Risk Management and Compliance Officer
2 weeks ago
Welcome to Suffolk Credit Union, where we empower our members and strengthen our community through responsible banking practices. As a Risk Management and Compliance Officer, you will be responsible for developing and implementing policies, strategies, and procedures to mitigate fraud risks.
The estimated salary for this role is $80,000 - $120,000 per year, depending on qualifications and experience.
This is a challenging yet rewarding opportunity that offers comprehensive benefits, including health plans, lifestyle spending accounts, 401(k) matching, and support for work-life balance.
Job Overview:
The ideal candidate will have a minimum of two (2) to four (4) years of fraud-related experience within a financial institution. They will possess comprehensive knowledge of federal and state regulations impacting credit unions, including but not limited to the Bank Secrecy Act, Regulation CC, Regulation E, GLBA, and relevant NCUA and NYS DFS regulations.
Key Responsibilities:
- Fraud Prevention Policies: Develop and implement policies, strategies, and procedures to mitigate fraud risks.
- Industry Trend Monitoring: Track fraud trends, evaluate new fraud mitigation tools, and stay informed of emerging threats.
- Reporting: Prepare and present reports to the Board and Executive Management on fraud losses and prevention outcomes.
- Guidance and Support: Act as the primary contact for fraud-related inquiries and guidance on regulations and laws.
- Data Analysis: Create, review, and analyze fraud-related reports, including Online Account Opening, ACH, and suspicious account activity reports.
- Dark Web Monitoring: Perform dark web scans to detect member information breaches, account takeovers, or data compromises.
- Transaction Review: Examine suspicious transactions, such as bill pay items and loan applications, for fraudulent indicators.
- Cross-Department Coordination: Collaborate with Retail Operations, Lending, and Member Services to investigate fraud and safeguard member accounts.
- Training and Awareness: Provide fraud awareness training to staff, ensure compliance with regulations, and share emerging trends and prevention techniques.
- Investigation Leadership: Lead fraud investigations, liaise with law enforcement, and coordinate resolution efforts across departments.
- Special Projects: Write procedures, manage special projects assigned by management, and support the credit union's mission through additional duties as needed.
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