The Financial Crimes Compliance (FCC) Risk Assessment Specialist will be responsible for performing periodic enterprise-wide risk assessments pertaining to Fraud, anti-money laundering (AML) and sanctions compliance (OFAC), to identify inherent risks and the efficacy of internal controls to derive a residual risk profile. The results of the risk assessment process will be utilized to drive monitoring initiatives, control enhancements and resource allocation as new emergent risks are identified. Responsibilities include, but are not limited to:
- Responsible for enhancing and updating the AML, OFAC and Fraud risk assessment methodologies, development of the annual assessment plans, executing and properly documenting the assessments, ensuring all deficiencies identified are corrected within the specified time frame, and reporting the results and any outstanding issues to senior management.
- Liaise with bank regulators, as well as internal and external auditors to communicate the nature, methodology and results of the assessments.
- Engage with the various lines of business to analyze processes and controls to identify and assess inherent risk, efficacy of controls and compliance opportunities related to AML, OFAC and Fraud. Coordinate and collaborate with multiple business and functional areas on the development of internal controls and compliance measures to mitigate any significant residual risks identified.
- Generate standing reporting and risk dashboards designed to identify changes to the risk profile of the bank related to AML, Fraud, or OFAC on an ongoing basis.
- Compile relevant KRIs/KPIs for management review.
- Review new products, services, markets or geographies for additional risks related to these areas, communicate any such risks to Management, and work with business lines to identify mitigating controls.
- Assist in the identification of trends consistent with potential risk or compliance issues. Advise on tools and solutions to facilitate risk management and compliance and develop and maintain comprehensive records and reports of associated activities.
- Maintain a working knowledge of internal controls, best practices in risk management, fraud prevention techniques, AML typologies, and sanctions compliance requirements, as well as other applicable state and federal laws and regulations within the scope of the financial crime functions.
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