Regulatory Issue Validation Officer, Cross River
$170-190k
Office located in Fort Lee, NJ
Banking and fintech services
Open for applications
Banking and fintech services
1001+ employees
Open for applications
$170-190k
Office located in Fort Lee, NJ
1001+ employees
Company mission
To enable clients to deliver responsible financial solutions that empower consumers anytime, everywhere.
Role
Who you are
- The Regulatory Issue Validation Officer is a self-starter who has the energy and enthusiasm to take on an important role within Internal Audit's (IA) Professional Practices IA & Administration function
- Bachelor’s Degree Required – Accounting or Finance preferred
- Ten or more years of experience in Internal Audit within the financial services sector
- Experience with the financial industry and related markets, regulatory bodies, and current industry events and trends
- Experience organizing and tracking regulatory issues and responses, including effectively tracking milestones, and completing status reporting
- Experience reviewing and challenging proposed corrective actions, ensuring regulatory issues are addressed timely
- Showed strength in technology as required for assigned areas (MS Office, audit data analytics, etc.)
- Strong understanding of risk governance frameworks and U.S. Regulatory Expectations (i.e. OCC, FRB, FDIC, CFPB and etc.) for U.S. Banking organizations, in multiple risk areas (operational risk, compliance, financial risk, IT, TPRM and etc.)
- Strong analytical and problem-solving skills
- Strong verbal and written communication skills
- Experience working with financial industry regulators, including OCC, FRB, and/or FDIC
- Relevant certification of industry accreditation (e.g. CIA, CRMA, CRCM, CAMS and etc.) preferred
- Experience in regulated financial services environment with direct interactions with regulators preferred
- Experience from various financial institutions (preferably in Capital Markets and/or Retail banking focus) preferred
What the job involves
- This role evaluates organizational business risks, develops and communicates an issue validation plan, leads and executes audits, and recommends improvements to internal controls and operating processes
- Completes the roles activities under the direction of the Head of Professional Practices IA & Administration and/or the Chief Internal Auditor and implements corporate and divisional strategic plans
- Responsible for IA’s regulatory issue activities and tracking/reporting of the IA teams’ validation results/status that will be communicated to the Audit Committee, as well as to key internal stakeholders
- Scope, develop and prioritize plans for IA's strategic initiatives to fulfill Regulatory issue requirements and complete the required validation work
- Support and advise IA Portfolio Managers (PM) on regulators expectations and potential enhancements to IA’s approach or remediation action plans as discussed during the course of exams, ongoing supervisory events and inquiries (prior to firm’s interactions/responses)
- Ensure integrated activities across regulatory responses and remediation activities are well coordinated
- Review/challenge proposed corrective actions/IA’s remediation approaches to ensure that they address the regulatory issues
- Monitor IA’s progress in completing undertakings made to regulators during the course of inquiries and exams
- Persistently follow-up with IA teams to ensure that the appropriate information is obtained and recorded in a timely manner
- Identify and effectively escalate potential issues to the appropriate IA PM with appropriate solution(s) proposed
- Respond to ad-hoc data requests from various stakeholders by coordinating with other CRB departments and other internal stakeholder working groups
Our take
Cross River is a fintech and banking company that builds scalable embedded payments, cards, lending, and crypto solutions for businesses and individuals. Now a unicorn company with a valuation exceeding $1 billion, Cross River was founded in 2008 as a way to combine the innovations of financial technology with the existing world of banking.
Cross River has partnered with rising fintech businesses such as Ibanera, helping the Florida-based company build an all-in-one cross-border payments service. The company’s bigger picture approach has allowed it to develop several arms in the lending, compliance, and capital market sectors, amongst others, leading to a corporate flexibility that is crucial in the rapidly-evolving market.
Cross River was named as one of several companies under investigation for facilitating PPP fraud in the US as of December 2022. It has also come under intense scrutiny from the FDIC for allegations of unsafe banking practices in relation to its lending activities, with a consent order issued in March 2023. In the wake of the FTX and Silicon Valley Bank collapses the regulatory environment is getting tougher and Cross River clearly needs to ensure its processes and activities are compliant with the law if it is going to return to its previous position of growth.
Freddie
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 4 rounds)
Mar 2022
$620m
LATE VC
Apr 2020
$100m
SERIES C
Total funding: $848m
Company benefits
- Retirement planning
- Employee development fund
- Ongoing learning and development opportunities
- Volunteer opportunities
- Charitable donation matching
- Monthly happy hours
- Free haircuts in our salon located at HQ
- Complimentary dry cleaning at HQ
- Valet parking at HQ
- Shuttle service to/from NYC
- Gym located at HQ
- River Cafe at HQ
Company values
- Humility
- Integrity
- Creativity
- Compassion
- Responsibility
Company HQ
Fort Lee, NJ
Articles
Leadership
Gilles Gade
(CEO & Chariman)Previously CFO at First Meridian Mortgage, Co-Founder and Managing Director at Chela Technology Partners, Associate Director at Barclays Capital and Investment Banking Associate at Bear Stearns & Company.
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