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#425360 - 09/20/05 06:31 PM Compliance Officer Job Desc.
Anonymous
Unregistered

Hi all. I am currently in audit. I have been approached by a former employer about taking the compliance officer position. I do know what the basic responsibilites are of the compliance officer in a bank, but I also wanted to find out some more info from all of you as well.

The prior CO was a bit lacking, so there were a lot of compliance issues, which I believe I can work on to fix with my audit experience.

My questions for you are:
1. Who or where does the CO report in your organization?
2. Are they responsible for all areas of compliance (ie. investments, consumer, BSA, tax, HR, etc)
3. What size institution?
4. Do you do independent testing aside from Audit?
5. Who is responsible for compliance audit findings? CO or Management of departments?
6. How is compliance training conducted?

Any information would be greatly appreciated. I am ANON for obvious reasons.

Thanks!

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Audit
#425361 - 09/21/05 01:18 AM Re: Compliance Officer Job Desc.
razzledazzle Offline
New Poster
Joined: Dec 2004
Posts: 21
Indiana
We are a 1.2 billion dollar bank. The compliance officer reports to the Auditor--that's me. I'm also the Director of Compliance--honestly though--the Compliance Officer does most of the compliance related work. The department manager is responsible for findings. The Compliance Officer does most of the compliance training and is responsible for all areas. Hope this helps.

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#425362 - 09/21/05 07:50 PM Re: Compliance Officer Job Desc.
Starter Offline
Platinum Poster
Starter
Joined: Aug 2004
Posts: 513
NJ
we outsource compliance - makes it easy - they do reviews and they do training - additional training provided by Human Resources through webinars and semiars as needed per job function

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#425363 - 10/03/05 07:54 PM Re: Compliance Officer Job Desc.
MackenzieS Offline
Diamond Poster
MackenzieS
Joined: Jul 2002
Posts: 1,722
Oklahoma
Quote:

Hi all. I am currently in audit. I have been approached by a former employer about taking the compliance officer position. I do know what the basic responsibilites are of the compliance officer in a bank, but I also wanted to find out some more info from all of you as well.

The prior CO was a bit lacking, so there were a lot of compliance issues, which I believe I can work on to fix with my audit experience.

My questions for you are:
1. Who or where does the CO report in your organization? Directly to the CEO
2. Are they responsible for all areas of compliance (ie. investments, consumer, BSA, tax, HR, etc) Usually not HR or tax laws. You will need to know basic IRS rules for account stylings, W-8 & w-9 questions, IRS "bonus" rules, and things like that.
3. What size institution? 150 million
4. Do you do independent testing aside from Audit? Yes & No. You can conduct your own reviews of credit files, account docs, etc.. to determine weaknesses in areas that maybe aren't covered in the Audit schedule. Really Audit and Compliance must work hand-in-hand for the best outcome for both areas.
5. Who is responsible for compliance audit findings? CO or Management of departments? Usually the department manager. However, in instances where we have cited "inadequate knowledge of regulation, rules, or procedures...then guess who gets to do the training?
6. How is compliance training conducted? You have certain compliance related training that must be completed each year. BSA, bank security, etc. Then you determine your training schedule based on industry "hot topics" or based off the results of audits. If you determine that your lenders obviously are not understanding HDMA requirements then you should schedule HMDA training. I prefer in class training but there is also something to be said for online training as well.

Any information would be greatly appreciated. I am ANON for obvious reasons.

Thanks!


Last edited by MackenzieS; 10/03/05 07:56 PM.
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#425364 - 10/05/05 12:04 AM Re: Compliance Officer Job Desc.
H Ford Offline
New Poster
H Ford
Joined: Oct 2002
Posts: 23
California
My questions for you are:
1. Who or where does the CO report in your organization? I currently report to the CAO but she is retiring so I will be reporting to the CFO, at least temporarily.
2. Are they responsible for all areas of compliance (ie. investments, consumer, BSA, tax, HR, etc) I am responsible for all lending/deposit regs, CRA, BSA, Trust, Privacy, and any other related issues. HR is responsible for their compliance, and audit is responsible for SOX.
3. What size institution? We are about $900MM. I employ 1FTE for BSA and utilize business lines for various functions. I employ 1FTE for CRA/HMDA and reviews. I do most research for product development and training myself.
4. Do you do independent testing aside from Audit? Yes, I call them Compliance Reviews and we perform them on most letter regs. We also employee outside auditors for BSA and some lending compliance and credit quality reviews, Information security, Sox testing, and Trust Mgmt.
5. Who is responsible for compliance audit findings? CO or Management of departments? Technically, the department managers are responsible for their own responses, but they usually want my help. That's where you extort lunch or some other favor.
6. How is compliance training conducted?
Several ways. I do alot of it and some is done through the training dept. We also use business lines for repeat trainings such as BSA, security, and Reg CC and obtain certifications of their meetings. I also send people to outside seminars and utilize articles, games, quizzes,etc.

Hope that helps. If you wish to chat more, please feel free to call me at 415-884-3026.

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