Commercial & Private Bank Business Risk & Internal Controls AML Risk Associate

Position Title

Commercial & Private Bank Business Risk & Internal Controls AML Risk Associate

Location

Nationwide, MI 48098

Job Summary

The Commercial & Private Bank Business Risk and Controls Associate– Anti-Money Laundering Risk will help to design, build, transform and implement a risk management framework and lead the ongoing identification, assessment, and measurement of the business line’s material risks and key controls. The Business Risk and Controls Analyst – Anti-Money Laundering Risk in this 1st Line of Defense (1st LOD) role will bring expertise in Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) Compliance requirements and Risk experience in Commercial & Private Banking businesses.

• The Private Bank consists of Private Client Groups (PCGs) who are highly specialized in providing white glove service to High Net Worth and Commercial clients by offering Deposit products, lending, and products and services from Flagstar’s broader offerings.

• The Commercial Bank includes lending, finance, and banking focused on middle market Commercial & Industrial (C&I) companies. The organization also provides capital markets, foreign exchange and derivatives, treasury management products and services, and banking as a service.

The Associate will collaborate with colleagues in BSA/AML & Sanctions Risk Management (2nd LOD) & Enterprise Compliance (2nd LOD), Internal Audit (3rd LOD), and External Regulatory Agencies. This position is critical to supporting the strategy of the Commercial & Private Banks by ensuring prudent risk and compliance management which permit the bank grow profitably.

Pay Range: $84,878 - $112,463 - $140,049Pay Range: Local Minimum Wage - $0.00 - $0.00

Job Responsibilities:

Risk Advisory

• Assists with  execution of an AML Risk Management framework within the 1st LOD.
• Assists the team with execution of a risk governance and oversight framework for 1st LOD AML responsibilities performed by Business Process Owners when opening new customer accounts and monitoring existing customer accounts including Customer Identification Program (CIP), Know Your Customer (KYC), Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), Negative Media and Sanctions Screening, and Periodic Refresh.
• Assists the BRC AML Officer or AML Lead with oversight of 1st LOD AML Risk framework responsibilities performed by Business Process Owners in adherence with BSA/AML/OFAC regulatory requirements, the Bank’s AML/CFT & Sanctions Compliance Program Policy, and supplementary procedures.
• Supports the 1st Line advisory of AML Compliance Risk framework responsibilities with Business Process Owners including BSA/AML & Sanctions Risk Management Risk Assessments, FCC Testing, Issue Management, External Risk Events, Key Risk Indicators, Control Identification and Design, and Quality Assurance programs.
• Provides AML Compliance Risk advisory and guidance to the Business Process Owners including process and control design, early risk identification, control environment operating effectiveness, and policies and procedures.
• Assists withanalysis of 1st LOD roles and responsibilities, identifies gaps, recommends opportunities, and drives automated solutions to meet AML requirements.
• Assists with  incidents and issues in root-cause analysis, action plans, supporting documentation and testing of implemented controls to effectively remediate findings or issues.
• Provides risk advisory and guidance on project initiatives, risk assessments, and risk remediation efforts impacting the Business Units. 

Governance

• Supports the BRC AML Officer or AML Lead with appropriate 1st LOD AML Risk Governance model and cadence for Commercial & Private Bank Business Units.
• Reviews customer escalations from both 1LOD and 2LOD business partners to gauge potential AML/sanctions risks
• Ensures compliance with all FCC & Enterprise Compliance policies and standards, and management of AML Compliance Risks within the Bank’s risk appetite.      
• Ensures AML Compliance Risk culture is imbedded across the Commercial & Private Bank organizations with an appropriate training regimen.

Bank Initiative Partner

• May interact and collaborate with the following Business Unit partners: BSA/AML & Sanctions Risk Management, Enterprise Compliance Management, Internal Audit, Regulatory Affairs, Business Process Owners, and Shared Services organizations.
• Assists with Internal Audits, Compliance Tests, and External Exams with Business Process Owners to ensure timely delivery and completeness of required documentation.
• At the direction of the BRC AML Offic