VP, Compliance Operations at Discover
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
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.
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.
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.
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.
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.