Compliance Business Analyst III

Company

Federal Reserve Bank of Minneapolis

The Federal Reserve Bank of Minneapolis is seeking a Compliance Business Analyst for the newly formed Enterprise Compliance division to help build and implement a robust compliance function through collaborating with a wide variety of individuals and functions across Bank departments including senior management.

  

Enterprise Compliance partners and assists Bank management in assessing compliance risks inherent in their business with the potential for breaches and non-compliance, determining the effectiveness of the Bank’s compliance control environment, and asserting to the design and operating effectiveness of compliance controls at the Bank. This is a key role in keeping senior management informed on the state and health of compliance and potential effect on strategy.

The Bank believes in flexibility to balance the demands of work and life while also recognizing the necessity of connecting and collaborating with our colleagues in person.

Onsite work is an essential function of this position, and you are expected to be in the office 3 days per week for meetings and team collaboration, unless directed otherwise by your supervisor.

This posting was initially posted on 10/03/2024.

Job posting will close on 10/20/2024.

Responsibilities:

Compliance responsibilities include partnering with business lines to assess compliance risks, gauge the effectiveness of the compliance control environment, and report on the state of compliance at the Bank.  The Compliance Business Analyst will devote approximately 80 percent of their time to Compliance activities, and the remaining 20 percent to support AS 5 COSO SOX and Risk Management work. 

Enterprise Compliance responsibilities:


* Point of contact for 6-7 divisions for Compliance,


* Learn the business line and/or bank-wide processes to ensure internal policies and requirements are understood, compliance risks are monitored, identified, and managed, breaches and trends are reported, remediation plans developed as applicable.


* Partner with and assist divisions to identify and assess the compliance risks inherent in their business with the potential for breaches and non-compliance.


* Partner with and assist division to monitor and determine the design and operating effectiveness of the compliance control environment.


* Report to division management on compliance risk profile.

Other AS 5 COSO SOX and Risk management responsibilities include:


* Understand process, risk, and internal controls of in-scope ICFR activities.


* Evaluate the effectiveness of ICFR by conducting tests of department identified internal key controls.


* Prepare testing workpapers and assist in preparing reports, procedures, and presentations.


* Interact with various levels of department staff, including senior management, as appropriate.

Qualifications for Business Analyst III:


* Bachelor’s degree AND minimum of 5 years of ex...