Compliance and Risk Manager

The Compliance and Risk Manager at Yampa Valley Bank is responsible for ensuring that all banking operations comply with federal and state regulations. Key responsibilities include conducting internal audits, managing compliance monitoring, collaborating with executive management on compliance strategies, and providing training to employees on compliance responsibilities. This role also involves developing risk assessments and reporting on the status of the compliance framework, making it crucial for maintaining the integrity of the bank's operations.

To qualify for the Compliance and Risk Manager position at Yampa Valley Bank, candidates should possess a bachelor’s degree in accounting, finance, law, economics, or a related field. A minimum of five years of related experience in banking regulatory compliance or risk management is required. Additionally, candidates should hold or be willing to obtain certifications such as CRCM (Certified Regulatory Compliance Manager) and/or CRCP (Certified Regulatory and Compliance Professional).

Yampa Valley Bank is committed to the professional growth of its employees. The Compliance and Risk Manager role includes opportunities for continuous education in compliance laws and regulations, as well as the potential for certifications in regulatory compliance. YVB encourages skill development through training programs for bank employees and provides resources to stay updated on changes in the banking regulatory landscape, ensuring the manager can perform their role effectively and confidently.

Yampa Valley Bank offers a comprehensive benefits package for its Compliance and Risk Manager, which includes a competitive annual base salary starting at $85,000, an annual discretionary bonus with a target of 10%, and over 30 days of paid time off, encompassing vacation, sick leave, and holidays. Additional benefits include medical coverage, a Health Savings Account, dental and vision insurance, disability and life insurance coverage, and a 401(k) plan with company match, creating a supportive environment for work-life balance and financial stability.

The work environment for a Compliance and Risk Manager at Yampa Valley Bank is collaborative and dynamic. The role involves regular interaction with various departments to ensure compliance and risk protocols are understood and followed. With the option to work remotely along with some travel to the Steamboat Springs location, the position offers flexibility while contributing to a robust compliance culture within the bank. YVB promotes a culture that values local decision-making and community involvement, making it a fulfilling workplace.

Certainly! In the banking sector, a Compliance and Risk Manager is responsible for ensuring that the financial institution adheres to applicable laws and regulations. This involves conducting audits, monitoring compliance processes, and managing risk assessments to mitigate potential liabilities. The manager provides guidance to various departments about compliance and is crucial in maintaining the integrity and reputation of the bank.

When conducting a compliance audit, I would begin by reviewing existing policies and procedures to ensure alignment with regulatory requirements. Next, I would perform checks against operations and transactions to identify any discrepancies or non-compliance issues. Collaborating with internal teams throughout this process allows for comprehensive evaluations and insights. Finally, I'd compile findings into a detailed report with actionable recommendations for improvement.

In my previous role, I discovered a discrepancy in the documentation of customer transactions that indicated noncompliance with a federal regulation. I addressed this issue by immediately reporting it to senior management and proposed a corrective action plan, which involved retraining staff on compliance procedures and revising policies to prevent future occurrences. This proactive approach not only resolved the issue but strengthened our compliance culture.

To enhance the compliance culture in a banking organization, I would initiate regular training sessions for all employees focusing on compliance responsibilities. I would also establish open communication channels for employees to report concerns without fear. Additionally, encouraging a team mentality where everyone understands their role in compliance is vital. Regular updates on compliance issues and celebrating adherence to regulations can cultivate a strong compliance-focused environment.

I stay updated on changes in banking regulations by subscribing to relevant regulatory newsletters and participating in professional organizations specialized in compliance and risk management. I also attend workshops and webinars that focus on regulatory changes. By engaging in continuous education, I ensure that I am able to provide accurate and current advice to my teams regarding compliance matters.

Technology is essential in compliance management as it allows for efficient monitoring and reporting of compliance activities. Automated systems can help track regulatory changes, streamline the audit process, and provide analytics to identify patterns that may indicate compliance risks. Utilizing compliance management software can significantly reduce manual errors and improve the overall effectiveness of compliance strategies.

If an employee resists compliance requirements, I would first seek to understand their concerns or reasons for resistance. It’s important to engage in a conversation to identify any misunderstandings or gaps in knowledge regarding compliance. From there, I would provide additional training or resources to clarify requirements and foster a supportive atmosphere that emphasizes the importance of compliance for the organization’s success.

I find that a combination of structured reports and visual dashboards is most effective for communicating compliance findings. Detailed reports provide comprehensive insights and context, while dashboards offer a quick overview of key compliance metrics. Tailoring reports to the audience, whether for executive management or staff, ensures clarity and effective communication of compliance status and necessary actions.

In a banking context, risk assessment is the process of identifying, evaluating, and prioritizing risks to the bank’s operations, compliance, and overall financial health. This assessment involves analyzing potential risks associated with various business activities and determining their impact and likelihood. A thorough risk assessment helps inform the development of strategies to mitigate such risks and enhance decision-making.

I have extensive experience in training bank employees on compliance topics. My approach involves developing comprehensive training modules that cover key regulatory requirements and practical applications in daily operations. I engage employees through interactive sessions, case studies, and real-life scenarios that make compliance relevant and relatable. This not only enhances their understanding but also fosters a sense of accountability towards maintaining compliance within the organization.