Compliance Specialist

Summary:

The Compliance Specialist supports the administration and ongoing operation of the Bank's Compliance Management System, including compliance activities related to the Bank's products, services, and third-party arrangements involving products and services offered to customers through third-party financial technology companies ("Fintech Partners"). This position works under the direction and guidance of more senior Compliance personnel to perform compliance reviews, monitoring, testing, research, documentation, and other activities designed to help ensure that the Bank, its third parties, and related products and services comply with applicable regulatory requirements and Bank policies.

Key Responsibilities:

• Support compliance oversight activities related to third-party relationships, including Fintech Partner arrangements.
• Assist in the review of new and existing third-party arrangements, products, services, processes, and compliance programs to identify potential regulatory compliance considerations.
• Review assigned third-party documentation, including policies, procedures, contracts, disclosures, and supporting materials, for adherence to established compliance requirements and escalate potential issues to senior Compliance personnel.
• Assist with regulatory change management activities by researching changes to applicable laws, regulations, and regulatory guidance and supporting the identification of impacted products, services, processes, or third-party relationships.
• Support reviews of changes to Bank and Fintech Partner products and services to help ensure applicable compliance requirements are appropriately considered and documented.
• Review forms, brochures, marketing materials, service documents, contracts, disclosures, websites, electronic communications, and other customer-facing materials for compliance with established requirements, with appropriate oversight from senior Compliance personnel.
• Assist in reviewing, documenting, categorizing, and monitoring complaints associated with Bank or Fintech Partner products and services and escalate identified trends or potential compliance concerns.
• Support compliance risk assessment activities, including gathering information, documenting risks and controls, performing preliminary analysis, and maintaining supporting records.
• Conduct assigned compliance monitoring and testing activities involving Bank and Fintech Partner processes, controls, documents, transactions, and other activities in accordance with established testing procedures.
• Document monitoring and testing results clearly and accurately, including identified exceptions, observations, and supporting evidence.
• Assist in tracking compliance findings, issues, and corrective action plans and follow up with responsible parties regarding remediation status and supporting documentation.
• Maintain compliance tracking tools, records, metrics, key risk indicators (KRIs), issue logs, and other information used for compliance reporting.
• Assist in preparing periodic compliance reports and management information for the Compliance Manager, senior management, management-level compliance committees, and Board-level committees.
• Research and maintain a working knowledge of existing, pending, and newly issued laws, regulations, regulatory guidance, and industry developments applicable to assigned areas of responsibility.
• Assist senior Compliance personnel in responding to regulatory examinations, internal and external audits, compliance reviews, and other requests for information.
• Gather documentation and supporting information needed for examination, audit, monitoring, testing, and other compliance activities.
• Support the implementation and maintenance of Bank and Fintech Partner policies, procedures, controls, and practices designed to address applicable regulatory requirements.
• Perform periodic compliance reviews and transactional testing in accordance with the Bank's compliance monitoring program and established testing procedures.
• Assist with the preparation of written compliance monitoring and testing reports, including summaries of work performed, identified exceptions, and recommended follow-up activities.
• Review assigned Fintech Partner training materials and records for alignment with applicable compliance requirements and Bank expectations.
• Assist with the development and delivery of compliance training and informational materials for Bank employees, management, and Fintech Partners.
• Respond to routine day-to-day compliance questions within established areas of knowledge and escalate complex, novel, or higher-risk matters to senior Compliance personnel.
• Work collaboratively with business units, Fintech Partner program managers, Risk, Legal, Operations, and other stakeholders to support effective compliance practices.
• Maintain complete, accurate, and well-organized documentation supporting compliance reviews, monitoring, testing, regulatory research, and other assigned activities.
• Support a strong culture of compliance by demonstrating sound judgment, attention to detail, professionalism, and a commitment to regulatory and Bank requirements.
• Assist with communications and coordination involving legal counsel, auditors, consultants, regulators, and other parties as directed by senior Compliance personnel.
• Prepare reports, summaries, presentations, and other documentation related to assigned compliance responsibilities.
• Participate in compliance projects and initiatives and perform additional responsibilities and duties as assigned by the Compliance Manager or other Compliance leadership in support of the Bank's Compliance Management System and corporate objectives.
• Must complete all required training, including Bank Secrecy Act/Anti-money Laundering training, suitable to their position within the bank.

