Compliance Officer

2 months ago

Worcester, United States Bay State Savings Bank Full time

Company Overview:

Established in 1895, Bay State Savings Bank is an approximately $500MM, Massachusetts-based mutual Bank. BSSB has six branch locations in central Massachusetts and operates one education branch within a high school. BSSB is the only remaining mutual savings bank originally headquartered in Worcester, Massachusetts. BSSB is a value-driven organization committed to international actions and investments that position the Bank as the communities’ preferred choice for Banking.


Position Description:

Ensures compliance with all banking laws, rules, regulations, and prescribed polices/practices/procedures necessary to reduce risk and uphold ethical standards. The Compliance Officer will play a major role in the Compliance Management System (“CMS”) and will assist with the compliance and risk management monitoring, reporting, and remediation where appropriate. Ensures the proper compliance training needs are identified and provided to the various business units. Additionally, support the Bank’s BSA/AML/CIP/OFAC program as needed.


Key Responsibilities:

  • In-depth knowledge of state and federal consumer regulations that affect the Bank. This includes but is not limited to TILA, HMDA, RESPA, UDAAP, TISA, etc.
  • Assist with the Community Reinvestment Act requirements.
  • Tracks regulatory changes, assess how the changes might affect the Bank, and provides recommendations to Chief Risk Officer about necessary policy and procedural chances.
  • Manages compliance monitoring programs based on internal/external risk assessments, audit findings and exam findings.
  • Works with management to create and implement new monitoring programs throughout the organization as part of the CMS.
  • Identifies regulatory compliance weaknesses throughout the organization and work with management to identify root causes, remediation steps, and tracking of the issues.
  • Composes memos summarizing expectations noted, root causes, and present to management.
  • Contributes to the compliance training program. This may include identifying training courses, webinars, etc; however, it may also include creating compliance and risk related training and providing the training through various methods.
  • Alongside the Chief Risk Officer, completes enterprise-wide compliance related risk assessments.
  • Enhances Enterprise Risk Management framework by authoring and managing policies, procedures, risk assessments, etc.
  • Acts as an internal point of contact for compliance related questions and problems.
  • Attends and participates in the Enterprise Risk Management Committee meetings. This includes but is not limited to attending the committee meetings, presenting monitoring exceptions, training updates, and completing tasks for the committee as appropriate.
  • Assists with the outsourced internal audit function, including the coordination of internal audits with audit firm and internal business unit. Additionally, may be responsible for coordinating the request lists with the business units.
  • Performs new/modified products and services risk assessments. This will include helping the Chief Risk Officer complete the risk assessment by identifying potential risks to the Bank while also acknowledging proper mitigating factors.
  • Assists with the BSA/AML/CIP/OFAC program when needed. This may include completing Verafin generated alerts, completing and submitting Currency Transaction Reports and Suspicious Activity Reports.

 

Qualifications, Education and Experience:

  • A high degree of interpersonal skills necessary to effectively sell the Bank’s products and services.
  • Able to use considerable discretion, resourcefulness, and persuasiveness to achieve the desired objectives and results.
  • Strong knowledge of other bank services, policies, and procedures.
  • Demonstrates current knowledge regarding compliance with various financial institution regulations and other job essentials.
  • High School diploma or equivalent required.
  • Minimum of 3-5 years of experience working in banking compliance.
  • Bachelor’s degree preferred, but not required.
  • Strong interpersonal skills, problem solving ability and accuracy.
  • Strong written and verbal communication skills.
  • Strong computer skills, knowledge of Microsoft Word and Excel.
  • Demonstrated ability to meet/exceed goals.
  • Ability to work in a fast-paced diversified environment.

 



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