Overview
SMBC’s Compliance Department Americas Division is seeking an Associate for its Monitoring & Testing (“M&T”) department. This role works to execute the M&T program and will principally serve as a team member for M&T reviews. This role will have coverage for SMBC’s Manufacturers Bank digital bank activities. Manufacturers Bank is a middle market commercial bank with an announced expansion into consumer banking, including deposit and lending products.
This role must have a background in banking operations and be knowledgeable of bank products and services to assess the impact that changes in laws or regulations have on the testing and monitoring program. Requires strong practical knowledge of banking regulations including but not limited to ECOA, Truth in Lending, Truth in Savings, Electronic Fund Transfers, Fair Lending, Fair Credit Reporting Act, Regulation O, UDAAP and Privacy. Additionally, a familiarity of the U.S. regulatory environment, risk identification/mitigation, and managing the workflows for monitoring and testing engagements is essential.
The anticipated salary range for this role is between $79,000 and $128,000. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Responsibilities
- Assists the examiner-in-charge of Compliance Testing engagements.
- Supports the development and refinement of monitoring and testing scripts.
- Assists in development of information requests and announcement memorandums.
- Supports the development and performance of field work to validate the efficacy of internal controls.
- Prepares cohesive work papers for each engagement in accordance with department standards.
- Identifies underlying issues and escalation / validation thereof with stakeholders.
- Assists in the drafting of Issue Memorandums and Reports for issuance to management.
- Helps in the registration and tracking of identified issues and corrective action plans.
- Participates in remediation of issues and findings identified during the Compliance Reviews.
- Stays abreast of changing regulatory requirements and SMBC’s business model to maintain a solid foundation of the applicable regulatory framework.
- Assists in the consolidation and reporting of results within local and Head Office reporting.
Qualifications
- 5+ years of retail banking experience.
- Bachelor’s Degree or equivalent experience in banking and compliance functions. CRMC or similar certification is preferred.
- Has a Compliance Testing, OCC/FRB/FDIC examiner or Internal Audit background.
- Able to work independently on projects with little oversight.
- Able to learn quickly and dissect complicated issues within a large and complex financial institution.
- Solid knowledge of U.S. laws, rules, and regulations pertaining to retail banking.
- Strong verbal and written communication skills.
- Able to multi-task and perform work functions efficiently and timely
- Proficient in Microsoft Word, Excel, and PowerPoint is required.