AML/BSA Special Risk Analyst

Job Summary:

Works closely with senior management to define risk monitoring strategies, methodologies and tactics to effectively assess and mitigate risk for high risk lines of business, customer types and product offerings. Serves as subject-matter-expert within BSA Compliance and as liaison with the Lines of Business.

Job Duties and Responsibilities:

Designs, develops and operationalizes the assessment of inherent risk, controls and residual risk for high risk lines of business including Money Service Businesses (MSB) and Independent Sales Organizations (ISO). Conducts ongoing review of business practices, policies and procedures to ensure that business activities conform to sound practices consistent with the Company's defined risk appetite. Defines key risk indicators (KRI) to identify out of tolerance risk. Develops and applies controls, and oversees management of relationships.

• Builds relationships with business partners to develop and implement applicable qualitative and quantitative risk management tools and processes. Coordinates with various risk partners in the development and enhancement of controls and monitoring to maximize effectiveness of Risk Management while minimizing disruption to the business.
• Ensures the business is proactively utilizing process risk analysis techniques to identify risks for products, processes and projects. Provides expert advice to the business in terms of ensuring the Internal Controls risk framework is effectively implemented within the business as aligned to Basel framework and industry best-practice.
• Oversees the development of processes, controls and metrics that ensure successful BSA/AML/OFAC risk identification and mitigation. Assists the business in developing effective risk monitoring mechanisms such as mitigating controls, Key Risk Indicators (KRI), and control sample testing.
• Develops and implements tailored training to the lines of business on a periodic schedule to ensure awareness and understanding of BSA/AML/OFAC risk and risk mitigation expectations for high risk customer types (including but not limited to MSBs and ISOs). Implements corrective action training policy for violations of risk controls and escalates issues promptly through the Internal Controls framework.
• Ensures training leverages industry resources and internal processes for a comprehensive understanding of risk based on regulations and potential gaps within processes.
• Designs enhanced due diligence requirements and onsite visitation using a risk based approach. Serves as matrixed leader for monitoring of the high risk businesses, coordinates and communicates with the external high-risk entities, and escalates relationship concerns to senior management.
• Schedules on-site visitation in accordance with approved governance, to ensure risk is managed and mitigated appropriately. Defines red flags or triggers for periodic review indicative or heightened risk.
• Each team member is expected to be aware of risk within their functional area. This includes observing all policies, procedures, laws, regulations and risk limits specific to their role. Additionally, they should raise and report known or suspected violations to the appropriate Company authority in a timely fashion.
• Performs other related duties as required.

The information on this description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.

Synovus is an Equal Opportunity Employer committed to fostering an inclusive work environment

Originally posted on Himalayas