Compliance Officer I-Newline Compliance at Fifth Third Bank

Cincinnati, Ohio, United States

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Not SpecifiedCompensation

Junior (1 to 2 years)Experience Level

Full TimeJob Type

UnknownVisa

Banking, Financial ServicesIndustries

Requirements

Bachelor's degree or equivalent work experience
Zero to three (0-3) years’ experience as Officer or equivalent work experience
Demonstrates working or functional proficiency in software applications (Microsoft Office Suite) without assistance and minimal supervision
Able to understand and conceptualize basic statistical analysis and theories
Solid experience in manipulating (validating, correcting, reformatting, and transforming) data into more than one format (e.g., spreadsheets, flat files, databases, etc.)
Strong understanding of mortgage products
Advanced understanding of consumer finance and of Fifth Third (incomplete in description)

Responsibilities

Leads in the identification and assessment of risks (Electronic Funds Transfer, Truth in Lending, Equal Credit Opportunity Act, and UDAP/UDAAP)
Executes procedures to evaluate the Bancorp's compliance with laws, regulations, and industry standards
Develops and executes strategies for closing gaps in performance
Participates in the analysis of lending policies and procedures, including scoring systems, strategic priorities, market share data, lending trends, external influences, current regulatory focuses, previous examination findings, and input from Audit
Conducts interviews and discussions with managers at all levels to understand the lending process, lending guidelines, and Technology platforms
Analyzes data by numerous delivery channels, geographic area, product types, facility, and even employee or officer to identify risks
Develops and recommends scope or target for the Review, corrective action, or performance gap closure
Assesses the adequacy of the business units'/affiliates' 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)
Participates and/or leads regular meetings with peers to build and maintain knowledge of current and emerging issues and risk in the environment
Recommends solutions based upon subject matter expertise to Regulatory Monitoring and Change management Program ownership
Recommends protocols for compliance testing
Contributes updates to the compliance risk assessment
Supports post-implementation validation based on risk rating
Reviews reporting from the Councils for use by the Regulatory Change management Committee
Areas of responsibility include consumer, commercial, Wealth & Asset Management, testing & practices, financial Crimes, and all other relevant and applicable laws and regulations
Provides employees timely, candid, and constructive performance feedback; develops employees to their fullest potential; provides challenging opportunities that enhance employee career growth; develops the appropriate talent pool for bench strength and succession planning; recognizes and rewards employees for accomplishments

Skills

Key technologies and capabilities for this role

ComplianceRisk AssessmentElectronic Funds TransferTruth in LendingEqual Credit Opportunity ActUDAPUDAAPLending PoliciesRegulatory AnalysisData AnalysisAuditCorrective Action

Questions & Answers

Common questions about this position

Is this a remote position or does it require office work?

This information is not specified in the job description.

What are the key skills required for the Compliance Officer role?

Key skills include expertise in risk identification and assessment for areas like Electronic Funds Transfer, Truth in Lending, Equal Credit Opportunity Act, and UDAP/UDAAP; analyzing lending policies, procedures, data, and trends; conducting interviews and discussions; and developing strategies for closing performance gaps.

What is the salary or compensation for this position?

This information is not specified in the job description.

What does the work environment or team structure look like?

The role involves working mostly self-directed with minimal supervisory oversight, collaborating within department and cross-department teams, and participating or leading regular meetings with peers.

What makes a strong candidate for this Compliance Officer position?

Strong candidates demonstrate subject matter expertise in compliance risks, ability to analyze complex data and lending processes, experience assessing corrective actions, and skills in reporting findings to senior management.

Fifth Third Bank

Provides banking, loans, and wealth management services

About Fifth Third Bank

Fifth Third Bank offers a variety of financial services, including personal and business banking, loans, mortgages, credit lines, and insurance products. Their services cater to individual consumers, small businesses, and commercial clients, providing comprehensive solutions for managing finances. The bank generates revenue through interest on loans, service fees, and commissions from insurance and investment products. Unlike many competitors, Fifth Third Bank emphasizes community engagement and financial education, providing resources to help clients improve their financial literacy. The goal of Fifth Third Bank is to support clients in achieving their financial objectives while fostering a strong connection with the communities they serve.

Cincinnati, OhioHeadquarters

1858Year Founded

IPOCompany Stage

Social Impact, Financial ServicesIndustries

10,001+Employees

Benefits

Health Insurance

Paid Sick Leave

Paid Holidays

Performance Bonus

Flexible Work Hours

Risks

Rising interest rates may decrease demand for loans and mortgages.

Competition from fintechs like Robinhood threatens Fifth Third's wealth management sector.

Sophisticated cybersecurity threats pose risks to customer data and trust.

Differentiation

Fifth Third Bank offers comprehensive financial solutions for individuals and businesses.

The bank emphasizes community engagement and financial education for client empowerment.

It provides a wide range of insurance products, including life, health, and disability.

Upsides

Increased demand for digital banking boosts Fifth Third Bank's online service offerings.

Partnerships with fintech enhance technological capabilities and customer experience.

Growing interest in sustainable finance attracts environmentally conscious customers.

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