Compliance & Risk Officer

Position Summary

The Compliance and Risk Analyst is responsible for overseeing the credit union's compliance, internal audit, vendor management, and enterprise risk management program. This role involves identifying and mitigating risks within the credit union by reviewing policies and procedures to ensure adherence to relevant laws and regulations. Additionally, the Analyst conducts risk assessments, organizes regulatory examinations and internal audits, oversees the vendor management program, and manages overall risk management efforts.

Essential Functions

Regulatory Compliance & Policy Support

• Monitor and interpret state and federal laws, regulations, and emerging compliance trends in the financial services industry.
• Support the AVP in evaluating and revising policies, procedures, products, and programs to ensure compliance.
• Provide informed recommendations and act as a compliance subject matter resource within the organization.

Regulatory & Audit Coordination

• Serve as a support liaison between the credit union and regulatory agencies/auditors, assisting the AVP with inquiries, request lists, and exam preparation.
• Collaborate with the AVP and management team to track and respond to audit findings and assist in implementing corrective actions as directed.
• Maintain the internal audit plan under the guidance of the AVP and facilitate communication between departments and auditors.

Risk Management Support

• Assist the AVP in performing risk assessments to identify operational and compliance vulnerabilities.
• Contribute to the development of the audit and risk assessment plan and support departments with risk mitigation strategies as directed.
• Aid in maintaining the Enterprise Risk Management (ERM) Program, under the leadership of the AVP.
• Help prepare risk management reports for the Board and Supervisory Committee, in coordination with the AVP.

Vendor Management Program Support

• Assist the AVP in overseeing the vendor management program.
• Collect and organize due diligence records and documentation.
• Support onboarding of new vendors and assist with ongoing monitoring activities.

Reporting & Monitoring

• Prepare regular compliance, risk, audit, and vendor management reports for internal use and leadership review.
• Assist with and conduct compliance audits and assessments to help identify potential areas of concern.
• Help track and communicate audit results, ensuring follow-up and reporting are coordinated through the AVP.

Special Projects

• Support the AVP in implementing the cannabis banking pilot program.
• Learn relevant cannabis banking regulations and reporting requirements and assist in ensuring the program complies with applicable laws and expectations.
• Serve as a compliance support resource for this specialized area under the direction of the AVP.

Other duties as assigned.

Performance Expectations

• Identify deficiencies and implement solutions related to regulatory updates, risk assessments, and general industry trends.
• Apply critical thinking and problem solving to ensure the credit union adheres to all relevant laws and regulations and best practices.
• Provide strong communication skills, both written and verbal, necessary for communicating with various stakeholders.
• Assist in preparing Compliance, Internal Audit, ERM, and Vendor Management reports for senior management and Board of Directors.
• Ensure department activities run smoothly and efficiently by providing leadership, training, and supervision within the department. 

Pay and Benefits

Starting pay: $61,425.62 Annually

There may be an increase of base pay based on skills and experience.

Benefits include: 401(k), 401(k) Matching, Dental Insurance, Employee Assistance Program, Employee Discount, Health Insurance, Health Savings Account, Life Insurance, Paid Time Off and Vision Insurance.

Competencies

The attributes listed below are representative of the knowledge, skills and/or abilities required.

Education:

• A Two-year college degree, or completion of a specialized certification or licensing, or completion of specialized training courses conducted by vendors.
• Bachelor’s degree in finance, business, or a related field preferred.

Experience:

• Minimum of 3-5 years’ experience in the financial services industry
• Minimum of 3-5 years’ experience in compliance, internal audit, ERM, or Vendor Management.
• General knowledge of financial institution processes, policies, and procedures.
• Familiarity with branch operations in a financial institution preferred.

Skills:

• Strong understanding of compliance and risk management standards for financial institutions.
• Ability to analyze regulations, identify risks, and make informed decisions based on findings.
• Meticulous in reviewing documents and processes to ensure adherence to compliance and risk mitigation requirements.
• Proficiency in identifying issues and developing practical solutions to ensure compliance and mitigate risk.
• Effective communication skills, with the ability to convey information clearly and collaborate with key stakeholders.
• Exceptional ability to research, analyze regulatory requirements, and apply critical thinking to guide recommendations and decisions.
•  Strong organizational and multi-tasking skills to perform to keep track of key deadlines.

Professionalism/Attitude

• Believes in own capabilities and knowledge to affect positive outcomes and even succeed where others may not and demonstrates that attitude in performing day-to-day activities.
• Self-motivated by the desire to accomplish goals and have exceptional performance; very open to receiving constructive feedback.
• Understands that change is necessary to evolve as a person and an organization, and reflects that in the context of daily work, handling change without becoming disengaged.
• Displays an on-going commitment to learning and self-improvement in areas that are job and/or organization relevant.

Leadership

• Embodies the credit union’s core values: Trust, Compassion, Inclusivity/Diversity, Innovation, Empowerment, Stewardship, and Flexibility. 
• Takes initiative to be involved in networking opportunities in the community.
• a desire to make a positive impact through financial education and advocacy.
• Generates innovative ideas, and creative solutions to challenging problems.
• Models’ behavior that builds inter-personal trust and personal integrity within the team.
• Offers to take additional responsibilities contributing to the success of the team.

Performance Measurements

• Mission, Vision & Core Values: Ensure personal and departmental actions and service align with the credit unions Mission, Vision, and Core Values.
• Compliance Adherence: Consistently ensures compliance with BSA/AML regulations, internal policies, and federal requirements, with minimal discrepancies or audit findings.
• Internal Audit: Serve as the liaison for internal and external audits, ensure audit schedules are met, and results are reported to management and committees, and work with department leaders to create responses and remediation plans for audit findings.
• Enterprise Risk Management: Collaborate with the AVP of Risk Management to conduct annual risk assessments and recommendations for mitigating risks. Help create annual audit plan based on risk assessment results.
• Vendor Management: Assists vendor relationship owners in onboarding new vendors, completing initial due diligence and risk assessments, and performing ongoing monitoring.
• Communication: The ability to effectively converse and listen to both internal and external members.