Summary: The Compliance Specialist is responsible for assisting in the development, implementation, and maintenance of the Bank’s compliance program to ensure adherence to federal and state banking laws and regulations. This position supports daily compliance monitoring, conducts internal reviews, provides staff training, and works with management to identify and mitigate regulatory risks.
Salary Range: $50,000 to $62,000 per year, depending on qualifications and experience. A higher rate may be offered to candidates with exceptional experience or skills.
Job Qualifications:
- Associate’s degree in business or a related field; or an equivalent combination of education and banking experience.
- Minimum of 3 years of experience in banking position impacted by regulatory compliance. Prior experience with BSA/AML is preferred.
- Strong understanding of federal and state banking regulations.
- Excellent analytical and problem-solving skills.
- Effective written and verbal communication skills.
- General computer knowledge and experience with MS Word and Excel.
Specific Job Functions:
- Administers the Bank’s Compliance Management System (CMS) to ensure compliance and maintain documentation of compliance activities.
- Monitors and ensure compliance with applicable federal and state banking regulations and recommends internal actions to ensure compliance.
- Assists in developing, reviewing, and updating compliance policies, procedures, and risk assessments.
- Prepares periodic reports to Board of Trustees and Senior Management regarding the status of the CMS and any regulatory developments that will require action by the bank.
- Serves as the primary for the external compliance firm, supporting ongoing program development and maintenance.
- Conducts periodic internal compliance reviews and audits to identify potential areas of non-compliance.
- Tracks, investigates, and reports compliance issues and assist in developing corrective action plans.
- Conducts compliance training for new hires and annual compliance training for all staff and the Board of Trustees to promote regulatory awareness.
- Acts as the National Licensing System (NMLS) administrator to ensure that the bank and all its Mortgage Loan Officers are properly registered with NMLS.
- Serves on the Bank’s Compliance Committee.
- Accepts responsibility to stay abreast of all Federal and State laws, and compliance regulations governing the bank in general, and as they pertain to the job function.
- Performs other duties as assigned.
Exemption Status
- Exempt, salaried position.
Location
- Wells River
Work Schedule:
- This is a full-time position requiring 40 hours a week, Monday through Friday 8am to 5pm.
Wells River Savings Bank is a mutual savings bank with associates working in our seven offices in the Connecticut River Valley. We are an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, pregnancy, genetic information, disability, status as a protected veteran, or any other protected category under applicable federal, state, and local laws. We offer an excellent work environment while providing opportunities for our associates to learn and grow.
