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Manager, Corporate Compliance Risk Assessment - Hybrid
Farmington Hills, MI
Job Description
Manager, Corporate Compliance Risk Assessment
The Manager of Compliance Risk Assessment reports to the Director of Enterprise Risk Assessment and is responsible for identifying, analyzing and mitigating potential risks associated with regulatory compliance within the Bank. They will oversee the development and implementation of policies and procedures to support the Corporate Compliance Risk Assessment (CCRA) as well as the day-to-day execution of the CCRA. The Manager will contribute to the evolving compliance risk assessment strategy and methodology and will oversee a team that has responsibility for the compliance risk assessment and compliance controls inventory. This role requires a strategic thinker with a solid understanding of risk and control identification, as well as the ability to identify control weaknesses and challenge issues as necessary. This role also requires an individual who will maintain strong relationships with the lines of business, compliance advisory and risk partners including the RCSA Team to ensure risk assessment approaches are coordinated.
Position Responsbilities:
Strategy
- Develop the strategy for the compliance controls inventory implementation and integration into the CCRA and RCSA.
- Stay abreast of changing laws and regulations that apply to the Bank.
- Participate in industry forums.
Operational Execution
- Responsible for evolving and maintaining policies and procedures related to Compliance Risk Assessment.
- Oversee the execution of the Corporate Compliance Risk Assessment (CCRA) and ensures consistency in how the methodology is applied.
- Lead the evolution and maintenance of the Compliance Controls Inventory.
- Partner with Enterprise Risk to ensure alignment with the CCRA with the RCSA.
- Oversee the integration of CCRA applicable regulations and regulatory changes intothe CCRA.
- Identify compliance control gaps and manage the development of action plans and clear risk ownership of specific compliance risks to ensure transparency, ownership, and accountability.
- Ensure compliance risk mitigation plans are in place to address gaps identified in the CCRA and monitor and report on those plans the status of those plans.
- Provide recommendations and actionable insights to management on ways to mitigate identified compliance risks (includes process improvements, controls implementation, and policy enhancements).
- Continuously improve the program by evaluting and enhancing the CCRA to adapt to changing regultory requirements, business needs, and evolving industry standards.
- Perform independent review and challenge of 1LODs risk and control assessments and outputs, including inherent risk ratings and control effectiveness ratings.
Tools, Tracking and Reporting
- Responsible for developing and maintaining common standards, tools and methodologies for risk assessment.
- Manage the continued automation of the CCRA in the GRC Tool.
- Lead the evolution and maintenance of the Compliance Controls Inventory.
- Develop and maintain reporting and KRIs to track risk assessment progress and results.
- Responsible for preparing reports for senior management and regulators.
- Responsible for maintinaing accurate documentation of compliance activities.
- Ensure timely communication and escalation of compliance related issues.
- Responsible for reporting, action plan monitoring, and GRC Tool quality assurance.
Training, Communication and Leadership/Management
- Develop team through on-going performance coaching, counseling and training programs.
- Hire, train and retain a high-performing team.
- Provide guidance and training on compliance matters, conduct training sessions and promote a culture of compliance.
- Develop training associated with CCRA to ensure that the Bank complies with relevant laws, regulations and industry standards.
Position Qualifications
- Bachelor's degree from an accredited university
- 8 years Financial Services or related industry experience
- 4 years experience in compliance, risk management in financial services or related industry
- 4 years Compliance risk assessment and controls inventory
- 2 years Managerial experience
Comerica is proud to be an Equal Opportunity Employer - veterans/individuals with disabilities, committed to workplace diversity.
Job Summary
Start Date
As soon as possible
Employment Term and Type
Regular, Full Time
Required Education
Bachelor's Degree
Required Experience
4 to 8 years
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