Director, ISO Due Diligence & Onboarding

The primary role of this position is to oversee the onboarding process of new Independent Sales Organizations (ISOs) while ensuring robust risk management and delivering an exceptional customer experience. The incumbent will manage the workflow, ensuring that each ISO, operating autonomously with its own licensed Bank Identification Number (BIN) and unique risk policies, complies with all network and consumer regulations for secure operations.As these ISOs represent Synovus, the role involves rigorous evaluation and continuous monitoring of each ISO's reputation, experience, and financial capacity. The focus is on safeguarding Synovus' reputation and business interests by ensuring new ISO relationships operate within regulatory compliance boundaries.In sum, this role is a critical link between Synovus and its ISOs, ensuring smooth, compliant onboarding, while maintaining business integrity and security, thereby upholding Synovus' commitment to the highest standards of risk management."Job Duties And Responsibilities• Responsible for conducting thorough evaluations of key compliance programs for future ISO prospects. This includes overseeing risk management and ensuring adherence to regulations by BIN Sponsored ISOs and their associated third parties that could influence the bank directly or indirectly. Encompasses reviewing prospective ISOs' processes, policies, and procedures. Involves confirming that these potential ISOs have the necessary programs to monitor and maintains compliance with all regulations and rules in the payment processing sector, thereby minimizing potential credit and compliance risk to the bank.• Manages the ISO Sponsorship onboarding team and coordinates the integration of new ISOs by collaborating cross-functionally with members from Synovus's Credit Underwriting, BSA/AML, and Third Party Payments Business Development teams. Ensures a seamless onboarding process for new ISOs, prioritizing a customer-centric approach without compromising on effective risk management.• In the initial due diligence program for new prospective ISOs, conducts a comprehensive review to evaluate various aspects. This review includes assessing the ISO's business model, analyzing their merchant acquiring strategy, collaborating with Synovus's ISO Financial Analysts to gauge the ISO's financial position and portfolio exposure management capabilities. Furthermore, the due diligence process will involve a thorough examination of the ISO's BSA/AML Program, focusing on transaction and merchant risk monitoring, as well as SAR reporting. Additionally, undertakes a review of the ISO's portfolio to understand their Merchant Category Codes (MCC), exposure mix, and risk appetite. This holistic approach ensures that Synovus can make informed decisions regarding new ISO partnerships, emphasizing compliance, risk management, and strategic alignment with the organization's goals and standards.• Throughout the onboarding phase of a new ISO, oversees the assessment of the ISO's high-risk processing activities to minimize any new risks to the bank. Verifies that all high-risk merchants associated with the ISO are adequately underwritten and registered as necessary, and that they are being effectively monitored.• Coordinates with external legal counsel and preliminary reviews ISO and or third party contractual agreements, merchant agreements and proposes edits to ensure limited risk to bank, regulator and card network.• Ensures that prospective ISO portfolios adhere to card network compliance rules and programs. Diligently verifies that ISO portfolios slated for migration to Synovus are devoid of any outstanding card network violations, excessive chargebacks, fraud concerns, transaction laundering cases, brand violations, card network program violations, issues with ISO transaction file data integrity, as well as any instances of merchant or service provider data breaches. This comprehensive approach guarantees that Synovus maintains a stringent standard of compliance and risk management across all ISO portfolios, safeguarding the integrity of the network.• In this capacity, grows new relationships with new ISO business partners to drive growth by evaluating business cases for new products/services and facilitating BIN transfers from other acquirers.• Acts as the key stakeholder during Synovus's annual testing and audits of the Synovus onboarding evaluation and overall onboarding process. Plays a crucial role as the primary stakeholder during the annual ISO risk assessment related to the onboarding program. Creates a self-testing methodology to ensure the compliance of the ISO onboarding program's operations and procedures, guaranteeing that they align with regulatory standards and internal compliance requirements.• Collaborates with the business development team and other stakeholders to design and develop an ISO onboarding platform. Plays a key role in crafting CRM strategies to optimize onboarding processes, enhance customer service, and facilitate ongoing monitoring of ISO relationships.• At the conclusion of the initial due diligence process for new prospects, generates a comprehensive risk report outlining the ISO's business operations in alignment with our oversight standards. Manages and collaborates with various stakeholders concerning the ISO's contractual reserve prerequisites. Additionally, assesses and oversees the respective ISO merchant reserving programs to ensure their efficacy in mitigating financial risks for the ISOs while also identifies and addresses any other potential risks that may arise.• Provides leadership, direction, and growth opportunities to members of the department, performing those responsibilities in accordance with the Company's policies and applicable laws. Responsible for interviewing, hiring, planning, assigning, or directing work, appraising performance, disciplining team members and resolving problems. Works with the Human Resources Department to resolve more complex team member-related issues.• Manages the annual performance management and merit processes for direct and indirect reports. Coaches and develops team members and builds a work environment where team members are engaged and feel a positive sense of achievement about their role in the company. Works closely with Human Resources regarding employee relations, compensation, training, posting and filling vacant positions and other Human Resources related matters.• Each team member is expected to be aware of risk within their functional area. This includes observing all policies, procedures, laws, regulations and risk limits specific to their role. Additionally, they should raise and report known or suspected violations to the appropriate Company authority in a timely fashion.• Performs other related duties as required.The information on this description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.Synovus is an Equal Opportunity Employer supporting diversity in the workplaceMinimum Education:Bachelor's degree or the equivalent combination of education and experienceMinimum Experience:12+ years Experience working in the merchant acquiring business for a financial institution, payment processor or Independent Sales Organization (ISO) with experience in credit risk, card network compliance, regulatory compliance and 3rd party vendor management.Required Knowledge, Skills, & Abilities:• Strong knowledge of merchant acquiring business acquired through previous work experience.• Current of industry developments and associated risks.• Strong analytical skills, strong communication skills both written and verbal as requires frequent interaction (including report preparation) with Synovus senior management as well as with senior and executive management at the respective ISOs. Strong interpersonal skills with ability to influence the ISOs regarding risk based decisions.• Ability to navigate complete organization with multiple stakeholders.• Ability to manage a team of remote teammates.• Strong project management skills with experience gaining team consensus and driving deliverables• Robust knowledge of OCC, FDIC, FFIEC, FINCEN, Card Network third party policies and procedures dealing with sponsor banks and compliance to ensure adherence• Expertise in payment processing regulations• Stays current on payment industry trends• Responsible for managing a team responsible for the identification, assessment, monitoring and management of ISO third party risk.• Provide business leadership with aggregate view of risks and escalation of process and control issues• Ability to interpret regulations and develop implement test internal controls• Identify and remediate findings• Develop and maintain deep relationships with internal, external business partners and card networks, industry organization engagement• Interface with legal counsel, IRR, Partner Sales, AML/BSA, and committeesPreferred Knowledge, Skills, & Abilities:• Participation in the Merchant Acquirer's Committee (MAC) and (ETA) Electronic Transactions Committee