at Live Oak Bank • Wilmington Headquarters(View all jobs)
The Chief Compliance Officer has overall responsibility for establishing and maintaining the compliance management framework for Live Oak. The compliance framework covers a broad range of financial services and business activities, including (i) commercial and consumer lending, (ii) deposit products and services, (iii) financial services complementary to banking, and (iv) new business and activities.
ESSENTIAL FUNCTIONS: The Chief Compliance Officer, directly or through oversight responsibility:
- Oversee the Compliance Management System and ensure that it continues to align with the bank’s business model (current and changing) and to regulatory and customer requirements.
- Provide strategic direction to the management team on compliance.
- Perform, or cause to be performed, an annual risk assessment that supports and drives the prioritization and thoroughness of the compliance plan. Develop the annual compliance work plan that reflects the organization's characteristics.
- Oversee and monitor implementation of the compliance work plan, including regular testing and review of department activities. Periodically revise the compliance plan in light of changes.
- Independently investigate and act on matters related to compliance.
- Coordinate efforts related to audits and examinations and interact with regulators on compliance matters. Track and monitor deliverables for audit and exam findings.
- Define the necessary level of knowledge on existing and emerging regulatory compliance requirements across the organization.
- Provide guidance, advice, and/or training and educational programs, to improve business' understanding of related laws and regulatory requirements.
- Advise business units on implementing appropriate policies, procedures and controls. Monitor adequacy of the policies and controls and ensure they remain current and relevant.
- Oversee compliance of marketing activities.
- Respond and track customer complaints.
- Communicate status of progress and the effectiveness of the Compliance Management System to the Chief Risk Officer on an ongoing basis. Elevate concerns immediately.
- Work with business unit managers to prepare risk assessments of new products and services for presentation to the Corporate Risk Committee (CRC). Position acts as Secretary to the CRC.
- Prepare and present clear and concise compliance reports to the Board.