Risk and Compliance Officer
Peninsula Community Federal Credit Union
PENINSULA COMMUNITY FEDERAL CREDIT UNION
Title: Risk & Compliance Officer
Reports to: SVP HR/Marketing
Primary Purpose of Job: Performs functions essential to ensuring risk and compliance requirements as set forth by the State, NCUA, and other regulatory agencies. Responsible for the development and implementation of credit union policies and procedures to ensure compliance with related laws and regulations. Recommends policy changes that will facilitate the Credit Union’s compliance program, reduce risk, and reflect changes in regulations. Updates and disseminates information regarding laws and regulations to management & staff as appropriate. Responsible for the maintenance of Disaster Recovery Plan and security procedures and equipment. Provides Board and executive administrative support.
Essential Functions and Responsibilities:
- Functions in capacity as Bank Secrecy Act (BSA) officer
- Ensures adherence to BSA and Office of Foreign Asset Control (OFAC) requirements and provides staff with additional coaching and training as necessary. Informs appropriate senior management (CEO, CFO, SVP HR/Marketing, VP Lending, VP Member Engagement and/or Internal Auditor of BSA and OFAC issues noted while carrying out these duties. Keeps management apprised of new best practices, laws and regulations related to BSA and OFAC.
- Responsible for identifying and reporting unusual and suspicious activities under the requirements of the BSA/Anti-Money Laundering Act.
- Maintain a high degree of knowledge of appropriate BSA/AML/OFAC and USA PATRIOT Act related laws and regulations.
- Maintains expertise in the Verafin application, including assessing current and emerging high-risk transactional activities via the utilization of Verafin.
- Ensures regulatory reports are queued, filed and completed in a timely manner.
- Ensure Executive Team (CEO, CFO, SVP HR/Marketing, VP Lending, and VP Member Engagement) are kept fully informed of the conditions and operations of the Credit Union as it relates to compliance matters and important factors influencing those.
- Identifies and reviews laws and regulations that impact the credit union’s compliance requirements such as Bank Secrecy Act, Patriot Act, OFAC, and other regulator or legal changes. Disseminates pertinent information to appropriate department heads with areas to consider evaluating.
- Assesses risk potential of current procedures and recommends new procedures that will mitigate loss exposure.
- Ensures that changes in policy and procedures are clearly communicated to impacted management, departments, or the credit union as a whole. Follows up to ensure new procedures are understood and implemented.
- Develops and facilitates implementation of corrective action procedures as necessary to ensure the Credit Union’s policies and procedures are structured to avoid future compliance problems.
- Maintains PCFCU compliance library as well as compliance and control reference materials that provide necessary resources.
- Supports Credit Union departments for compliance, and follow-up on corrective actions to avoid future compliance problems.
- Assists in the development and implementation of compliance training programs
- Approves membership cards, performing systematic audits of member applications for new and modified accounts, and verifying identification documents in accordance to Federal regulations and credit union policy and procedure.
- Offers support to staff regarding new account and account compliance.
- Maintain knowledge of the new account and account modification process.
- Approve new accounts in an official capacity of “Membership Officer”
- Audit new accounts and signature card modifications verifying accuracy of CIP identification, OFAC, DTEC and Account Assessment forms.
- Provide reports of error findings to branch/lending managers.
- Review various daily, weekly and monthly data processing prepared reports.
- Verify Risk Ratings assigned to accounts at account opening.
Disaster Plan Administrator
- Updates and maintains the Disaster Recovery Plan as specified in credit union regulations.
- Monitors Vendor Management System ensuring vendors, risk assessments, and users are updated.
Board and Administrative Support
- Prepares Board Reports and manages document preservation as specified in credit union regulations
- Administers Board workspace website; uploads documents and reports; and manages access.
- Updates, maintains, and preserves PCU’s Policy Manuals, Board Bylaws, FCU records according to credit union rules and regulations.
- Maintains and posts management and volunteer contact information
- Assists with executive and volunteer travel, scheduling, celebrations and correspondence as requested
- Updates PCU volunteer and employee registrations with credit union associations and vendors.
- Ensures routine maintenance checks of security and alarm systems, and effectiveness of security procedures.
Knowledge, Skills, and Abilities Desired:
Ability to read, analyze, and interpret technical publications regulatory instructions, financial reports, and legal documents. Ability to recognize necessary operational adaptations in response to changes in laws and regulations. Excellent business communication skills required. Excellent organization and presentation skills. Ability to handle multiple projects and assignments. Must have strong computer skills and able to utilize applicable software programs. Ability to work independently, be detailed oriented, and meet deadlines. Ability to relate and interact with all levels of staff, management, volunteers, members, and vendors. Ability to maintain a high level of confidentiality. Financial institution experience relating to compliance and internal controls required. High school diploma or equivalent.
Physical Demand and Work Environment:
May work additional/irregular hours, including weekends, nights, or holidays, as needed or requested. While performing the duties of this job, the employee must be able to sit and stand for long periods of time. Must be able to use hands to finger, handle or feel objects or controls; use a standard computer keyboard and ten-key with repetitive wrist and hand motion; reach with hands and arms; balance, stoop, or kneel; talk and hear. Must be able to lift and carry up to 20 lbs. Specific vision abilities required by the job include close vision, distance vision, color vision, peripheral vision, depth vision, and the ability to adjust focus. Noise level is usually minimal. Office working environment. Potential exposure to armed robbery.
The above information on this job description has been designed to indicate the general nature and level of work performed by employees within this job. It is not designed to contain or be interpreted as a comprehensive inventory of all job duties, responsibilities and qualifications required of employees assigned to this job. Aspects of this position may be changed or supplemented from time to time, at the sole discretion of management.