Summary
The Chief Compliance Officer (CCO) reports to the EVP Chief Risk Officer and is responsible for designing, administrating and leading First Bank of the Lake's regulatory compliance program, enabling innovation in a specialized area of Banking-as-a-Service while ensuring compliance with federal and state laws and regulations. The CCO ensures that compliance is integrated into the business strategy. This is accomplished through the maintenance of an effective and comprehensive compliance program, including the analysis of legislative and regulatory actions;
providing business unit managers proactive counsel on the business application of such regulatory actions; implementing institutional changes to maintain compliance with existing, evolving, and new products and/or services; interacting with senior and executive management on compliance related matters and/or best practices and the bank's status regarding such matters; and by maintaining a practical compliance training and monitoring program, while leveraging AI technologies to enhance efficiencies.
The ideal candidate will have in-depth knowledge of both compliance regulations and fintech banking, along with the experience in transforming compliance operations through technology.
Compensation is based on geographic location and individual pay decisions will vary based on demonstrated job related skills, knowledge, experience, education, certifications, etc.
Job Functions- Develop a compliance framework that allows the Bank to build and scale innovative financial products and services, including Banking-as-a-Service, within legal and regulatory guidelines.
- Advises all areas of the Bank on compliance-related matters.
- Builds a scalable compliance solutions that grow with the Bank’s expansion into BaaS, consumer banking, and other new markets and product lines.
- Reviews, analyzes, interprets, communicates, and maintains a working knowledge of existing, pending, and newly issued rules and regulations that affect or may potentially affect the financial institution.
- Deliver clear, data-driven compliance reports to the management and Board-level committees, providing actionable insight on program effectiveness, regulatory trends, and key risk areas to support strategic decision making.
- Develops a compliance-first culture where teams see regulations as guardrails for smart innovation, rather than roadblocks.
- Monitor compliance management systems and tools to ensure they are functioning optimally, ensuring compliance with regulatory standards and updating models as necessary to adapt to emerging risks and threats.
- Acts as regulatory compliance liaison with regulators, examiners, and auditors on compliance issues. Communicates report findings to business unit managers and senior management and manages corrective action to prevent regulatory noncompliance, including written responses to exams and audits.
- Performs required liaison communications with legal counsel as needed. This includes, but is not limited to, responding to proposed legislation and/or regulation during the comment period.
- Acts as a resource for the bank, in concert with business unit managers, to implement and/or revise appropriate policies, procedures, and practices to ensure compliance with regulatory requirements.
- Partners with business unit managers to review existing and/or new products and services, forms, brochures, marketing materials, service forms and contracts, and disclosures to ensure accuracy and compliance with applicable laws and regulations. This includes the bank's internet and intranet sites and any electronic communications.
- Establishes and maintains a risk-based monitoring program with qualitative and quantitative standards.
- Completes periodic compliance reviews and transactional testing. This can be accomplished by developing and maintaining an effective compliance monitoring program that includes written reports with key findings and recommended corrective actions to ensure compliance with all rules and regulations.
- Oversees and maintains the bank's job-specific training program, ensuring compliance with policies, procedures, and applicable state and federal laws and…
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