MD, Compliance Risk Analysis
Date ActiveJun 2, 2022 8:07:37 PM
Hours Per Week37.5
Job Description/ Requirements
If you’re looking for a meaningful career, you’ll find it here at Webster. Founded in 1935, our focus has always been to put people first--doing whatever we can to help individuals, families, businesses and our colleagues achieve their financial goals. As a leading commercial bank, we remain passionate about serving our clients and supporting our communities. Integrity, Collaboration, Accountability, Agility, Respect, Excellence are Webster’s values, these set us apart as a bank and as an employer.
Come join our team where you can expand your career potential, benefit from our robust development opportunities, and enjoy meaningful work!
The Managing Director, Compliance Risk Analysis is responsible for coordinating the compliance risk assessment and for developing a comprehensive compliance management program based on regulatory requirements, risk assessment and assessment of controls specific to a line or lines of business. The Managing Director is responsible for providing regulatory compliance guidance and advisory support for new or changed products or services, to resolve outstanding control issues, and to ensure proper governance for regulatory change management, issue and control identification, and to provide accurate and timely reporting of key risk indicators and key performance indicators. The Managing Director is responsible for providing specialized support to the line of business by identifying applicable laws, regulations and rules and for developing targeted reviews and support based on the complexity of requirements, assessments of the risk level, and governance.
In addition, the Managing Director, Compliance Risk Analysis must exhibit the Webster core values of integrity, collaboration, accountability, agility, respect, and excellence, and to support the Bank's corporate priorities.
Core Job Responsibilities/Key Activities/Elements:
- Lead the design and execution of key annual compliance risk assessments, including directing staff in these activities. Based on laws, rules, or regulations, manage a risk assessment program that follows the process of identifying inherent risks, evaluating the effectiveness of existing controls, and determining residual risk.
- Develop and execute a comprehensive business-specific compliance oversight program designed to identify and assess compliance and regulatory risk, provide advisory services, determine training requirements, and establish policies that address the key laws and regulations applicable to the business products and services. Transfer knowledge and process design to Corporate Compliance staff members.
- Establish and administer a root cause/gap analysis process focused on the assessment of existing business operations and procedures, conducting a comparative analysis against applicable regulations and industry best-practices, reviewing proposals for process improvements, and assigning accountability to Bank management in a transparent and constructive manner.
- Develop and communicate reports summarizing results of risk assessments and reviews, root cause/gap analysis action plans, and Corporate Compliance oversight activities to senior and executive management and to Board-level committees.
- Monitor the Bank’s third-party vendors responsible for the delivery of products and services with a focus on those that interact with consumers and bank clients as Webster Bank or on behalf of Webster Bank.
- Coordinate and ensure the Bank is prepared for regulatory examinations of the business. Responsibilities include gathering relevant information, supporting regulatory examination staff, and addressing issues identified and communicated during a review or examination.
Experience, Education, Skills
- For this position, you must have at least 10 years of experience as a compliance officer or in a risk management position.
- Candidates with advanced degrees (Associates, Bachelor’s, and/or Master’s) preferred, yet a High School diploma or GED is required. Candidates with some combination of coursework and experience, or else extensive related professional experience, are eligible for consideration
- Working knowledge of self-regulatory organizations, agency, and network rules and requirements for banking products and services
- Experience with compliance risk assessments and/or risk and control self-assessments
- Strong leadership, management, and communication skills
- Broad knowledge of banking products and services, consumer protection laws, and privacy rules
- Effective decision-maker who is comfortable being independent and an initiative-taker
This position can be located in Jericho, NY, White Plains, NY or CT and has a hybrid work schedule.