Vice President, Student Lending Compliance Advisory

Last updated one month ago
Location:Riverwoods, Illinois

Discover. A brighter future.

With Discover, you’ll have the chance to make a difference at one of the world’s leading digital banking and payments companies. From Day 1, you’ll do meaningful work you’re passionate about, with the support and resources you need for success. We value what makes each employee unique and provide a collaborative, team-based culture that gives everyone an opportunity to shine. Be the reason millions of people find a brighter financial future, while building the future you want, here at Discover.

Job Description

About Discover

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 Description:

Responsible for overseeing and setting the strategic priorities for a compliance advisory team responsible for Discover’s Student Loan portfolio that provides compliance guidance and related services to the business. Oversees a working with the business to operationalize legal and regulatory requirements, reviews of business unit procedures and training for compliance matters, and providing advice and effective challenge related to regulatory and business process changes. Anticipates areas of regulatory focus and has the ability to prioritize and effectively drive results. Manage compliance related regulatory examinations and ensure the business provides timely and accurate data. Partner with Risk team, Field Operations, and Legal to ensure early self-identification of issues and provide advice in remediation and in building the control environment. Excellent people management skills are necessary to retain and engage a talented team required to mitigate risk across the areas of high regulatory focus.

Major Responsibilities:

  • Compliance advisor to the business unit leader of Discover Student Loans
  • Leads a team of compliance advisors that provide compliance guidance and related services to the business to ensure compliance coverage across all consumer facing regulations applicable to DFS.
  • Manages processes to accurately measure, test, and evaluate business practices to determine whether practices are consistent with laws and regulations
  • Identifies risk areas and practice with significant compliance impacts in a Student Loan portfolio
  • Provides subject matter expertise to the compliance risk assessment team.
  • Provides oversight of risks identified by risk assessment team to ensure adequate controls are in place to mitigate existing risks in the business. Continues to enhance the process to monitor indicators of risk including the development of gap assessment documents for the most complex and highest risk regulations.
  • Develops metrics and key risk indicators to proactively identify negative trends and/or potential violations of laws.
  • Reviews and advises on new or revised products and services, business strategies, initiatives, and projects to ensure risks are effectively mitigated.
  • Identifies compliance risks resulting from new or revised laws and regulations, ensures action plans are developed to manage the risks, including effective training, procedures, and other controls.
  • Interacts with regulatory examiners on a regular basis and oversees exams including providing support to business units regarding relevant regulatory exams and internal audits.
  • Develops and presents compliance committee reports and assists with board reporting.

Job Requirements:

  • Bachelor’s Degree in Business, Finance, Risk Management, JD or related
  • Strong background in Student Loans
  • In lieu of education experience, 12+ years’ experience with consumer regulatory compliance and testing, audit, risk, or related experience
  • 10+ years Bank Consumer compliance, risk management, legal, including people management, risk assessment, fair lending, or related experience
  • 3+ years in Student Loan business
  • 10+ years banking experience, preferably in a regulated consumer compliance position

Preferred Qualifications

  • Success in leading Compliance efforts to remediate regulatory issues
  • Master’s Degree in Business, Finance, Risk Management, JD, or related field
  • Experience automating Compliance processes
  • Understanding of the use of advanced analytics to manage Compliance Risks
  • Certified Regulatory Compliance Manager

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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.