Sr Compliance Independent Testing Analyst

sr compliance independent testing analyst job description

title: senior compliance independent testing analyst
status: exempt
report to: srmgr - compliance testing and monitoring
department: corporate compliance
job code: 11900

pay range: $ - $ annually

general description:

the senior compliance independent testing (cit) analyst, operating under the oversight of the cit manager, plays a critical role within the compliance and internal testing (cit) team, which is part of the 2nd line of defense (2lod) framework. This position is responsible for conducting independent testing and evaluations of the credit union’s compliance programs and internal controls, with a focus on more complex responsibilities that require advanced analytical skills and deeper knowledge of applicable regulations.

The senior analyst assesses the organization’s adherence to applicable laws, regulations, and internal policies, providing objective evaluations of the effectiveness of compliance activities.

this position has an opportunity to work in a dynamic and fast-paced environment, where the contributions will directly impact g1’s compliance posture and operational success of g1. Compliance independent testing is a 2lod function providing support within g1 and oversight for 1lod functions where applicable. This position has the authority to investigate and report regulatory compliance concerns or findings to management and make recommendations for further consideration and corrective action.

• conduct independent compliance testing to assess the effectiveness of the credit union’s compliance policies, procedures, and controls.
• participate, with limited supervision, in the planning, fieldwork, and reporting phases of assigned compliance testing reviews.
• identify the objective, scope and depth of testing through the review of the risks and controls identified in the compliance risk assessment or any other means.
• lead in the development and preparation of testing approach and other supporting workpaper documents to ensure testing sufficiently covers complex regulatory requirements and business unit activities that are in scope for the review.
• completes assigned compliance testing reviews within time and budget goals.
• schedule and participate in commencement and exit meetings with business unit leaders and stakeholders.
• prepare draft finding summaries that specify the findings and recommendations for implementing control or process improvements.
• obtain management agreement of findings through factually correct conversations.
• obtain management corrective action plans with respect to any issues identified.
• document findings and management action plans in accordance with the credit union’s issue management process.
• perform follow-up to ensure timely completion of corrective actions and validate remediation activities for issue closure.
• participate in other testing and monitoring activities including, kri and kpi reporting, ad-hoc testing, etc.
• identify and recommend efficiency improvements to compliance testing processes.
• provide support and guidance to newer members of the compliance testing team.
• participate and perform other functions and special projects as assigned.
• maintain knowledge of and adhere to all applicable internal compliance policies and procedures and other internal policies and procedures applicable to role.
• maintain knowledge of new and changing applicable compliance rules and regulations.
• stay informed of changing regulatory requirements and the credit union’s business model that might impact the compliance framework and the compliance testing plan.
• performs special projects, and additional duties and responsibilities as required.

• effective oral and written communication skills required to prepare and present recommendations, perform analysis and accomplish other functions as required.
• must possess sufficient manual dexterity to skillfully operate an on-line computer terminal and other standard office equipment, such as financial calculators, personal computer, facsimile machine and telephone.