Verity Credit Union
Risk and Compliance Manager
Verity Credit Union, Seattle, Washington, United States, 98133
Verity is hiring for a Risk and Compliance Manager at our Seattle, WA Headquarters location. This is a remote position. At Verity, we empower our member’s financial lives and create vibrant communities. Since 1933, Verity has been a local member-owned credit union. We are also the only financial institution in the Pacific Northwest that is a part of the Global Alliance for Banking on Values (GABV).
Do not pass up this chance, apply quickly if your experience and skills match what is in the following description.
How you can make a difference
The Risk and Compliance Manager is responsible for implementing, executing, maintaining, and managing the credit union’s compliance program. This position will ensure that the credit union remains in compliance with all aspects of consumer protection laws, and rules and regulations governing the credit union operations. Advises management and staff on emerging compliance issues, and consults and guides the credit union in the establishment of appropriate controls to mitigate potential compliance and legal risks. It further safeguards the credit union by acting as the credit union’s Compliance Officer, oversees and manages any compliance or legal issues, and regularly assesses adherence to all relevant national, state, and local regulations.
We know it is more than just a job
Verity has continued to maintain an open and positive work culture. We make sure people come first! Some ways we help employees live their best lives:
Base Pay: This position has a yearly range of $ 98,585.56 (minimum) to $147,878.34(maximum), with a midpoint of $123,231.95. Starting pay is offered based upon an applicant’s experience and education relevant to the position.Paid Time Off: All Verity employees receive 11 paid holidays per year and 3 floating holidays, as well as paid time off (PTO is combined vacation and sick leave.) PTO starts accruing immediately at a rate of 20 days per year.Benefits: Both full and part time employees (and their family) are eligible for medical, dental, vision, and basic life insurance, with a no cost option available for employee only coverage! Employees have the option to enroll in our 401k plan and receive an employer match up to 6%.Other Benefits: This position is eligible for annual cash bonuses up to 1% and a 1% profit-sharing bonus to 401k accounts based on company performance.Great Perks: Other Verity benefits include a wellness subsidy, a transportation reimbursement benefit and education reimbursement.
ESSENTIAL JOB FUNCTIONS
Compliance Program Management and Monitoring
Develop, manage, and monitor the credit union Compliance Management Systems (CMS) program to ensure compliance with all applicable rules and regulations.Develop and implement a system of internal controls and procedures for complying with rules and regulations as part of the compliance program.Evaluate and respond to changes in applicable laws and regulations, market conditions and products and services offered across all impacted lines of business.Develop and maintain effective complaint management program, and respond to all complaints received via regulatory agencies, industry groups, and executive team members.Participate in all phases of the vendor lifecycle, ensuring compliance requirements are met and monitoring vendors for ongoing compliance.Coordinate responses to federal and state regulatory agencies, audits, legal inquiries, and subpoenas ensuring timely and accurate compliance documentation.Coordinate and track status of relevant regulatory agency directives, memoranda, interpretive rulings, laws and regulations, and comments on proposed regulatory changes.
Compliance Support and Analysis
Oversee new developments and changes to products and services, including promotional advertising, campaigns, media, and solicitations, and provide input.Conduct compliance gap analysis across different product lines and credit union activities to identify trends, risks, and opportunities to meet best regulatory practices.Review and revise all credit union’s forms and disclosures for compliance with applicable laws and regulations.Conduct regulatory compliance and legal risk assessments timely and accurately.Guide management and staff in resolving compliance issues effectively.
Legal Management
Work with legal counsel in developing contracts, forms, and disclosures that meet the needs of the credit union and comply with all applicable laws and regulationsReview and develop forms necessary for all processes and work with legal counsel when legalities may be in question.Work closely with legal counsels to understand legal implications and develop best mitigation strategies.
Policy and Procedure Management
Develop strong and comprehensive policies, procedures, and third-party relationship management programs to manage the compliance risk across products, services, and activities.Monitor and manage all published board and management approved policies to ensure they are current and in compliance with regulations and the credit union best practices.Develop and implement compliance review and assessment process to ensure compliance at all levels, including accuracy of policies, procedures, disclosures, forms, marketing materials, etc.
