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For your reference, we have included the original job posting below.
VP Business Unit Compliance Officer (BUCO)- NY or NJ
Job Number:
25008173
Company Name:
CIT Group
Job Location:
Livingston, NJ US
Job Category:
Accounting & Finance
VP Business Unit Compliance Officer (BUCO)- NY or NJ
VP Business Unit Compliance Officer (BUCO)- NY or NJ
Location: Livingston Job ID: 13314
State/Province: NJ Duration: Full Time
DESCRIPTION
This person is responsible for Compliance oversight of all aspects of a particular CIT business line with day-to-day responsibility for overseeing execution of applicable banking, information security and other compliance requirements. Leadership positions and/or roles in managing large-scale projects/matters. Work experience at a major global financial services institution a plus. The position reports to the Director of Business Unit Compliance in Livingston NJ who will supervise a team of six business unit compliance officers.
Principal Duties & Responsibilities:
1. Execute the requirements of CIT?s Corporate Compliance Program to promote quality and provide guidance to business unit. a. Interface with internal business unit departments as appropriate such as IT/Information Security, Legal, Enterprise Risk Management, Operations, Internal Audit, among others. b. Develop and assure the execution of monitoring and testing programs pursuant to Corporate Compliance guidelines to independently assess business unit compliance activities. c. Provide guidance to business unit on CIT policy and procedure development. d. Assure adequate implementation in business unit of and reporting to the written enterprise-wide BSA/AML program. e. Work closely with other members of the CIT Corporate Compliance department (e.g. AML, Privacy, OFAC, International) to ensure all parties are apprised of key issues, risks and recommend appropriate monitoring and surveillance tasks to mitigate risks. f. Manage multiple priorities and establish and adhere to the work plan/program for the Business unit. g. Strong background with Information Technology concepts, risk and internal controls, as well as an executive presence and the ability to operate successfully with senior management. h. Help identify relevant and evolving risks affecting CIT?s business activities, changes to internal controls and assess the impact on the scope and strategy of the business unit. i. Develop and maintain cooperative, collaborative and productive team-driven relationships between the business unit and Corporate Compliance department.
2. Participate in new product development initiatives or modifications to existing business unit products, services and business processes. a. Provide independent compliance risk assessment of new products and changes to existing business products and processes b. Conduct thorough due diligence reviews and prepare reports and recommendations regarding reviews for new business opportunities, regulatory exams. c. Escalate compliance concerns on a timely basis to business unit senior management, Chief Compliance Officer and, if applicable, Chief Information Security Officer to communicate key issues and identify appropriate mitigation strategies.
3. Issue resolution a. Partner with business unit to identify appropriate solutions to resolve or mitigate compliance failures and issues on a timely basis. b. Provide independent reporting to management on the status of compliance issue resolution. c. Ability to effectively assess risks/conflicts at the macro and micro level and to focus efforts on the critical issues. d. Track the status of issues previously identified, verify the effectiveness of corrective action, and report status of outstanding issues that may be past due with respect to correction. e. Strong communications, drafting and issue-spotting skills
4. Ensure appropriate training of business unit personnel a. Proactively draft and implement required compliance policies, procedures, alerts and training materials to keep employees abreast of relevant industry, legislative and regulatory requirements and changes. b. Oversee and track specialized compliance training for business unit personnel. c. Provide regulatory guidance to business unit during training material development.
5. Provide regular reports to senior management. a. Perform annual Compliance Risk Assessment for business unit; identifying mitigating controls and preparing an action plan to implement identified solutions. b. Prepare status reports for business unit management and Chief Compliance Officer regarding compliance and related management activities. c. Routinely advise business unit management of emerging compliance regulatory risks, concerns, and issues.
6. Program and Examination Support a. Coordinate business unit regulatory compliance examinations with business unit senior management, Chief Compliance Officer and, key CIT stakeholders, as appropriate. b. Actively collaborate with Chief Compliance officer and related Corporate Compliance staff to enhance business unit compliance programs.
7. Personnel Management a. Manage a business unit team responsible for independent oversight of compliance programs, policies and procedures. b. Promote effective communications and information exchange across the business unit, functional areas and Corporate Compliance team. c. Demonstrated aptitude for establishing and maintaining effective and trusted relationships within the business unit and across the CIT enterprise. d. Proposes and is accountable for a business line compliance function budget.
REQUIRED SKILLS
Required Knowledge, Skills & Abilities: ?7+ years regulatory or compliance management; audit or operational risk experience ?Operational knowledge of the business line eg: Vendor, Transportation, Trade or Consumer Finance; Corporate Finance (SBL or General) ?Experience in dealing with federal, state or local financial services industry regulatory issues. ?Technology and process solution-oriented; familiarity with Microsoft Excel, PowerPoint and Word are key to functioning effectively with the day-to-day tasks. ?Strong oral and written communications ?Ability to drive change efficiently and collaboratively across an organization. ?Flexible to work in NJ or NY
