executive Officer.
t. Attends meetings as required.
II. Tasked with day-to-day upkeep of all IT-related systems.
a. Ensures that the credit union’s computerized and internet-related systems remain fully operational.
b. Coordinates hardware and software updates/solutions with the credit union’s 3rd party support staff.
c. Implements and maintains the information security program, which ensures that all systems prioritize member information security as defined by NCUA Part 748.
d. Assists with various IT-related projects as directed by the Chief Administrative Officer or Chief Executive Officer.
III. Generally related and other duties as required or assigned.
a. Establishes and maintains effective work relationships within the credit union.
b. Ensures that work areas are secure, safe, and well-maintained.
c. Management reserves the right to modify, add, or remove duties and assign other duties as necessary.
PERFORMANCE MEASUREMENTS1. Audit and exam reports demonstrate that the credit union is in compliance with all state and federal regulations.
2. Compliance functions are progressively well coordinated within Departments and Branches.
3. Good business relations exist with outside financial and business professionals.
4. Management is appropriately informed of area activities and of any significant concerns. Recommendations are provided as needed. Required reports are accurate and timely.
EDUCATION/CERTIFICATION: College degree in Business Administration, Accounting, Finance, or related field preferred.
Experience or education in area of research, analyzing, and writing of policy and procedure.
REQUIRED KNOWLEDGE : Thorough knowledge of applicable federal and state financial regulations.
Understanding of loan procedures, documentation, and audits.
EXPERIENCE REQUIRED: Five years of experience in a financial institution with regulatory compliance experience.
SKILLS/ABILITIES: High level of integrity
Ability to review regulations and legal documents and recommend appropriate action Requires attention to detail and observant with accuracy in work
Requires application of sound judgment, analysis, decision-making, and problem-solving
Ability to work appropriately and professionally with confidential information
Ability to work under stressful and pressure filled situations. Service focused and responsiveness in a timely manner
Ability to handle, organize, and prioritize multiple projects and meet deadlines
Computer knowledge and competency in applicable software Good written and oral communication skills
Effective public relations abilities
Ability to work independently with minimal supervision and cohesively with others
PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITIONTALKING: Must be able to verbally communicate policies and procedures related to the essential functions and basic duties of the position.
FINGER DEXTERITY: Must possess typical level of coordination ensuring the ability to type effectively using a standard computer keyboard.
HEARING: Able to hear average or normal conversations and receive ordinary information.
VISUAL ABILITIES: Normal visual acuity necessary to inspect documents and operate office equipment.
PHYSICAL STRENGTH: Physically able to perform work as scheduled in a typical office environment. May occasionally be asked to lift up to 30 pounds.
WORKING CONDITIONSNONE: No known hazardous or significantly unpleasant conditions (such as in a typical office).
MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITIONREASONING ABILITY: Able to apply logical or scientific thinking to define problems, collect data, follow directions, establish facts, and draw conclusions.
MATHEMATICS ABILITY: Ability to perform basic mathematical computations essential to financial operations.
Roughly equivalent to a significant understanding of basic algebra.
LANGUAGE ABILITY: Ability to read and interpret legal documents. Should be able to then explain such documents in layman’s terms to credit union employees. Should also be able to read and interpret technical documents relating to the implementation of the credit union’s IT program.
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