FUNCTIONAL TITLE: Chief Compliance Officer
POSITION TITLE: Senior Vice President
REPORTS TO: Chief Executive Officer
The Chief Compliance Officer (CCO) is responsible for managing the bank’s compliance management system in accordance with the bank’s compliance management policy (see attached) and in compliance with regulatory requirements.
PRIMARY DUTIES AND RESPONSIBILITIES:
- Governance – Ensure bank is meeting all regulatory requirements for governance.
- Compliance Audits – Ensure bank is conducting quality compliance audits of all regulatory required areas/processes on a timely basis and conforms with required frequency. Ensure timely and thorough written responses to these audits from management and approved by executive management and board of directors.
- Compliance Program – Ensure that the bank has a quality and robust compliance program that would stand the test of regulatory examination. The program would include but not be limited to the following:
- Maintaining a complete set of compliance policies and procedures for all required areas/processes.
- Maintaining an effective compliance training program complete with testing for all required areas/processes.
- Maintaining an effective monitoring program complete with checklists to ensure all critical areas/processes are in compliance control and the bank has an effective compliance management system.
- Maintain an effective complaint management system that conforms to bank policy and regulatory requirement. This would include ensuring proper corrective action is taken where needed.
- Maintain an effective risk assessment program for all regulatory required areas/processes on a timely basis and conforms with required frequency.
- Maintain a robust reporting system on all compliance controls on all regulatory required areas/processes as well as on all components of the compliance management system.
- Stay abreast of all compliance developments and communicate such on a regular basis to all bank management as well as the board of directors.
- Take charge of all compliance examinations to ensure bank’s performance and positions on issues are communicated properly. Ensure that the bank is extremely cooperative and timely in producing required information.
- Corrective action – Ensure that proper corrective action is taken for any examination violation or any other compliance issue that arises whether from self diagnosis, audits or other sources.
- Community Reinvestment Act – Ensure that the bank will always receive a satisfactory or better rating on CRA exams.
- Vendor Management – Ensure that the bank maintains a robust vendor management program that conforms to policy and regulatory requirements.
- BSA/AML – Ensure that the bank’s management of BSA/AML conforms to all regulatory standards.
- Ensure that the bank and each division of the bank has an appropriate annual compliance plan. Monitor and report on the bank’s and each division’s compliance plans.
- Minimum of five years of regulatory compliance management experience as the Chief Compliance Officer in a bank.
- Minimum of five years of regulatory compliance management experience while reporting to the Chief Compliance Officer in a bank.
- Minimum of five years people supervision experience.
- Experience in indirect automobile lending compliance as well as overall compliance management systems.
- Bachelor’s degree or equivalent work experience.
- Excellent organization skills.
- Self starter; self driven.
- Ability to get things accomplished through others.
- Excellent math and analytical skills.
- Excellent oral and written communication skills.