Consumer Bank 1st LOD Risk Officer-BSA/AML/OFAC

Position TitleConsumer Bank 1st LOD Risk Officer-BSA/AML/OFAC

LocationNationwide, MI 48098

Job SummaryThe Consumer Bank 1st LOD Risk Officer-BSA/AML/OFAC will design, build, transform and implement a risk management framework and lead the ongoing identification, assessment, and measurement of the business line’s material risks and key controls. The Consumer Bank BSA/AML/OFAC Risk in this 1st Line of Defense (1st LOD) role will bring expertise in Bank Secrecy Act (BSA) / Anti-Money Laundering (AML)/ Office of Foreign Assets Control (OFAC) Compliance requirements and Risk experience in the Consumer Bank.

• The Consumer Bank provides secure, convenient and personalized banking solutions to consumers and small businesses. Products include checking, savings, consumer lending, small business lending, retail wealth services, and more across multiple channels including branches, online and mobile banking, ATMs, and contact center (telephone and chat).

This leader will collaborate with colleagues in Global Financial Crimes Compliance (2nd LOD) & Enterprise Compliance (2nd LOD), Internal Audit (3rd LOD), and External Regulatory Agencies. This position is critical to supporting the strategy of the Consumer Bank by ensuring prudent risk and compliance management which permit the bank grow profitably.

Pay Range: $165,621 - $223,588 - $281,556

Pay Range: Local Minimum Wage - $0.00 - $0.00

Job Responsibilities:

JOB RESPONSIBILITIES

Risk Advisory

Builds, leads, implements, and consistently executes a BSA/AML/OFAC Risk Management framework within the 1st LOD.

Builds, leads, and implements a risk governance and oversight framework for 1st LOD BSA/AML/OFAC responsibilities performed by Business Process Owners when opening new customer accounts and monitoring existing customer accounts including Customer Identification Program (CIP), Know Your Customer (KYC),.Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), Negative Media and Sanctions Screening, and Periodic Refresh.

Leads the oversight of 1st LOD AML Risk framework responsibilities performed by Business Process Owners in adherence with BSA/AML/OFAC regulatory requirements, the Bank’s AML/CFT & Sanctions Compliance Program Policy, and supplementary procedures.

Leads the 1st Line advisory of AML Compliance Risk framework responsibilities with Business Process Owners including Global Financial Crimes Compliance (FCC) Risk Assessments, FCC Testing, Issue Management, External Risk Events, Key Risk Indicators, Control Identification and Design, and Quality Assurance programs.

Drives BSA/AML/OFAC Compliance Risk management assessment of new products and services, including enterprise change management programs.

Provides BSA/AML/OFAC 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.

Executes analysis of 1st LOD roles and responsibilities, identifies gaps, recommends opportunities, and drives automated solutions to meet AML requirements.

Ensures BSA/AML/OFAC Compliance Risk Management Frameworks and controls are effective to manage risks associated with the Consumer Bank’s strategic plan.

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

Provides risk advisory and guidance on project initiatives, risk assessments, and risk remediation efforts impacting the Business Units.

Governance

Builds, leads, and implements appropriate 1st LOD BSA/AML/OFAC Risk Governance model and cadence for Consumer Bank Business Units.

Establishes enhanced monitoring of Consumer and Small Business customers to identify potential suspicious activity within the customer base. Leverages data and analytics to make informed decisions and appropriate escalations.

Implements and leads a 1st LOD High Risk customer escalation review and approval process, including customer relationships that bear risk to the Bank.

Ensures compliance with all FCC & Enterprise Compliance policies and standards, and management of BSA/AML/OFAC Compliance Risks within the Bank’s risk appetite.

Ensures key risk and control data, inventory, metrics, and reporting are established and actively monitored.

Ensures BSA/AML/OFAC Compliance Risk culture is imbedded across the Consumer Bank with an appropriate training regimen.

Bank Initiative Partner

Actively influences and engages in Global Financial Crimes Compliance (FCC) forums and socializes with Consumer Bank leaders.

Directly interacts with the Bank’s regulators and Internal Auditors.

Works closely with the following Business Unit partners: Bank Examiners, External Bank Auditors, Global Financial Crimes & Enterprise Compliance Management, Internal Audit, Regulatory Affairs, Business Process Owners, and Shared Services organizations.

Coordinates Internal Audits, FCC Tests, and External Exams with Business Process Owners to ensure timely delivery and completeness of required documentation.

Risk Advisory Guidance and Communication

Assists in the interpretation of complex regulatory requirements and effectively communicates the potential impact to affected business lines.

Supports 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.

Procedure & Process Management

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

Ensures 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.

Prepares comprehensive written reports and summaries communicating results of findings and highlighting overall business risk, where necessary.

Responsible for talent management functions including: employment, performance evaluations, staff development/training, disciplinary actions, succession planning and ensuring all staff comply with compliance requirements.

ADDITIONAL ACCOUNTABILITIES

Performs special projects related to risk identification and assessments, including gap analyses, where 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.

JOB REQUIREMENTS

Required Qualifications:

Education level required: Undergraduate Degree (4 years or equivalent) in Finance, Economics, Business, Data & Analytics or similar.

Minimum experience required: 10+ Years of BSA/AML/OFAC Compliance / Risk and internal control experience.

Experience in one of the following banking specialties determined by the position;

Consumer and Small Business Banking and associated lending and deposit products

Large Bank experience preferred.

Proven ability to lead and execute in change management environments, and has built programs / frameworks from the ground up.

Experience in acquisition / integration environments.

Preferred Qualifications:

Demonstrated effectiveness in managing operational requirements, preferably in the assigned banking specialty.

Advanced understanding of Sarbanes-Oxley requirements and Risk and Control Self-Assessments (RCSA).

Advanced understanding of Non-Financial Risk management and audit industry best practices.

Advanced understanding of laws and regulations impacting financial institutions.

Proven ability to manage and execute multiple complex projects within required timelines.

Experience defining and documenting business processes and functions.

Job Competencies:

Proven ability to partner effectively across all levels of the organization and develop positive working relationships.

Demonstrated ability to follow company policies, guidelines and procedures.

Strong attention to detail, highly organized, and ability to prioritize.

Demonstrated ability to maintain confidentiality using tact and diplomacy.

Excellent verbal and written communication skills and demonstrated success communicating with various levels within an organization.

Ability to analyze and assess the adequacy of operational controls and identify opportunities for process improvements.

Drives change in the organization and ability to handle complex change management while remaining risk disciplined.

Ability to think critically and logically.

Uses independent judgement and discretion to make decisions pertaining to risk governance, audit, compliance

Analyzes and resolves problems pertaining to compliance, risk governance, audit, and regulatory matters

Proactive self-starter with good people management skills and a strong work-ethic

Travel Requirements: Travel may be required depending on location of hire.

Physical demands (ADA): No unusual physical exertion is involved.

Flagstar is an Equal Opportunity Employer

Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program. Please click the following link for detailed information: Benefits Flagstar Bank

17648

Remote/Remotely/Tele/Telecommute/From home