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Manager, BRCO Business Unit Compliance
The Business Risk Control Officers (BRCOs) play a pivotal role in guiding the business to identify and understand risk exposures and the controls needed which are integral to reducing risk and safeguarding our customers and colleagues. BRCOs are critical to the success of the Risk Management Lifecyle and play a role in Planning, Identifying, Assessing, Mitigating, Monitoring, and Reporting. BRCOs are members of the First Line of Defense (1LOD) who:
• Provide leadership and coaching to the 1LOD to proactively identify and effectively manage risks.
• Translate and educate 1LOD to enable and drive business relevant implementation of Second Line of Defense (2LOD) risk management frameworks, policies, taxonomies, and inventories.
• Review, validate, and test 1LOD activities to ensure adequate control design and effective control operation.
• Provide credible challenge to 1LOD colleagues, ensuring safeguard and risk mitigation measures are upheld in decision making and adherence to 2LOD frameworks and policies prior to 2LOD review.
• Drive two-way collaboration across 1LOD and 2LOD; liaise between 1LOD and 2LOD to drive engagement throughout the risk management lifecycle.
• Collaborate and coordinate across the organization to help navigate and mitigate horizontal risk promoting resilience and ensuring safety and soundness.
• Document, aggregate and report risk in accordance with the risk management lifecycle.
The Manager, BRCO Business Unit Compliance for the Line of Business will be responsible leading a team to provide expertise on both the Line of Business and the specific rules, regulations and compliance laws impacting the Line of Business to help 1LOD translate and apply them to create proper controls.
Position Responsibilities
Business Partnership
• Provides leadership and coaching to 1LOD to proactively identify and effectively manage risks.
• Translates and educates 1LOD to enable and drive business relevant implementation of Second Line of Defense (2LOD) risk management frameworks, policies, taxonomies, and inventories.
• Drives two-way collaboration across 1LOD and 2LOD; liaise between 1LOD and 2LOD to drive engagement throughout the risk management lifecycle.
• Drives a strong enterprise risk culture by fostering rigor and discipline focused on risk and compliance awareness, ethical business practices, transparency, and escalation.
• Learns continuously about the line of business to strengthen subject matter expertise and provide more valuable application of risk guidance.
• Collaborates with and supports other BRCO team members to ensure a robust and comprehensive implementation of 2LOD frameworks within 1LOD.
Line of Business Compliance Support
• Provides expertise on both the Line of Business (LOB) and the LOB specific rules, regulations and compliance laws; reads, analyzes and develops knowledge to determine requirements and mandates.
• Understands and translates how to apply the rules, regulations, and laws to assist the business to create proper controls.
• Manages implementation of new or revised regulatory requirements identified by Compliance (2LOD); Answers questions, makes recommendations and addresses issues identified during the implementation phase.
• Assists Line of Business with gap analysis to compare the current state with the new required state.
Risk Awareness
• Provides oversight to detect, assess and respond to emerging risks.
• Performs analysis in managing risks in existing operations resulting from industry lawsuits, settlements, etc. associated with regulatory violations.
Compliance Support
• Develops materials for corporate-wide committees, as needed.
• Acts as the primary Line of Business contact for compliance related exams, audits, and reviews.
• Participates as a subject matter expert for various risk assessments.
• May be involved in Compliance Management System (CMS) executable activities in the 1LOD.
HR and Financial Management
• Selects, motivate, and retain high performing talent, cultivating a spirit of teamwork and continuous improvement with shared goals and objectives.
• Supports the development and growth of direct reports through on-going direction, coaching and performance management.
• Manages expenses and budget associated with the team and the work managed.
A successful candidate will have the following knowledge and/or skills:
• Demonstrated knowledge of banking industry products, services, and workflows.
• Strong familiarity with critical business processes and controls, as well as overall business needs and objectives, for the Line of Business.
• Strong track record of driving timely and effective issue resolution in a financial services context
• Deep expertise and ability to educate colleagues on risk management, controls, and compliance concepts, frameworks, and policies.
• Ability to establish authority, influence stakeholders, and productively debate issues (e.g., credible challenge) at all levels including without direct reporting responsibility.
• Ability to build strong relationships and engage constructively in a proactive and transparent approach with cross-functional stakeholders, to challenge status quo and drive buy-in to achieve common goals.
• Ability to clearly and effectively communicate, including ability to summarize and explain complex findings and issues to a wide range of audiences.
• Ability to apply sound judgment and appropriately escalate concerns and issues.
• Ability to demonstrate managerial courage and inspire colleagues across the organization to embrace change.
• Ability to gather, analyze and interpret large datasets from various sources.
• Strong analytical and critical thinking skills with high attention to detail and accuracy.
• Ability to manage multiple tasks and projects, prioritize work, meet deadlines, achieve goals, and work under pressure in a dynamic and complex environment.
• Self-starter, able to work independently, flexible and can navigate a complex organization.
Position Qualifications
• Bachelor’s degree from an accredited university or a High School Diploma or GED and 6 years of Risk Management or other related experience in the Financial Services Industry
• 8 years of experience in Risk Management, Compliance, Audit, or related field
• 5 years of experience working with the lines of business in interpreting and applying relevant rules, laws, and regulations to their business
• Experience in advising, providing subject matter expertise, and credibly challenging colleagues in a risk and control environment
• Strong understanding of various risk types/pillars, risk management, controls, and compliance concepts and frameworks
• Project support/project management skills – ability to provide direction, track progress and ensure alignment with program requirements
• Proficient in risk management software, MS Office Suite, and other related technology tools.Strongly Preferred: Experience managing or leading a team
• Strongly Preferred: 6 years of experience in Financial Services industry and/or knowledge of Line of Business products, services, and business processes
• Strongly Preferred: Certified Regulatory Compliance Manager (CRCM) certification or other applicable/relevant certification
Work Best Category:
Category C – Days in the office will either be designated days or will vary week to week from 2-5 days
Hours:
8:00am – 5:00pm Monday – Friday
Salary:
To Be Determined Based on Individual Experience