Regulatory Knowledge & Monitoring
Maintain a working knowledge of all developments in regulatory requirements, general accounting principles, and audit techniques.Perform ongoing monitoring and day-to-day compliance duties related to the Bank Secrecy Act (BSA), Office of Foreign Assets Control (OFAC), and US Patriot Act as assigned by the Credit Union BSA Officer.
Communication and Collaboration
Communicate freely with all levels of staff on both a formal and informal basis to discover compliance problems and implement reasonable solutions to achieve compliance.Develop a library of compliance resources and disseminate information related to compliance issues to appropriate business area and staff.Provide expert advice to executive and senior management on compliance requirements, participating in internal committees and working groups.
Compliance Training
Develop and update compliance-related training programs, ensuring they are tailored to employee roles and delivered in a timely manner.Attend department meetings periodically to discuss compliance issues with staff.Measure the effectiveness of current compliance training and seek suggestions on improvements.
Regulatory Reporting
Ensure that reports to federal/state regulatory agencies are complete and filed on a timely basis.Prepare accurate reporting on the effectiveness of compliance programs to Senior Management, Committees, and the Board of Directors.Prepare monthly and quarterly compliance reports for management.Prepares ad-hoc reporting related to compliance and risk management practices.
Additional Duties:
Perform additional duties as assigned to support the credit union Compliance Management Systems (CMS) program and overall organizational goals.
KNOWLEDGE, SKILLS AND ABILITIES
Regulatory Acumen: Demonstrate a deep understanding of banking compliance and regulatory requirements by staying current with changes and effectively applying them to ensure the credit union’s adherence to national, state, and local laws and regulations.Analytical Thinking: Apply critical thinking to identify compliance issues and evaluate the effectiveness of policies and procedures. Use data analysis to make informed recommendations and solve complex compliance problems.Communication Skills: Exhibit strong verbal and written communication skills by clearly conveying complex compliance information and updates to staff. Foster open dialogue to ensure understanding and address compliance concerns effectively. Acts as a key liaison for all compliance and legal matter.Policy Development: Show proficiency in developing and revising policies and procedures by collaborating with management to ensure they meet regulatory standards and effectively address compliance needs.Confidentiality and Ethical Integrity: Maintain strict confidentiality of sensitive information and uphold high ethical standards in handling and reporting financial and compliance matters. Demonstrate strong integrity and respect for personnel data.Data Analysis and Mathematical Skills: Exhibit strong mathematical and analytical skills to interpret data effectively, supporting informed decision-making and accurate report generation. Perform detailed data analysis with precision and accuracy.Technical Proficiency: Utilize financial systems and office equipment with high proficiency, including Microsoft Office Suite, Compliance management system, Complaint Management system, etc. Demonstrate advanced technical skills in operating personal computers, 10-key, and related tools for efficient data processing.Project Management: Manage compliance projects effectively by planning, coordinating, and executing tasks related to policy development, regulatory reporting, and process improvement within established timelines and budget constraints.Teamwork and Independence: Collaborate effectively with team members and departments while demonstrating strong independence in managing tasks. Show adeptness at balancing collaborative efforts with autonomous responsibilities, contributing to team projects and operational processes efficiently.
EDUCATION AND EXPERIENCE
Bachelor’s degree in legal studies, business, finance, or related field required.Minimum 7 years of experience compliance experience within a financial institution, or at a financial institution regulatory agency required.Experience with implementing and being responsible for Fair Lending, Complaint, and UDAAP program with specific experience in consumer financial products and service required.Strong knowledge of various banking regulations including but not limited to Regulation E, Reg. CC, Reg. D and various lending regulations required.One (1) or more related compliance certifications required (e.g. CRCM - Certified Regulatory Compliance Manager), CRCP - Certified Regulatory and Compliance Professional, CUCE - Credit Union Compliance Expert, NCCO -National Association of National Credit Union Certified Compliance Officer, CUCS-Certified Credit Union Compliance Specialist)Project management and risk assessment skills required.
PHYSICAL CONSIDERATIONS
Verity is committed to reasonably accommodating the physical aspects of the position. The following are normally encountered in this job:
Effectively communicate with diverse staff, members, and vendorsAbility to travel within a assigned marketAbility to lift and carry 50 pounds
Working Conditions
Sitting or standing for long periods of timeWorking on computers for a long period of time in an office environment
Washington is an At-Will Employment State
Your employment is at will, meaning you are free to resign at any time, for any reason, with or without notice. Verity Credit Union is also free to conclude the employment relationship with you at any time, for any reason, with or without notice.
