Director, Compliance Monitoring and Testing

Job information:

• Functional title - Director, Compliance Monitoring and Testing 
• Department - Compliance Risk Management - Risk & Compliance 
• Corporate level - Director 
• Report to - Compliance Risk Management Director
• Location - New York 
• Expected full-time salary range between $ 180,000 - $210,000 + variable compensation + 401(k) match + benefits.
  • Note: Disclosure as required by NY Pay Transparency Law of the expected salary compensation range for this role.

What you will be doing:

• Lead the design and implementation of the regulatory compliance monitoring & testing framework to provide independent, risk-based monitoring of regulatory compliance.
• Develop and deliver the annual Compliance Monitoring & Testing plan, ensuring all internal and external factors are taken into consideration.
• Oversee the identification and tracking of corrective action plans and manage closure validation.
• Contribute to the development and execution of plans to address remediation efforts and review monitoring and testing findings, documentation and/or training.
• Provide guidance to challenge, support and provide information to ensure management teams can apply practical, proportionate and sustainable remediation to compliance risk and conduct issues identified in the course of monitoring and testing.
• Provide reporting and MI to senior leadership, the relevant committees and Boards including trends and key issues.
• Identify and communicate priorities, motivating and developing a high performing team.
• Oversee and mentor the team to ensure second line monitoring reviews are delivered timely and to an appropriate standard of quality.
• Contribute to the enhancement of compliance processes by identifying opportunities for improved adherence to regulatory requirements and company standards.
• Assess optimal technology solutions for implementing the monitoring and testing framework including the retention of reports and working papers records.
• Cultivate working relationships across all three lines of defense and participate in forums and committees, as required.

What we’re looking for:

• Experience in developing and executing annual monitoring and testing plans.
• Proven track record in collaborating with the Business to apply practical compliance solutions to addressing problems and incorporating the appropriate effective challenge to ensure an effective second line testing program.
• Proven track record in building solid relationships with stakeholders to achieve workable solutions that support the business in managing compliance risk aligned to safety and soundness expectations.
• Ability to develop, document, and execute test strategies for efficiently and appropriately assessing effectiveness of the processes/controls in place to mitigate compliance risks in adherence to the regulatory and internal compliance requirements.
• Highly proficient in writing clear, concise monitoring and testing reports (inclusive of issues/ corrective actions) and supporting workpapers.
• Strong understanding of industry practices and disciplines ideally having implemented and/or developed second line compliance monitoring and testing frameworks in the past.
• Excellent written and verbal communication, stakeholder management, influencing and negotiation skills at all levels of the organization.
• Experience with developing and managing a multi-disciplinary team of professional staff.
• Proficient in investigative and analytical thinking.
• Superior ability to effectively represent the organization through building collaborative relationships.
• Ability to lead and motivate teams with diverse skill sets to deliver sustained high performance.
• Ability to convert high level strategy and goals into operational plans.
• Ability to quickly adapt to operate and collaborate in agile environments.
• Strong control and risk management mindset.

Preferred experience/skills:

• Knowledge of a financial market utility (FMU) regulatory environment, key legislative requirements and practical implications.
• Experience interfacing with prudential regulators.
• Working knowledge of / experience with the three lines of defense model.
• Familiarity with corporate compliance programs and standards relative to Federal Reserve SR 08-8.

Professional qualifications / certifications

• Minimum bachelor’s degree. Postgraduate degree (e.g., JD, MBA) or compliance / testing / audit certifications a plus.
• Prior strong experience in compliance testing / monitoring / auditing / risk management with 7-10 years’ management experience. Regulatory experience a plus.
• Advanced proficiency in Microsoft Office (i.e., Word, Excel, PowerPoint) and SharePoint required. Familiarity with Governance, Risk & Compliance (GRC) tools a plus.

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