POSITION: COMPLIANCE OFFICER
This position supports the Bank’s Compliance Program by providing compliance subject matter expertise to the Bank’s non-consumer lending areas: Retail, Deposit Operations, Electronic Banking, Online Banking, Marketing, CRA and other non-consumer lending areas. The Compliance Officer monitors changes in deposit, and other non-lending consumer compliance laws, regulations, fair banking best practices and regulatory guidance to provide appropriate advice to affected business units. Duties include conducting compliance monitoring or reviews, assisting implement plans for any regulatory or product/service changes; assisting business units with creating and managing appropriate controls, assisting business units with keeping affected policies and procedures current, assisting departments with ongoing monitoring activities, and assisting in the development and delivery of customized compliance training. The Compliance Officer will act as the primary point of contact for the Line of Business for all matters relating to NDIP compliance and as a key contact for the review of marketing materials. The position also may need to respond to lending-related compliance questions from the business units in the absence of the Lending Compliance Officer or otherwise in support of the Department’s ongoing responsibilities. This position assists more senior members of the team in preparing reports to regulators, management, and any board or internal committees as applicable.
Key Result Areas:
- Monitor changes in laws, regulations, regulatory guidance, enforcement actions and examination trends. Compile and disseminate information to various departments regarding new or amended laws, regulations and regulatory guidance. Review regulatory or policy required forms, notices, disclosures, etc. providing guidance to business lines on their design/development or revision.
- Represent Compliance Department as assigned to project committees to serve as a compliance resource for other departments’ implementation plans related to system, product and service changes. Work with business units and training personnel, as needed, to ensure the development and delivery of high quality, innovative compliance training.
- Serve as the subject matter expert for all applicable laws, regulations and regulatory guidance. Work with business lines to ensure implementation of regulatory changes per implementation plans, including the creation or revision of policies and procedures, controls, testing, evaluation and detailed documentation. Act as a liaison between the Compliance Department and the non-lending areas of the Bank maintaining a balance between prudent business practices and compliance with relevant federal and state laws, regulations and regulatory guidance.
- Responsible for management of the Non-Deposit Investment Product program from a compliance perspective.
- Review and approve advertising, brochures, website information, rate sheets, social media postings and other marketing materials/initiatives to ensure compliance with applicable laws, regulations and regulatory guidance.
- Conduct monitoring, testing or reporting as necessary to fulfill the objectives of the Compliance Program. Assist with coordinating materials and responses for examinations, internal or external audits and ad hoc regulatory inquiries.
- Maintain ongoing and up-to-date expertise on all relevant legal and regulatory matters through a multi-pronged approach, including participation in compliance-related trade associations, initiation and maintenance of contacts with colleagues at peer institutions, and ongoing review of relevant trade publications, independent research into regulatory rulings and interpretations and regulatory and legislative proposals.
- Support other members of the Compliance team to ensure the Compliance Management System operates effectively. Perform additional duties as required.
- 5 to 7 years' experience in bank regulatory compliance or audit functions.
- Experience reviewing marketing collateral for, and providing guidance on marketing and sales activities pertaining to, Non-Deposit Investment Products.
- Proficiency in interpreting and analyzing the impact of federal and state regulations, with particular proficiency in the consumer deposit regulations.
- Experience in developing and delivering compliance training.
- Strong ability to write clearly and concisely.
- Excellent communication skills and ability to foster collaboration and teamwork.
- Proficient conflict management skills.
- Strong customer service skills.
- Ability to travel freely amongst branch locations.
- Strong working knowledge of Microsoft Office (Word, Excel, Outlook, Adobe), regulatory compliance management systems and other related software packages.
The above description covers the most significant major responsibilities but does not exclude other occasional responsibilities and accountabilities the inclusion of which would be in conformity with the major purpose of this job.
About Cambridge Savings Bank:
Cambridge Savings Bank is a full-service financial institution with approximately $3.7 billion in assets that is committed to improving the quality of life in the communities it serves. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Newton, and Watertown.
Cambridge Savings Bank is an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law. We are a VEVRAA Federal Contractor.