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Regulatory Change Management Specialist
Farmington Hills, MI
Job Description
Regulatory Change Management Specialist
The Regulatory Change Management Specialist reports to the Manager of Regulatory Change Management and is responsible for day-to-day maintenance of the library of applicable laws, rules, and regulations (LRRs). This includes ensuring that the library is kept up-to-date and that new and amended LRRs that impact Comerica are identified, socialized and the necessary changes are incorporated into the LRR Library and business processes in a timely manner. It also includes assisting with the GRC Tool and testing changes to the tool. This role requires functional knowledge of key federal regulations issued by the Federal Reserve, the OCC, and the FDIC. This role also requires an individual who will maintain strong relationships with the lines of business, compliance advisory and risk partners.
Position Responsibilities:
Change Management
- Responsible for the day-to-day manangement of the LRR Library and the Regulatory Change Management process (RCM).
- Responsible for providing support and guidance for the automation of the RCM process in the GRC Tool, business requirements, and testing of the tool.
- Implement and oversee the program to monitor and document changes in regulations, industry enforcement actions, guidance, and other regulatory publications to ensure that regulatory changes are incorporated into Comerica's policies, procedures, and processes in a timely and appropriate manner.
- Participate in projects as the Compliance RCM subject matter expert to provide guidance and ensure that requirements are followed.
- Responsible for producing reports and analyzing data and providing recommendations as needed.
Operational Execution
- Contribute to continuing development of related policies and procedures and ensure that regular reviews and updates are performed.
- Monitor KRIs and and produce reports to track the RCM process.
- Work closely with functional areas across the Bank to ensure implementation of regulatory changes.
- Coordinate with the Bank's risk assessment teams (Compliance Risk Assessment, RCSA, and BSA/AML to support the input of the LRR Library and regulatory changes into these risk assessments.
- Identify potential compliance risks due to regulatory changes and facilitate the development of action plans to mitigate the risk.
- Analyze data for trends and lessons learned.
Training and Communication
- Communicate regulatory changes efectively across the Bank.
- Coordinate with all three lines of defense to ensure action plans are developed an implemented to address changes in LRRs.
Position Qualifications
- Bachelor's degree from an accredited university
- 6 years Financial services or related industry
- 4 years Experience in compliance, risk management in financial services or related industry
- 2 years Regulatory change management processes covering Federal Reserve regulations at a minimum
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 6 years
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