Director of FinTech Compliance Management System (CMS) Standards & Due Diligence
Who We Are
Cross River is a highly profitable, fast-growing financial technology company powering the future of financial services. Our comprehensive suite of innovative and scalable embedded payments, cards, and lending products deliver financial services for millions of businesses and consumers around the globe. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion.
We are on a mission to build the infrastructure that propels access, inclusion, and the democratization of financial services. While our company has tripled in size over the last three years, our strong sense of purpose led Cross River to be named to American Banker’s list of Best Places to Work in Fintech for the last 6 years. The reason for this success is simple – our nimble and collaborative family culture lives in every member of our growing team. Together we are at the forefront of technology and innovation, and we invite passionate, collaborative, and motivated high performers to join our expanding team.
With a primary focus on the new product and client onboarding, this role reports directly to the Deputy Chief Compliance Officer and is responsible for providing second-line compliance oversight, guidance, and support to the Bank’s business units and third-party relationships, including FinTech Partnerships, regarding its internal products, services and internal processes to ensure they are implemented in accordance with regulatory requirements and the expectations of Senior Management and the Board. Further, this role will work in partnership with Bank business units and Third-Party Relationships to develop appropriate compliance controls and assist in the resolution/remediation of internal Bank and external third-party compliance issues to continuously drive a strong culture of compliance and protect the interests of the Bank with a focus on setting standards for compliance on due diligence and change management for new products and features for existing relationships and products.
Who We Are:
Cross River is a highly profitable fast-growing financial technology company recognized for the third year in a row by CB Insights as one of the 250 best global fintechs. Our comprehensive suite of innovative products powers financial solutions with a strong focus on regulatory compliance for our partners and their millions of consumers around the world.
We are on a mission to build the infrastructure that propels access, inclusion and the democratization of financial services. While our company has tripled in size over the last three years, our strong sense of purpose led Cross River to be named to American Banker’s list of Best Places to Work in Fintech for the last 4 consecutive years. The reason for this success is simple --- our nimble, adaptive, and collaborative family culture lives in every member of our growing team. Together we are at the forefront of technology and innovation in financial services, and we invite collaborative and motivated high performers to join our rapidly expanding team.
Key Duties and Responsibilities:
- Responsible for the design, implementation, and maintenance of Cross River’s CMS functions related to FinTech Banking Compliance Standards for New Partner & Product Standards and Due Diligence for the Bank’s Third-Party Partners and Clients and for ensuring that these functions operate enterprise wide, across the product/service life cycle for both internal and third-party products/services.
- Establish and maintain processes for proactively identifying and assessing compliance risk across the product lifecycle and deploying compliance resources in accordance with those risks and the Company’s risk appetite as part of the due diligence and onboarding process.
- Oversight and establishment of change management processes covering both internal changes (e.g., new or modified products/services) and external changes (e.g., changes to law/regulation) that relate to new partner, product onboarding and due diligence processes.
- Oversee the development of processes for ensuring that the results of compliance oversight activities are effectively communicated to the Bank and its Third-Party Relationships and that responsive corrective actions: (1) addresses root causes, (2) include full and timely remediation, where appropriate, and (3) effectively mitigate compliance risk.
- Establish processes and standards for onboarding third-party providers and launching third-party products/services, which: (1) set clear expectations regarding third-party applicable compliance with laws, regulations, and Company policy; and (2) outline minimum standards for appropriate compliance controls, including the establishment of the third-party’s CMS and operational controls, which must be met prior to launch.
- Report status of projects, initiatives, and issues to the Deputy and Chief Compliance Officers, Senior Management and the Board and escalate issues, as necessary.
- Act as subject matter expert on the implementation of all federal consumer protection laws and regulations applicable to a New Jersey-state chartered, FDIC insured, financial institution (excluding BSA/AML/OFAC) by providing direction to business units on complex internal bank issues and represents compliance on complex issues/matters.
- Ensure compliance related issues are appropriately addressed and are effective in preventing recurrence by collaborating with management to develop solutions in enhancing and implementing the compliance oversight and control framework.
- Advise the business on the creation and assessment of operational compliance controls in response to identified issues and the launch of new or modified products and services within the FinTech CMS arena related to Due Diligence and New Client Onboarding or changes to products with third parties.
- Oversee the development, maintenance and execution of effective FinTech CMS Partner standards and effective internal controls for new and existing internal products, services, processes, or initiatives issued through the Bank’s Third Parties.
- Oversee the creation and updating of the Bank’s compliance-related policies, procedures, and disclosures, in relation to current and new regulatory requirements, and implementing/remediating gaps in existing policies and procedures involving areas of FinTech CMS Partner Standards and New Client and Product Onboarding and Change Management.
- Review results of testing, monitoring and/or audit, provide credible challenge to results, and recommend/assist the business units in the development of compliant solutions.
- Oversee the implementation of changes in regulations pertaining to the bank regulatory environment, including clearly communicating the impact of those changes to the business and advising management on any required changes to policies and procedures.
- Manage subordinate staff in the day-to-day performance of their duties.
- Ensure that project/department milestones/goals are met and conduct analysis of resources to ensure appropriate coverage of the team’s responsibilities.
- Maintain and expand expert knowledge of the regulatory landscape and the company’s key challenges.
- Prepare for Internal Audit reviews, Compliance Testing reviews, and regulatory examinations and inquiries.
- Oversee procedural and structural enhancements to Testing Group and assist in transition to new Testing Supervisor
- Provide consultive support and assistance as needed to Bank and FinTech CMS Directors and Deputy Directors
- Provide appropriate direction to outside consultants and contractors directly assigned or as requested
- Other duties as assigned by Deputy Chief Compliance Officer
- 10+ years’ experience working in banking regulatory related work including areas such as operational, corporate and consumer compliance
- 3+ years’ experience in managing and training subordinate staff
- Expertise in banking laws and regulations, as well as industry best practices.
- Thorough understanding of Bank and third-party processes and technologies utilized in banking
- Demonstrated ability to assess complex issues through root cause analysis and other analytical techniques; structure potential solutions; drive to resolution with senior stakeholders.
- Proven track record showing ability to manage multiple large projects and competing priorities.
- Excellent communication skills and ability to interact effectively with internal and external stakeholders at the non-executive and executive level. Effective persuasion skills, a proactive and “no surprises” approach to communicating issues, and strength in sustaining independent views.
- Strong presentation skills with the ability to articulate complex problems and solutions through concise and clear messaging.
- Extensive experience supporting regulatory exams and audits.
- High analytical and problem-solving skills
- Self-starter, strong attention to detail, team oriented, organized.
- Strong interest in technology and innovation. Prior fintech experience a plus.
- CRCM/JD and or direct regulatory experience a plus.
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Salary Range: $200,000 - $225,000
Cross River is an Equal Opportunity Employer. Cross River does not discriminate on the basis of race, religion, color, sex, gender identity, sexual orientation, age, non-disqualifying physical or mental disability, national origin, veteran status or any other basis covered by appropriate law. All employment is decided on the basis of qualifications, merit, and business need.
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