Compliance Officer

Posting Date: 
October 15, 2014
Summit Credit Union - Madison, WI



Purpose of Position:

Ensures Summit’s operations are in compliance with all State and Federal laws and regulations. Responsible for staying current on changes to regulations and compliance matters, communicating updates to those impacted, serving as the primary resource for compliance related matters, and leading implementation of changes required to ensure the soundness of the credit union’s operations.

Essential Functions:

Oversee all matters of compliance for the credit union.

Stay abreast of changes to existing and/or new laws and regulations.

Interpret laws and regulations for the credit union.

Communicate key issues to senior management, Risk Management, and other impacted areas in a timely manner.

Provide compliance expertise and knowledge throughout the credit union, serving as a resource for project workgroups and fielding employee’s questions.

Research and investigate compliance implications due to the introduction of new products, policies, procedures, or processes.

Recommend necessary changes to systems, processes, and procedures and works with management to ensure changes are implemented.

Coordinate ongoing compliance training for employees.

Conduct routine reviews to ensure compliance with all applicable regulations.

Develop a schedule for compliance reviews with Internal Audit .

Conduct compliance reviews and report results to senior management in a timely manner.

Recommend solutions and is actively involved in implementation of solutions.

Ensure that all new and existing forms, disclosures, advertisements, and brochures meet compliance and regulatory standards.

Conduct periodic reviews of website, branches, call center, and other areas where disclosures are posted/issued to insure compliance (e.g. lobby signs, web applications/disclosures/disclaimers, rate sheets, member statements, etc.).

Serve as the Bank Secrecy Act Compliance Officer for the credit union.

Assist credit union personnel in completing CTR filings for the credit union within required time frames.

Assist credit union personnel in completing SARs accurately within required time frames.

Ensure all required BSA filings are done within required time frames.

Ensure potential OFAC hits are handled appropriately.

Review potential hits from database sweeps and ensure these are processed appropriately and in a timely manner.

Review information sharing reports from FinCEN in a timely manner and report any matches within required time frames.

Complete annual BSA/OFAC risk assessments and update the BSA/AML compliance program as necessary.

Monitor deposit account activity for unusual activity.

Review unusual activity on accounts (e.g. dormant accounts, employee accounts, loans, etc.) for potential fraudulent activity.

Understand and is accountable for executing all job functions in a way that is consistent with all requirements of BSA, OFAC and the USA Patriot Act/Customer Identification Act (CIP). Note: Failure to comply with requirements may be subject to strong disciplinary action, up to and including termination by the credit union, as well as, civil and criminal penalties.

Additional Functions:

1. Prepares and presents compliance information for regulatory exams and external audits.

Job Specifications:

1. Professional, well-developed written and oral communication skills necessary for communicating with all levels of employees.

2. Knowledge equivalent to Bachelors degree in business or related field.

3. Three years experience in financial industry (previous compliance experience preferred).

4. Ability to understand comprehensive and detailed laws and regulations, and interpret them in a reasonable and understandable way for the credit union.

5. Ability to work without close supervision and with all types of personalities.

6. A detail oriented problem solver who can analyzed information, identify compliance issues and develop recommendations.

7. In-depth understanding of the administrative, financial and operational aspects of the business, and financial industry and banking practices.

8. Intermediate mathematical skills required (calculations and concepts involving decimals, percentages, fractions, etc.).

9. Basic to intermediate knowledge in Microsoft Excel, Word, Power Point and Outlook.

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