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Flagstar Bank · 2 months ago

Commercial & Private Bank Compliance Risk & Controls Associate

New York/1400 Broadway/114025

Full-time

Onsite

Mid Level

$85K/yr - $140K/yr

4+ years exp

Flagstar Bank is a financial institution that focuses on providing services in Commercial and Private Banking. The Commercial & Private Bank Compliance Risk & Controls Associate will be responsible for the design and implementation of a Compliance risk management framework while advising business lines on risk assessment and control measures.

BankingFinanceFinancial Services

Responsibilities

Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the buildout, implementation, and consistent execution of a Compliance Risk Management framework within the 1st LOD

Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the buildout, implementation, and consistent execution of the 1st LOD Compliance Risk roles and responsibilities associated with a Risk Governance Framework subject to Bank regulatory heightened standards, including Risk Culture, Risk Appetite, Roles and Responsibilities, Risk Governance, Risk Assessment, and Risk Monitoring & Reporting

Provides 1st Line with guidance with regard to the execution of Compliance Risk framework responsibilities with Business Process Owners including Enterprise Compliance Risk Assessments, Regulatory Compliance & Change Management, Customer Complaint Management, Compliance Testing, Issue Management, External Risk Events, Key Risk Indicators, Control Identification and Design, and Quality Assurance programs

Leads Compliance Risk management assessment of new products and services, including enterprise change management programs

Provides Compliance Risk advisory and guidance to the Business Process Owners including process and control design, early risk identification, control environment operating effectiveness, and policies and procedures

Provides guidance on assurance activities to help ensure that Compliance Risk Management Frameworks and controls are effective to manage risks associated with the Commercial & Private Banks strategic plan

Directly engages with Bank leaders on identified Compliance incidents and issues in root-cause analysis, action plans, supporting documentation and testing of implemented controls to effectively remediate findings or issues

Provides senior members of the Bank with risk advisory and guidance on project initiatives, risk assessments, and risk remediation efforts impacting the Business Units

Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the buildout and implementation of a Business Unit Review Governance model and cadence for Commercial & Private Bank Business Units

Leads activities to help ensure compliance with all Enterprise Compliance policies and standards, and management of Compliance Risks within the Bank’s risk appetite

Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the implementation of Compliance Risk management methodologies for Commercial & Private Bank Business Units

Performs activities to help ensure that key risk and control data, inventory, metrics, and reporting are established and actively monitored

Performs activities to help ensure that Compliance Risk culture is imbedded across the Commercial & Private Bank organizations with an appropriate training regimen

Actively influences and engages in Enterprise Compliance & Risk forums and socializes with Commercial & Private Bank colleagues

Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in interactions with the Bank’s regulators and Internal Auditors

Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the interaction with the following Business Unit partners: Bank Examiners, External Bank Auditors, Enterprise Compliance & Risk Management, Internal Audit, Regulatory Affairs, Business Process Owners, and Shared Services organizations

Interfaces with Internal Audits, Compliance Tests, and External Exams with Business Process Owners to ensure timely delivery and completeness of required documentation

Interprets complex regulatory requirements and effectively communicates the potential impact to affected business lines

Leads efforts to support the development and implementation of regular communication methods to keep employees informed of policy, procedural and regulatory updates

Regularly evaluates assigned Business Unit processes and practices to ensure consistency with applicable regulatory requirements and expectations

Stays abreast of compliance and regulatory changes at Flagstar and within the industry to continue to act as a risk subject matter expert for advising and monitoring processes across the Business Units

Provides direction and expertise on development of sufficient documentation including policies, procedures, processes, and user guides to increase efficiencies, reduce errors and mitigate risk

Performs activities to help ensure that regulatory/compliance related requirements are embedded within Business Units procedures and user guides

Ensures ongoing / annual reviews of Risk procedures to ensure accuracy and compliance with policies

Understands the current systems and their respective capabilities

Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the preparation of comprehensive written reports and summaries communicating results of findings and highlighting overall business risk, where necessary

Uses independent judgement and discretion to make decisions

Analyzes and resolves problems

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

Qualification

Compliance Risk ManagementCommercial Banking ExperienceRisk AssessmentChange ManagementRegulatory ComplianceTreasury ManagementCommunicationProblem SolvingAttention to DetailRelationship Building