Risk & Compliance Specialist ; Onsite

Join to apply for the Risk & Compliance Specialist I (Onsite) role at Newtown Savings Bank

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Join to apply for the Risk & Compliance Specialist I (Onsite) role at Newtown Savings Bank

Are you ready to take your banking risk and compliance experience to the next level? Newtown Savings Bank is seeking a banking professional for the role of Risk & Compliance Specialist I.

Our Risk & Compliance Specialist I supports the execution of the Bank’s Risk and Compliance Programs to ensure conformity with applicable federal and state banking laws and regulations, as well as Bank policies. This includes collaborating with internal stakeholders and third-party vendors to ensure risks are identified, monitored and mitigated. This is an onsite opportunity at our Corporate office in Newtown, CT.

The role has a remote option of one day per week.

PRIMARY RESPONSIBILITIES

• Understand and stay abreast of applicable regulatory requirements to ensure Program components are adequately designed to identify potential gaps and non-compliance with laws and regulations.
• Escalate risk and compliance-related matters, including potential issues and exception items noted to the Compliance Officer and/or Risk & Compliance Specialist II.
• Build and manage relationships with stakeholders across the business by serving as a resource for risk and compliance-related matters, including assisting with real-time solutions for questions, scenarios and issues.
• Review business line procedures to ensure they address applicable regulatory/Bank policy requirements and standards, and provide sufficient guidance for employees to effectively and accurately perform related job functions.
• Support the risk and compliance training program to ensure employee awareness and understanding of regulatory responsibilities and timely completion of courses assigned. This includes identification of training needs/opportunities, assisting in the development of training and monitoring/reporting course completion status.
• Coordinate and perform risk-based monitoring and testing reviews based upon regulatory requirements and risk assessment outcomes, including identification of potential control weaknesses and instances of non-compliance with laws and regulations, and offering recommendations to strengthen the control environment.
• Generate clear and concise reporting for stakeholders reflecting monitoring and testing results.
• Ensure that stakeholders respond with appropriate action to address recommendations and deficiencies noted during the review process.
• Validate through regular testing that stated corrective actions related to monitoring are adequately and effectively implemented based on responses to recommendations.
• Serve as liaison with third-party compliance monitoring vendor, including scheduling reviews; compiling document requests from the business lines; reserving conference rooms, etc.
• Support change management processes to ensure timely and adequate response to changes in applicable federal and state banking laws and regulations, market conditions and products and services offered. This includes monitoring for applicable legal and regulatory changes; assisting in the evaluation of the change to assess impact; thoroughly reviewing changes to new and existing forms, loan documents, disclosures and advertising material and providing feedback to stakeholders on necessary/recommended revisions.

POSITION REQUIREMENTS

• 1-2 years of banking-related risk and/or compliance experience, demonstrating an appropriate level of functional knowledge and skill required to effectively perform the job, as well as language, reasoning and analytical skills at a level normally acquired through completion of a bachelor’s degree in business administration or related field
• In-depth working knowledge of various federal and state banking laws and regulations
• Knowledge and understanding of financial institution operations, as well as policies and procedures
• Strong organizational, administrative, and self-management skills
• Strong attention to detail
• Strong verbal and business writing communication skills
• Strong interpersonal skills to establish and maintain…