BRCO BUS UNIT COMPLIANCE LEAD - Retail

Job Description

BRCO Business Unit Compliance Lead The Business Risk and 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 BRCO Business Unit Compliance Lead for the Line of Business will be responsible 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.

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 (, 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.