Compliance Testing Job Description
Compliance Testing Duties & Responsibilities
To write an effective compliance testing job description, begin by listing detailed duties, responsibilities and expectations. We have included compliance testing job description templates that you can modify and use.
Sample responsibilities for this position include:
Compliance Testing Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Compliance Testing
List any licenses or certifications required by the position: CRCM, CPA, ACAMS, HQ, OBD, CAMS, MBA, JD, UL, BOM
Education for Compliance Testing
Typically a job would require a certain level of education.
Employers hiring for the compliance testing job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and University Degree in Education, Business, Finance, Accounting, General Education, Associates, Military, Business/Administration, Management, MBA
Skills for Compliance Testing
Desired skills for compliance testing include:
Desired experience for compliance testing includes:
Compliance Testing Examples
Compliance Testing Job Description
- Conduct compliance reviews in order to assess and review compliance with legal, regulatory and internal firm policy requirements and work with the business and other stakeholders to design appropriate remedial actions to mitigate identified risks
- Develop and maintain effective partnership with the Front Line Unit, Risk, and Compliance teammates the subservicers and the testing vendor
- Evaluating and documenting results of test work
- Plan inspections and reviews by assessing key risks pertinent to the business, gathering records, developing detailed test plans and analyzing the information to identify control issues
- Supervise team members, as applicable, relating to the completion of testing and the review of documentation
- Support business unit management by researching questions or handling compliance-related issues as they arise, escalating when appropriate
- Working with business compliance officers and management to agree on appropriate action plans
- Writing reports presenting review results, articulating the rationale for findings, the risks posed and actions required to address those risks
- Following-up on action plans to verify that corrective action has been effectively implemented
- Meeting standards for delivering high quality value added compliance risk reviews
- Knowledge of the Volcker Rule
- The job holder is expected to lead the development and management of assurance activities to ensure the Bank complies with OSFI’s E-13 guidelines with minimal guidance
- 5 plus years of compliance, compliance testing, audit or other control function experience and/or relevant analytical skills
- Knowledge of broker-dealer, investment adviser and/or mutual fund/variable product rules and regulations
- Ability to work independently in a team and manage multiple priorities
- Ability to coordinate with other control areas, such as Internal Audit and Risk Management
Compliance Testing Job Description
- Provides analytical support in CIT activities related to Consumer Compliance Control Functions
- Execute detailed testing work programs to ensure compliance with regulatory local regulations and firm policies
- Demonstrate extensive knowledge of bank laws and regulations such as FCRA, FDPA, Reg B, Reg Z, SCRA, UDAAP, SAFE Act, FDCPA, RESPA, Dodd Frank
- Assist in developing a review work plan based on the results of the annual compliance risk assessment, in consultation with the Americas Head of Compliance Testing, the Head of Bank Testing and the Head of US Bank Compliance
- Validating the control testing performed by the business functions regarding the Risk and Control Matrix
- Developing and implementing the email surveillance strategy for Ratings, including the launch of a new surveillance tool in 2016
- Reviewing Risk Reports created by other groups, with the intention of identifying risk themes or trends that should be actioned or otherwise form the basis for future testing or monitoring activity
- Track inspection results for ongoing analysis and trend reporting
- Assist management in the development of the inspection schedules and trend reporting
- Provide ongoing feedback to leaders within Compliance and Sales Management regarding regulatory controls and policy and procedural recommendations based on branch observations
- Demonstrated broad knowledge of legal and organizational matters and the ability to apply knowledge to issues of all levels of complexity
- Ability to organize, direct and perform highly complex analysis
- Demonstrated ability to interpret laws and regulations
- 5-7 years of experience in the combined field of compliance, risk and/or auditing
- Understanding of and experience with regulations related to financial institutions, specifically FCRA, SCRA, Flood, Reg Z, CRA, HMDA
- 7-9 years compliance experience in banking or financial service industry experience and certifications relative to a specific area of concentration
Compliance Testing Job Description
- Provide training and education to peers and team on ICTT methodology, processes and tools
- Support the Auto and Home Loans Senior Compliance Officer in establishing the annual transaction testing calendar and resource allocation, including expansion of the program—both regulatory requirement and business line coverage
- Leveraging the ICTT Methodology and supporting procedures, lead the timely, accurate design and execution of testing to evaluate business line compliance with requirements