No statement or promise by a credit union representative or board member may be interpreted as a change in the at will policy, nor would it constitute an employment or other contractual agreement.
Do not pass up this chance, apply quickly if your experience and skills match what is in the following description.
How you can make a difference
The Risk and Compliance Manager is responsible for implementing, executing, maintaining, and managing the credit union’s compliance program. This position will ensure that the credit union remains in compliance with all aspects of consumer protection laws, and rules and regulations governing the credit union operations. Advises management and staff on emerging compliance issues, and consults and guides the credit union in the establishment of appropriate controls to mitigate potential compliance and legal risks. It further safeguards the credit union by acting as the credit union’s Compliance Officer, oversees and manages any compliance or legal issues, and regularly assesses adherence to all relevant national, state, and local regulations.
We know it is more than just a job
Verity has continued to maintain an open and positive work culture. We make sure people come first! Some ways we help employees live their best lives:
Base Pay: This position has a yearly range of $ 98,585.56 (minimum) to $147,878.34(maximum), with a midpoint of $123,231.95. Starting pay is offered based upon an applicant’s experience and education relevant to the position.Paid Time Off: All Verity employees receive 11 paid holidays per year and 3 floating holidays, as well as paid time off (PTO is combined vacation and sick leave.) PTO starts accruing immediately at a rate of 20 days per year.Benefits: Both full and part time employees (and their family) are eligible for medical, dental, vision, and basic life insurance, with a no cost option available for employee only coverage! Employees have the option to enroll in our 401k plan and receive an employer match up to 6%.Other Benefits: This position is eligible for annual cash bonuses up to 1% and a 1% profit-sharing bonus to 401k accounts based on company performance.Great Perks: Other Verity benefits include a wellness subsidy, a transportation reimbursement benefit and education reimbursement.
ESSENTIAL JOB FUNCTIONS
Compliance Program Management and Monitoring
Develop, manage, and monitor the credit union Compliance Management Systems (CMS) program to ensure compliance with all applicable rules and regulations.Develop and implement a system of internal controls and procedures for complying with rules and regulations as part of the compliance program.Evaluate and respond to changes in applicable laws and regulations, market conditions and products and services offered across all impacted lines of business.Develop and maintain effective complaint management program, and respond to all complaints received via regulatory agencies, industry groups, and executive team members.Participate in all phases of the vendor lifecycle, ensuring compliance requirements are met and monitoring vendors for ongoing compliance.Coordinate responses to federal and state regulatory agencies, audits, legal inquiries, and subpoenas ensuring timely and accurate compliance documentation.Coordinate and track status of relevant regulatory agency directives, memoranda, interpretive rulings, laws and regulations, and comments on proposed regulatory changes.
Compliance Support and Analysis
Oversee new developments and changes to products and services, including promotional advertising, campaigns, media, and solicitations, and provide input.Conduct compliance gap analysis across different product lines and credit union activities to identify trends, risks, and opportunities to meet best regulatory practices.Review and revise all credit union’s forms and disclosures for compliance with applicable laws and regulations.Conduct regulatory compliance and legal risk assessments timely and accurately.Guide management and staff in resolving compliance issues effectively.
Legal Management
Work with legal counsel in developing contracts, forms, and disclosures that meet the needs of the credit union and comply with all applicable laws and regulationsReview and develop forms necessary for all processes and work with legal counsel when legalities may be in question.Work closely with legal counsels to understand legal implications and develop best mitigation strategies.
Policy and Procedure Management
Develop strong and comprehensive policies, procedures, and third-party relationship management programs to manage the compliance risk across products, services, and activities.Monitor and manage all published board and management approved policies to ensure they are current and in compliance with regulations and the credit union best practices.Develop and implement compliance review and assessment process to ensure compliance at all levels, including accuracy of policies, procedures, disclosures, forms, marketing materials, etc.
Regulatory Knowledge & Monitoring
Maintain a working knowledge of all developments in regulatory requirements, general accounting principles, and audit techniques.Perform ongoing monitoring and day-to-day compliance duties related to the Bank Secrecy Act (BSA), Office of Foreign Assets Control (OFAC), and US Patriot Act as assigned by the Credit Union BSA Officer.
