Commercial & Private Bank Business Risk and Controls Officer - Anti Money Laundering Risk

The Commercial & Private Bank Business Risk and Controls Officer Anti-Money Laundering Risk will help to design, build, transform and implement a risk management framework and lead the ongoing identification, assessment, and measurement of the business line’s material risks and key controls.

The Business Risk and Controls Officer Anti-Money Laundering Risk in this 1st Line of Defense (1st LOD) role will bring expertise in Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) Compliance requirements and Risk experience in Commercial & Private Banking businesses.

• The Private Bank consists of Private Client Groups (PCGs) who are highly specialized in providing white glove service to High Net Worth and Commercial clients by offering Deposit products, lending, and products and services from Flagstar’s broader offerings.
• The Commercial Bank includes lending, finance, and banking focused on middle market Commercial & Industrial (C&I) companies.

The organization also provides capital markets, foreign exchange and derivatives, treasury management products and services, and banking as a service.

This leader will collaborate with colleagues in Global Financial Crimes Compliance (2nd LOD) & Enterprise Compliance (2nd LOD), Internal Audit (3rd LOD), and External Regulatory Agencies.

This position is critical to supporting the strategy of the Commercial & Private Banks by ensuring prudent risk and compliance management which permit the bank grow profitably.

The salary range for this position is $117,184.74- $174,604.26- $203,315.53

JOB RESPONSIBILITIES :

Risk Advisory

• Builds, leads, implements, and consistently executes an AML Risk Management framework within the 1st LOD.
• Builds, leads, and implements a risk governance and oversight framework for 1st LOD AML responsibilities performed by Business Process Owners when opening new customer accounts and monitoring existing customer accounts including Customer Identification Program (CIP), Know Your Customer (KYC), Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), Negative Media and Sanctions Screening, and Periodic Refresh.
• Leads the oversight of 1st LOD AML Risk framework responsibilities performed by Business Process Owners in adherence with BSA / AML / OFAC regulatory requirements, the Bank’s AML / CFT & Sanctions Compliance Program Policy, and supplementary procedures.
• Leads the 1st Line advisory of AML Compliance Risk framework responsibilities with Business Process Owners including Global Financial Crimes Compliance (FCC) Risk Assessments, FCC Testing, Issue Management, External Risk Events, Key Risk Indicators, Control Identification and Design, and Quality Assurance programs.
• Drives AML Compliance Risk management assessment of new products and services, including enterprise change management programs.
• Provides AML Compliance Risk advisory and guidance to the Business Process Owners including process and control design, early risk identification, control environment operating effectiveness, and policies and procedures.
• Executes analysis of 1st LOD roles and responsibilities, identifies gaps, recommends opportunities, and drives automated solutions to meet AML requirements.
• Ensures AML Compliance Risk Management Frameworks and controls are effective to manage risks associated with the Commercial & Private Banks strategic plan.
• Directly engages with Bank leaders on identified AML Compliance Risk incidents and issues in root-cause analysis, action plans, supporting documentation and testing of implemented controls to effectively remediate findings or issues.
• Provides risk advisory and guidance on project initiatives, risk assessments, and risk remediation efforts impacting the Business Units.

Governance

• Builds, leads, and implements appropriate 1st LOD AML Risk Governance model and cadence for Commercial & Private Bank Business Units.
• Implements and leads a 1st LOD High Risk customer escalation review process, including customer relationships that bear Reputational Risk to the Bank.
• Ensures compliance with all FCC & Enterprise Compliance policies and standards, and management of AML Compliance Risks within the Bank’s risk appetite.
• Ensures key risk and control data, inventory, metrics, and reporting are established and actively monitored.
• Ensures AML Compliance Risk culture is imbedded across the Commercial & Private Bank organizations with an appropriate training regimen.

