COMPLIANCE OFFICER
REGULATORY COMPLIANCE
FIRSTBANK PR

Job Summary

The Compliance Officer participates in the execution of the FirstBank’s Compliance Management System focused primarily on federal and local consumer protection laws and regulations. Provides support to the Bank’s Business Units and operational areas regarding regulatory compliance from federal and local agencies. In addition, provides compliance support to the Eastern Caribbean Region (US and British Virgin Islands) and Florida Region. This position also works in coordination with the Compliance Specialists and the Regulatory Compliance Risk Assessment Unit.

Essential Responsibilities

• Provides regulatory support to Business and other Bank’s support units in Puerto Rico, the Eastern Caribbean Region (ECR) and Florida, regarding all federal and local laws and regulations that may impact the Bank, its affiliates and subsidiaries.

• Perform legal research in compliance matters and provides awareness and guidance to the Management about compliance related regulatory developments, changes in laws and regulations. Provides support to the concerned units during the required implementation and oversees implementation from a compliance perspective.

• Identify and advises the Management and business units of possible or potential compliance risks, and provides solutions to mitigate those risks.

• Develop, reviews and offers specialized training to business and support units regarding compliance issues.

• Creates and/or review compliance related documentation including agreements, consumer disclosures, new products, customer communications, operational letters, policies and procedures, product programs and other documentation that may impact the regulatory field Assist in the development and implementation of policies, processes and procedures through training programs and formal and informal communications to ensure compliance with federal consumer protection laws and regulations.
  

• Review and approves all marketing campaigns, product development and other promotional materials in relation to regulatory compliance.

• In coordination with the business and operational units, manages and responds customer complaints received by the federal regulators in relation to legal compliance.

• Assists Compliance Manager during examinations of federal and local regulators and internal audits.

• Participates and provides support to the Risk Assessment Unit during the monitoring reviews and assessment process, provides compliance related recommendations and participates in the discussion and resolution of action plans of the business units.

• Participate in special projects as assigned by Compliance Manager.

• Provides support to the business units in the process of annual license renewal.

• Prepares Bulletins regarding regulatory compliance related subjects of interest.

• Prepares regulatory reports to management including but not limited to, audit committee reports, compliance committee reports, tasks logs, Scorecards and other reporting that may be required.
  

Accountable for adhering to the Bank’s BSA, AML and Office of Foreign Asset Control (OFCA) applicable policies. Employee must follow specific unit procedures developed in compliance with the policies. Employee is also responsible for reporting any suspicious activity and/or transactions in accordance with the Bank’s processes and comply with any mandatory BSA, AML and OFAC training assigned.

Independence of Judgment

The degree of judgment is related to data analysis, processing and/or presentation of possible recommendations and the integration and coordination of varied elements and its application to specific subjects. Also is related to the continuous analysis of specialized and complex subjects.

Supervisory Responsibilities

This position does not have supervisory responsibilities.

Impact of Errors

The impact of errors of this position could significantly impact or affect other department activities; external services; Bank’s strategic results; Bank’s federal or local examinations and Bank reputational image among agencies, customers and the community in general.

Competencies

• Regulatory issues advising capacity

• Ability to work in a fast-paced and stressful environment

• Strong analytic skills

• Strong interpersonal communication, leadership and teamwork oriented

• Problem solving, detail oriented and able to multitask

• Maintains and promotes a high standard of confidentiality and strong ethical values

• Fluent in English and Spanish

• Able to work with a minimum of supervision

• Organization and prioritization skills

• Proficient in Excel, Word, Outlook, Power Point

• Sound judgment and proper criteria for establishing priorities correctly

• Must be able to work several important projects simultaneously observing excellence quality standards

• Analyze business needs and understand the operational workflow

Physical Demands

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Specific vision abilities required by this job include close vision and distance vision. While performing the duties of this Job, the employee is regularly required to sit; use hands to finger, handle, or feel and talk or hear. The employee is occasionally required to stand and walk.

Minimum Requirements

Bachelor’s Degree in any field but preferably in Business. In addition, a Jurist-Doctor or a Finance or Accounting master’s degree is required. The incumbent must have one to five years of experience on a compliance position in the Banking Industry, or a regulatory agency or similar experience. Expertise and knowledge on banking operations and applicable regulations is required. The ability to self-trained, research, track, update, and communicate compliance issues. Candidates must be highly motivated and demonstrated ability to multi-task and prioritize assignments. Strong supervisory skills are necessary. Bilingual (write and speak English and Spanish). Word, Excel, Access and Power Point knowledge is required. For this position is required to travel occasionally within all Bank regions (Puerto Rico, US Virgin Island and Florida).

Disclaimer

The above statements are intended to describe the general nature and level of work being performed by people assigned to this job. They are not indented to be an exhaustive list of all responsibilities, duties, skills required of personnel so classified. The reporting relationship may not reflect the most recent changes to the corporate reporting structure.

Accountable for adhering to the Bank’s BSA, AML and Office of Foreign Asset Control (OFCA) applicable policies. Employee must follow specific unit procedures developed in compliance with the policies. Employee is also responsible for reporting any suspicious activity and/or transactions in accordance with the Bank’s processes and comply with any mandatory BSA, AML and OFAC training assigned.

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