Compliance Officer

Overview:

GENERAL DESCRIPTION OF POSITION

Coordinate the credit union's overall compliance with applicable rules, regulations and statutory requirements. This is accomplished through implementation of a Compliance Management Program and performance of the primary duties listed below. While implementing or recommending action to ensure compliance, the Compliance Officer should be conscious of streamlining efforts, cost effectiveness, safety and soundness, and proper maintenance of the internal control structure. The Compliance Officer will have the authority to cross department lines and access all areas of operations for compliance reviews.

This position is on-site in the Little Rock Metropolitan Area.

ESSENTIAL DUTIES AND RESPONSIBILITIES

1. Works directly with the AVP / Compliance to conduct risk based testing over regulatory and consumer compliance laws and regulations.
2. Administer the Credit Union Compliance Program.
3. Regulatory Knowledge - Subject matter expert and communication authority for issues needing attention or action by Business Unit leaders. Research, review, interpret and apply state and federal laws along with regulations applicable to the area of specialty. Move toward becoming an expert in the industry related compliance arena. Assist in the identification and application of regulatory requirements pertinent to the department's oversight. Reviews data and apply departmental-approved standards for testing and follow-up. Advise other departments of regulatory requirements as needed. Collaborate with Department Heads on Credit Union policies and procedures to ensure these are updated in accordance with regulations, legal requirements, and trends.
4. Keep abreast of, monitor and analyze developing trends and changes in regulatory compliance laws, rules and regulation. Advise management of the operational impact of such trends and changes. Facilitate implementation of regulatory changes when necessary.
5. On behalf of the Credit Union, analyze and provide written response to proposed new regulations and/or amendments to existing regulations within allotted time frames established by the ruling agency.
6. Policies & Procedures- Stay current on all relevant changes within the Credit Union, department and emerging areas of risk. Review and apply Credit Union policies & procedures for testing, exception reports and follow-up. Recommend changes in policy and procedures as necessary to improve areas of identified risk. Assist in writing policy and procedures in accordance to regulatory requirements and trends.
7. Vendor Management- Acts as administrator for vendor management program and software. Assist product managers by providing program/software support and knowledgeable assistance when a new vendor is being researched or brought onboard. Act as a voting member of the Vendor Management Committee. Prepare the committee agenda, provide potential vendor information and inform the committee of vendors that are up for renewal. Ensure that all vendors have current required documents on file that has been reviewed for accuracy, compliance and reasonable protections for the Credit Union.
8. External Audit Management- serve as liaison between bidding or contracted audit firms, management and the Supervisory Committee. This includes communicating with all parties, receipt and review of all necessary documents, scheduling the approved audits and supporting the audit firm's needs before, during and after the audits.
9. Review, revise and develop Credit Union forms, contracts, agreements, and disclosures to ensure compliance with applicable laws, rules and regulations. Communicate with legal counsel and/or bonding agency to ensure that the terms and conditions set forth in forms, contracts, agreements and disclosures are accurate, complete, and meet the needs of and properly protect the Credit Union.
10. Ensure that compliance reviews, testing, documentation and risk control activity occur in accordance with established standards and practices. Communicate findings and recommendations to AVP /Compliance and business unit leaders as needed to build organizational compliance. Establish risk analysis of various issues and provide this information to management with compliance reviews.
11. Serve as a resource to staff. This may include secondary review of and guidance on when issues arise with a Power or Attorney (PO), Trust, Guardianship, Will and Testament, Estate, and/or other legal documentation presented by or behalf of an accountholder. Provide information and tools that enhance the understanding industry related compliance.
12. Whether self-initiated or at the request of management or staff, conduct research of individual regulatory-related matters (i.e., practices, proposals, etc.), identify and communicate regulatory compliance, deficiencies or potential problems, and provide guidance in the development of alternative solutions or implementation of corrective action. Provide written responses (as applicable) to inquiries of a regulatory nature, supporting analysis, conclusions and recommendations upon well-investigated and documented research of regulatory requirements.
13. Participate in new product and / or process development projects or committees. Provide relevant input regarding compliance concerns on proposed and current products/services offered by or being considered by the Credit Union.
14. Review system programming changes which affect compliance and provide comment as to whether the requested programming changes comply with applicable regulations.
15. Collaborate with Organizational Development to insure that the annual trainings provided to employees and volunteer meets the regulatory requirements.
16. Review all advertising and marketing materials for compliance to applicable regulations.
17. Assist senior management with federal examiners during compliance-related examinations; ensure issues are adequately addressed in relation to compliance deficiencies identified in regulatory reports of examination.
18. Report as appropriate, regulatory matters, concerns, and/or the overall compliance condition of applicable divisions, departments, operations or functions within the credit union to the board of directors or senior management.
19. Identify regulatory-related documentation and policy statements to senior management requiring adoption by the board or periodic board review and approval.
20. Develop and maintain a Compliance Newsletter to send out electronically with compliance concerns, regulator updates, and upcoming webinars.
21. Develop a library of compliance resources and provide informational assistance as requested.
22. Ability to work with and provide assistance to all levels of Credit Union staff. Must be able to resolve conflict in a professional manner.
23. Perform any other related duties as required or assigned.

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential duty mentioned satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.

EDUCATION AND EXPERIENCE

Knowledge of a specialized field (however acquired), such as basic accounting, computer, etc. Equivalent of four years in high school, plus night, trade extension, or correspondence school specialized training, equal to two years of college, plus 3 years related experience and/or training, and 19 to 23 months related management experience, or equivalent combination of education and experience.

REQUIRED CERTIFICATES, LICENSES, REGISTRATIONS

Compliance Certification equal or equivalent to Certified Compliance Officer through NAFCU or equivalent agency. Will acquire within 12 months a certification through National Associations of Federal Credit Union (NAFCU) or equivalent Federal Credit Union.

Arkansas Federal Credit Union is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, religion, color, national origin, gender, gender identity, sexual orientation, age, status as a protected veteran, among other things, or status as a qualified individual with disability.