Remote Compliance Manager at MOHELA

JOB SUMMARY:

Responsible for the management and development of compliance and risk monitoring related to all loan programs and business lines. Develop and implement strategies that will identify and mitigate potential risks across various areas of operation.  This position will manage all aspects of the operational annual risk assessment and compliance monitoring program including mapping, development, testing, and corrective action monitoring and resolution. Risk mitigation management will include identifying and assessing operational risk, performing trending analysis, and reporting results to management on an ongoing basis. Work with the lines of business to execute root cause analysis and corrective action plans (CAP) resulting from a review or audit. Responsible for training team members on navigation of servicing system and testing environments as needed to perform 2^nd line of defense monitoring. Work with internal and external partners to ensure successful execution of all internal and external audits as needed. Maintains knowledge of related company, consumer and state law policies, contractual obligations, and business requirements in all leading portfolios.

Essential Duties and Responsibilities:

• Leadership:
  • Administer an environment to advocate on behalf of the borrowers we serve.
  • Provide direction, training, and development of team members to assure compliance with regulation and contractual requirements.
  • Promote ethical behavior of team members and the adherence of MOHELA policies and procedures.
  • Challenge others to develop as leaders while serving as a role model and mentor.
  • Manage the development of project teams by ensuring, when possible, that project tasks are in line with each team member’s expertise.
  • Inspire coworkers to attain goals and pursue excellence.
  • Apply critical thinking and decision making to identify opportunities for improvement and make and implement approved constructive documented recommendations for change.
  • Manage the process of innovative change effectively.
  • Stay up to date with industry trends and best practices and apply this knowledge to drive innovation and growth.
• Operational Annual Risk Assessment:
  • Develop in consultation with the Sr Director, Compliance an ongoing process of evaluating objectives, risks and controls as they relate to MOHELA’s annual operational risk assessment.
  • Utilize working knowledge of federal and state consumer law, operational policy and procedures, and compliance objectives to assist in the evaluation of the assessment. This will include an understanding of inherent risks and control effectiveness performed throughout the organization and the ongoing monitoring of applicable risks. The assessment will include mapping, evaluation, and result tracking and reporting. The risk-based assessment will be conducted annually but will be reviewed semi-annually for any additional inherent risk that has developed within the year. This will include providing feedback to compliance management related to changes in risk factors related to documented objectives and risks.
• Compliance Monitoring
  • Once the annual risk assessment is conducted, a compliance monitoring program will be developed, tested, and monitored for any ongoing risk throughout the year. Understand documented internal controls and testing criteria to manage the performance of evaluations and ongoing risk mitigation.
  • Assess the effectiveness of internal controls through internal operational testing and identify the need for additional controls or control improvements as needed. The Compliance monitoring schedule must be maintained and executed timely. 
  • The manager will work with other departments to resolve and close issues that are discovered in the monitoring process.
• Root Cause Analysis
  • Perform root cause analysis of issues discovered in the operational monitoring process. Work to resolve and prevent future recurrences by addressing the fundamental issues that lead to the error in performance. This will include ongoing reporting to management.
• Monitoring and Corrective Action
  • Track and monitor any findings or improvement opportunities identified during evaluations which require corrective action for the business. When necessary, coordinate the creation of corrective action plans with business process owners and follow up on all aspects of those plans to ensure that corrective action is completed successfully and timely. 
  • Report results of required corrective action to Compliance management teams.
  • Follow up with individual department leadership to ensure successful implementation of corrective action plans both internal and external.
• Training
  • Conduct training to team members related to MOHELA’s servicing platforms.
  • Create training manuals and written procedures of how to navigate system activity in relation to various monitoring events. 
• Communication
  • Create and distribute written communications in regard to monitoring reviews. Effectively interact with other MOHELA management staff and external parties for the purpose of gathering and providing information related to servicing.
  • Assist with the creation and presentation of monitoring review progress, issues and solutions.
  • Effectively and professionally communicate with all business partners.
• Department Liaison
  • Support all areas within MOHELA to assist with efforts to assure that operational procedures and process flows are updated, as required. Responsible for the coordination of efforts to compile and provide deliverables related to Compliance and internal controls.

MINIMUM REQUIREMENTS

• Bachelor’s degree in business or similar. Additional equivalent experience may substitute for the degree.
• 2 years of supervisory experience required
• 6 years of student loan experience with a preference for a minimum of 4 years in compliance or risk 
• Strong written communications
• The ability to obtain and maintain a 6C Federal Security clearance.
• Advanced proficiency on Microsoft Word, Excel, and PowerPoint
• Excellent verbal communication skills
• Overnight travel may be required

PREFERRED QUALIFICATIONS:

• Government Contracting Relationship Management experience
• Experience with the Federal Student Aid system as well as Fiserv