at Live Oak Bank • Wilmington Headquarters(View all jobs)
Position Summary: The Compliance Officer has responsibility for 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 Compliance Officer, directly or through oversight responsibility:
- Serve as the Bank’s Subject Matter Expert (SME) for regulatory compliance, specifically regarding depository regulations and electronic banking.
- Assist with an annual risk assessment that supports and drives the prioritization and thoroughness of the compliance plan.
- Monitor implementation of the compliance work plan, including regular testing and review of department activities.
- Independently investigate and act on matters related to compliance.
- 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.
- Participate in compliance reviews of marketing activities.
- Respond and track customer complaints.
- Work with business unit managers to prepare risk assessments of new products and services for presentation to the Corporate Risk Committee (CRC).
Physical Demands/Work Environment Requirements: