Compliance Program Manager
Apply NowCompany: OceanFirst Bank
Location: Red Bank, NJ 07701
Description:
At OceanFirst Bank, each one of our employees plays an important role in fulfilling the mission and taking responsibility to execute daily tasks in alignment with our core values. Together we foster an environment of respect, professionalism and diversity that makes OceanFirst a great place to work and do business.
Great benefits include: on-site fitness facility at Red Bank and Toms River headquarter offices, hybrid schedule after initial onboarding has been completed (4 days in office, 1 day remote), employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more! Apply today to #BecomeOceanFirst and make an impact in the local community!
ABOUT YOUR ROLE
The Compliance Program Manager oversees the Bank's Compliance activities. In addition to responsibility for daily oversight and management of these functions in a manner that effectively identifies, measures, manages, and controls risk and maintains regulatory compliance, this individual proactively identifies, plans, and executes the evolution of compliance risk management practices to keep pace with the Bank's growth and/or changes in complexity of operations. This individual will advance the evolution of bank-wide enterprise risk management through strong leadership of these second line of defense functions and collaborative interaction with the first and third lines of defense.
WHAT YOU WILL DO
1. Responsible for the Bank's Compliance Management System. Develops, implements, administers, and manages the Compliance Program including regulatory and consumer compliance.
2. Ensures programs are well designed and executed to ensure regulatory compliance and expectations, including appropriate policies, procedures, reporting, training, and resource allocation.
3. Collaborates with line of business management to ensure all relevant compliance risks are identified and appropriate processes and controls are in place to manage risks and mitigate losses and/or potential regulatory fines. Supports a culture of partnership and teamwork that supports safe and sound operations.
4. Responsible for project management by leading and influencing cross-functional or compliance teams.
5. Collaborates with first and second line of defense to ensure monitoring programs effectively promote compliance with all regulations, internal policies, and procedures.
6. Provides guidance to the business to ensure documents, projects, processes or product initiatives comply with regulatory and legal requirements and enterprise policy.
7. Reviews implementation planning for new laws and regulations and ensure appropriate parties have been engaged.
8. Advises the Chief Compliance Officer and relevant business units of emerging risks, new or amended laws, regulations, or regulatory agency guidance and recommend and implement changes and controls to mitigate those risks. Manages the regulatory change management process.
9. Synthesizes, analyzes, identifies root cause(s) of potential compliance risk, provides recommendations that influence business solutions and validates resolution.
10. Establishes and maintains positive, collaborative relationships with internal business partners, external regulatory agency representatives and regulatory/compliance consultant groups. Serves as liaison to regulatory agencies, internal and external auditors, and external legal counsel for Compliance activities. Leads responses to exam and audit concerns and oversees corrective action of all related compliance deficiencies or violations.
11. Prepares and presents to the Board of Directors and/or Board Committees, as well as relevant management committees, policy and program documents relating to regulatory and consumer compliance . Ensures such documents appropriately address all relevant topics and adhere to regulatory requirements and expectations.
12. Prepares and presents periodic reports to the Bank's Board of Directors and/or Board Committees, as well as relevant management committees addressing emerging and current risks, key indicator performance, regulatory compliance, and monitoring results. Ensures all compliance reporting is completed by the appropriate responsible parties and distributed timely.
13. Remains current on industry, risk management, regulatory and compliance trends, and changes to laws and regulations relevant to the Bank.
14. Ensures compliance with all regulations governing the banking industry, as well as regulatory agency guidelines and Bank policies. Ensures compliance staff complies with bank-wide policies including but not limited to record retention, vendor management, business continuity, model risk, and data classification.
15. Ensures that all compliance staff members meet compliance and disclosure requirements and are appropriately cross trained to ensure departmental resiliency.
16. Provides leadership to staff related to the Bank's compliance program.
WHAT WE EXPECT OF YOU
YOUR QUALIFICATIONS
INTERNAL AND EXTERNAL CONTACTS
WORKING CONDITIONS/PHYSICAL REQUIREMENTS
Office environment. Ability to operate computer. Ability to communicate simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.
Great benefits include: on-site fitness facility at Red Bank and Toms River headquarter offices, hybrid schedule after initial onboarding has been completed (4 days in office, 1 day remote), employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more! Apply today to #BecomeOceanFirst and make an impact in the local community!
ABOUT YOUR ROLE
The Compliance Program Manager oversees the Bank's Compliance activities. In addition to responsibility for daily oversight and management of these functions in a manner that effectively identifies, measures, manages, and controls risk and maintains regulatory compliance, this individual proactively identifies, plans, and executes the evolution of compliance risk management practices to keep pace with the Bank's growth and/or changes in complexity of operations. This individual will advance the evolution of bank-wide enterprise risk management through strong leadership of these second line of defense functions and collaborative interaction with the first and third lines of defense.
WHAT YOU WILL DO
1. Responsible for the Bank's Compliance Management System. Develops, implements, administers, and manages the Compliance Program including regulatory and consumer compliance.
