Principal Compliance Program Specialist - Compliance Monitoring and Testing

Discover Financial Services; Riverwoods (IL); On-site; USD 91,000 - 154,000; Full time

Job summary

Join a forward-thinking company as a Principal Compliance Program Specialist, where you'll play a vital role in enhancing compliance programs and ensuring regulatory adherence. This position offers the opportunity to engage in meaningful work that impacts the financial futures of millions. Your expertise in compliance management and risk assessment will be crucial in executing monitoring and testing initiatives. Collaborate with a team dedicated to fostering a culture of compliance and transparency. If you're ready to make a difference in a dynamic environment that values your unique contributions, this is the perfect opportunity for you.

Benefits

Paid Parental Leave

Paid Time Off

401(k) Plan

Medical, Dental, Vision Insurance

Short and Long Term Disability Insurance

Life Insurance

Education Assistance

Commuter Benefits

Employee Stock Purchase Plan

Qualifications

• 6+ years of experience in Compliance or related field.
• Strong knowledge of regulatory requirements and compliance testing.

Responsibilities

• Execute and enhance compliance program components.
• Conduct risk-based compliance monitoring and testing.
• Manage compliance risks and escalate issues to management.

Skills

Compliance Management

Risk Management

Regulatory Compliance

Communication Skills

Analytical Skills

Education

Bachelor’s degree in Business Administration

Bachelor’s degree in Accounting

Bachelor’s degree in Finance

Bachelor’s degree in Law

Master’s degree in Business Administration

Job description

Principal Compliance Program Specialist - Compliance Monitoring and Testing

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:

What You’ll Do

The Principal Compliance Program Specialist is responsible for executing, maintaining and enhancing department or functional units in support of the overall compliance program elements. Actively manages and escalates risk and issues within the day-to-day role to management. Additionally, this role will have periodic involvement in exams and audits, including drafting responses; will lead and participate in cross-team Compliance department projects; and provide reporting to management on CMS risks. The Principal Compliance Specialist – Monitoring and Testing within Corporate Compliance performs a key second line of defense role by helping to ensure regulatory requirements are met by our consumer banking lines of business. The Principal Compliance Specialist will be responsible for executing risk-based compliance monitoring and testing for the purpose of independently validating business line adherence to applicable laws and regulations. The position requires experience in the design and execution of compliance monitoring and testing, including test script development, issues management, and reporting, as well as regulatory compliance knowledge.

How You’ll Do It

• Executes, maintains and enhances compliance program components. Manages the development of processes and practices with respect to risks, controls and regulatory requirements identifying gaps and issues.
• Research compliance requirements and evaluate adequacy of policies, procedures, training and reference materials, system and manual processes.
• Partners with management in the development, implementation, and maintenance of compliance programs and a culture of compliance.
• Creates and updates status reports of program initiatives, activities, and compliance risks to management and committees.
• Execution of risk-based compliance monitoring and testing in accordance with Compliance methodology and procedures.
• Development of test scripts to support assigned compliance reviews.
• Ensure test scripts are properly designed to identify non-compliance with applicable laws and regulations.
• Systematically retain documents to support results of compliance reviews.
• Manages scheduling to ensure all tasks and reporting are completed in a timely manner.
• Performs effective root cause analysis and obtains corrective action plans from lines of business.
• Assists with the drafting of issues and the formal report.
• Actively manages and escalates compliance risk and customer-impacting issues identified within their day-to-day role to their leadership.
• Responsible for overall integrity and quality of work performed.
• Maintains a high level of awareness and knowledge of regulatory requirements.

Qualifications You’ll Need
The Basics

• Bachelor’s degree in Business Administration and Management, Accounting, Finance or Law
• 6+ years of experience in Compliance, law, risk management experience, or related field
• 1+ years of relevant experience in the financial services industry
• In Lieu of Education: 8+ years of experience in Compliance, law, risk management experience, or related field

Physical and Cognitive Requirements

• Primarily remain in stationary position.
• Occasionally move about the work environment to complete the major responsibilities of the job.
• Ability to transport physical objects up to 10 pounds (5 kg).
• Primarily performed indoors in an office setting.
• Ability to operate office equipment such as but not limited to computer, telephone, printer, and calculator.
• Ability to communicate verbally; Ability to communicate in written form.
• Travel up to 10% of the time.

Bonus Points If You Have

• Master’s degree in law, Business Administration and Management or Finance.
• 6+ years of experience with reinforcing a risk culture of compliance and transparency, risk identification and assessment processes, knowledge and understanding of compliance laws and regulations, Compliance Management System components related to policies and procedures, and clear communication of intended procedural expectations and process.
• 6+ years of experience with effective communication (written and verbal) that includes core components of active listening, persuasiveness, collaboration, and conciseness when meeting with and presenting to peers, various levels of leadership and other lines of business. Build partnerships and work collaboratively with others to meet shared objectives and optimize work processes with a focus on continuous improvement.

Discover will not sponsor or transfer employment work visas for this position. Applicants must be currently authorized to work in the United States on a full-time basis.

Application Deadline: The application window for this position is anticipated to close on Mar-19-2025. We encourage you to apply as soon as possible. The posting may be available past this date, but it is not guaranteed.

Compensation: The base pay for this position generally ranges between $91,000.00 to $153,400.00. Additional incentives may be provided as part of a market competitive total compensation package. Factors, such as but not limited to, geographical location, relevant experience, education, and skill level may impact the pay for this position.

Benefits: We also offer a range of benefits and programs based on eligibility. These benefits include:

• Paid Parental Leave
• Paid Time Off
• 401(k) Plan
• Medical, Dental, Vision, & Health Savings Account
• Short and Long Term Disability, Life, and Accidental Death & Dismemberment insurances
• Recognition Program
• Education Assistance
• Commuter Benefits
• Family Support Programs
• Employee Stock Purchase Plan

Learn more at mydiscoverbenefits.com.

What are you waiting for? Apply today!

All Discover employees place our customers at the very center of our work. To deliver on our promises to our customers, each of us contribute every day to a culture that values compliance and risk management.

Discover is committed to a diverse and inclusive workplace. Discover is an equal opportunity employer and does not discriminate on the basis of race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, protected veteran status, or other legally protected status.