CRA Risk Manager
The Community Reinvestment Act (CRA) Risk Manager assists in engaging other Compliance and Operational Risk officers to provide comprehensive oversight of FLU/CF activities. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line's risk management activities. The Risk Manager also assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries.
- Produces and/or oversees the development of independent risk management reporting as input into governance and management routines.
- Contributes to participation in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation, and key influencers in the EAC subject area to identify and mitigate emerging risks.
- Identifies regulatory training needs and provides subject matter expertise to support the development of training curriculum.
- Develops and maintains C&OR-owned policies/standards and reviews relevant FLU/CF-owned policies and standards to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable.
- Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventory.
- Identifies, aggregates, reports, escalates, inspects, and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements.
- Ensures C&OR "owned" issues and control enhancements are identified and addressed appropriately and timely.
- Contributes to or leads development of risk coverage plans, executes and / or oversees execution of monitoring, testing and risk assessments, and communicates results.
- Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA) related to EAC themes or trends.
- Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate.
- Participates in Scenario Analysis activities for coverage areas and challenges as appropriate.
- Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation.
The Community Reinvestment Act (CRA) Risk Manager is a subject matter expert on specific processes, controls, laws, rules and/or regulations that have enterprise-wide applicability, affecting two or more Front Line Units ("FLU") or Control Functions ("CF"). Seeking an experienced risk professional familiar with the Compliance and Operational Risk operating standards and the "enterprise area of coverage" (EAC) model within Risk. The primary role of the Community Reinvestment Act (CRA) risk officer is ensuring the risk coverage plan is sufficient in overseeing compliance and performance reporting of obligations under the Community Reinvestment Act Officer is to ensure proper adherence to the provisions and intent of the Community Reinvestment Act (CRA) so that the goals of meeting the credit, service and investment needs of the communities the Bank serves, including low- and moderate-income neighborhoods, are met. This role is on the Fair lending Consumer Compliance and Operational risk team, exercises judgment, influence, and may constructively challenge the FLU and control function leaders to mitigate and remediate risk, balancing business strategy with appropriate controls.
- Data integrity monitoring and testing ensuring the data used in the performance assessment is accurate and qualifies for credit under the CRA.
- Challenging CRA goals and ensuring the accuracy of quarterly performance assessments and executive reporting.
- Overseeing the Company's implementation of CRA regulatory reform •Issue management including eIMS.
- Establishing key risk indicators and integrating into existing escalation and reporting routines.
- Establishing and maintaining a law, rule, regulation inventory of CRA and CRA-related regulations.
- Establishing a stand-alone, CRA-specific compliance and operational risk assessment for areas of the company subject to CRA performance goals.
- Updates and oversight of the front-line unit's enterprise CRA Policy.
- 5+ years of compliance and operational risk experience.
- Knowledge of LRR Inventory, Risk Assessment, Monitoring & testing, Issue Mgmt., Reporting & Escalations.
- Demonstrated strong written and verbal communication skills are required. Candidates will need to be able to work across the Enterprise to complete their responsibilities. This candidate will need to work regularly with the banks CRA officer in the first line of defense as well as various FLUs who contribute performance to CRA (Lending service and investment).
- Previous management experience.
- In depth knowledge of or certification in law, rule, regulation, or area of coverage.