Bank Initiative Partner

• Actively influences and engages in Global Financial Crimes Compliance (FCC) forums and socializes with Commercial & Private Bank leaders.
• Directly interacts with the Bank’s regulators and Internal Auditors.
• Works closely with the following Business Unit partners : Bank Examiners, External Bank Auditors, Global Financial Crimes & Enterprise Compliance Management, Internal Audit, Regulatory Affairs, Business Process Owners, and Shared Services organizations.
• Coordinates Internal Audits, FCC Tests, and External Exams with Business Process Owners to ensure timely delivery and completeness of required documentation.

Risk Advisory Guidance and Communication

• Assists in the interpretation of complex regulatory requirements and effectively communicates the potential impact to affected business lines.
• Supports the development and implementation of regular communication methods to keep employees informed of policy, procedural and regulatory updates.
• Regularly evaluates assigned Business Unit processes and practices to ensure consistency with applicable regulatory requirements and expectations.
• Stays abreast of compliance and regulatory changes at Flagstar and within the industry to continue to act as a risk subject matter expert for advising and monitoring processes across the Business Units.

5Procedure & Process Management

• Provides direction and expertise on development of sufficient documentation including policies, procedures, processes, and user guides to increase efficiencies, reduce errors and mitigate risk.
• Ensures regulatory / compliance related requirements are embedded within Business Units procedures and user guides.
• Ensures ongoing / annual reviews of Risk procedures to ensure accuracy and compliance with policies.
• Understands the current systems and their respective capabilities.

ADDITIONAL ACCOUNTABILITIES

• Performs special projects related to risk identification and assessments, including gap analyses, where required.
• Prepares comprehensive written reports and summaries communicating results of findings and highlighting overall business risk, where necessary.
• Consistently adheres to regulatory and compliance policies and standards linked to the job as listed and complete required compliance trainings.

Accountable to maintain compliance with applicable federal, state and local laws and regulations.

Responsible for talent management functions including : employment, performance evaluations, staff development / training, disciplinary actions, succession planning and ensuring all staff comply with compliance requirements.

JOB REQUIREMENTS

Required Qualifications :

• Education level required : Undergraduate Degree (4 years or equivalent) in Finance, Economics, Business, Data & Analytics or similar.
• Minimum experience required : 10+ Years of AML Compliance / Risk and internal control experience.
• Experience in one of the following banking specialties determined by the position :
• Private Banking and associated deposit and lending products.
• Commercial Banking and associated lending and deposit products.
• Large Bank experience preferred.
• Proven ability to lead and execute in change management environments and has built programs / frameworks from the ground up.
• Experience in acquisition / integration environments.

Preferred Qualifications :

• Demonstrated effectiveness in managing operational requirements, preferably in the assigned banking specialty.
• Advanced understanding of Sarbanes-Oxley requirements and Risk and Control Self-Assessments (RCSA).
• Advanced understanding of Non-Financial Risk management and audit industry best practices.
• Advanced understanding of laws and regulations impacting financial institutions.
• Proven ability to manage and execute multiple complex projects within required timelines.
• Experience defining and documenting business processes and functions.

Job Competencies :

• Proven ability to partner effectively across all levels of the organization and develop positive working relationships.
• Demonstrated ability to follow company policies, guidelines and procedures.
• Strong attention to detail, highly organized, and ability to prioritize.
• Demonstrated ability to maintain confidentiality using tact and diplomacy.
• Excellent verbal and written communication skills and demonstrated success communicating with various levels within an organization.
• Ability to analyze and assess the adequacy of operational controls and identify opportunities for process improvements.
• Drives change in the organization and ability to handle complex change management while remaining risk disciplined.
• Ability to think critically and logically.
• Uses independent judgement and discretion to make decisions pertaining to risk governance, audit, compliance.
• Analyzes and resolves problems pertaining to compliance, risk governance, audit, and regulatory matters.
• Proactive self-starter with good people management skills and a strong work-ethic.

Travel Requirements : Travel may be required depending on location of hire. If required, travel is not expected to be frequent.

Physical demands (ADA) : No unusual physical exertion is involved.