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Job Description
Responsibilities include but are not limited to:
- Oversee the Financial Crimes risk assessment program, ensuring that the procedures, governance and the system of internal controls are effective and accurately report the Bank's financial crimes risk profile to Management and the Board.
- Enhance financial crimes risk assessment methodologies to meet FinCEN's evolving regulatory expectations that the AML risk assessment be comprehensive, data-driven and effectively drive AML program design and strategy.
- Lead the identification, sourcing, and strategic use of critical data elements to support quantitative inherent AML and OFAC risk assessments, driving data-informed insights into risk exposure across customers, products, geographies and channels.
- Develop the annual AML and Sanctions risk assessment plans; Execute and properly document the assessments, ensuring all deficiencies identified are corrected within the specified time frame; and report the results and any outstanding issues to Management and the Board.
- Liaise with bank regulators, as well as internal and external auditors to communicate the nature, methodology and results of the Financial Crimes risk assessment program.
- Engage with the various lines of business to analyze processes and controls to identify and assess inherent risk, efficacy of controls, and compliance opportunities related to AML and OFAC.
- Form strong relationships with lines of business and provide subject matter expertise in the development of internal controls.
- Generate standing reporting and risk dashboards designed to identify changes to the risk profile of the bank related to AML, Fraud, or OFAC on an ongoing basis.
- Monitor and report key risk metrics, Key Risk Indicators and Key Performance indicators to management and applicable governance committee
- Review new products, services, markets or geographies for additional risks related to these areas, communicate any such risks to Management, and work with business lines to identify mitigating controls.
- Assist in the identification of trends consistent with potential risk or compliance issues. Advise on tools and solutions to facilitate risk management and compliance and develop and maintain comprehensive records and reports of associated activities.
- Maintain a working knowledge of internal controls, best practices in risk management, AML typologies, and sanctions compliance requirements, as well as other applicable state and federal laws and regulations within the scope of the financial crime functions.