Fifth Third Bank Compliance Director-Cincinnati, Charlotte, or Chicago in CINCINNATI, Ohio
Fifth Third Bank is one of the top-performing banks in the country, with a heritage that spans more than 150 years. We've staked our claim on looking at things differently to making banking a Fifth Third Better. This applies to our relationships with customers and employees alike.
We employ about 18,000 people, and what we offer is:
A chance for employees to build their future, with supportive career development and financial wellness programs.
An environment where we win together. We celebrate achievement and work collaboratively. We're also a three-time Gallup Great Workplace honoree.
An invitation to impact lives in a positive and lasting way. Everything we do is geared toward improving lives. That's fun and exciting.
It comes down to the fact that Fifth Third is a warm and caring place to with which to grow # as a customer or as a team member.
Enterprise Risk Management (ERM) is the process of identifying, quantifying and managing the risks that an organization faces while applying it to the overall Bank Strategy. While it is impossible to remove all risk from the organization effective risk management requires a strong risk culture and risk governance. Risk culture is the system of values and behaviors within the organization that shapes the day-to-day decisions that we all make. Developing a risk culture is a continuous process # it is consistent with, and builds upon, our Core Values, Leadership Competencies, and Code of Business Conduct and Ethics in that it is based on a common understanding that managing risk is everyone's responsibility and creates an environment that encourages the open exchange of ideas, willingness to elevate concerns, and a commitment to "doing the right thing." As such, risk culture is a critical element of the Bank's risk management efforts.
* GENERAL FUNCTION:*
Responsible for the continued development and implementation of the
Bancorp's Insurance compliance programs and management of the related compliance
teams, including ensuring compliance with Federal and state laws and regulations and industry standards.
This position is responsible for providing strategic leadership / direction / oversight regarding the
Bancorp's compliance risk management programs, including policies, testing, reporting, and control
framework. The incumbent is responsible for analyzing current and emerging regulatory trends and
proposing and implementing recommendations or system solutions to mitigate identified risk. This
position is also responsible for team member development and employee engagement.
Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
-Direct, develop and oversee the strategic aspects of the Insurance compliance programs. This includes overseeing policies and procedures, testing programs, and the employee education programs for the Bancorp.
-Responsible for the management, direction and oversight of Federal and state laws and regulations.
-Oversee / direct the execution of the Bancorp compliance risk assessment for the compliance programs.
-Serve as a key contact with state insurance division and bank regulators for compliance exams (develop and maintain relationships, facilitate discussions, demonstrate strategic leadership regarding the program and future initiatives).
-Provide periodic reports to senior management and Board committees on industry trends, state of the compliance programs and the status of key initiatives.
-Develop and maintain relationships between Compliance Risk Management and associated Line of Business leaders to ensure the implementation of effective compliance programs across the Bancorp and related lines of business. Actively promote a solution-oriented environment throughout the department.
-Provide compliance subject matter expertise and sponsorship for lines of business and Bancorp projects, processes, and products.
-Work with lines of business Compliance Managers and Officers to identify policy and procedural enhancements. In reference to new products and new initiatives work with the teams to ensure proper assessment of the risk, the planning of controls and the adequate execution of those controls.
-Maintain networks with industry working groups that are dedicated to bank compliance to benchmark and share best practices.
-Provide leadership, motivation, coaching and assessment to ensure optimum team and individual performance in support of department, division and Bancorp goals.
-Maintain a cutting edge awareness of company goals, regulatory and legislative developments, and industry trends.
-Leads and directs the analysis of policies and procedures, including scoring systems, strategic priorities, market share data, trends, external influences, current regulatory focuses, previous examination findings, and input from Audit and Legal, to develop a clear understanding of the Bank's issues and risks.
-Conducts interviews and discussions with senior level managers to understand process, guidelines and technology platforms.
-Analyzes data by numerous delivery channels, geographic area, product types, facility, and employees or officers to identify risks and develop and recommend scope or target for the review, corrective action/or performance gap closure. Develops and executes strategies for closing gaps in performance.
-Assess the adequacy of the business units'/affiliate's recommended corrective action to the issues or gaps identified.
-Develops and reports findings to Senior Management regarding their business lines (Legal, Audit, and Senior level Operating Committees).
-Works closely with Sr. Leadership to set strategic direction for department and executes on those goals and objectives.
-Participates and/or leads regular meetings with peers to build and maintain knowledge of current and emerging issues and risk in the environment.
-Reviewing and approving recommended solutions for the Regulatory Monitoring and Change Management program ownership.
-Review and address concerns from compliance testing results.
-Contribute updates to the compliance risk assessment.
-Support post-implementation validation based on risk rating.
-Reviews reporting from the Councils for use by the Regulatory Change Management Committee.
Manage staffing of the Compliance team to ensure optimal
performance in meeting the Compliance Risk Management Department's goals and objectives by providing
employees timely, candid and constructive performance feedback; developing employees to their
fullest potential and providing challenging opportunities that enhance employee career growth;
developing the appropriate talent pool to ensure adequate bench strength and succession
planning; recognizing and rewarding employees for accomplishments.
Fifth Third Bank is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
Bachelor's degree or equivalent work experience required.
At least 15 years working experience in the Insurance Compliance industry.
Strong background and understanding of state insurance laws and regulations around Health Care Employee Benefit Insurance, Property and Casualty Insurance, Life Insurance, and annuities.
Strong background in HIPAA and Affordable Care Act laws
Ability to build an insurance compliance program from the ground up.
-Ability to work and independently lead teams to plan and accomplish a project or elements of a project (complexity of project scope to depend on seniority), identifying responsibilities, tasks, deadlines and pursuing their timely completion.
-Advanced understanding of the insurance and banking regulatory requirements -Ability to lead a team, to identify and solve problems or resolve issues, including members from other units such as the Legal Department, Audit Department, or Business Unit.
-Strong understanding of the state insurance divisions and Federal Reserve examination standards and general regulatory issuances.
-Advanced understanding of the operations and interdependencies of the Affiliates and Bancorp. Including back-office operations related to insurance products.
-Excellent oral and written communication skills. Effectively communicates upward, downward and laterally. Displays a positive business presence with management and external contacts.
-Must be able to demonstrate sound judgment and apply logical and critical thought processes when developing and recommending solutions.
Demonstrates working or functional proficiency sufficient to apply the use of software applications (Micro-Soft Office Suite) without assistance and minimal supervision.
- Ability to develop and support conclusions and make practical recommendations to the business lines and/or Affiliates. Ability to develop and implement controlled, systematic step-by-step processes based on guidance and procedures.