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Retail Administration Business Supervisor
Investors Bancorp
Iselin, NJ, United States
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Job Description
Reporting to the KYC Strategy and Operations Manager, the Retail Administration Business KYC CDD Supervisor or Remediation Supervisor will be a KYC CIP CRR CDD subject matter expert, with specific knowledge in high risk and complex business entities. The CDD Supervisor or Remediation Supervisor will oversee the CDD Team's first line operations to ensure compliance with the Bank Secrecy Act (BSA), USA PATRIOT Act, Anti-Money Laundering (AML), Know Your Customer (KYC), and Office of Foreign Assets Control (OFAC) regulations as well as ensuring that the required processes and procedures are performed as defined by the Bank's Risk/BSA Department. The CDD Supervisor or Remediation Supervisor primary responsibility is to manage and support the CDD Team Analysts who are responsible for the review and remediation of KYC CIP CRR CDD of all newly onboarded business entity relationships, performance of risk analysis and CRR validation, and onboarding recommendation of high risk and additional due diligence relationships, to include MSB ATM, and other high risk entity types, escalation to EDD and SAR teams when appropriate, and periodic reviews of low, medium, and high risk business relationships.
RESPONSIBILITIES
COMPLIANCE MANAGEMENT- Effective execution of BSA defined KYC CIP CRR CDD for reviews of new business relationships, potential high-risk business relationships, and periodic reviews of existing low, medium, and high risk business relationships; Review documentation submitted by the Retail network for completeness and correctness; Perform risk analysis of onboarded business customers and validate risk rating for appropriateness and communicate onboarding recommendation to retail branch, escalate to the Enhanced Due Diligence (EDD) team when required;, , Implement procedures to ensure a consistent process is put in place for periodic reviews of existing business accounts and assign reviews to team members accordingly; Oversee performance of periodic reviews for KYC CIP CRR CDD to include updating of customer profiles; timely initiation of requests for information (RFIs) to ensure compliance with stated service level agreement (SLA); efficient performance of risk analysis using updated information and transaction activity review to determine if CRR requires revision and if applicable timely escalation of CRR change recommendation to BSA for approval. Interface with different teams including business unit leaders, compliance and technology to continue to enhance process & procedure.
KYC CDD TEAM MANAGEMENT - Consistently look for opportunities to streamline and improve working efficiencies as well as develop and evolve process and procedures within the department and across the retail network; Oversee and manage the daily activities of the CDD Team to ensure that the Team is executing KYC CIP CRR CDD procedures in compliance with BSA policy and that all new business accounts are established and reviewed following current procedures; Help establish team targets and goals and track performance against the goals, including but not limited to: accounts entering the workflow, status changes per account, process handoffs, percent of high risk pre-review potential customers converted to accounts. Work with KYC Management team on various process improvements, system enhancements, and new product/service projects; Interject SME in the development of new products & services.
TRAINING - Develop materials and deliver training that supports risk and compliance Management initiatives to team of Sr. Analysts. Monitor regulatory changes for BSA, CIP, CDD, UBO and ensure training materials are created and/or updated, ensuring we remain compliant. Conduct training as needed to stay current with regulatory changes.
REPORTING & ANALYSIS - In conjunction with the Retail Administration Data Analyst and Workflow Specialist, ensure reporting is in place to track and report the progress and effectiveness of the CDD Team; Ensure that the data needed to measure throughput and SLA attainment are maintained correctly and that the metrics are correctly calculated and reported. Provide operational analysis and data to the KYC Strategy and Operations Manager on a consistent basis.
Requirements
• Bachelor's degree and/or comparable BSA experience.
• A minimum of 5 years with specific knowledge of high risk and complex structure business entities.
• Must have a strong background in banking compliance and/or risk management specifically in BSA KYC CIP CRR CDD regulations.
• Working knowledge of key banking laws and regulations.
• Must handle all company information with highest degree of confidentiality and integrity.
• Ability to research, interpret, and apply regulatory requirements and operating procedures to Retail/Commercial and Lending line functions.
• Ability to coordinate the gathering of information from various sources such as branch personnel, various business lines, potential customers, externally available information, verification tools and other applicable sources.
• Strong attention to detail and ability to work in a challenging and fast paced environment.
• Strong written and verbal communication, analytical, and organizational skills.
• Successful coaching and mentoring capability.
DESIRED
• 3-5 years of supervisory experience is desired.
• CAMS Certification.