CIT Group Inc.

AVP Compliance Testing

US-NJ-Livingston | US-NY-New York
Job ID
25407
# Positions
1
Job Family
Compliance
Type
Full-Time

Overview

Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.

Responsibilities

The Anti-Money Laundering (“AML”) Testing AVP is responsible for the execution of compliance testing reviews (“reviews”) related to Financial Crimes including, but not limited to the  Bank Secrecy Act (“BSA”), the USA PATRIOT Act, OFAC and other sanctions, and anti-corruption/bribery requirements. The successful candidate will engage in the planning, scoping, execution, communication, and issue identification/ tracking associated with each review (referred to as “the compliance testing cycle”).  All reviews must be executed in a timely manner and align with the established policies and procedures.

 

Responsibilities: Day to Day

  • Conduct frequent reviews of various retail and commercial banking business divisions and functions against the Financial Crimes requirements and established policies and procedures.
  • Perform other non-Financial Crimes reviews, as needed.
  • Work in collaboration with the business, and support functions.
  • Attend periodic meetings with other members of the review team and relevant stakeholders to discuss the status of reviews, and pending issues.
  • Effectively communicate findings through verbal and written recommendations to management.
  • Exhibit proper judgment in assessing the materially and significance of identified Policy exceptions and/or regulatory issues. 
  • Determine the root cause of issues, and obtain management’s action plan(s) for remediation of issues.  Track the issues/ findings through resolution using the issue management system.
  • Draft testing reports that are concise, use simple language, and are completed within the target dates outlined in the review schedule.
  • Assist with the reporting of compliance testing results, issues, and updates to senior management.
  • Maintain current knowledge of Financial Crimes related requirements such as BSA/AML requirements, banking regulations and directives of the Head of Financial Crimes.  Also, maintain current knowledge of CIT Group product offerings, operations, and markets.
  • Perform quality assurance reviews of work papers.
  • Successfully complete internal and external training.
  • Engage in the design and implementation of special activities and projects, as needed.

 

Strategic Responsibilities

  • Assist with the generation of the annual review schedule.
  • Enhance the test program by working with the relevant Compliance Advisory, Legal and Business contacts to ensure the Financial Crimes testing program aligns with internal and external testing standards and requirements.  All of these enhancements must be properly documented in the relevant policies and procedures.
  • Enhance testing scripts to ensure they align with industry best practices, as outlined in the relevant FFIEC examination procedures and regulatory reference materials.  Obtain input into the testing  scripts from relevant stakeholders including Model Risk Management.

Qualifications

• 5-7 years experience in commercial banking – preferably in a Compliance function.

• 3+ years audit or compliance testing execution with proven understanding of testing methodologies and processes.

• In-depth knowledge of an effective BSA/AML risk management framework that is consistent with regulatory expectations.

• Knowledge of overall financial crimes risk management framework preferred.

• Good knowledge of laws and regulations applicable to commercial banking businesses.

• Excellent communication and interpersonal skills with the ability to effectively and confidently communicate and influence at management level with the personality to challenge status quo.

• Demonstrate strong analytical and problem solving skills with good understanding of risk management concepts and sound decision making ability.

• Excellent writing skills with ability to effectively articulate findings and issues in concise manner.

• Strong attention to detail with ability to multi-task, prioritize and work well in a fast paced organization.

• Ability to work in partnership with others and in a team environment and possess strong work ethics.

• Exhibit accountability – personal ownership for actions, decisions.

• Ability to travel.

• Proficiency with data management, spreadsheet and standard computing applications (Excel, PowerPoint and Word).

• Previous experience with testing software and applications e.g. BWise.

• Proven understanding of the risk environment in which the company operates

 

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