BaaS Compliance Officer

The expected rate of pay for this position is shown above. Compensation offers are based on a wide range of factors including relevant skills, training, experience, education and, where applicable, licenses or certifications obtained. Market and organizational factors are also considered. In addition to your base rate of pay and a competitive benefits package, successful candidates may be eligible to receive cash or equity-based incentives based on the role and performance.

Position Title: Banking as a Service (BaaS) Compliance Officer

Reports To: Chief Compliance Officer

Department: Compliance

FLSA Status: Exempt

Purpose: Reporting to the Chief Compliance Officer, the Compliance Officer will have overall responsibility for risk management and compliance in our Banking as a Service program. The successful candidate will ensure that the operations of BaaS partners and providers comply with all federal and state banking laws and regulations related to regulatory compliance. The Compliance Officer will be responsible for developing, implementing, and maintaining systems and processes to ensure ongoing compliance of all BaaS Deposit and Lending products, including credit cards.

Supervisory Responsibilities:

Degree of Supervision Received: Minimal

• Supervision Received (title): Chief Compliance Officer

Degree of Supervision Given: NA

• Supervision Given to (Titles): NA

Essential Functions:

1. Serving as a key strategic advisor, the BaaS Compliance Officer will collaborate and communicate directly with business leaders across the enterprise to effectively manage compliance risks while advancing corporate goals and objectives.
2. Develop, manage, and support multiple risk and control programs for the BaaS business unit including defining the strategy, approach, processes, quality, tools, and reporting that provide risk management consistency and excellence.
3. Supports the development, implementation, and administration of Bank policies, programs to establish controls, and compliance requirements to mitigate risk in BaaS operations.
4. Partners with the BaaS partners, our internal BaaS team, and across the enterprise in onboarding activities, including the development of account documents, customer communications, and disclosures, ongoing performance reviews, and unwinding activities.
5. Provide compliance training to BaaS staff and partners to ensure that they understand their obligations under relevant regulations.
6. Develop and maintain compliance policies and procedures specific to BaaS operations. These policies should address the regulatory environment and be communicated to all relevant stakeholders.
7. Perform due diligence on BaaS partners to ensure they meet required compliance standards.
8. Conduct regulatory compliance risk assessments to identify potential compliance risks and vulnerabilities in BaaS operations. This includes assessing regulatory risk at the Bank and with partners and third-party providers.
9. Continuously monitor BaaS operations and BaaS partner activities and practices for compliance. Research and resolve any areas of concern. Recommend and lead solutions to address issue. Maintain comprehensive records of all compliance-related activities, reports, and policies.
10. Preform risk-based compliance testing on BaaS operations, including BaaS partners and providers.
11. Stay updated on all financial regulations applicable to a successful BaaS program. Monitor the industry for changes in these regulations and ensure that the BaaS operations are compliant.
12. Prepare regulatory reports and filings as required.
13. Develop and implement incident response plans to address and report any compliance breaches or other emergencies promptly.
14. Fulfill responsibilities with professionalism, respect for others, in accordance with the organization’s policies and applicable laws.
15. Champion and execute process improvement recommendations that help to improve effectiveness and efficiencies of business units in mitigating compliance risk.
16. 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 HEART in every facet of work.

Job Related Qualifications – Education and Prior Experience:

Required:

• Education: Bachelor’s degree in Business, Finance, Law, or a related field.
• Prior Experience: 5+ years experience understanding of and experience applying regulations governing Deposit Accounts and Consumer-based lending products including credit cards.
• Licenses or Accreditation: NA

Preferred:

• Education: Bachelor’s degree in Business, Finance, Law, or a related field.
• Prior Experience: 7+ years experience as a compliance officer with significant experience supporting BaaS and credit card programs.
• Licenses or Accreditation: Certified Regulatory Compliance Manager (CRCM)

Competencies:

1. Strong knowledge of regulatory compliance, risk management processes, and issue management.
2. Experience conducting compliance risk assessments and compliance testing activities.
3. Extensive knowledge of financial institution policies and procedures.
4. Extensive ability to read, analyze and interpret government regulations, trade journals and legal documents.
5. Must be able to respond to common inquiries from regulatory agencies, courts, and outside consultants.
6. Strong verbal and written communication skills and ability to interact positively with a wide variety of individuals; proven ability to work with senior management to solve complex problems.
7. Strong experience level with all Microsoft Office applications including the ability to learn new and existing banking software.

Physical Requirements:

1. Able to travel occasionally (25%)
2. Extensive computer usage is required.

This job description is not exhaustive. The Banking as a Service Compliance Officer role may be required to perform other duties as assigned.