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BSA Risk Manager

1 month ago

Plano, United States PROSPERITY BANK Full time
Job DescriptionJob DescriptionPOSITION PURPOSE

Under the direction of the Sr. BSA Manager, the BSA Risk Manager is responsible for performing a comprehensive analysis of the Bank’s BSA/AML and OFAC risks assisting in identifying money laundering/terrorist financing, and other illicit financial activity risks and in the development of appropriate internal controls. This position is responsible for analyzing both existing and emerging risk, and evaluating the internal controls that mitigate BSA/AML and OFAC risk across the Bank's range of products, services, customer base, and geographic locations.

The BSA Risk Manager contributes to the Bank’s adherence to legal and regulatory requirements and serves as a subject matter expert on BSA/AML and OFAC risk compliance related matters. This position partners with various areas within the BSA Department as well as business units throughout the Bank. The BSA Risk Manager provides guidance, aids in regulatory interpretation, and ensures alignment with established policies, procedures, and guidelines. This role is also responsible for updating the BSA/AML and OFAC Risk Assessments in a timely manner in response to changes in the Bank’s products and services, customer base, and geographic locations as directed by the Bank’s BSA/AML and OFAC Policy and Procedures.

ESSENTIAL FUNCTIONS AND BASIC DUTIES

  • Manage the BSA/AML and OFAC Risk Assessment processes, including providing quarterly and annual risk evaluations.
  • Assess the Bank’s products and services risk, customer base risk, geographic risk and potential money laundering and terrorist financing risk associated with those activities.
  • Perform periodic review of business processes and controls to identify compliance gaps and potential risk exposure.
  • Partner with business units to remediate BSA/AML and OFAC findings identified in risk assessments, internal audits, and/or regulatory examinations.
  • Evaluate data and monitor that the risk mitigation efforts are acceptable for the Bank’s risk tolerance levels as defined by the Bank’s Board of Directors.
  • Serve as the Subject Matter Expert on money laundering and terrorist financing risks, offering insight and recommendations on matters that may affect risk, such as onboarding new customer types to, and adding new products and services offered by, the Bank.
  • Coordinate data gathering for the completion of the BSA/AML and OFAC risk assessments.
  • Identify, evaluate, and report on emerging BSA/AML and OFAC risks.
  • Consult with BSA Sr. Management on emerging risks and procedural change recommendations to enhance the BSA/AML and OFAC Programs.
  • Actively monitor and report on emerging regulatory BSA/AML and OFAC Compliance changes, trends, and issues.
  • Respond to BSA/AML and OFAC related inquiries or refer to the appropriate department, person, or vendor, ensuring the appropriate follow through with all parties involved.
  • Assist with responsibilities for the various department functions in the absence of staff members or during a declared natural disaster or pandemic.
  • Perform risk and impact analysis, using modeling where warranted, to identify changes in risk direction.
  • Provide change recommendations for the BSA/AML and OFAC Risk Assessment Risk Categories and Risk Weights.
  • Advise management on potential shifts in Inherent Risks and recommend changes for Mitigation and Controls to reduce residual risk where feasible.
  • Assist all areas of the Bank with enhancing and implementing changes to their Department procedures and/or processes as they relate to BSA/AML and OFAC risk.
  • Assist in the preparation of various Executive and Committee reports.
  • Report any suspicious or unusual activity by customers and/or associates.
  • Complete all required Bank training.
  • Other duties as assigned by Sr. BSA Management.

The above statements describe the general nature and level of work only. They are not an exhaustive list of all required responsibilities, duties, and skills. Other duties may be added, or this job description amended at any time.

SUPERVISORY RESPONSIBILITIES:

This position has no supervisory duties.

QUALIFICATIONS

Required Knowledge:

Knowledge of BSA, AML, and OFAC regulations and guidance, with the ability to apply and explain regulatory concepts.

Thorough understanding of the FFIEC BSA Examination manual.

Familiarity with banking products and services, operations, and customer/transaction types

Experience Required:

Minimum of five years BSA/AML-related banking experience.

Risk assessment experience preferred.

Skills/Abilities:

Strong interpersonal and verbal/written communication skills.

Self- starter, capable of working under minimum supervision.

Multi-tasker and able to meet deadlines in a high-pressure environment.

Results oriented team player.

Strong problem-solving ability.

Highly organized with project management skills.

Exceptional research and analytical skills.

Proficient in MS Office (Outlook/Word/Excel/PowerPoint).

Strong documentation skills.


Hours: Monday - Friday 8:00 AM - 5:00 PM.
40 hours per week.

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