Position Title
AML Risk Lead - Commercial & Private Bank Business Risk & Internal Controls
Location
Nationwide, MI 48098
Job Summary
The Commercial & Private Bank Business Risk and Controls Lead - Anti-Money Laundering Risk will help to design, build, transform and implement a risk management framework and lead the ongoing identification, assessment, and measurement of the business line's material risks and key controls. The Business Risk and Controls Lead - Anti-Money Laundering Risk in this 1st Line of Defense (1st LOD) role will bring expertise in Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) Compliance requirements and Risk experience in Commercial & Private Banking businesses.
The Private Bank consists of Private Client Groups (PCGs) who are highly specialized in providing white glove service to High Net Worth and Commercial clients by offering Deposit products, lending, and products and services from Flagstar's broader offerings.
The Commercial Bank includes lending, finance, and banking focused on middle market Commercial & Industrial (C&I) companies. The organization also provides capital markets, foreign exchange and derivatives, treasury management products and services, and banking as a service.
The lead will collaborate with colleagues in BSA/AML & Sanctions Risk Management (2nd LOD) & Enterprise Compliance (2nd LOD), Internal Audit (3rd LOD), and External Regulatory Agencies. This position is critical to supporting the strategy of the Commercial & Private Banks by ensuring prudent risk and compliance management which permit the bank grow profitably.
Pay Range: $117,185 - $155,270 - $193,355Pay Range: Local Minimum Wage - $0.00 - $0.00
Job Responsibilities:
Risk Advisory
Leads and consistently executes an AML Risk Management framework within the 1st LOD.
Leads a risk governance and oversight framework for 1st LOD AML responsibilities performed by Business Process Owners when opening new customer accounts and monitoring existing customer accounts including Customer Identification Program (CIP), Know Your Customer (KYC), Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), Negative Media and Sanctions Screening, and Periodic Refresh.
Assists the BRC AML Officer with oversight of 1st LOD AML Risk framework responsibilities performed by Business Process Owners in adherence with BSA/AML/OFAC regulatory requirements, the Bank's AML/CFT & Sanctions Compliance Program Policy, and supplementary procedures.
Leads the 1st Line advisory of AML Compliance Risk framework responsibilities with Business Process Owners including BSA/AML & Sanctions Risk Management Risk Assessments, FCC Testing, Issue Management, External Risk Events, Key Risk Indicators, Control Identification and Design, and Quality Assurance programs.
Drives AML Compliance Risk management assessment of new products and services, including enterprise change management programs.
Provides AML Compliance Risk advisory and guidance to the Business Process Owners including process and control design, early risk identification, control environment operating effectiveness, and policies and procedures.
Executes analysis of 1st LOD roles and responsibilities, identifies gaps, recommends opportunities, and drives automated solutions to meet AML requirements.
Ensures AML Compliance Risk Management Frameworks and controls are effective to manage risks associated with the Commercial & Private Banks strategic plan.
Assist with incidents and issues in root-cause analysis, action plans, supporting documentation and testing of implemented controls to effectively remediate findings or issues.
Provides risk advisory and guidance on project initiatives, risk assessments, and risk remediation efforts impacting the Business Units.
Governance
Assists the BRC AML Officer with appropriate 1st LOD AML Risk Governance model and cadence for Commercial & Private Bank Business Units.
Leads a 1st LOD High Risk customer escalation review process, including customer relationships that bear Reputational Risk to the Bank.
Ensures compliance with all FCC & Enterprise Compliance policies and standards, and management of AML Compliance Risks within the Bank's risk appetite.
Ensures key risk and control data, inventory, metrics, and reporting are established and actively monitored.
Ensures AML Compliance Risk culture is imbedded across the Commercial & Private Bank organizations with an appropriate training regimen.
Bank Initiative Partner
Actively influences and engages in BSA/AML & Sanctions Risk Management forums and socializes with Commercial & Private Bank leaders.
Directly interacts with the Bank's regulators and Internal Auditors.
Works closely with the following Business Unit partners: Bank Examiners, External Bank Auditors, BSA/AML & Sanctions Risk Management, Enterprise Compliance Management, Internal Audit, Regulatory Affairs, Business Process Owners, and Shared Services organizations.
Coordinates Internal Audits, Compliance Tests, and External Exams with Business Process Owners to ensure timely delivery and completeness of required documentation.
Risk Advisory Guidance and Communication
Assists in the interpretation of complex regulatory requirements and effectively communicates the potential impact to affected business lines.
Supports the development and implementation of regular communication methods to keep employees informed of policy, procedural and regulatory updates.
Regularly evaluates assigned Business Unit processes and practices to ensure consistency with applicable regulatory requirements and expectations.
Stays abreast of compliance and regulatory changes at Flagstar and within the industry to continue to act as a risk...
Equal Opportunity Employer
Please see job description for required skills.
