Compliance Officer Job at MCT Credit Union
Position Title: Compliance Officer
Department: Risk Management
Classification: Exempt Approved By:
REPORTING RELATIONSHIPS
Position Reports To: Senior VP of Operations
Positions Supervised:
Compliance Specialist
POSITION PURPOSE
Responsible for ensuring that the Credit Union is in compliance with all state and federal regulations. Reviews, assesses, develops, revises, and ensures the adequacy of programs, policies, and procedures designed to safeguard Credit Union assets and maintain regulatory compliance. Assists with internal audits. Compiles and issues reports detailing conclusions and providing recommendations for improvement. Prepares and files reports with government agencies as directed by law. Directs, trains, and appraises assigned personnel.
NATURE AND SCOPE
This position requires strong organizational and analytical skills and attention to detail. A solid understanding of regulatory and compliance standards and practices is also required.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
1. Assumes responsibility for the Credit Union’s compliance with all applicable laws, rules, and policies.
a. Manages, implements, and ensures compliance with applicable financial laws and regulations. Determines which regulations the Credit Union is subject to and advises Manager and Senior Management of the operational impact of such trends and changes. Analyzes and reports data as required.
b. Reviews and implements regulatory changes. Compiles reference resources for the Credit Union’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. Reviews, assesses, develops, revises, and ensures the adequacy of programs, policies, and procedures designed to safeguard Credit Union assets and maintain regulatory compliance. 'Ensures policies and procedures are appropriately disseminated.
e. Develops, directs, and implements a compliance program and schedule to review internal Credit Union areas for compliance.
f. Works with Manager and Senior Management to complete and review risk assessments and ensures risk management issues are addressed.
g. Review disclosures for compliance.
h. Prepares, reviews and submits Escheated Accounts Report to the State Comptrollers.
i. Manages, monitors and maintains Vendor Management to ensure that vendors follow all applicable laws, rules and regulations.
j. Assist in the oversight, tracking of issues, remediation plans and escalates unresolved items for reporting to Manager and Senior Management.
k. Provides employee training on compliance related issues and policy changes. Develops a library of compliance resources for employee use.
2. Assumes responsibility for establishing and maintaining effective communication and coordination with area personnel and management.
a. Assists area personnel as needed.
b. Keeps Management informed of area activities and of any significant problems.
c. Compiles and issues reports detailing conclusions of compliance analysis, reports violations as appropriate, provides recommendations for improvement, and follows up to ensure compliance.
d. Prepares and presents reports concerning Credit Union compliance issues to Manager and Senior Management as requested.
e. Maintains records and documentation of compliance activities. Analyzes, prepares, and files appropriate reports with regulatory agencies.
f.. Attends meetings as required.
4. Effectively supervises Department personnel, ensuring optimal performance.
a. Provides leadership to personnel through effective objective setting, delegation, and communication. Informs personnel of policy, procedural, and legal changes. Discusses areas needing improvements.
Ensures that personnel are well trained, effective, and optimally used. Identifies training needs and develops assigned personnel.
c. Conducts performance appraisals as required. Formulates and implements corrective actions as needed.
d. Assists, supports, and serves personnel as needed.
e. Conducts meetings as necessary,
5. Assumes responsibility for ensuring that professional business relationships are established and maintained with regulatory agencies, auditors, appraisers, and business associates.
a. Maintains the Credit Union’s professional reputation.
b. Resolves complaints, questions, and problems promptly. Provides assistance as needed.
c. Represents the Credit Union in contacts with business and trade associations and otherwise promotes the Credit Union’s image.
6. Assumes responsibility for related duties as required or assigned.
a. Stays informed of new and pending laws and developments related to compliance issues, analyzes requirements, appropriately revises policies and procedures, and ensures communication and implementation of regulatory changes.
b. Ensures that work areas are secure, safe, and well maintained.
PERFORMANCE MEASUREMENTS
1. The Credit Union follows all state and Federal Regulations
2. Compliance functions are well-coordinated and communicated with departments and branches. Deadlines are met.
3. Internal compliance reviews are conducted, results analyzed, improvements made, and issues resolved in a timely manner. Appropriate records are kept.
4. Required reports are prepared and delivered in an accurate and timely manner.
5. Knowledge of applicable State and Federal laws and regulations is developed, maintained, and kept current.
6. Appropriate changes to policies and procedures are made, communicated, and implemented. Staff members are informed of changes in a timely manner.
7. Library of compliance resources is developed, maintained, and effectively used by staff.
8. Management is kept informed of key issues.
9. Inquiries are responded to and resolved in a timely and professional manner.
QUALIFICATIONS
Education/Certification: College degree in Business Administration, Accounting, Finance, or related field preferred.
Required Knowledge : Thorough knowledge of applicable federal and state financial regulations.
Understanding of real estate law, loan procedures and documentation, and auditing.
Experience Required: Four to five years experience in related regulatory compliance.
Skills/Abilities: Solid analytical and problem-solving skills.
Attentive to detail and observant.
Good communication skills.
Effective public relations abilities.
Creative and able to develop innovative solutions.
PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
Talking: Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.
FINGER DEXTERITY: Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.
Average Hearing: Able to hear average or normal conversations and receive ordinary information.
Average Visual Abilities: Average, ordinary visual acuity necessary to prepare or inspect documents or products or operate machinery.
Physical Strength: Sedentary work; sitting most of the time. Exerts up to 10 lbs. of force occasionally. (Almost all office jobs.)
WORKING CONDITIONS
None: No hazardous or significantly unpleasant conditions (such as in a typical office).
MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
Reasoning Ability: Able to apply logical or scientific thinking to define problems, collect data, establish facts, and draw conclusions.
Able to interpret a variety of technical instructions and can deal with multiple variables.
Mathematics Ability: Ability to compute discount, interest, profit and loss, commission markup, and selling price; ratio, proportion, and percentage.
Able to perform very simple algebra.
Language Ability: Ability to read scientific and technical journals, abstracts, financial reports, and legal documents.
Ability to prepare articles, abstracts, editorials, journals, manuals, and critiques.
Ability to prepare and make comprehensive presentations, participate in formal debate, communicate extemporaneously, and professionally communicate before an audience.
INTENT AND FUNCTION OF JOB DESCRIPTIONS
Job descriptions assist organizations in ensuring that the hiring process is fairly administered and that qualified employees are selected. They are also essential to an effective appraisal system and related promotion, transfer, layoff, and termination decisions. Well constructed job descriptions are an integral part of any effective compensation system.
All descriptions have been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all-inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate.
In accordance with the American with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodation will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.
Job descriptions are not intended and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.
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