What are the responsibilities and job description for the Consumer Compliance Specialist position at Phaxis?
We are seeking a detail-oriented Consumer Compliance Specialist to perform transactional and control testing, ensuring adherence to regulatory requirements and internal policies. This role involves executing predefined test scripts, documenting outcomes, and identifying any deviations that may require corrective action. The ideal candidate will have strong analytical skills, experience in compliance testing, and a deep understanding of financial regulations.
Key Responsibilities:
- Conduct transactional and control testing using pre-defined test scripts to assess business processes and compliance controls.
- Accurately document test case results, ensuring adherence to established documentation standards.
- Identify and escalate instances of non-compliance or deviations from testing protocols to key stakeholders.
- Collaborate with internal teams to develop and maintain process and control documentation.
- Review testing outcomes performed by team members to ensure consistency and accuracy.
- Provide guidance and support to team members to facilitate seamless testing execution.
- Monitor performance quality, ensuring compliance with regulatory requirements and internal policies.
- Regularly communicate findings, testing status, and performance updates to stakeholders.
- Train and mentor testers on compliance review procedures and quality standards.
- Assist in identifying potential areas of non-compliance and recommend corrective actions.
- Ensure effective coordination of compliance testing processes across related teams.
Qualifications:
- 3 years of experience in compliance testing, risk management, or auditing.
- Strong knowledge of banking and financial products, including credit cards, unsecured lending, and deposits.
- Familiarity with key financial regulations such as Reg Z, Reg E, Truth in Lending Act (TILA), Fair Credit Reporting Act (FCRA), CAN-SPAM Act, and others.
- Proficiency in Microsoft Office Suite (Excel, PowerPoint, Word).
- Strong verbal and written communication skills, with the ability to produce executive reports and compliance documentation.
- Prior experience in consumer compliance within the banking sector.
- Strong analytical and problem-solving skills, with the ability to identify risks and recommend mitigations.
- Experience in monitoring regulatory compliance and implementing control measures.
- Ability to effectively communicate complex regulatory concepts to various stakeholders.