Communication and Collaboration
Communicate freely with all levels of staff on both a formal and informal basis to discover compliance problems and implement reasonable solutions to achieve compliance.Develop a library of compliance resources and disseminate information related to compliance issues to appropriate business area and staff.Provide expert advice to executive and senior management on compliance requirements, participating in internal committees and working groups.
Compliance Training
Develop and update compliance-related training programs, ensuring they are tailored to employee roles and delivered in a timely manner.Attend department meetings periodically to discuss compliance issues with staff.Measure the effectiveness of current compliance training and seek suggestions on improvements.
Regulatory Reporting
Ensure that reports to federal/state regulatory agencies are complete and filed on a timely basis.Prepare accurate reporting on the effectiveness of compliance programs to Senior Management, Committees, and the Board of Directors.Prepare monthly and quarterly compliance reports for management.Prepares ad-hoc reporting related to compliance and risk management practices.
Additional Duties:
Perform additional duties as assigned to support the credit union Compliance Management Systems (CMS) program and overall organizational goals.
KNOWLEDGE, SKILLS AND ABILITIES
Regulatory Acumen: Demonstrate a deep understanding of banking compliance and regulatory requirements by staying current with changes and effectively applying them to ensure the credit union’s adherence to national, state, and local laws and regulations.Analytical Thinking: Apply critical thinking to identify compliance issues and evaluate the effectiveness of policies and procedures. Use data analysis to make informed recommendations and solve complex compliance problems.Communication Skills: Exhibit strong verbal and written communication skills by clearly conveying complex compliance information and updates to staff. Foster open dialogue to ensure understanding and address compliance concerns effectively. Acts as a key liaison for all compliance and legal matter.Policy Development: Show proficiency in developing and revising policies and procedures by collaborating with management to ensure they meet regulatory standards and effectively address compliance needs.Confidentiality and Ethical Integrity: Maintain strict confidentiality of sensitive information and uphold high ethical standards in handling and reporting financial and compliance matters. Demonstrate strong integrity and respect for personnel data.Data Analysis and Mathematical Skills: Exhibit strong mathematical and analytical skills to interpret data effectively, supporting informed decision-making and accurate report generation. Perform detailed data analysis with precision and accuracy.Technical Proficiency: Utilize financial systems and office equipment with high proficiency, including Microsoft Office Suite, Compliance management system, Complaint Management system, etc. Demonstrate advanced technical skills in operating personal computers, 10-key, and related tools for efficient data processing.Project Management: Manage compliance projects effectively by planning, coordinating, and executing tasks related to policy development, regulatory reporting, and process improvement within established timelines and budget constraints.Teamwork and Independence: Collaborate effectively with team members and departments while demonstrating strong independence in managing tasks. Show adeptness at balancing collaborative efforts with autonomous responsibilities, contributing to team projects and operational processes efficiently.
EDUCATION AND EXPERIENCE
Bachelor’s degree in legal studies, business, finance, or related field required.Minimum 7 years of experience compliance experience within a financial institution, or at a financial institution regulatory agency required.Experience with implementing and being responsible for Fair Lending, Complaint, and UDAAP program with specific experience in consumer financial products and service required.Strong knowledge of various banking regulations including but not limited to Regulation E, Reg. CC, Reg. D and various lending regulations required.One (1) or more related compliance certifications required (e.g. CRCM - Certified Regulatory Compliance Manager), CRCP - Certified Regulatory and Compliance Professional, CUCE - Credit Union Compliance Expert, NCCO -National Association of National Credit Union Certified Compliance Officer, CUCS-Certified Credit Union Compliance Specialist)Project management and risk assessment skills required.
PHYSICAL CONSIDERATIONS
Verity is committed to reasonably accommodating the physical aspects of the position. The following are normally encountered in this job:
Effectively communicate with diverse staff, members, and vendorsAbility to travel within a assigned marketAbility to lift and carry 50 pounds
Working Conditions
Sitting or standing for long periods of timeWorking on computers for a long period of time in an office environment
Washington is an At-Will Employment State
Your employment is at will, meaning you are free to resign at any time, for any reason, with or without notice. Verity Credit Union is also free to conclude the employment relationship with you at any time, for any reason, with or without notice.
No statement or promise by a credit union representative or board member may be interpreted as a change in the at will policy, nor would it constitute an employment or other contractual agreement.