Risk management specialist
Effective date: 08/07/2023
Role:
Responsible for day to day compliance of BSA, AML, CIP and OFAC. Assists with the investigation of identity theft such cases as fraud, illegal or improper activities by internal or external means, and the prevention and recovery of losses sustained by such activities. Works closely with the Vice President of Risk and Compliance to ensure the credit union is protected from various types of risks
Essential functions & responsibilities:
Reviews and investigates BSA/AML and Account Fraud and Watch List alerts produced by third party FRAMLX software to mitigate losses and to monitor for money laundering activities in a timely manner.
Assist with fraud and risk case management in credit union’s case management software. This includes debit card fraud and disputes, ACH, check fraud cases.
Assist with monitoring and assessing the risk of business members by utilizing the credit union’s FRAMALX software and reviewing CDD/EDD regularly.
Responsible for the identification and tracking of suspicious activity through the generation of alerts from the credit’s union FRAMLX software and reports from credit union employees. Also responsible for fully documenting findings after an investigation is complete and timely filing of SAR.
Monitors the credit union’s CDD/EDD process by reviewing alerts generated for missing questionnaires or for irregular activity being reported.
Conducts investigations of identity theft to ensure minimal loss to the credit union, which includes research transactions and gather necessary documents to develop a case file. At times, this may include check and ACH fraud.
Assist with incoming member calls to Risk Department.
Responsible for the accurate completion and timely filing of CTRs as well as reviewing reports to ensure non-member CTRs are completed timely.
Responsible for 314(a) record search and maintaining cases for any findings.
Performs monthly reviews and testing of OFAC due diligence to ensure credit union is compliant with OFAC rules. This includes sampling of member accounts, wires, IAT, etc.
Other project or duties as assigned relating to the Risk Management function of the credit union
Performance Measurements:
Ensure all fraud alerts and reports are attended to in a timely manner to prevent unnecessary losses to members and the credit union.
Ensure compliance with rules and regulations and internal policies and procedures governing plastic cards and electronic payments to mitigate risk of monetary losses.
Complete reports, file regulatory reports or provide necessary feedback in an organized and timely manner.
Research and resolve its that pose risk to the credit union or member in a timely manner.
Ensure accuracy and efficiency in processing transactions by achieving an error rate of 0% and meeting established timeline's.
Knowledge & Skills
Experience
Two to five years of similar experience or related experience
Education
A high school education or GED.
Interpersonal Skills
A significant level of trust and diplomacy is required, in addition to normal courtesy and tact. Work involves extensive personal contact with others and/or is usually of a personal or sensitive nature. Work may involve motivating or influencing others. Outside contacts become important and fostering sound relationships with other entities (companies and/or individuals) becomes necessary.
Other Skills
Self starter possessing the ability to work independently while supporting a team environment. Working knowledge of BSA/AML/CIP/OFAC regulations as well as VISA card network rules and regulation is required. Intermediate knowledge of MS Excel, Outlook and Word. Strong member service skills with the ability to effectively research and resolve issues and discrepancies. Ability to follow directions and apply proper policies, procedures, and guidelines. Strong organizational skills and case management is required. Experience with Verafin is helpful.