What are the responsibilities and job description for the Senior Compliance Analyst position at Blue Foundry Bank?
About Blue Foundry Bank
This is the Bank Where Things are Made. Blue Foundry is a bank where businesses are shaped, plans are formed, ideas are refined, solutions are built, and stuff gets done. Blue Foundry is revolutionary, bold, resourceful, roll-up-your-sleeves committed, smart, creative and fun. A Bank of movers, shakers, and makers…We are a Bank that Gets Things Done.
At Blue Foundry Bank we invest in the well-being of our most prized asset…our employees! We provide a robust array of programs and benefits to help employees advance their careers and enhance the quality of their lives. Our experiential learning and development program ensures employees are on track to grow their career as of day one.
Position Summary
The Senior Compliance Analyst is responsible for supporting and overseeing the Bank’s Compliance Department to ensure adherence to federal and state regulatory requirements through the effective management of the Compliance Management System (CMS). This role involves conducting compliance reviews, audits, and risk assessments to identify and mitigate regulatory risks, recommending corrective actions, and enhancing the organization’s overall compliance framework.
Additionally, the Senior Compliance Analyst manages the Internal Loan Review (ILR) Program in accordance with the Bank’s ILR Policy, overseeing third-party loan reviews and/or directly conducting reviews of the Bank’s commercial loan portfolio to ensure compliance with ILR Policy penetration guidelines. The role also includes collaborating with internal departments to interpret and apply regulations, assisting in policy and procedure development, supporting regulatory examinations, monitoring regulatory changes, and providing compliance training to strengthen the Bank’s compliance posture.
The rate of pay is the minimum amount offered for this position. Blue Foundry Bank will compensate employees in a fair and equitable manner, taking into consideration education, skills, current and relevant experience, among other factors. This position is eligible for incentive pay based on achievement of company and/or individual goals.
In addition, our comprehensive compensation package includes; medical, dental, and vision coverage; life insurance, short- and long-term disability insurance; 401(k)/Roth with company match up to 5%; paid time off, and 11 paid holidays; employee referral bonus; and educational reimbursement.
Primary Responsibilities
Come join the Blue Crew community and be part of our success!
This is the Bank Where Things are Made. Blue Foundry is a bank where businesses are shaped, plans are formed, ideas are refined, solutions are built, and stuff gets done. Blue Foundry is revolutionary, bold, resourceful, roll-up-your-sleeves committed, smart, creative and fun. A Bank of movers, shakers, and makers…We are a Bank that Gets Things Done.
At Blue Foundry Bank we invest in the well-being of our most prized asset…our employees! We provide a robust array of programs and benefits to help employees advance their careers and enhance the quality of their lives. Our experiential learning and development program ensures employees are on track to grow their career as of day one.
Position Summary
The Senior Compliance Analyst is responsible for supporting and overseeing the Bank’s Compliance Department to ensure adherence to federal and state regulatory requirements through the effective management of the Compliance Management System (CMS). This role involves conducting compliance reviews, audits, and risk assessments to identify and mitigate regulatory risks, recommending corrective actions, and enhancing the organization’s overall compliance framework.
Additionally, the Senior Compliance Analyst manages the Internal Loan Review (ILR) Program in accordance with the Bank’s ILR Policy, overseeing third-party loan reviews and/or directly conducting reviews of the Bank’s commercial loan portfolio to ensure compliance with ILR Policy penetration guidelines. The role also includes collaborating with internal departments to interpret and apply regulations, assisting in policy and procedure development, supporting regulatory examinations, monitoring regulatory changes, and providing compliance training to strengthen the Bank’s compliance posture.
The rate of pay is the minimum amount offered for this position. Blue Foundry Bank will compensate employees in a fair and equitable manner, taking into consideration education, skills, current and relevant experience, among other factors. This position is eligible for incentive pay based on achievement of company and/or individual goals.
In addition, our comprehensive compensation package includes; medical, dental, and vision coverage; life insurance, short- and long-term disability insurance; 401(k)/Roth with company match up to 5%; paid time off, and 11 paid holidays; employee referral bonus; and educational reimbursement.
Primary Responsibilities
- Monitor and interpret regulatory changes and updates to ensure the company remains compliant with all relevant laws and regulations.
- Develop, implement, and maintain compliance policies and procedures.
- Conduct regular compliance audits and risk assessments.
- Provide training and support to staff on compliance-related matters.
- Prepare and submit regulatory reports and filings as required.
- Assist with monitoring regulatory requirements across various bank locations, including CRA, Fair Lending, Regulations AA, Z, C, E, DD, X, CC, FCRA/FACT Act, UDAP, etc.
- Demonstrate experience with CRA and Fair Lending products.
- Serve as a resource for regulatory matters and compliance-related initiatives. Respond to questions from business units regarding interpretations of regulatory requirements and applicable guidance. Provide compliance analysis and support for new products and services implemented by the bank.
- Assists the Director of Compliance and BSA/AML (Chief Compliance Officer) with document collection for audits and regulatory examinations as necessary.
- Perform other tasks which may be assigned by management.
- Supervises the Compliance Coordinator.
- Coordinate all third-party and internally performed loan reviews of the Bank’s commercial loan portfolio, ensuring adherence to the Bank’s ILR Policy penetration guidelines.
- Oversee the FDICIA ILR risk management controls audits, which require a risk analysis of internal controls through the FDICIA matrix for the ILR department. Provide annual certification for each noted internal control.
- Report on the ILR findings to the Bank’s Credit Risk Sub-Committee monthly and the Enterprise Risk Committee quarterly.
- Track and report risk rating migrations to the Bank’s Credit Risk Sub-Committee monthly and the Enterprise Risk Committee quarterly.
- Manage the annual review of the Bank’s Risk Identification Policy, presenting all edits to the Chief Risk Officer for approval, and then reporting to the Credit Sub-Committee and ERM. This includes cross-checking the policy risk rating metrics with the matrices in Abrigo.
Come join the Blue Crew community and be part of our success!