Chief Compliance Officer

Job Description

At OceanFirst Bank, each one of our employees plays an important role in fulfilling the mission and taking responsibility to execute daily tasks in alignment with our core values. Together we foster an environment of respect, professionalism and diversity that makes OceanFirst a great place to work and do business.

Great benefits include: on-site fitness facility at Red Bank and Toms River headquarter offices, hybrid schedule after initial onboarding has been completed (3 days in office, 2 days remote), employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more! Apply today to #BecomeOceanFirst and make an impact in the local community!

PRIMARY PURPOSE:

The Chief Compliance Officer (CCO) oversees and directs the Bank’s compliance management program which includes consumer protection, fair lending, Community Reinvestment Act (CRA), privacy of consumer financial information, anti-money laundering and Bank Secrecy Act (AML/BSA), Office of Foreign Asset Control (OFAC) and any other applicable law and regulation. In addition to responsibility for daily oversight and management of the Bank’s compliance management program, the CCO will be charged with administering compliance risk assessments, compliance training, compliance monitoring and reporting to both Executive Management and the Board. This individual will also be responsible for proactively identifying, planning, and implementing enhancements to the Bank’s compliance risk management practices to keep pace with regulatory change, the Bank’s growth, and/or changes in the complexity of Bank’s operations.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

1. Responsible for the Bank’s compliance management program. Develops, implements, administers, and manages the compliance program including compliance with all applicable consumer regulations, BSA/AML/OFAC regulations, and any other applicable law and regulation, including but not limited to Fair Lending, Unfair and Deceptive Acts or Practices (UDAAP), deposit and lending disclosures, and CRA.

2. Monitors lending, deposit, and reporting functions to ensure those programs are well designed and executed to meet regulatory compliance expectations through appropriate policies, procedures, controls, reporting, training, and resource allocation.

3. Communicates with line of business management to ensure all relevant compliance responsibilities are known, risks are identified, and processes and controls are in place to effectively manage the Bank’s compliance risk profile within the approved risk appetite. Supports a culture of partnership and teamwork with lines of businesses that supports regulatory compliance and safe and sound operations.

4. Serves as the second line of defense in the Bank’s Compliance Management System (CMS). In that role, oversees risk control and compliance risk-related functions, provides guidance and oversight of the business lines serving as the first line of defense and monitors their compliance with applicable policies and procedures. Collaborates with first line of defense to ensure monitoring programs and controls effectively promote compliance with all applicable regulations, internal policies, and procedures.

5. Periodically monitors and tests processes and procedures to determine compliance with data collection and reporting as it relates to CRA and Fair Lending, including HMDA. Ensures proper, accurate, and timely regulatory submissions of those data.

6. Oversees the BSA Officer and the Bank’s Bank Secrecy Act/Anti-Money Laundering/Office of Foreign Assets Control Program.

7. Oversees the Fair Banking Officer and the Bank’s Fair Banking program.

8. Provides thought leadership for compliance issues and serves as subject matter resource for the Bank’s Executive Management and Board. Provides advice in the development of new deposit or loan products to ensure those products are developed in compliance with applicable laws and regulations.

9. Establishes and maintains positive, collaborative relationships with business line managers responsible for lending, deposit, and investment activities. Advises them with respect to compliance requirements, policies and procedures.

10. Cultivates professional relationships with external regulatory agency representatives, industry leaders, and regulatory/compliance consulting groups. Serves as liaison to regulatory agencies, internal and external auditors, and external legal counsel for all compliance related matters with support from CRO. Leads responses to exam and audit concerns, oversees corrective action of all matters related to examination findings, and responds on behalf of the Bank to regulatory proposals relating to compliance.

11. Stays connected with peer organizations and regulatory community to ensure OFB is driving leading edge compliance management.

12. Oversees the preparation of materials and presents periodic reports to the Bank’s Board of Directors and/or Board Committees, as well as relevant management committees addressing compliance and monitoring results and the results from applicable regulatory compliance examinations. Ensures all compliance reporting and/or remediation activities is completed by the responsible parties and distributed timely.

13. Remains current on industry, risk management, regulatory and compliance trends, and changes to laws and regulations relevant to the Bank, including BSA/AML/OFAC, Compliance, Fair Lending, UDAAP, and CRA regulations and ensures that any changes to applicable laws or regulations are properly incorporated in the Bank’s policies and procedures.

14. Conducts periodic compliance risk assessments and reports the results of those assessments to the appropriate parties, including business line managers and the Bank’s Executive Management and Board.

15. Monitors compliance with all applicable regulations, as well as regulatory agency guidelines and Bank policies, relating to the Bank’s compliance program and all applicable laws and regulations.

16. Monitors Bank compliance staff compliance with bank-wide policies, including but not limited to, record retention, vendor management, business continuity, model risk, and data classification.

17. Ensures that all compliance staff members understand applicable compliance standards and disclosure requirements and are appropriately cross trained to ensure departmental resiliency.

18. Provides leadership of direct reports, including the establishment of goals and objectives followed by annual review and evaluation with proper counseling of performance and development plans.