Senior Compliance Consultant

CIBC • Chicago, IL

2d • $130,000 - $155,000

About The Position

We’re building a relationship-oriented bank for the modern world. We need talented, passionate professionals who are dedicated to doing what’s right for our clients. At CIBC, we embrace your strengths and your ambitions, so you are empowered at work. Our team members have what they need to make a meaningful impact and are truly valued for who they are and what they contribute. To learn more about CIBC, please visit CIBC.com What you'll be doing As a Senior Compliance Consultant, you will assist the 1A Head of Consumer Lending Compliance for all consumer purpose loan products to help mitigate risks and identify potential Compliance issues. These include mortgage products, marketable secured loans and consumer loans, which entail overdraft protection and employee purpose loans. You will ensure daily consumer business operations comply with internal policies, regulatory requirements, and industry standards as the First Line of Defense. You will effectively collaborate with Consumer Lending business partners to proactively identify, assess, and mitigate compliance risks through robust controls, monitoring, and guidance, while fostering a strong culture of compliance. Additionally, you will assist in procedure creation/revision and internal reviews, as well as assist in identifying and effecting efficiencies throughout the department. Details on your work arrangement (proportion of on-site and remote work) will be discussed at the time of your interview. How you'll succeed First Line of Defense & Regulatory Compliance Oversight: Serve as the First Line of Defense for all consumer purpose loan products by ensuring that daily business operations consistently comply with internal policies and regulatory requirements, including state laws. Monitor and provide analysis for regulatory changes to the management team. Compliance Risk Identification, Assessment & Mitigation: Identify, assess, and mitigate compliance risks through the revision and/or development of robust controls via collaboration with Head of 1A Consumer Lending Compliance and the Governance and Controls team. Support for Compliance Reviews: Assist Head of 1A Consumer Lending Compliance in developing and conducting compliance reviews of departmental activities. Reviews include ad-hoc examinations of processes to ensure regulatory compliance, as well as joint reviews in collaboration with the Compliance Fair Banking team. Proactive Risk & Process Efficiency Assessment: Proactively identify and assess risks and inefficiencies within business operations. Work with 1A Compliance and business unit partners to identify and implement process efficiencies. Ongoing Monitoring & Issue Reporting: Conduct regular monitoring of business processes to detect any compliance issues or breaches. Promptly report any findings to the management team and work with relevant stakeholders to ensure timely resolution and documentation of corrective actions. Loan Documentation Review & Escalation: Conduct periodic reviews of loan documentation to ensure compliance with applicable model forms. Immediately escalate to management team when a document is considered inadequate for further discussion. Procedure Review, Tracking & Enhancement: Review and track procedures to ensure timely revision. Implement tracking to ensure procedures are revised upon process enhancements and/or regulatory updates impacting affected documents. Work with the Business Enhancement team to identify new procedures as needed. Compliance Recordkeeping & Process Improvement: Maintain accurate records of compliance activities, findings, and corrective actions performed. Continuously recommend and support enhancements to compliance processes and controls based on emerging risks and regulatory changes. Liaison with Second and Third Lines of Defense: Assist Head of 1A Consumer Lending Compliance as a liaison between business units and the second and third lines of defense, such as Compliance, Compliance Testing, and Audit teams, to ensure alignment, effective communication, and a coordinated approach to compliance management. Compliance Training Development & Delivery: Assist other 1A Compliance personnel in developing training to mitigate compliance risks, deficiencies and/or process inefficiencies. Be prepared to conduct training sessions as assigned. Industry Engagement & Benchmarking: Maintain regular contact with industry professionals to discuss and benchmark similar risks, processes and issues.

Requirements

• Experience: You have 10+ years of experience in consumer compliance, regulatory compliance, or risk management.
• Education: You have a bachelor’s degree in business, finance, accounting, law, or a related field.
• Regulatory knowledge & communication: You possess a strong, comprehensive understanding of Federal, State regulations and industry standards (e.g., AML, KYC, Privacy). You have a proven ability to interpret complex regulations and convey them in an understandable manner.
• Strong communicator: You have the ability to collaborate with co-workers and effectively communicate with all levels of management through both verbal and written communication. You have experience effectively communicating with Regulatory Affairs and Exam/Audit Teams. You ensure verbal and written communication with customers is timely, clear, and accurate.
• Results-oriented: You’re focused on results and outcomes and delivering your best to make a difference. You have a demonstrated ability to follow up on assignments effectively.
• Technologically savvy: You are proficient in Microsoft Office including Excel, Word, Outlook, and PowerPoint. You have experience using origination and servicing system (Encompass, MeridianLink, Supernova & IBS) and have the ability to learn new software applications.
• Analytical: You enjoy investigating complex problems and making sense of information. You are analytical and possess excellent research and critical thinking skills.
• Values matter to you. You bring your real self to work and you live our values - trust, teamwork, and accountability.

Nice To Haves

• Advanced degree or relevant certifications, i.e. CRCM, are preferred.

Responsibilities

• Serve as the First Line of Defense for all consumer purpose loan products by ensuring that daily business operations consistently comply with internal policies and regulatory requirements, including state laws.
• Monitor and provide analysis for regulatory changes to the management team.
• Identify, assess, and mitigate compliance risks through the revision and/or development of robust controls via collaboration with Head of 1A Consumer Lending Compliance and the Governance and Controls team.
• Assist Head of 1A Consumer Lending Compliance in developing and conducting compliance reviews of departmental activities.
• Proactively identify and assess risks and inefficiencies within business operations.
• Conduct regular monitoring of business processes to detect any compliance issues or breaches.
• Promptly report any findings to the management team and work with relevant stakeholders to ensure timely resolution and documentation of corrective actions.
• Conduct periodic reviews of loan documentation to ensure compliance with applicable model forms.
• Immediately escalate to management team when a document is considered inadequate for further discussion.
• Review and track procedures to ensure timely revision.
• Implement tracking to ensure procedures are revised upon process enhancements and/or regulatory updates impacting affected documents.
• Maintain accurate records of compliance activities, findings, and corrective actions performed.
• Continuously recommend and support enhancements to compliance processes and controls based on emerging risks and regulatory changes.
• Assist Head of 1A Consumer Lending Compliance as a liaison between business units and the second and third lines of defense, such as Compliance, Compliance Testing, and Audit teams, to ensure alignment, effective communication, and a coordinated approach to compliance management.
• Assist other 1A Compliance personnel in developing training to mitigate compliance risks, deficiencies and/or process inefficiencies.
• Be prepared to conduct training sessions as assigned.
• Maintain regular contact with industry professionals to discuss and benchmark similar risks, processes and issues.

Benefits

• At CIBC, we offer a competitive total rewards package.
• This role has an expected salary range of $130,000 - $155,000 for the market based on experience, qualifications, and location of the position.
• The successful candidate may be eligible to participate in the relevant business unit’s incentive compensation plan, which may also include a discretionary bonus component.
• CIBC offers a full range of benefits and programs to meet our employee’s needs; including Medical, Dental, Vision, Health Savings Account, Life Insurance, Disability, and Other Insurance Plans, Paid Time Off (including Sick Leave, Parental Leave and Vacation), Holidays and 401(k), in addition to other special perks reserved for our team members.
• We work to recognize you in meaningful, personalized ways including a competitive salary, incentive pay, banking benefits, a benefits program, a vacation offering, wellbeing support, and MomentMakers, our social, points-based recognition program.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees