Compliance Specialist

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Job description

Job Title: Compliance Specialist
Location: Carmel, Indiana
Department: Compliance
Reports to: Vice President of Compliance

Job Summary:

The Compliance Specialist will support the bank's compliance program by ensuring adherence to banking regulations and internal policies. This role involves monitoring regulatory changes, conducting audits, reviewing policies, and assisting with employee training to promote a culture of compliance within the bank. The Compliance Specialist will play a crucial role in safeguarding the bank from regulatory risks and ensuring operational integrity.

Key Responsibilities:

- Regulatory Monitoring:
- Stay up-to-date with federal and state banking regulations, including BSA/AML, OFAC, FDIC, and CFPB requirements.
- Monitor regulatory updates and changes, and assist in updating policies and procedures accordingly.

- Compliance Audits and Reviews:

- Conduct internal audits and assessments to ensure compliance with relevant regulations.
- Assist in the preparation for external regulatory examinations and audits.
- Document and report findings, and work with relevant departments to address any compliance gaps.

- Policy and Procedure Review:

- Review and update compliance-related policies and procedures to ensure alignment with regulatory requirements.
- Assist in drafting new compliance policies as required.
- Ensure policies are communicated effectively across departments.

- Risk Assessment:
- Assist in identifying and assessing compliance risks within the bank's operations.
- Help implement corrective actions and mitigation strategies for identified risks.

- Employee Training:

- Assist in developing and delivering compliance training programs for employees across the bank.
- Ensure employees complete required compliance certifications and stay informed about regulatory obligations.

- Reporting:

- Maintain accurate records of compliance activities, audits, and training.
- Prepare compliance reports for senior management and regulatory agencies as needed.
- Track and report on key compliance metrics to ensure ongoing monitoring of the bank's adherence to regulations.

- Liaison with Departments:

- Work closely with various departments (e.g., operations, legal, risk management) to ensure compliance with policies and procedures.
- Provide guidance and support to staff on compliance-related issues.

Required Qualifications:

- Bachelor's degree in finance, business administration, law, or related field.
- 2-4 years of experience in compliance, audit, or risk management within the banking or financial services industry.
- Knowledge of banking regulations, including BSA/AML, OFAC, FDIC, CFPB, and state-specific laws.
- Strong organizational skills with attention to detail and accuracy.
- Ability to interpret complex regulatory requirements and apply them to business operations.

Preferred Qualifications:
- Experience in community or regional banks.
- Familiarity with risk management frameworks or auditing practices.
- Certified Regulatory Compliance Manager (CRCM) or similar certification.

Key Competencies:
- Strong analytical and problem-solving skills.
- Excellent written and verbal communication.
- Ability to work independently and as part of a team.
- Integrity and high ethical standards.
- Ability to manage multiple tasks and meet deadlines.

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