2. Ensures programs are well designed and executed to ensure regulatory compliance and expectations, including appropriate policies, procedures, reporting, training, and resource allocation.
3. Collaborates with line of business management to ensure all relevant compliance risks are identified and appropriate processes and controls are in place to manage risks and mitigate losses and/or potential regulatory fines. Supports a culture of partnership and teamwork that supports safe and sound operations.
4. Responsible for project management by leading and influencing cross-functional or compliance teams.
5. Collaborates with first and second line of defense to ensure monitoring programs effectively promote compliance with all regulations, internal policies, and procedures.
6. Provides guidance to the business to ensure documents, projects, processes or product initiatives comply with regulatory and legal requirements and enterprise policy.
7. Reviews implementation planning for new laws and regulations and ensure appropriate parties have been engaged.
8. Advises the Chief Compliance Officer and relevant business units of emerging risks, new or amended laws, regulations, or regulatory agency guidance and recommend and implement changes and controls to mitigate those risks. Manages the regulatory change management process.
9. Synthesizes, analyzes, identifies root cause(s) of potential compliance risk, provides recommendations that influence business solutions and validates resolution.
10. Establishes and maintains positive, collaborative relationships with internal business partners, external regulatory agency representatives and regulatory/compliance consultant groups. Serves as liaison to regulatory agencies, internal and external auditors, and external legal counsel for Compliance activities. Leads responses to exam and audit concerns and oversees corrective action of all related compliance deficiencies or violations.
11. Prepares and presents to the Board of Directors and/or Board Committees, as well as relevant management committees, policy and program documents relating to regulatory and consumer compliance . Ensures such documents appropriately address all relevant topics and adhere to regulatory requirements and expectations.
12. Prepares and presents periodic reports to the Bank's Board of Directors and/or Board Committees, as well as relevant management committees addressing emerging and current risks, key indicator performance, regulatory compliance, and monitoring results. Ensures all compliance reporting is completed by the appropriate responsible parties and distributed timely.
13. Remains current on industry, risk management, regulatory and compliance trends, and changes to laws and regulations relevant to the Bank.
14. Ensures compliance with all regulations governing the banking industry, as well as regulatory agency guidelines and Bank policies. Ensures compliance staff complies with bank-wide policies including but not limited to record retention, vendor management, business continuity, model risk, and data classification.
15. Ensures that all compliance staff members meet compliance and disclosure requirements and are appropriately cross trained to ensure departmental resiliency.
16. Provides leadership to staff related to the Bank's compliance program.
WHAT WE EXPECT OF YOU
- Strong leadership skills and strategic vision, including demonstrated ability to identify, plan and execute appropriate strategies to achieve required evolution of compliance risk management practices in connection with Bank growth and/or changes in complexity.
- Ability to pro-actively identify and develop appropriate strategies to address potential issues, including development or evolution of risk management and/or controls, training identification, resource allocation and staffing needs, product modifications, etc.
- Extensive and thorough knowledge of all federal and state banking laws and OCC & Federal regulations with the proven ability to interpret and apply them to the bank's business operations. Subject matter expert in Compliance.
- Strong working knowledge of banking industry, operations, and control systems, including in-depth knowledge and understanding of bank deposit operations, lending activities, and other related consumer banking and compliance functions.
- Strong interpersonal skills with the ability to interact effectively with all levels of management, legal counsel, regulators, and auditors while maintaining strict confidentiality.
- Strong relationship management orientation to facilitate internal and external partnerships with business partners, agency representatives and regulatory/compliance consultant groups. Demonstrated ability to work both independently and within a team environme
- Exceptional organizational and prioritization skills with demonstrated ability to manage competing priorities and complete tasks within or prior to deadlin
- Strong written communication skills with an ability to communicate concerns, conclusions, and recommendations clearly and logically.
- Strong decision making, analytical and investigative abilities with attention to detail and accuracy. Sound judgment with proven ability to make distinctions between significant, moderate, low risk as well as make appropriate recommendations that protect consumers/customers, respect regulatory guidance and other shareholders/stakeholders
- Proficient in Microsoft Office Suite.
- Demonstrated ability to provide leadership within and across teams. Ability to coach and develop staff in all aspects of performance management.
- Ability to operate a Governance, Risk, and Compliance (GRC) tool and similar software solutions.
YOUR QUALIFICATIONS
- Bachelor's degree in Accounting or Finance and/or a comparable business curriculum.
- 8+ years progressively responsible for Consumer Compliance and Regulatory Compliance experience, with experience in a banking or financial institution environment developing and implementing compliance policies, programs, and procedures.
- 5+ years of experience in related management/leadership capacity.
- Certified Regulatory Compliance Manager (CRCM) preferred.
INTERNAL AND EXTERNAL CONTACTS
- Frequent internal contacts at all levels, including the Board and Executive Management.
- Ongoing external contact with vendors and regulators.
WORKING CONDITIONS/PHYSICAL REQUIREMENTS
Office environment. Ability to operate computer. Ability to communicate simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.