Compliance Officer

POSITION PURPOSE:

Independently and objectively reviews and evaluate organizational compliance issues/concerns. Advises management and staff of emerging compliance issues and guides the Credit Union in the establishment of controls to mitigate risks. Review credit union policies and procedures to ensure compliance with laws and regulations applicable to the credit union. Manages Compliance records, BSA, and vendor management functions. Develops policies, procedures, and training to ensure efficient and effective compliance.

ESSENTIAL FUNCTIONS AND BASIC DUTIES

1. Assumes responsibility for the development and implementation of effective Compliance planning.

On an ongoing basis, reviews, interprets and implements laws and regulations that impact the credit union's compliance requirements

Evaluates the credit union's policies, procedures, products, and programs to ensure compliance with applicable laws and regulations. Makes recommendations for change to minimize loss exposure, where appropriate.

Acts as the Bank Secrecy Act (BSA) Officer, responsible for overseeing all aspects of the organizational-wide Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Asset Control (OFAC) and Member Identification (MIP) programs. Includes establishing internal controls to mitigate risks, training, coordinating, and assisting in the administration of independent, state, and federal regulator and auditor examinations and reviews.

Prepares annual risk assessments for BSA, Red Flags and other regulations as required.

Assist management with the credit union bond coverage.

Act as the California Insurance Endorsee administrator for the Credit Union.

Assists Senior Management with long and short-term Credit Union planning.

Responsible for tracking identity theft when reported and ensures that appropriate BSA reports are filed when required.

Assists the National Mortgage Licensing System (NMLS) Organizational Administrator for the Credit Union. Track the NMLS system to ensure compliance with NMLS employee registration, training, and renewal requirements.

Disseminates information, answers questions, and serves as a subject matter expert for the credit union on all compliance related issues.

Identifies regulatory impact for new and/or revised products services.

Assists in the revision and/or design of forms, products, website, programs, and promotions to ensure compliance with all state and federal rules and regulations.

Develops or assists in the development of compliance training programs and ensures that staff adheres to compliance training requirements.

Works closely with regulators, and external auditors to ensure daily monitoring and compliance needs are met.

Reviews loans, deposits, and any other consumer related transactions for adherence to Credit Union and regulatory compliance requirements.

Oversees the annual vendor due diligence program.

Ensures implementation of record retention policies and procedures in accordance with regulations and laws.

Performs all duties and completes assigned training assignments in compliance with credit union policies and appropriate regulatory statutes, including BSA regulations and those that correspond with their specific job duties.

Develops and implements Compliance plans, policies, and goals that further strategic objectives.

1. Assumes responsibility for ensuring the effective administration of Compliance functions.

Creates and implements Compliance policies and procedures.

Ensures compliance and all services are delivered in accordance the law and regulations.

Develops and monitors budgets. Manages and oversees expenses.

Attends and participates in meetings and committees as required.

Completes required reports and documents.

Ensures that applicable laws and regulations are strictly adhered to.

Assists departments in developing quality control standards and processes and ensures that quality control activities are effective and in accordance with established standards.

1. Effectively supervises personnel, ensuring optimal performance.

Conducts staff meetings as required. Directs, schedules, and coordinates department functions.

Ensures that personnel are well trained, effective, and optimally used. Instructs personnel regularly regarding policy, procedure, and program changes.

1. Assumes responsibility for ensuring that professional business relationships are established and maintained with members, vendors, the business community, and trade organizations.

Ensures that the Credit Union's professional reputation is maintained throughout the organization and the community.

Ensures that requests, needs, and questions are promptly resolved.

1. Assumes responsibility for related duties as required or assigned.

Ensures that work area is clean, secure, and well maintained.

Stays informed of trends and changes in the Compliance field.

Completes special projects as assigned.

PERFORMANCE MEASUREMENTS

1. Compliance functions are efficient, effective, and delivered in accordance with Credit Union policies, procedures, and with applicable laws.

2. Compliance policies and procedures are regularly reviewed and revised as needed.

3. Compliance functions are well coordinated with branches and related departments. Good communication exists and assistance is provided as needed.

4. Compliance activities are regularly and effectively reviewed. Quality control procedures are appropriate and productive, and corrective actions and suggestions are implemented as needed.

5. Senior management is appropriately informed of compliance activities and of any significant problems. Suggestions for improved efficiency or effectiveness are provided. Required reports and records are accurate and timely.

6. The Credit Union's professional reputation and member service excellence are maintained.

QUALIFICATIONS

Education/Certification: College degree in business or related field or equivalent experience.

Must be certified in BSA, Risk Management, AML, OFAC and Safe Act

Required Knowledge: Knowledge of check processing, purchasing, records, and quality control procedures and programs.

Understanding of related legal and regulatory requirements.

Knowledge of Credit Union products and services.

Experience Required: Prior Credit Union or other financial institution experience.

Skills/Abilities: Excellent communication, interpersonal, and supervisory abilities.

Strong project management skills.

Solid leadership abilities.

Well organized.