IRA Compliance and Risk Management Specialist

2 weeks ago

Santa Fe, New Mexico, United States State Employees Credit Union Full time
Job Overview

Position Title: IRA Compliance and Risk Management Specialist

REPORTS TO: AVP Compliance, Risk, and Quality Officer

SUPERVISES: N/A

JOB STATUS: Non-Exempt

COMPENSATION: $25.67 Target Hourly Rate

*This position requires on-site presence. Remote work is not an option at this time.

Position Summary:

This role is essential in managing critical aspects of Individual Retirement Accounts (IRA), deceased member accounts, and Trust and Estate reviews. The incumbent will be the primary point of contact for processing these requests, ensuring thorough examination of all Power of Attorney and Estate documents. Responsibilities include due diligence, decision-making, and the disbursement of accounts for deceased members. The IRA Compliance and Risk Management Specialist will provide assistance to frontline staff, members of the State Employees Credit Union, other financial institutions, law enforcement, and legal representatives as necessary. The role involves reviewing, researching, and responding to various legal documents and IRA requests initiated both online and in-person, while maintaining the highest standards of professionalism.


The ideal candidate will embody the proactive and results-driven ethos of the State Employees Credit Union, consistently striving for excellence and exceeding expectations.

Key Responsibilities:
  • Review and process a variety of legal correspondence and IRA transactions on a daily basis.
  • Address inquiries related to departmental services and functions.
  • Act as the processor for IRA distributions, focusing on retaining business within the credit union.
  • Prepare, receive, and manage IRA documentation from various sources.
  • Open new IRA accounts and process disbursements or credits to members as appropriate.
  • Stay updated on IRA regulations and recommend procedural updates for staff.
  • Follow up on transactions to ensure completion, ensuring compliance with IRS regulations and departmental policies.
  • Manage Required Minimum Distributions and assist members with withdrawals or authorized transfers.
  • Review all work items for accuracy and adherence to department guidelines and IRS regulations.
  • Evaluate Trust documents and provide recommendations for approval or denial.
  • Assess Power of Attorney documents and offer recommendations for approval or denial.
  • Process accounts for deceased members and serve as the primary contact for compliance-related inquiries.
  • Conduct research and correspondence on IRA requests.
  • Monitor fraud trends and take necessary actions to mitigate potential losses.
  • Adhere to standard procedures to minimize exposure to suspicious items or transactions.
  • Assist the Enterprise Risk team with training and cross-training initiatives.
  • Understand compliance issues and participate in training related to the Bank Secrecy Act (BSA).
  • Support the Compliance department in various aspects of BSA compliance and act as a backup for the Compliance team.
  • File Suspicious Activity Reports (SARs) as necessary.
  • Collaborate with the Enterprise Risk team to develop or update procedures to comply with regulations or enhance operational efficiency.
  • Perform additional duties as required.

Required Skills and Abilities:
  • Ability to obtain certification and serve as the IRA Specialist for the Credit Union.
  • Capability to develop and deliver training for staff and members regarding IRAs.
  • Proficiency in auditing IRA transactions to ensure compliance with tax regulations.
  • Strong technical skills, including the ability to learn and utilize multiple systems.
  • High attention to detail and accuracy in task execution.
  • Effective written and verbal communication skills, with the ability to convey information clearly.
  • Self-motivated, capable of assessing priorities and delivering quality results.
  • Active listening skills to understand concerns and provide appropriate solutions.
  • Demonstrated patience, tact, and a positive demeanor towards staff and members.
  • Detail-oriented, analytical, and highly organized, with proficiency in office software.
  • Strong critical thinking and organizational skills.
  • Ability to devise creative solutions to challenges.
  • Job-related travel may be required.

Education and Experience:
  • Education or experience equivalent to a bachelor's degree in a related field, along with 3+ years of progressive experience in banking or financial operations.
  • Relevant professional certifications are preferred but not mandatory, including but not limited to:
    • Criminology
    • Paralegal
    • Bank Secrecy Act (BSA) compliance and related regulations

General Requirements:

Must adhere to all terms and conditions outlined in the Employee Handbook, including but not limited to:

  • Work safely and responsibly to avoid risks to oneself or others.
  • Comply with the Drug-Free Workplace policy.
  • Follow company policies and local, state, and federal regulations.

Physical Requirements:
  • Prolonged periods of sitting and working on a computer.
  • Some standing, walking, kneeling, stooping, bending, and lifting may be required.
  • Ability to lift up to 15 pounds occasionally.
  • Must be able to navigate various departments within the organization.

State Employees Credit Union offers a competitive benefits package.

State Employees Credit Union is an Equal Opportunity Employer.

We are committed to inclusivity and welcome applications from individuals with disabilities and veterans.

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