Education & Experience Requirements:

• Bachelor's degree in business administration, finance, accounting, information technology, risk management, or a related field preferred. Relevant financial services or compliance experience may be considered in lieu of or in combination with formal education.
• Approximately 2-5 years of business experience in banking, financial services, financial technology, risk management, audit, operations, or a related field preferred.
• At least 1-2 years of experience involving regulatory compliance, risk management, audit, quality assurance, banking operations, or a similar control function preferred.
• Experience working with Banking-as-a-Service, Fintech Partner programs, third-party financial services relationships, or technology-enabled financial products is a plus.
• Experience assisting with compliance monitoring, testing, risk assessments, regulatory research, issue management, or related compliance activities preferred.
• General working knowledge of federal and state banking regulations and an interest and ability to develop deeper expertise regarding their application to banking products, services, third-party relationships, and operational activities.

Skill & Knowledge Requirements:

• Strong attention to detail and ability to produce accurate, organized, and well-supported work.
• Ability to follow established compliance procedures while exercising sound judgment and recognizing situations that require escalation or additional guidance.
• Strong analytical and critical-thinking skills with the ability to review information, identify inconsistencies or potential concerns, and summarize findings clearly.
• Ability to research laws, regulations, guidance, policies, procedures, and other source materials and identify information relevant to assigned compliance activities.
• Strong written and verbal communication skills, including the ability to communicate professionally with employees, managers, business partners, and other stakeholders.
• Strong organizational and time-management skills with the ability to manage multiple assignments, deadlines, and priorities.
• Ability to work independently on assigned responsibilities while seeking guidance when matters involve significant complexity, uncertainty, or risk.
• Demonstrated discretion, integrity, objectivity, curiosity, and sound professional judgment.
• Ability to receive feedback, incorporate direction, and continue developing regulatory compliance knowledge and technical skills.
• Demonstrated flexibility and ability to work effectively as a member of a collaborative team.
• Strong computer skills, including proficiency with Microsoft Office applications and the ability to learn and effectively use compliance, risk management, workflow, and other Bank systems.
• Ability to review and analyze information presented through computer systems, spreadsheets, electronic records, and paper documentation.
• Ability to work a flexible schedule when necessary to support audits, regulatory examinations, testing activities, remediation efforts, or other time-sensitive compliance matters.

Preferred Certification Requirements:

• No professional certification is required for this position.
• Compliance, banking, audit, risk management, or related coursework or professional certification is a plus, along with demonstrated interest in continued professional development.

Physical Requirements:

• Prolonged periods sitting at a desk and working on a computer.
• Must be able to lift up to 25 pounds at times.

Work Arrangement:

• This position is remote.
• Occasional travel may be required for in-person training or meetings. 

EEO Statement:

We are an equal-opportunity employer. All qualified applicants will receive consideration for employment regardless of race, color, religion, sex, sexual orientation, gender identity, national origin, disability or veteran status, or any other protected category. All offers of employment shall be subject to the successful completion of all pre-employment screenings, verifications, and processes. Failure to comply with these processes or failure to successfully pass all phases of the pre-employment screening will result in a withdrawal of the employment offer.

 

Other Duties:

Please note that this job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities required of the employee for this job. Duties, obligations, and activities may change at any time, with or without notice.

 

Compensation is based on geographic location and individual pay decisions will vary based on demonstrated job related skills, knowledge, experience, education, certifications, etc.

Benefits:

• 401(k)
• 401(k) matching
• Health insurance
• Dental insurance
• Life insurance
• Paid time off
• Vision insurance
• Short- and Long-term disability
• Company-paid holidays

For Advertising Purposes Only: #LI-DNI

Bachelor's degree in business, finance, accounting, IT, risk management or related field preferred; 2-5 years business experience in banking or financial services preferred; 1-2 years compliance or risk experience preferred; strong computer skills with Microsoft Office; ability to lift up to 25 pounds.

Key Responsibilities

• conducting compliance reviews
• monitoring third-party arrangements
• documenting testing results

Skills & Tools

Microsoft Office

Job Details

• Category: Legal and Compliance
• Seniority: Mid Level
• Commitment: Full Time
• Workplace: Remote — Osage Beach or United States
• Salary: USD 80,000 – 100,000 / year
• Languages: English

Benefits

• 401k matching
• Generous paid time off
• Retirement plan

About First Bank of the Lake

A bank offering financial services with a focus on compliance and customer service. — Industry: Finance