- Maintain an interaction model among stakeholders in the process—business line staff, Corporate Compliance teams, —mobilizing resources to execute testing efforts
- Provide accurate and actionable results of testing activities to Management—both Business and Compliance Senior Leadership
- Perform quality assurance to ensure that test plans are designed and executed accurately
- Ensure timely, complete, accurate response to test design or execution issues identified by 3rd party oversight groups, such as the Corporate Compliance Central Testing Oversight Group, Internal Audit, or the Regulators
- Serve as an approachable and trusted advisor, willing to deliver tough messages to fulfill an independent assurance role
- Stay abreast of industry and regulatory trends--adjusting testing coverage as needed
- Maintain organizational and professional ethical standards, while monitoring compliance with ICTT procedures
- Demonstrated ability to analyze data and understand statistical theories, models and workflows
- Excellent critical thinking skills, collaboration, influencing and communication skills
- Strong computer skills and technical aptitude in how systems interact and support the area internally and externally
- Minimum of 4 years of combined experience with compliance and/or audit experience with a focus on testing..*Minimum 4 years of experience with developing and performing testing .*Minimum 4 years of experience with bank laws and regulations such as FCRA, FDPA, REG B
- Demonstrated experience with regulations impacting consumer banking and/or business unit functions preferred
- Proficiency in analyzing diverse business functions and processes to identify key risks and demonstrated success with implementing control improvement recommendations
Compliance Testing Job Description
- Directly manages staff and performs human resource management activities, including identifying performance problems and developing plans for remedial action
- Planning and executing compliance Testing in consultation with regions
- Develop, and execute as needed, Compliance testing programs which define required elements such as key risks, controls/processes, and specific test steps for each applicable area of review
- Prepare draft test reports for completed reviews that are consistent with internal standards (e.g., reconcile to test work performed)
- Review test work papers and test reports completed by staff to ensure conclusions, issues and action plans and work paper documentation are accurate, complete and consistent with the Global Compliance testing standards
- Communicate/escalate test results, including issues and appropriate action plans to Compliance managers in the regional Compliance testing teams
- Ensure timely publishing of draft test reports to the regional management
- Respond to test quality assurance queries from regional Compliance testing teams
- Identify areas requiring attention or findings and assessment of relative risk
- Follow-up on review findings until resolution
- Knowledge of Investments is preferred
- 5 years experience in area of quality and process improvement
- Ability to interact with federal regulatory agencies
- Minimum 4 years of experience with developing and performing testing
- Minimum 4 years of experience with bank laws and regulations such as FCRA, FDPA, REG B
- Strong analytical and problem solving skills, strong verbal communication and interpersonal skills with all levels of seniority
Compliance Testing Job Description
- Perform management oversight/quality assurance to ensure that test plans are designed and executed accurately
- Ensure timely, complete, and accurate responses to test design or execution questions or issues identified by 3rd party oversight groups, such as the Corporate Compliance Central Testing Oversight Group, Internal Audit, or the Regulators
- Review the work papers completed by your peers as the quality control person for the projects you lead
- Develop and maintain productive relationships with key stakeholders
- Appropriately escalate observations identified through testing projects that are of significant nature or can be determined only with team management’s involvement
- Draft memorandums for completed projects or any other presentations needed to report to Compliance Management
- Follow up with action owners and track the status of the action plans to completion
- Provide training and coaching to other members in projects you manage, as needed
- Lead and/or support a wide array of advisory projects to identify and quantify actual or perceived operational and/or technical control gaps in addition to assisting process owners in associated remediation efforts
- Collaboration with various Compliance stakeholders to ensure the implementation of adequate and effective controls testing programme for APAC that meet both BaFin and local regulatory requirements
- Auditing, testing, regulatory/law enforcement, trading, product control or market risk experience
- Proficiency with Microsoft Word and Proficiency in Microsoft Excel
- Working knowledge and ability to use MS Office applications
- Demonstrated ability to employ judgment and experience to make rapid and complex decisions
- Highly developed interpersonal, presentation, and communications skills (written and oral) and the ability to communicate at all levels of the organization
- Experience within compliance testing in an investment bank