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, vendor management, and security 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.

a. On an ongoing basis, reviews, interprets and implements laws and regulations that impact the credit union's compliance requirements
b. 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.
c. 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.
d. Prepares annual risk assessments for BSA, red flags and other regulations as required.
e. Assist management with the credit union bond coverage.
f. Act as the California Insurance Endorsee administrator for the Credit Union.
g. Assists Senior Management with long and short-term Credit Union planning.
h. Responsible for tracking identity theft when reported and ensures that appropriate BSA reports are filed when required.
i. 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.
j. Disseminates information, answers questions, and serves as a subject matter expert for the credit union on all compliance related issues.
k. Identifies regulatory impact for new and/or revised products services.
l. Assists in the revision and/or design of forms, products, web site, programs, and promotions to ensure compliance with all state and federal rules and regulations.
m. Develops or assists in the development of compliance training programs and ensures that staff adheres to compliance training requirements.
n. Works closely with the Internal Audit Department, regulators, and external auditors to ensure daily monitoring and compliance needs are met.
o. Reviews loans, deposits, and any other consumer related transactions for adherence to Credit Union and regulatory compliance requirements.
p. Oversees the annual vendor due diligence program.
q. Ensures implementation of record retention policies and procedures in accordance with regulations and laws.
r. 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.
s. Develops and implements compliance plans, policies, and goals that further strategic objectives.

2. Assumes responsibility for ensuring the effective administration of compliance functions.

a. Creates and implements compliance policies and procedures.
b. Ensures compliance and all services are delivered in accordance the law and regulations.
c. Develops and monitors budgets. Manages and oversees expenses.
d. Attends and participates in meetings and committees as required.
a. Completes required reports and documents.
b. Ensures that applicable laws and regulations are strictly adhered to.
c. Assists departments in developing quality control standards and processes and ensures that quality control activities are effective and in accordance with established standards.

3. Effectively supervises personnel, ensuring optimal performance.

a. Directs, schedules, and coordinates department functions.
b. Ensures that personnel are well trained, effective, and optimally used. Instructs personnel regularly regarding policy, procedure, and program changes.

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

a. Ensures that the Credit Union's professional reputation is maintained throughout the organization and the community.
b. Ensures that requests, needs, and questions are promptly resolved.

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

a. Ensures that work area is clean, secure, and well maintained.
b. Stays informed of trends and changes in the compliance field.
c. 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 and facilities activities and of any significant problems. Suggestions for improved efficiency or effectiveness are provided. Required reports and records are accurate and timely.

8. 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 & SAFE ACT.

REQUIRED KNOWLEDGE: Knowledge of check processing, purchasing, records, security, 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 a must.

SKILLS/ABILITIES: Excellent communication, interpersonal, and supervisory abilities.
Strong project management skills.
Solid leadership abilities.
Well organized.


PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION

TALKING: Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.

AVERAGE HEARING: Able to hear average or normal conversations and receive ordinary information.

REPETITIVE MOTION: Movements frequently and regularly required using the wrists, hands, and/or fingers.

AVERAGE VISUAL ABILITIES: Average, ordinary, visual acuity necessary to prepare or inspect documents or products, or operate machinery.

PHYSICAL STRENGTH: Sedentary work; sitting most of the time. Exerts up to 10 lbs. of force occasionally. (Almost all office jobs.)


WORKING CONDITIONS

NONE: No hazardous or significantly unpleasant conditions (such as in a typical office).


MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION

REASONING ABILITY: Ability to apply logical or scientific thinking to a wide range of intellectual and practical problems.
Able to deal with very difficult concepts and complex variables.

MATHEMATICS ABILITY: Ability to compute discount, interest, profit, and loss; commission markup and selling price; ratio and proportion and percentage.
Able to perform very simple algebra.

LANGUAGE ABILITY: Able to read scientific and technical journals, abstracts, financial reports and legal documents.
Ability to prepare articles, abstracts, editorials, journals, manuals, and critiques.
Ability to prepare and make comprehensive presentations, participate in formal debate, communicate effectively, and professionally communicate before an audience.


INTENT AND FUNCTION OF JOB DESCRIPTIONS

Job descriptions assist organizations in ensuring that the hiring process is fairly administered and that qualified employees are selected. They are also essential to an effective appraisal system and related promotion, transfer, layoff, and termination decisions. Well-constructed job descriptions are an integral part of any effective compensation system.

All descriptions have been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate.

In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.

Job descriptions are not intended as and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.