VP, Compliance Operations

| Chicago
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Discover. A brighter future.

With us, you’ll do meaningful work from Day 1. Our collaborative culture is built on three core behaviors: We Play to Win, We Get Better Every Day & We Succeed Together. And we mean it — we want you to grow and make a difference at one of the world's leading digital banking and payments companies. We value what makes you unique so that you have an opportunity to shine.

Come build your future, while being the reason millions of people find a brighter financial future with Discover.

Job Description  

Company Overview:

Discover Financial Services is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in 190 countries and territories.

Discover’s vision is to be the leading direct bank and payments partner and its mission is to help people spend smarter, manage debt better and save more so they achieve a brighter financial future.

At Discover, be part of a culture where diversity, teamwork and collaboration reign. Join a company that is just as employee-focused as it is on its customers, and which is consistently awarded for both. We’re all about people and our employees are why Discover is a great place to work. Be the reason we help millions of consumers build a brighter financial future and achieve yours along the way with a rewarding career.

Position Overview:

This role reports directly to the company’s Chief Compliance Officer and is responsible for managing all aspects of the Corporate Compliance Operations function to ensure the adherence to all relevant laws, regulations, and company policies. The VP Compliance Operations will lead teams responsible for maintaining the company’s framework for compliance risk management and will work closely with senior leaders across the organization to ensure effective implementation. This leader will directly oversee the functions of Compliance Training, Risk Assessment, Change Management (Regulations & Commitments) and Frameworks, Policy/Procedure Oversight & Governance.

Primary Responsibilities:

  • Establishes strategic direction and maintains an effective Enterprise-wide Compliance Management System (CMS) for all legal and regulatory requirements applicable to Discover Financial Services including the following elements:

  • Develops and maintains inventory of compliance control standards, including consumer regulatory requirements and customer commitments

  • Owns Regulatory Change Management process to ensure requirements remain up to date and are communicated to process owners

  • Develops and executes enterprise compliance programs, policies, standards and procedures which support the 1st Line in complying with requirements. Assists Compliance Advisory in monitoring 1st Line compliance with enterprise programs, policies, standards and procedures

  • Conducts Compliance Risk Assessment and Compliance maturity assessment

  • Oversees the development of and adherence to required compliance training for new and current employees

  • Develops and sets risk appetite and key risk indicators as well as reporting escalation thresholds

  • Ensures clear accountability for CMS execution and determines organization required, including skill and staffing needs, for Compliance Operations team to implement and maintain the CMS

  • Promotes an effective compliance culture within the company, supported by tone from the top, clear expectations, monitoring, and escalation

  • Supports the company’s Compliance Committee and compliance related subcommittees. Provides regular reporting to the Corporate and Bank Boards and the company’s Risk Committee regarding the state of the Compliance program and current and emerging compliance risks. Provides guidance to senior management and Board/Audit Committee members on the most significant compliance initiatives, identified compliance deficiencies, and corrective action taken or to be taken. Is expected to identify and share emerging compliance trends and opportunities to proactively mitigate risk for the organization in the future

  • Participates in regulatory and audit exams regarding compliance and leads or oversees corrective action associated with regulatory requirements or orders

  • Works closely with first line leaders, Legal and Audit to ensure understanding and adherence with compliance requirements that are applicable company-wide and to their organizations. Provides guidance, as needed, to process owners to help them plan for how to operationalize new or changed legal or regulatory requirements and Compliance initiatives

  • Maintains a thorough understanding of all relevant federal and state regulations and works closely with internal legal counsel and business teams to operationalize new or changing regulations into Compliance programs 

  • Ensures the Company is meeting all regulatory recordkeeping and reporting requirements

  • Actively engages in the development of the risk management strategy for the company, including achieving the company’s risk management goals of maintaining a risk aware culture, optimizing risk / reward in decision making, and developing and maintaining effective and efficient risk management program

Outcomes / Definition of Success (by end of 2021)

Assess current Compliance Operations organization, develop recommendations, and continue building the team to support the required program enhancements and build a sustainable CMS. Work with adjacent teams (i.e., Law, Business Risk Offices, Operational Risk) to clarify roles and responsibilities. Support successful execution of the Operational Excellence initiative, including successful delivery of tasks that are assigned to Compliance. Support / lead closure of regulatory and audit findings associated with the CMS. Ensure all gaps in the CMS are identified and drive actions to address, including enhancements to risk assessment, third party oversight, KRIs, non-consumer compliance, and regulatory change management. Deploy DMS Assess the current Compliance Learning Program and develop recommendations for continuous improvement and increased effectiveness and efficiency.

Qualifications:

  • Bachelors degree in Business, Finance or Law. Masters degree preferred.

  • Requires 10+ years of work experience in the area(s) of consumer banking, compliance, risk management, or legal

  • Hands-on, practical experience developing and delivering a comprehensive compliance program identifying, monitoring and controlling significant consumer regulatory risks (e.g., UDAAP, Fair Lending, Privacy) in a complex environment (e.g., multi-product, large scale business)

  • Deep understanding of the consumer finance industry, preferably with prior experience in consumer credit cards and ideally in some other Discover products: deposits, mortgages, student loans and personal loans.

  • Leadership and Influence: Prior experience developing, training and retaining a high-performing team of similar scale. Strong track-record of grooming successors. Good followership. Experience presenting to the Executive Leadership Team and preferably a Board

  • Track record of enhancing compliance programs to meet the needs of a heightened regulatory landscape. Track-record of building credible relationships with major regulators (OCC, FRB, FDIC, CFPB).

