CIT Compliance Assurance Services (“CAS”) is part of the Compliance Management Systems function and certain employees within this area perform risk-based, periodic, targeted, and ad hoc testing based on applicable compliance obligations.
This position 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 Mortgage 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 testing methodologies, and testing standards related to CIT’s Mortgage Originations 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 the compliance testing scope of work, develop test programs, conduct reviews of various commercial and consumer banking businesses and support functions covering the commercial real estate, mortgage lending, retail banking, commercial lending, commercial leasing, factoring, and treasury management services against an inventory of regulatory
- Demonstrate functional or proficient working knowledge of the prudential, financial crimes, and consumer banking laws and regulations, and their applicability to commercial real estate, retail branch operations, commercial leasing, mortgage lending, treasury management services, the broker dealer, asset management, and consumer lending activities including but not limited to the Bank Holding Company Act; 23A and B of the Federal Reserve Act (Transactions with Affiliates); Bank Secrecy Act; USA Patriot Act; Loans to Insiders; Equal Credit Opportunity Act, Flood Insurance requirements; Truth In Lending Act; Real Estate Settlement Practices Act; the Home Mortgage Disclosure Act; Appraisal standards; Fair Lending; Unfair, Deceptive, or Abusive Acts or Practices Act; Fair Housing Act; Truth In Savings Act; Servicemembers Civil Relief Act of 2003 and their implementing Regulations as well as other relevant regulatory requirements. Some knowledge of the Investment Advisors Act, and securities laws and regulations governed by the Financial Industry Regulatory Authority is helpful.
- Ensure testing is performed in compliance with the relevant policy, procedures, and testing standards.
- Take on other projects and provide input into testing and monitoring program to 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.
- Develop testing 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 the root cause of the findings, 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.