COMPLIANCE SPECIALIST / REGULATORY COMPLIANCE

Compliance Monitoring & Testing Unit

FISTBANK PUERTO RICO

Job Summary

The Compliance Specialist participates in the execution of the FirstBank’s Compliance Management System focused primarily on federal and local consumer protection laws and regulations. The Specialists conducts compliance monitoring and testing to identify policies, procedural, governance and\or training weaknesses in an effort to preclude non-compliance with requirements and proscriptions of federal and local consumer protection laws and regulations. This process also includes reviews at the transaction level during the normal, daily activities in every business or operating unit. The Compliance Specialist prepares and issue reports documenting results and action plans addressing the findings, as applicable.

This position also works in coordination with all other units within the Regulatory Compliance Area, ensuring practices, governance, reporting, internal controls and systems are comprehensive, timely, and successful at identifying and measuring material compliance risk throughout FirstBank its affiliates and subsidiaries (including the Puerto Rico, Eastern Caribbean and Florida regions)

Essential Responsibilities

• Assess business units and/or support areas’ policies, procedures, practices, and governance routines related to products and services available/offered by FirstBank.
• Conducts transaction testing to assess compliance with applicable federal and local consumer protection laws and regulations. Determines the root cause(s) for any potential violations found in transaction testing.
• Documents results of the monitoring and/or testing reviews and discuss findings and recommendations with management.
• Follow-up and/or escalate escalating issues or open items identified ensuring they are addressed and subsequently closed by the business units and/or support areas.
• Identifies possible or potential consumer protection compliance risks and advises management and business units to mitigate or address the identified risks.
• Completes assigned compliance assessments, monitoring and/or testing review as scheduled throughout the year.
• Assists compliance managers in developing reports for FirstBank’s Board of Directors and Executive Committees, among others.
• Assists compliance managers during federal regulators examinations and/or internal audits of FirstBank’s Compliance Management Systems and compliance with consumer protection regulations, fair lending laws, and UDAAPs Standards, as applicable.
• Assist in any special project assigned by the compliance managers.

Independence of Judgment

The degree of judgment is related to data analysis, processing and/or presentation of possible recommendations and the integration and coordination of varied elements and its application to specific subjects. Also is related to the continuous analysis of specialized and complex subjects.

Supervisory Responsibilities

This position does not have supervisory responsibilities.

Impact of Errors

The impact of errors of this position could significantly impact or affect other department activities; external services; Bank’s strategic results; Bank’s federal or local examinations and Bank reputational image among agencies, customers and the community in general.

Competencies

Knowledgeable of consumer protection laws and regulations

Ability to work in a fast-paced and stressful environment

Strong analytic skills

Problem solving, detail oriented and able to multitask

Fluent in English and Spanish

Organization and prioritization skills

Computer literacy

Proficient in Excel, Word, Outlook, Power Point

Sound judgment and proper criteria for establishing priorities correctly

Must be able to work several important projects simultaneously observing excellence quality standards

Minimum Requirements

Bachelor’s Degree in Business Administration. The incumbent must have from three to five-year experience in Regulatory Compliance (Consumer Protection Laws) monitoring reviews. Good knowledge and understanding of BSA/AML regulations. Good knowledge of banking rules and regulations (e.g., CFPB, FDIC and Federal Reserve). The ability to self-trained, research, track, update, and communicate compliance issues. Candidates must be highly motivated and demonstrated ability to multi-task and prioritize assignments. Bilingual (write and speak English and Spanish). Word, Excel, and Power Point knowledge is required. Willing to travel occasionally within all Bank regions (Puerto Rico, US and British Virgin Islands and Florida). A Jurist-Doctor degree is preferable not required.

Accountable for adhering to the Bank’s BSA, AML and Office of Foreign Asset Control (OFCA) applicable policies. Employee must follow specific unit procedures developed in compliance with the policies. Employee is also responsible for reporting any suspicious activity and/or transactions in accordance with the Bank’s processes and comply with any mandatory BSA, AML and OFAC training assigned.

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