What are the responsibilities and job description for the AVP of Compliance position at SAFE FEDERAL CREDIT UNION?
Summary
The AVP of Compliance is responsible for developing, implementing, managing, and administering all aspects of the credit unions Compliance Management, Forms Management, and Quality Assurance Programs to ensure that the credit union complies with applicable federal and state laws, rules, regulations, and regulatory agency guidance. The AVP of Compliance will act as a liaison between regulatory agencies and the various departments within the organization on regulatory and related matters. Additionally, will interpret and summarize regulatory guidance for applicability, drive internal process improvements, create, and leverage data analytics dashboards for compliance risk monitoring, and provide recommendations on external content submitted by regulatory agencies.
ESSENTIAL DUTIES AND RESPONSIBILITIES Include The Following
Develops, implements, and administers the credit unions Compliance Management System, including comprehensive self-testing of transactions, disclosures, system parameters (i.e., calculation of dividends, interest, APY, APR, etc.), forms and procedures; making necessary preparations for regulatory examinations and internal or third-party audits; and obtaining guidance and recommendations of the credit unions legal counsel when appropriate
Develops, implements, and maintains an effective Forms Management Program and creates procedures, forms, and an approval process for implementing new and revised forms compliant with state and federal regulations.
Develops, implements, and administers a Quality Assurance Program to ensure accurate and timely reviews of lending and operational processes. Identify trends, deficiencies, and recommend corrective actions to mitigate risk.
Works closely with the Vice President of Risk Management, ELT, and credit union leaders to assess strategic plans, products, marketing, operations, and routine business practices to identify and remedy loan quality issues, compliance issues, deficiencies, or violations.
Identifies and mitigates potential compliance risk exposures; interacts with credit union personnel pertaining to such issues.
Monitors rulemaking and regulatory compliance guidance issued by federal and state regulatory authorities and other sources (guidance from credit union organizations, news regarding litigation or enforcement actions, etc.) to identify emerging compliance risks and advise the credit union of their impact on the credit union
Monitor, investigate, and coordinate the correction and resolution of any deficiencies noted in compliance by auditor or examiner, or complaints and problems from department staff, NCUA, or other regulatory agencies.
Review and interpret new laws and changes to existing laws and regulations. Implement changes and train credit union personnel as required.
Other Tasks
Serves as the direct point of contact for compliance, forms and quality assurance inquiries from management and all personnel.
Serves as a subject matter expert for process improvement and project teams for new processes, products, and services to ensure compliance with applicable laws and regulations.
Instills a strong compliance culture throughout the credit unions branches, departments, and business units.
Report to and advises the Board of Directors, ERM Committee, Senior Management and personnel of emerging compliance issues and consults and guides the credit union in the establishment of controls to mitigate risks.
Provides alternatives to improvements that are practical and actionable.
Prepare and complete reports, projects, and other duties as assigned by the VP of Risk Management
Supervisory Responsibilities
The AVP of Compliance will lead and develop compliance and quality assurance staff, fostering a culture of accountability and continuous improvement. Provide coaching, performance feedback, and ensure team members maintain required certifications.
PERFORMANCE STANDARDS
Maintains a written pla for each program assigned as a primary responsibility and ensures all aspects of the plan are followed. Reviews and updates the plan regularly and at least annually. Conducts research and effectively analyzes laws and regulations.
Display excellent written and verbal communication skills when interacting with senior management, the Board of Directors, the Supervisory Committee, all personnel, members, auditors, and examiners. Maintain professional composure, objectivity, and fairness when dealing with conflicts and sensitive matters. Display attention to detail, ability to multi-task, and meet established deadlines. Exhibit sound judgment, critical thinking, and problem-solving skills. Maintain collaborative relationships with all departments. Demonstrate professional care and the highest standards of professional competency. Support a strong sense of teamwork and commitment to mentoring and serving others.
Qualification Requirements
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Education, Knowledge, And Experience
Bachelors degree or equivalent experience.
Minimum of five (5) years of prior financial institution compliance experience and minimum 2 years of supervisory and/or management experience, or equivalent combination of education and experience.
Advanced knowledge of credit union administration, lending, operations, and products and services, and the ability to understand and assess risks related to these areas.
Comprehensive knowledge of applicable state and federal laws, regulations, and agency guidelines, including consumer protection regulations, fair lending laws, NCUA rules and regulations, and Bank Secrecy Act/USA PATRIOT Act.
CERTIFICATES, LICENSES, REGISTRATIONS
Must possess or obtain within 2 years, an applicable professional compliance certification or designation from an established financial service industry trade group, such as ACU Certified Credit Union Compliance Officer (CUCO), ACU Certified Bank Secrecy Act Professional (CBSAP), ABA Certified Regulatory Compliance Manager (CRCM), etc.
