Compliance Administrator

Overview:
General Summary:

The Compliance Administrator is responsible for analyzing regulations and laws, impacting credit union policies, processes, products, and services to determine associated risks and compliance adherence. This position coordinates compliance initiatives with other departments in accordance with business plans, ensures compliance management is tracked centrally, and acts as liaison with various business units when compliance updates are required. It assists the Compliance Officer in the development of a comprehensive and holistic Compliance Management Program commensurate to the size, and complexity of the credit union. This role supports the Compliance Officer with operational and compliance audits to ensure that credit union’s policies and practices are in accordance with applicable state and federal laws and regulations. In addition, the role has responsibility for managing the vendor management program and oversight processes to ensure compliance by the credit union and its vendors with applicable laws, regulations, and credit union policies and procedures. The position will facilitate contract reviews, onboarding/offboarding vendors, assisting vendor owners with due diligence requirements, including reporting requests, and updating the vendor management software with supporting documentation.

Responsibilities:
 

Principal Accountabilities (60%)

 

Compliance Role

Conducts regular compliance assessments and quality control reviews to test and monitor compliance with laws and regulations.

Centrally tracks compliance-related policies and procedures and provides for timely reviews.

Interprets existing and emerging regulations and make procedural recommendations that bring improvement to operations, risk, and compliance functions.

Responsible for submitting, proofing and accuracy of marketing/advertising materials and collateral related to compliance.

Uses internal and external resources to gain greater understanding of practices and processes and compliance implications. Examples of resources are meeting with department leaders, communicating with examiners, and conducting research.

Assists VP Compliance and Vendor Management in identifying, ordering, and scheduling compliance audits for the credit union.

Assists project managers with interdepartmental special projects relating to the Compliance Program.

Serves as a system administrator for the compliance management software.

Provides support to the business units regarding development and implementation of new compliance policies, disclosures, and procedures as well as training programs.

Assists during regulatory examinations and external audits.

Assists with compliance-related risk assessments.

Maintains current knowledge of federal and state laws and regulations.

Assists in the reporting on the status of regulatory compliance activities to executive management and the Board of Directors, as applicable.

Performs other duties as assigned by management.

 

Secondary Accountabilities (40%)

 

Vendor Management Role

Serves as a system administrator for the vendor management software. (Includes data entry and data management)

Collects and analyzes third party due diligence.

Assist vendor owners with annual due diligence requirements, including collection and data entry.

Initiates vendor searches (i.e. OFAC on business and principals).

Assists vendor owner in preparing for review termination notices and follow up.

Coordinates internal reviews and external reviews for higher risk rated vendors.

Identifies potential risks and make recommendations to management to approve or to further evaluate risk level based on program requirements.

Reviews vendor agreements and contracts to ensure expectations are clearly defined, well documented and defensible.

Provides information and guidance to business units related to specific vendor contracts/agreements, terms, requirements, and specifications.

Performs in-depth review of contracts and other legal documents based on knowledge and expertise. Assists VP Compliance and Vendor Management in developing, reviewing, and revising policies and procedures, at least annually.

Utilizes vendor management software calendaring to track contract cancellations, renewal dates and set reminders to ensure timely notifications to vendor owners. 

Collaborates with vendor owners to ensure appropriate vendor monitoring documentation is prepared and submitted on a timely basis.

Partners with vendor management software service managers to request and review service reports for higher risk vendors.

Evaluates external report findings and present to internal subject matter experts for review.

Escalates high risk cases, as needed.

Tracks and document all notifications of vendor data breaches and maintains a monthly report, coordinate notice of same to relevant departments. 

Monitors various information sources for negative news related to the credit union vendors.

Participates and coordinate with business unit(s) and Information Security to gather and provide SOC Reports and supporting documentation for early review.

Special projects and other duties as assigned, including Environmental, Social and Governance monitoring, support, and guidance to business units.

Assists in the preparation of policy related Memos to the Board and/or applicable Board Committee.

Provides internal department support and to other departments to assist with regulatory compliance examinations conducted by internal auditors, external auditors, and regulatory examiners as it relates to BSA, Vendor Management or Compliance. 

Performs other duties as assigned by management.

Qualifications:
Position Requirement and Qualifications

 

Skill Set Requirements:   

 

Excellent abilities in the following:  Writing, working independently, problem-solving, planning, organizational skills, calendaring, and detail-orientation. Requires communication skills to interact with all levels within and outside the organization. Ability to exercise discretion, judgment, tact, and diplomacy.  Ability to learn new functions, support innovation, demonstrate initiative, and accept new responsibilities.  Ability to research, analyze, and interpret complex laws and regulations. Must be able to work on multiple tasks and assignments within specific time constraints, juggle competing priorities and manage time well. Must be able to read and interpret typical business correspondence, reports and/or department procedures and policies.

 

Knowledge, Education, Certifications, Licenses: 

 

1 - 3 years of regulatory compliance, audit, or related experience in the financial services industry; two-year college degree or completion of a specialized course of study or certification in related field preferred.

Ability to develop and maintain rapport with co-workers to effectively obtain and communicate compliance information.

Working knowledge of various business line operations and expected activities.

Strong analytical and communication skills.

Good verbal, written and interpersonal communication skills, with the ability to apply common sense to carry out instructions and instruct others, train personnel, write reports, correspondence, and procedures, and speak clearly to customers and employees.

Ability to deal with complex problems involving multiple facets and variables in non-standardized situations.

Ability to work independently with limited supervision while performing duties.

Ability to prioritize assignments, organize work efficiently, and manage large volumes of details.

Ability to work independently with a high level of accuracy and attention to detail.

Important Notes:
Working Conditions and Physical Demands

 

Work is performed in a general office environment. This position does not require significant physical efforts.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the job.  Refer to the Safety & Health Policy found in California Credit Union’s Employee Handbook & Resource Guide.

 

The information contained in this job description is not exhaustive of all the duties and responsibilities associated with the job and does not alter or modify the at-will employment relationship that exists between California Credit Union and the employee.  Additionally, nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time.

 

EOE

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