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The Compliance Specialist III is responsible for monitoring and providing business support on a variety of complex regulatory, risk and legal matters. The Compliance Specialist’s primary job responsibilities include (i) providing advice and recommendation to the lines of business in regard to policies, processes, procedures and projects; (ii) performing more multifaceted testing and monitoring activities; (iii) reviewing and assisting with the response to client complaints; and/or (iv) data management / business analysis activities. The Compliance Specialist ensures policies and procedures are continuously monitored and operating in compliance with applicable banking laws, regulations, and rulings. The Compliance Specialist will provide subject matter expertise to lines of business to ensure regulatory risk is known and effectively mitigated. The role may have a heavier focus in one or more of these areas.
Essential Functions/Responsibilities
Work closely with the Chief Compliance Officer and business line management to implement the Compliance Management System and Program
Work with the Chief Compliance Officer and business line management to resolve inconsistencies in loan data and recommends changes as warranted that will ensure the accuracy in reporting of regulatory data
Review bank policies and procedures as they relate to overall compliance risk management framework.
Determine the impact of laws and regulations on the line of business
Work closely with the Chief Compliance Officer and business line management to implement the Compliance Management System and Program;
Work with the Chief Compliance Officer and business line management to resolve inconsistencies in loan data and recommends changes as warranted that will ensure the accuracy in reporting of HMDA data;
Review bank policies and procedures as they relate to overall compliance risk management framework;
Determine the impact of laws and regulations on the line of business;
Maintain a high level of expertise regarding the requirements of the laws, regulations, and rules governing the line of business;
Review and update operating procedures, as appropriate, to provide for continuous compliance within the line of business;
Initiate activities to resolve and correct any compliance-related exceptions, criticisms, deficiencies, or violations disclosed during a regulatory examination or compliance review;
Develop and refine monitoring and testing reviews;
Gain an understanding of the systems, vendors and procedures used by and in place in the business lines;
Draft memorandums and reports for issuance to management;
Research and resolve compliance-related issues and inquiries which relate to the line of business;
Lead projects, programs or processes with significant business impact involving cross-functional teams;
Partner and collaborate with Legal, Risk and the business lines on various compliance related matters, including regulatory interpretation and application to the situation;
Coordinate and support business areas with regulatory reviews, including resolution of any findings;
Implement compliance support programs to educate and train associates building risk awareness within the organization;
Review and approve marketing advertisements of products and services, review website content and disclosures.
Review, research, analyze and respond to client complaints filed with the bank and through regulatory agencies according to established procedures and service level agreements; work with associates and senior management throughout the bank on appropriate resolution of complaints; coordinate, as needed, more complex remediation activities;
Data Management / Business Analysis Focus: Gather and document data requirements for the Compliance team…