The AVP of Compliance is responsible for developing, implementing, managing, and administering all aspects of the credit unions Compliance Management, Forms Management, and Quality Assurance Programs to ensure that the credit union complies with applicable federal and state laws, rules, regulations, and regulatory agency guidance. The AVP of Compliance will act as a liaison between regulatory agencies and the various departments within the organization on regulatory and related matters. Additionally, will interpret and summarize regulatory guidance for applicability, drive internal process improvements, create, and leverage data analytics dashboards for compliance risk monitoring, and provide recommendations on external content submitted by regulatory agencies.
ESSENTIAL DUTIES AND RESPONSIBILITIES Include The Following
Develops, implements, and administers the credit unions Compliance Management System, including comprehensive self-testing of transactions, disclosures, system parameters (i.e., calculation of dividends, interest, APY, APR, etc.), forms and procedures; making necessary preparations for regulatory examinations and internal or third-party audits; and obtaining guidance and recommendations of the credit unions legal counsel when appropriate
Develops, implements, and maintains an effective Forms Management Program and creates procedures, forms, and an approval process for implementing new and revised forms compliant with state and federal regulations.
Develops, implements, and administers a Quality Assurance Program to ensure accurate and timely reviews of lending and operational processes. Identify trends, deficiencies, and recommend corrective actions to mitigate risk.
Works closely with the Vice President of Risk Management, ELT, and credit union leaders to assess strategic plans, products, marketing, operations, and routine business practices to identify and remedy loan quality issues, compliance issues, deficiencies, or violations.
Identifies and mitigates potential compliance risk exposures; interacts with credit union personnel pertaining to such issues.
Monitors rulemaking and regulatory compliance guidance issued by federal and state regulatory authorities and other sources (guidance from credit union organizations, news regarding litigation or enforcement actions, etc.) to identify emerging compliance risks and advise the credit union of their impact on the credit union
Monitor, investigate, and coordinate the correction and resolution of any deficiencies noted in compliance by auditor or examiner, or complaints and problems from department staff, NCUA, or other regulatory agencies.
Review and interpret new laws and changes to existing laws and regulations. Implement changes and train credit union personnel as required.
Other Tasks
Serves as the direct point of contact for compliance, forms and quality assurance inquiries from management and all personnel.
Serves as a subject matter expert for process improvement and project teams for new processes, products, and services to ensure compliance with applicable laws and regulations.
Instills a strong compliance culture throughout the credit unions branches, departments, and business units.
Report to and advises the Board of Directors, ERM Committee, Senior Management and personnel of emerging compliance issues and consults and guides the credit union in the establishment of controls to mitigate risks.
Provides alternatives to improvements that are practical and actionable.
Prepare and complete reports, projects, and other duties as assigned by the VP of Risk Management
Supervisory Responsibilities
The AVP of Compliance will lead and develop compliance and quality assurance staff, fostering a culture of accountability and continuous improvement. Provide coaching, performance feedback, and ensure team members maintain required certifications.
PERFORMANCE STANDARDS
Maintains a written pla for each program assigned as a primary responsibility and ensures all aspects of the plan are followed. Reviews and updates the plan regularly and at least annually. Conducts research and effectively analyzes laws and regulations.
Display excellent written and verbal communication skills when interacting with senior management, the Board of Directors, the Supervisory Committee, all personnel, members, auditors, and examiners. Maintain professional composure, objectivity, and fairness when dealing with conflicts and sensitive matters. Display attention to detail, ability to multi-task, and meet established deadlines. Exhibit sound judgment, critical thinking, and problem-solving skills. Maintain collaborative relationships with all departments. Demonstrate professional care and the highest standards of professional competency. Support a strong sense of teamwork and commitment to mentoring and serving others.
Qualification Requirements
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Education, Knowledge, And Experience
Bachelors degree or equivalent experience.
Minimum of five (5) years of prior financial institution compliance experience and minimum 2 years of supervisory and/or management experience, or equivalent combination of education and experience.
Advanced knowledge of credit union administration, lending, operations, and products and services, and the ability to understand and assess risks related to these areas.
Comprehensive knowledge of applicable state and federal laws, regulations, and agency guidelines, including consumer protection regulations, fair lending laws, NCUA rules and regulations, and Bank Secrecy Act/USA PATRIOT Act.
CERTIFICATES, LICENSES, REGISTRATIONS
Must possess or obtain within 2 years, an applicable professional compliance certification or designation from an established financial service industry trade group, such as ACU Certified Credit Union Compliance Officer (CUCO), ACU Certified Bank Secrecy Act Professional (CBSAP), ABA Certified Regulatory Compliance Manager (CRCM), etc.