- Participate in the planning, fieldwork, and reporting phases of assigned Compliance Testing reviews.
- Identify the objective, scope and depth of testing through the review of the risks and controls identified in the Compliance Risk Assessment or any other means.
- Assist in the development and preparation of test scripts and other supporting workpaper documents to ensure testing sufficiently covers regulatory requirements and business unit activities that are in scope for the review.
- Perform testing and complete well documented workpapers to effectively assess the control environment and support testing results and conclusions.
- Schedule and participate in commencement and exit meetings with business unit leaders and stakeholders.
- Prepare draft finding summaries that specify the findings and recommendations for implementing control or process improvements.
- Obtain management agreement of findings through factual correctness conversations.
- Obtain management corrective action plans with respect to any issues identified.
- Document findings and management action plans in accordance with the Bank's Issue Management process.
- Perform follow-up to ensure timely completion of corrective actions and validate remediation activities for issue closure with Team Lead and Senior Manager.
- Participate in other testing and monitoring activities including, KRI and KPI reporting, ad-hoc testing, etc.
- Identify and recommend efficiency improvements to Compliance Testing processes.
- Provide support and guidance to newer members of the Compliance Testing team.
- Participate and perform other functions and special projects as assigned.
- Complete all required compliance and other firm required training.
- Maintain knowledge of and adhere to all applicable internal compliance policies and procedures and other internal policies and procedures applicable to role.
- Maintain knowledge of new and changing applicable compliance rules and regulations.
- Stay informed of changing regulatory requirements and the firm's business model that might impact the firm's compliance framework and the Compliance Testing plan.
- Performs special projects, and additional duties and responsibilities as required.
- Consistently adheres to regulatory and compliance policies and standards linked to the job as listed and complete required compliance trainings. Accountable to maintain compliance with applicable federal, state and local laws and regulations.
- Education level required: Bachelors' Degree or equivalent work experience.
- Minimum experience required: 5+ Years of Financial Services experience, preferably at least half of those years in Compliance Testing, Internal Audit function or a financial services consulting firm (i.e. PWC, E&Y, Grant Thornton, other) with regulatory compliance testing as an area of focus.
- CRCM, ACAMS, or Securities Licenses preferred but not necessary.
- Functional knowledge of consumer protection laws and regulations impacting financial institutions.
- Excellent organization and communication skills.
- Ability to partner effectively across the organization and develop positive working relationships.
- Ability to prioritize assignments and handle multiple projects simultaneously.
- Ability to work both independently and in a team-oriented environment.
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Compliance Testing Officer - Hicksville, United States - Flagstar Bank
Description
Position TitleCompliance Testing Officer - Private Banking & Wealth Management
Location
NYCB Plaza -102 (Hicksville, NY)
Job Summary
The Compliance Testing Officer is responsible for performing monitoring and testing to ensure that business units are complying with applicable laws, rules, regulations and firm policies and procedures.
This position is responsible for completing compliance testing and monitoring of first line activities to ensure appropriate controls are in place for achieving and maintaining compliance with banking laws and regulations Serve an important role in the Regulatory Compliance Department ensuring an effective Compliance Management Program is in place.
Pay Range:
$84, $112, $168,058.52
Pay Range:
Local Minimum Wage - $0.00 - $0.00
Job Responsibilities:
ADDITIONAL ACCOUNTABILITIES
JOB REQUIREMENTS
Required Qualifications:
Preferred Qualifications:
Job Competencies:
