Compliance Officer, Banking

About the position

The Compliance Officer is responsible for providing expert support, advice, and guidance to clients on regulatory compliance matters within the banking and division. This role requires a thorough understanding of all applicable regulations in the assigned areas and involves monitoring and tracking laws and regulations that impact various operations and product offerings. The Compliance Officer will maintain a risk-based program to ensure regulatory compliance, collaborating closely with business lines, Internal Audit, and Enterprise Risk Management.

Responsibilities

• Manage risk-based compliance monitoring performed within business units, conduct reviews for areas not covered by the first line or third lines of defense, and maintain schedules and documentation of monitoring performed.
• Monitor new and changing regulations, communicate relevant updates to internal clients, and ensure compliance through policy, procedure, or system changes.
• Assist in preparing for internal and external exams and work with business lines to monitor progress on compliance related findings.
• Provide expertise on regulatory requirements, help clients with implementation, and assist in developing and facilitating compliance training programs.
• Work with Internal Audit and Risk Management to adjust compliance monitoring scope, develop risk assessments, and report on regulatory developments and compliance monitoring results to the Chief Compliance Officer and ERM Committee.
• Assist with ongoing vendor management and monitoring and coordinate risk assessments and initial and ongoing vendor due diligence with business lines.
• Ensure the Company's community development activities are tracked, reviewed and analyzed, along with promoting awareness for the program within the organization.
• Review complaints, escalate as appropriate, and address significant complaints that have an impact on regulatory compliance or potential consumer harm. Provide periodic reporting on trends to ERM Committee.
• Maintain up-to-date knowledge of company procedures, policies, and regulations through ongoing education and specialized training, and represent the compliance function in company projects to ensure adherence to applicable laws and regulations.

Requirements

• Bachelor's degree from a college or university; and 4+ years of related experience in a bank or financial institution, preferably in the consumer compliance area; or the equivalent combination of education and experience.
• Professional certification (CPA, CIA, CRCM, CFSA, or other relevant certification) or advanced degree is preferred, but not required.
• Working knowledge of banking regulations and functions of retirement plans, trusts, and investments.
• Ability to readily analyze and interpret government regulations.
• Ability to perform research independently and work under minimal supervision.
• Excellent written and verbal skills.

Benefits

• Competitive compensation including base salary, bonus and/or incentive opportunities.
• Comprehensive benefits package providing a wide range of health and well-being benefits, including medical, dental, vision, life and long-term disability insurance; and 401(k) and ESOP for retirement savings.
• Generous paid time off programs such as flexible time off, company-paid holidays, parental and bereavement leave.
• Learning and development resources for personal and professional career development, and advancement opportunities.
• Access to financial experts for guidance, financial wellness tools, and discounts on Alerus products and services.
• Support for the communities we live in through paid volunteer time and a company donation match opportunity.