Chief Compliance Officer

Five Star Bank•City of Rochester, NY

27d•$160,000 - $210,000•Hybrid

About The Position

A key senior leader of a growing and innovative financial institution, the Chief Compliance Officer (CCO) is responsible for all regulatory compliance and ethical matters for Five Star Bank and its insurance and investment affiliates. The CCO’s primary function is maintaining and administering a current and sustainable Compliance Management Program (CMP), and underlying Fair Lending and Community Reinvestment Act (CRA) Programs, that ensure compliance with applicable laws and regulations and effectively and efficiently identify and mitigate evolving risks. The CCO regularly reports performance of the CMP directly to the Board of Directors or its Risk Oversight Committee and to the senior and executive management committees and teams. The CCO ensures achievement of goals and objectives within the risk appetite set in our Board-approved Enterprise Risk Management Program. The CCO is expected to support the company’s comprehensive governance and risk framework through leadership of the Compliance Committee and service on several other cross-functional management committees including Company Risk, Operating, New Product Approval, and Governance Process Review. These committees are intended to provide the CCO with a direct line of communication of regulatory compliance and ethics strategy, emerging trends, goals and objectives to leaders across the enterprise. The CCO will seek Board approval of the CMP and underlying risk programs, at least annually, to ensure that they adhere to banking laws and regulations, are reflective of areas of regulatory scrutiny, and meet company objectives and goals established by the Board of Directors and management and as examined and tested by the Company’s auditors (internal and external) and regulators. The pillars of the CMP will continue to follow best industry practices including the administration of enterprise-wide compliance training, conducting annual risk assessments, schedule and conducting compliance testing, maintaining current compliance policies, conducting Complaint Management for root cause and process improvement, regulatory change management, and issues management and remediation. The CCO will be responsible for leading a strong second line of defense team of compliance professionals who deliver day to day compliance advice, guidance and support to and proactively partner with the First Line of Defense to ensure that risk areas are appropriately mitigated and within established risk appetite under the company’s ERM. As a senior ranking member of the Risk Department, the CCO is also an integral part of overall Company risk management and must possess a cross-functional understanding of enterprise risk management, operational risk, information security and financial crimes risk management and mitigation, setting goals, supporting and developing this team, while modeling outstanding leadership skills in alignment with the company values.

Requirements

Bachelor’s Degree in business, management, organizational leadership or related curriculum
10+ years progressive banking compliance with a thorough understanding of Banking Compliance Management System (CMS) aligned with regulatory expectations
7+ years progressive management experience.

Nice To Haves

Master’s Degree in business, management, organizational leadership or related curriculum
3+ years administering compliance management program as a Chief Compliance Officer for a financial institution
10+ years progressive management experience; with a thorough understanding of Banking Compliance Management System (CMS) aligned with regulatory expectations
Certified Regulatory Compliance Manager (CRCM)

Responsibilities

Responsible for directing the Company’s compliance strategy by maintaining and effecting on the Company’s ongoing Compliance Program.
Develops and maintains corporate compliance policies and establishes compliance review procedures.
Interprets legislation or pending legislation and develops strategies for ensuring organizational compliance.
Assists the firm in understanding and addressing all applicable laws and regulations.
Responsible for ensuring changes sponsored by the Company Compliance Department are managed in accordance with corporate change management policies.
Supports line of business change management to ensure mitigation of adverse or unintended impacts.
Oversee the conduct of (at a minimum) Annual Risk Assessments designed to identify and mitigate regulatory compliance risk issues; providing guidance to the First Line in crafting and documentation of risk remediation actions and monitors administration of remediation plans to successful completion; and providing quarterly interim risk assessment updates based of compliance testing and monitoring activities and issues management.
Develops an annual risk-based Compliance Testing schedule and ensures the compliance testing team executes timely compliance testing engagements and reports on testing outcomes through the committee structure.
Manages the staff of and directs the activities of the Company’s Compliance Department.
Oversees the administration of the Company’s Complaint Management Program.
Chairs the Company’s Compliance Committee, presenting prepared materials and fostering conversation on Compliance culture, activities, issues and actions, serves on other management committees including Operating, New Product Approval, and Governance Process Review Committee, accountable to report material regulatory compliance risks directly to the Board and to senior management.
Communicates with regulatory agencies, internal and external auditors, and other control groups on compliance related issues.
Coordinates examination preparation and other responses to regulatory agencies, internal and external auditors, and other control groups on compliance related issues.
Successfully manages departmental issues/findings through resolution and assists business partners to help timely mitigate compliance risks identified through monitoring, testing, audit and/or examination processes.
Actively participates on multiple management risk focused committees which may include, among others (based upon knowledge base), the areas of: Company risk, credit, loan approval, disclosures, Allowance for Credit Losses, new product approval and community reinvestment.
Serving as the Chief Ethics Officer, working with Human Resource partners to thoroughly investigate allegations of illegal, improper, or unethical conduct by employees or company representatives.
Works closely with management and lines of business to establish an appropriate compliance culture throughout the firm including the development of specialized training programs and ensuring firm documents are compliant.
Demonstrate the standards and principles of the Five Star Bank experience in every interaction with internal and external customers, associates, and stakeholders.
Incorporate the high-performance behaviors of teamwork, leading by example, and service in every facet of work.
Effectively manages assigned third parties to ensure adherence to bank policy, procedure and protocol.
Manages the Bank’s membership in the American Bankers Association.

Benefits

Medical, Dental, and Vision Insurance
Health Savings Account
Flexible Spending Account(s)
Company Paid Life Insurance, Long-Term Disability, and Short-Term Disability
Voluntary Offerings: Life, Critical Illness/Specified Disease, Accident, Hospital Indemnity, Legal Insurance & Personal Accident
Tuition Reimbursement
Employee Referral Program
Wellness Reimbursement Program
Star Volunteer Program
Employee Banking and Financial Perks
Flexible Hybrid Work Schedule
Paid Time Off (PTO)
Company Paid Holidays