  • Change Management/Transformation: Proven success delivering large-scale transformation or change management projects across highly matrixed organizations, ideally experience remediating a consent order. Ability to quickly develop a strategy and drive identification of opportunities for innovation and improvement.

  • Risk Management Experience: Possess broad risk management experience and a deep understanding of the roles, responsibilities and interconnectedness of the three lines of defense.

  • #LI-ML2

What are you waiting for? Apply today!

The same way we treat our employees is how we treat all applicants – with respect. Discover Financial Services is an equal opportunity employer (EEO is the law). We thrive on diversity & inclusion. You will be treated fairly throughout our recruiting process and without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status in consideration for a career at Discover.

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Location

We're headquartered in the northwest suburbs of Chicago and have a downtown Chicago office known as “The 606.”

An Insider's view of Discover

What’s the vibe like in the office?

The cool thing about working at Discover is the wonderful collaborative environment we have and all the smart, talented and fun people we work with every day to continuously work on innovations.

Hiba

AWS Cloud Engineer

What does your typical day look like?

I enjoy working at Discover because I get to work with and collaborate with talented people who are passionate about what they do, and together we get to help others. We work constructively and cross-functionally to provide the best and newest products for our users and provide exceptional support for our customers!

Mandy

Project Manager, Advanced Analytics Platform

How does the company support your career growth?

There are two reasons I enjoy working at Discover. First, I enjoy the challenging and meaningful work. Second, my career path at Discover is mine to shape. My managers have supported me when I wanted to learn more and move within the company.

George

Senior Manager, Software Engineering

What is your vision for the company?

My vision of the company is that we create rewarding experiences in lives of our customers every day through analytics.

Kumar

SVP, CDO Advanced Analytics Platforms

What’s the vibe like in the office?

I love working at Discover because of how the company invests in its people and innovation. The environment is encouraging and the smart people around you makes it an amazing experience every day!

Brent

Director, Digital Analytics

What are Discover Perks + Benefits

Discover Benefits Overview

Start enjoying great benefits Day 1 — We support you with the same dedication we bring to all of our customers. Our comprehensive benefits package features first-class insurance, financial planning support and excellent perks designed to help you reach your goals and live a rich, healthy life.

Check out more of our amazing employee benefits at mydiscoverbenefits.com

Culture
Volunteer in local community
Discover’s business is built on helping people, and we invest in the community (Blessing Backpacks, Boys & Girls Clubs, Big Brothers/Sisters) to demonstrate our commitment to a brighter future.
Partners with Nonprofits
Friends outside of work
Intracompany committees
Open door policy
Team owned deliverables
Team based strategic planning
Group brainstorming sessions
Open office floor plan
Diversity
Dedicated Diversity/Inclusion Staff
Unconscious bias training
Diversity manifesto
Someone's primary function is managing the company’s diversity and inclusion initiatives
Diversity Employee Resource Groups
Hiring Practices that Promote Diversity
Health Insurance & Wellness Benefits
Flexible Spending Account (FSA)
You can open a separate Health Care FSA (HCFSA) and contribute up to $2,650 tax-free from your paycheck to reimburse yourself for eligible out-of-pocket expenses.
Disability Insurance
Employees receive Short-Term Disability Insurance at no cost.
Dental Benefits
Discover offers two dental plan options — Standard and Premier — both are administered by MetLife.
Vision Benefits
Discover offers two vision plan options — Standard and Premier through VSP.
Health Insurance Benefits
Discover offers a variety of medical plans for you and eligible family members, so that you can choose the benefit plan that suits your needs.
Life Insurance
As a Discover employee, you receive Basic Life Insurance of one times your HWEE (up to $500,000) at no cost to you.
Pet Insurance
Purchase medical coverage at a discounted rate for your beloved family pet. The more pets you insure, the greater the discount.
Wellness Programs
Help balance your work and personal life with a wide variety of free and discounted resource and referral services including family and relationship counseling and financial guidance.
Onsite Gym
Discover has fitness centers and Weight Watchers® programs at all five major locations.
Mental Health Benefits
Retirement & Stock Options Benefits
401(K)
You may elect to contribute 1% to 30% of your eligible base salary, commissions and bonus on a pre-tax basis, up to IRS limits every year.
401(K) Matching
Discover matches up to 6% of the pre-tax contributions you make to the 401(k) Plan.
Employee Stock Purchase Plan
The ESPP provides eligible employees with an opportunity to purchase shares of Discover common stock through payroll deductions at a 5% discount.
Performance Bonus
Match charitable contributions
Child Care & Parental Leave Benefits
Child Care Benefits
Generous Parental Leave
Flexible Work Schedule
Remote Work Program
Family Medical Leave
Adoption Assistance
Discover helps eligible employees and their families with the costs of adoption by reimbursing certain expenses.
Vacation & Time Off Benefits
Generous PTO
Discover has a Paid Time Off of 4 to 5 Weeks of paid time per year.
Paid Volunteer Time
Paid Holidays
Discover provides 7 paid holidays.
Paid Sick Days
Perks & Discounts
Casual Dress
Commuter Benefits
When you enroll in the Commuter Benefits Program at WageWorks, you’ll save on taxes on mass-transit passes, parking and other eligible expenses.
Company Outings
Game Room
Parking
Recreational Clubs
Relocation Assistance
Professional Development Benefits
Job Training & Conferences
Tuition Reimbursement
Discover provides tuition reimbursement and a full-ride bachelor's degree program for select online degree programs.
Diversity Program
Lunch and learns
Cross functional training encouraged
Promote from within
Mentorship program
Continuing Education stipend
Time allotted for learning
Online course subscriptions available
Paid industry certifications
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