Compliance Monitoring Analyst

Overview

The Compliance Monitoring Analyst conducts independent reviews of all Bank activities to evaluate the adequacy and effectiveness of the system of internal control and operating procedures in accordance with specified compliance risk objectives. Determines compliance with laws, regulations and operating procedures. Evaluates the adequacy of procedures for safeguarding assets and prevention and detection of loss.

 

Principal Duties & Responsibilities:

• Independently performs regulatory compliance reviews of all identified regulatory risk levels in accordance with the Bank’s Compliance Risk Management Program. This includes planning the review, assessing risk, performing field work in accordance with regulatory guidance, evaluating internal controls for adequacy, and documenting work performed substantiating conclusions reached.
• Conducts reviews of new regulations, products, services, software, etc. for compliance risk applicability or exposure; and follows an implementation plan, where applicable. Ensures the necessary risk mitigation processes are implemented while regulatory deadlines are met.
• Independently conducts detailed analyses/testing of business functions and processes against applicable compliance requirements. Communicate testing results with review lead.
• Monitors and tracks legal and regulatory developments that may impact the Bank, including new and revised laws and regulations, enforcement actions and other regulatory guidance. Interprets regulations/laws, liaises with Compliance and other subject matter experts to determine appropriate action.
• Recommends compliance system and other risk avoidance controls based on his/her analysis of regulatory guidelines, and conducts proper follow-up to ensure the controls were implemented properly.
• Works with the applicable line of business when working with vendors in generating change, based on risk assessments performed during fulfillment of responsibilities.
• Independently identifies and discusses findings and makes recommendations as a result of the review with appropriate bank management. Writes and timely issues Compliance Monitoring reports to bank management.
• Participates in the evaluations of the Bank’s Compliance and Fair Lending Risk Assessments to identify regulatory risk levels.
• Participates in Bank examinations and internal/external audits and ensure all required documents are provided and questions are answered.
• Knowledgeable of all banking areas, and develops specialization in certain compliance areas thus requiring in depth knowledge and training in the function, such as regulatory lending, deposits, operation or fiduciary trust activities.
• As identified during compliance reviews, provides training to Bank personnel in any areas of compliance in need of reinforcement.
• Continually develops compliance knowledge and skills by attending compliance related conferences or trainings.
• Must keep abreast of new regulations and material changes to existing regulations.
• Provides assistance in the writing and dissemination of compliance information to appropriate personnel and serve as resource to Bank employees on compliance related issues.
• Participates in the creation and/or review of compliance related training materials.
• Performs as needed risk assessments to help identify potential areas of compliance vulnerability and risk.
• Works with compliance management with monitoring schedule and tracking report exceptions.
• Develops a working knowledge of HMDA, CRA and BSA.

 

Qualifications

• 5-7 years experience in Bank Internal Auditing or regulatory examination with thorough knowledge of practices, principles, and inter-relationships of banking functions.

• Compliance monitoring a plus.

• Requires skills in fact-finding, analysis, problem-solving and decision making.

• Must have general knowledge of consumer compliance laws and regulations.

• Excellent organizational, written, and oral communication skills.

• Demonstrated ability to develop and maintain strong working relationships with all business units and management.

• Strong technical and analytical reasoning skills to understand and interpret regulatory requirements and transform into well-developed operational matrices, procedures, and job aids.

• Strong problem-solving, attention to detail, data review, project management, and time management skills.

• Effective decision-making skills with proven ability to analyze information, develop strategies, and deliver results.

• Unquestionable integrity in handling sensitive and confidential information required.

• Proficient in MS Office products (Word, Excel, Outlook).

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