Compliance Specialist Compliance Specialist …

Federal Reserve Bank of Boston
in Boston, MA, United States
Permanent, Full time
Be the first to apply
Competitive
Federal Reserve Bank of Boston
in Boston, MA, United States
Permanent, Full time
Be the first to apply
Competitive
Compliance Specialist
Compliance Specialist

Job Summary

This position is responsible for assisting in the assessment of the effectiveness and efficiency of the Cash operation and safeguarding of assets. 

Principal Accountabilities

  1. Participate in all Cash management audit review activities, external audits and COSO testing under general supervision, including performing various tests, live observations and video review of all valuables handling areas, conducting financial audits, and reviewing financial reporting. Ensure compliance with TCOM, CCPS, and procedures for the Cash Services Department and offsite locations by reviewing, verifying and analyzing transactions, records, and reports. trend analysis of differences and investigate unusual trends and outlier data or other unusual internal or external events. Organize and maintain other compliance related documentation.

  2.  Analyze internal and custody controls. Evaluate risks and determine the effectiveness of controls regarding the reliability and integrity of financial and operational information, and compliance with applicable rules and regulations. Identify and assess impact of audit exceptions or findings, then make appropriate recommendations for remediation. Present clear, concise, and convincing explanations of the issues with management. Prepare high quality and comprehensive written reports on observations. Appraise the adequacy of corrective actions taken to address audit exceptions or findings.

  3. Maintain expert knowledge and monitor trends in areas of auditing, compliance, risk management and security by keeping abreast of Treasury and Federal Reserve and other regulations, and System and Bank initiatives impacting Cash. Recommend changes to procedures and compliance requirements, formulate flowcharts of processes, and ensure department procedures are updated. Develop new or revise existing compliance review programs to keep up with changes in national guidance.

  4. Research and analyze differences in incoming deposits associated with processed currency. Perform research on customer claims and disputes. Serve as the point of contact with all 1st District financial institutions and armored carriers for resolving differences and quality issues.

  5. Review, verify, and analyze transactions, records, reports, and procedures for accuracy and effectiveness. Perform a detailed review to confirm all accounts, including general ledger balances. Conduct reconciliation of balances as appropriate. Review video surveillance system reports and ensure appropriate camera views.

  6. Assist other audit entities with complete and timely requests for information.

  7. Collaborate effectively with operational units, and actively contribute to compliance review meetings with management.

  8.  Assist with training, job shadowing and cross-training as assigned.

  9.  Assist in the maintenance and review of the video surveillance system.

  10. Prepare clear and concise reports that document tests results and observations.

  11.  Participate in Department, Bank and System projects as assigned.

Other Accountabilities

Perform other duties as assigned, including, but not limited to, strict adherence to custody control guidelines.

Supervision

This position is not required to directly supervise others.

Knowledge and Experience

Knowledge and experience normally acquired through, or equivalent to, a Bachelor's degree (completed or in progress) in a business related field and a minimum of 1 year of auditing or operational experience.

    Audit skills, ability to influence and persuade.

    Strong interpersonal and communication skills, both oral and written.

    Analytical, problem solving, critical thinking, organizational, time management and strong command of the Microsoft Office Suite.

    Demonstrated ability to gain expert knowledge of the Cash operation procedures and technology, custody control standards and Treasury regulations.

    Demonstrate professional presence and initiative.

    Ability to work independently and collaboratively, in addition to managing multiple and conflicting priorities.

    Flexible, innovative and open to change while being able to work in a controlled environment.

    A driver's license is required for limited travel to offsite facilities in New England.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.

The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time. 

The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
 
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
 
The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all duties and responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

Job Summary

This position is responsible for assisting in the assessment of the effectiveness and efficiency of the Cash operation and safeguarding of assets. 

Principal Accountabilities

  1. Participate in all Cash management audit review activities, external audits and COSO testing under general supervision, including performing various tests, live observations and video review of all valuables handling areas, conducting financial audits, and reviewing financial reporting. Ensure compliance with TCOM, CCPS, and procedures for the Cash Services Department and offsite locations by reviewing, verifying and analyzing transactions, records, and reports. trend analysis of differences and investigate unusual trends and outlier data or other unusual internal or external events. Organize and maintain other compliance related documentation.

  2.  Analyze internal and custody controls. Evaluate risks and determine the effectiveness of controls regarding the reliability and integrity of financial and operational information, and compliance with applicable rules and regulations. Identify and assess impact of audit exceptions or findings, then make appropriate recommendations for remediation. Present clear, concise, and convincing explanations of the issues with management. Prepare high quality and comprehensive written reports on observations. Appraise the adequacy of corrective actions taken to address audit exceptions or findings.

  3. Maintain expert knowledge and monitor trends in areas of auditing, compliance, risk management and security by keeping abreast of Treasury and Federal Reserve and other regulations, and System and Bank initiatives impacting Cash. Recommend changes to procedures and compliance requirements, formulate flowcharts of processes, and ensure department procedures are updated. Develop new or revise existing compliance review programs to keep up with changes in national guidance.

  4. Research and analyze differences in incoming deposits associated with processed currency. Perform research on customer claims and disputes. Serve as the point of contact with all 1st District financial institutions and armored carriers for resolving differences and quality issues.

  5. Review, verify, and analyze transactions, records, reports, and procedures for accuracy and effectiveness. Perform a detailed review to confirm all accounts, including general ledger balances. Conduct reconciliation of balances as appropriate. Review video surveillance system reports and ensure appropriate camera views.

  6. Assist other audit entities with complete and timely requests for information.

  7. Collaborate effectively with operational units, and actively contribute to compliance review meetings with management.

  8.  Assist with training, job shadowing and cross-training as assigned.

  9.  Assist in the maintenance and review of the video surveillance system.

  10. Prepare clear and concise reports that document tests results and observations.

  11.  Participate in Department, Bank and System projects as assigned.

Other Accountabilities

Perform other duties as assigned, including, but not limited to, strict adherence to custody control guidelines.

Supervision

This position is not required to directly supervise others.

Knowledge and Experience

Knowledge and experience normally acquired through, or equivalent to, a Bachelor's degree (completed or in progress) in a business related field and a minimum of 1 year of auditing or operational experience.

    Audit skills, ability to influence and persuade.

    Strong interpersonal and communication skills, both oral and written.

    Analytical, problem solving, critical thinking, organizational, time management and strong command of the Microsoft Office Suite.

    Demonstrated ability to gain expert knowledge of the Cash operation procedures and technology, custody control standards and Treasury regulations.

    Demonstrate professional presence and initiative.

    Ability to work independently and collaboratively, in addition to managing multiple and conflicting priorities.

    Flexible, innovative and open to change while being able to work in a controlled environment.

    A driver's license is required for limited travel to offsite facilities in New England.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.

The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time. 

The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
 
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
 
The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all duties and responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.


Primary Location: MA-Boston
Work Locations:
Organization: Federal Reserve Bank of Boston
Schedule: Full-time
Job Type: Experienced
Shift: Day Job
Travel: No
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