Compliance Testing Officer - Consumer & Commercial Banking
Company: Flagstar Bank
Location: Hicksville
Posted on: May 6, 2024
Job Description:
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: $84,878.04 -
$112,463.40 - $168,058.52
- 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.
ADDITIONAL ACCOUNTABILITIES
- 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.
Required Qualifications:
- 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.
Preferred Qualifications: - -
- CRCM, ACAMS, or Securities Licenses preferred but not
necessary.
Job Competencies:
- 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.
Keywords: Flagstar Bank, Hicksville , Compliance Testing Officer - Consumer & Commercial Banking, Accounting, Auditing , Hicksville, New York
Didn't find what you're looking for? Search again!
Loading more jobs...