Head of Compliance and BSA Officer
The SVP, Head of Compliance and BSA Officer is responsible for all facets of regulatory compliance affecting banking activities, including deposits, lending, marketing, and operations through Cogent Bank’s compliance program. This position assesses and maintains compliance programs, policies, procedures for alignment with supervisory expectations, regulatory requirements, and industry best practices.
Compliance Responsibilities and Duties
- Maintains current knowledge of laws and regulatory guidelines applicable to the bank’s compliance program, including BSA/AML/OFAC and consumer protection-related laws and regulations.
- Monitors federal, state and local legislative and regulatory environment for proposed changes to laws and regulations and assesses their potential impact to the Bank’s activities.
- Maintains an in-depth understanding of lending related compliance and regulatory requirements as they apply to the organization loan operating systems.
- Executes internal reviews of the Bank’s compliance program and compliance risk management system.
- Works with auditors and examiners during regulatory compliance audits and examinations.
- Works closely with the Chief Credit Officer and Chief Operating Officer to provide lending and operational compliance support.
- Disseminates compliance-related information and training materials to Bank employees to ensure familiarity with compliance requirements.
- Evaluates new, modified, or expanded products and services for compliance risks and mitigation strategies.
- Tracks and monitors corrective actions performed within business and support groups. Assists with research and response to customer complaints or concerns.
- Available as a subject matter expert and resource for compliance questions and research across the Bank.
- Assists with implementation of regulatory changes into business operations in a timely and cost-effective manner.
- Acts as a role model and exhibits professional actions and statements consistent with the Bank’s Mission, Vision and Core Values.
- Participates in the meetings with the Board of Directors and Audit Committee.
- Participates in various management committees as assigned.
- Ensures CMS/BSA Analysis is prepared quarterly and submitted timely to the board for review, submitted the Friday prior to board.
- Acts as liaison between shareholders, transfer agent and bank. Ensure Annual Shareholder's Meeting is completed timely with quorum well in advance of meeting, including timely submission of materials to Computershare.
- Manages compliance staff and provide appropriate coaching and direction.
BSA/AML Responsibilities and Duties
- Maintains proficient knowledge of the rules and regulations, including but not limited to, the Bank Secrecy Act, USA Patriot Act, and OFAC. Maintains the Bank's related policies and procedures.
- Prepares an annual BSA Risk Assessment and report to the Board of Directors.
- Identifies and mitigates potential risk issues and assists in providing BSA, AML, OFAC and CIP compliance support.
- Performs daily review, monitoring and analysis of various reports, logs and transaction data to identify trends, unusual or suspicious activity and monitor large currency activity.
- Completes and files Suspicious Activity Reports (SARs) ensuring they are properly documented with related narrative and supporting documentation.
- Executes 314a related search and clearing process.
- Reviews account opening reports for CIP compliance and accuracy. Identifies, monitors, and tracks high risk customers and accounts.
- Reviews Currency Transaction Reports (CTRs) completed by branch personnel for accuracy and filing; reviews daily currency reports to ensure CTR’s have been completed for all reportable transactions.
- Prepares training materials and conducts BSA, AML, OFAC and CIP training presentations and exercises with all Bank personnel and the Board, including material presented to employees during the new hire orientation process.
- Consistently applies superior decision-making techniques pertaining to inquiries, approvals and requests as they apply to existing policies and procedures, keeping within assigned approval limits.
- Treats people with respect; keeps commitments; inspires the trust of others; works ethically and with integrity; upholds organizational values; accepts responsibility for own actions.
Qualifications and Skills
- Five (5) to ten (10) years of related experience and/or training; or equivalent combination of education and experience. Educational experience, through in-house training sessions, formal school or related curriculum, should be applicable to compliance and risk management.
- Bachelor’s Degree preferred
- Professional certification, such as Certified Bank Compliance Officer (CBCO), Certified Regulatory Compliance Manager (CRCM), or Certified Regulatory and Compliance Professional (CRCP), Certified BSA/AML Professional (CBAP), and similar designations is an asset.
- Excellent organizational and time management skills, with the ability to provide leadership, supervision and training to employees using positive supervisory techniques to ensure maximum productivity; demonstrated ability in organization and delegation skills.
- Exceptional verbal, written and interpersonal communication skills with the ability to carry out instructions and instruct others, train personnel, write reports, correspondence and procedures, speak clearly to clients, employees, directors and shareholders.
- Thorough understanding of management procedures; ability to plan department and compliance activities (setting objectives, developing strategies, budgeting, and developing policies and procedures); organize various functions necessary to accomplish department or compliance activities; selecting, training and developing employees; directing employees towards the desired objectives (delegating, motivating, resolving problems); controlling the function (developing performance standards, measuring results, taking corrective action and rewarding employees as appropriate).
- Ability to deal with complex problems involving multiple facets and variables in non-standardized situations. Proven critical thinking and strategic planning skills.
- Ability to analyze current processes and make recommendations to streamline and modernize processes and systems to be more efficient while maintaining the integrity of the existing policies.
- Ability to work without supervision while performing duties.
- Professional demeanor and strong interpersonal skills
We're an equal opportunity employer. All applicants will be considered for employment without attention to race, color, religion, sex, sexual orientation, gender identity, national origin, veteran, or disability status.