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.
CIT Corporate Compliance Assurance Services (‘CAS’) which is part of the Compliance Management Systems function performs risk-based, periodic and targeted testing based on applicable risk obligations.
This position, which is part of the CAS, will play an important role in supporting the management, execution and continued improvement of an independent compliance testing program at CIT and specifically related to CIT’s Consumer Banking business and reports directly to the Head of CAS.
Critical to this role is the ability to understand key elements of CIT’s compliance risk management system, compliance risk assessments and testing methodologies related to CIT’s Consumer Banking business and to collaborate with Compliance Officers and compliance subject matter experts to further develop and execute risk-based compliance testing in order to validate the effectiveness of compliance controls at business and function levels.
Principal Duties & Responsibilities:
• Define compliance testing scope of work, develop test program, conduct reviews of various consumer banking business divisions and functions (including retail branch network, deposit operations, credit card, mortgage lending and servicing) against an inventory of regulatory risk obligations.
• Demonstrate working knowledge of consumer banking laws and regulations and their applicability to retail branch operations and consumer lending including but not limited to, TISA, Reg CC, Reg D, Reg E, ECOA, UDAAP, TILA.
• Ensure testing is performed in compliance with testing standards, requirements and procedures and system applications.
• Provide inputs into the retail branch testing program including but not limited to mystery shopping, and ensure that it is effectively aligned with business level monitoring and audit processes.
• Work in collaboration with Compliance Subject Matter Experts, Business Compliance Officers and other stakeholders in various phases of compliance testing, including planning, notification, fieldwork, escalation, reporting and follow-up.
• Demonstrate ability to exercise judgment in assessing the material significance and relevance of identified compliance exceptions and ensure timely escalation.
• Draft reports, which are concise, timely and provide value to business and management to continuously improve compliance controls and mitigate risks.
• Identify, track and communicate compliance findings, issues and risks and make issue remediation recommendation, and work with responsible owners to address the items on a timely basis; ensure appropriate issue reporting and escalation.
• Communicate findings and recommendations to management, determine root causes, obtain management’s action plan for remediation in a timely manner and track findings through resolution using BWise.
• Demonstrate ability to exercise sound judgment in assessing the significance and relevance of identified compliance risks and timely escalation to the Head of CAS.
• Maintain competency through ongoing professional development and active participation through internal and external training sources.
• Participate in strategic initiatives, stretch assignments and projects relevant to the responsibility of CAS as needed.
• Undergraduate degree preferred.
• 5-7 years proven experience in consumer banking – preferably in a Compliance function.
• 3+ years audit or compliance testing execution or program management with proven understanding of testing methodologies and processes.
• Good knowledge of the laws and regulations applicable to consumer banking business, including consumer lending and deposit operations.
• In-depth knowledge and experience in the functions and processes of retail deposit business and branch operations.
• Knowledge of mortgage lending and servicing (preferred).
• 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.