VP & Compliance Officer
Greenfield Savings Bank
Location: Greenfield, Massachusetts
Status: Full-Time/Exempt
Supervisor: Senior Vice President & Senior Operations Officer
Position Purpose:
Oversees the Bank's adherence to Federal and State Consumer Compliance Regulations by coordinating and/or conducting independent internal audits, establishing, and monitoring enterprise-wide departmental external audits, developing self-audit procedures, and communicating the results of both to the Board of Directors/Audit Committee and Bank management. Keeps abreast of all regulatory requirements for the safe and sound, compliant operations of the Bank, and as part of the Bank’s Project Committee, approves new products, services of the bank for execution within regulations.
Essential Duties:
Determines existing problems and potential high-risk areas for compliance violations or consumer harm daily to avoid technical violations of banking regulations.
Develops the scope for internal compliance audits at the time they are to be conducted to determine if established policies and procedures are effective in preventing violations.
Prepares an annual compliance audit schedule to ensure that each area and department is audited on a regular basis.
Conducts regularly scheduled audits and spot audits, using FDIC/DOB procedures and work papers, to identify the adequacy of internal controls. When used for audits of non-OCC banks, stricter requirements of the applicable banking regulator will be adhered to.
Revises the departmental self-audit policies and procedures when regulatory changes occur so that new requirements are properly monitored.
Reviews and files all compliance reports from department managers as they are received to ensure that they are accurate, complete, and submitted by required deadlines.
Discusses audit findings with the appropriate levels of management as the audits progress to enable management the opportunity to respond to suspected weaknesses and/or violations.
Communicates results to the appropriate levels of management as audits are finalized and makes recommendations for possible solutions when problems are identified.
Prepares accurate and objective written reports upon completion of audits which offer constructive recommendations for improving compliance with laws and regulations when inadequacies are identified in existing systems and functions.
Monitors management responses when a written reply to an audit is required to assure adequate measures are taken to correct deficiencies.
Prepares and presents quarterly reports to the Board of Directors/Audit Committee which summarize the audits completed, violations identified, recommendations for improvement, and responses received from department managers.
Interacts with regulators on a continual basis, as well as during examinations, to ensure compliance with laws and regulations.
Maintains current library of regulations and interpretations thereof, as well as a proficient knowledge of their content, to research questions and prepare updates to policies and procedures when necessary.
Provides training on compliance issues by scheduling regular meetings with department managers and/or staff, providing specific training when weaknesses are identified, and coordinating Bank wide schedules with stated frequencies and due dates for ongoing training by regulation and job description.
Ensuring adequacy of organization-wide compliance training and corrective action efforts when necessary.
Creating and maintaining trust by working as a valued business partner with business units, senior leadership, and compliance professionals to manage compliance efforts at all levels of the organization.
Experienced in performing risk assessments.
Assist other departments when needed.
Performs other duties as assigned.
Training, Education and Compliance:
Complete online courses as assigned.
Review and follow all applicable policies, procedures, state, and federal regulations for your position.
Decision Making:
Interprets and applies the requirements of Federal and State Compliance Regulations.
Aids in developing procedures to meet regulatory requirements.
Identifies weaknesses in existing procedures and recommends corrective action.
Communication:
Ability to interact with all levels of staff and management during daily compliance activities using tact and showing consideration and respect for co-workers.
Ability to knowledgeably communicate with regulators and other outside sources when necessary to research issues or resolve problems relating to compliance.
Results of Action:
Failure to detect systemic weaknesses in the compliance function could result in regulatory violations and expose the Banks to monetary penalties and/or regulatory sanctions.
Supervisory Responsibilities:
Accountability/Internal Audit or Compliance Testing
Administering internal controls
Aligning global compliance requirements with regulations within the Bank’s strategic plan
Assessing and monitoring risk
Fraud prevention initiatives
Evaluating compliance activities against cost
Implementing and ensuring compliance with new regulations
Improving compliance culture of the organization
Monitoring financial crime risk, including sanctions and regulatory actions
Improving processes, continuous improvement
Overseeing corporate compliance strategy and future development
Regulatory reporting and FDIC Portal administration duties
Developing innovative compliance programs
Reviewing new initiatives and existing products or compliance
Setting out corporate compliance standards
Training initiatives and enhancements
Identify potential consumer harm in products, services, or practices
Complaint Management and reporting
Develops and Facilitates Board and Senior Leadership Compliance Training
NOTE: The information listed within this description summary is intended to indicate the general nature and level of work. It is not designed to contain or be interpreted as a comprehensive account of all the responsibilities, and/or minimum qualifications required of an employee assigned to this position.
Knowledge/Skills:
A high school diploma and 4-year college degree and/or 5 or more years work experience equivalent in Financial Compliance.
Effective interpersonal relationships with management and team members.
Ability to perform tasks quickly and accurately.
Ability to interpret and apply regulatory requirements to existing Bank operations.
Experience with compliance auditing procedures.
Extensive knowledge of enterprise-wide banking operations.
Ability to clearly express written conclusions using correct grammar, spelling, and punctuation.
Ability to cope with job-related pressures and regulatory exam process.
Working Conditions:
Potential Hybrid/Onsite position.
Requires some traveling between Bank locations and Annual ongoing training.
Team Make up- 4 Direct Reports, and 4 indirect reports
Desired Qualifications:
Industry Standard Compliance Officer Certifications
CCBCO, CBAP, ACAMS and/or CRCM
Expanded knowledge of CRA ISB requirements
Expanded knowledge of BSA/AML FFIEC requirements
Every GSB employee is expected to:
Enthusiastically represent Greenfield Savings Bank within the community
Willingness to contribute to the success of the Bank wherever possible and regardless of rank
Advocate and champion for the success of GSB customers and colleagues
Influence a welcoming environment for colleagues and customers
Greenfield Savings Bank is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees.
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender, gender identity and/or expression, national origin, disability status, protected veteran status, age, marital status, or any other protected class.