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Project Management Officer is the discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve the implementation these mentioned specific goals and meet specific success criteria within the bank, and as such requires the development of distinct technical skills/knowledge and management strategies.
The primary challenge of project management is to achieve all of the project goals within the given constraints. The primary constraints are scope, time, quality and budget. The secondary, and more ambitious, challenge is to optimize the allocation of necessary inputs and integrate them to meet pre-defined objectives.
Project Management (60%)
Roles and Responsibilities
Have the responsibility of the planning, execution, and closing of any project, typically relating to BSA/AML & OFAC internal control and risk mitigation.
Accountable for accomplishing the stated project objectives raised or decided by our bank management .Key project management responsibilities include creating clear and attainable project objectives, building the project requirements, and managing the triple constraint for projects, which is cost, time, and scope.
Determine and implement the exact needs of the bank, based on knowledge of the firm they are representing. The ability to adapt to the various internal procedures of the contracting party, and to form close links with the nominated business line or sub-branch section, is essential in ensuring that the key issues of cost, time, quality and above all, project implementation satisfaction, can be realized.
Reporting status underlying all achievements specification or concerns under the project plan requirements, to search for further communication and to resolve concerns with management and expertise within the bank on timely basis.
Project management must be given to the overall project objectives, timeline, and cost, as well as the roles and responsibilities of all participants and stakeholders. Typical development phases of project management include:
planning and design
execution and construction
monitoring and controlling systems
completion and finish point
Initiation: The initiating processes determine the nature and scope of the project. The key project controls needed here are an understanding of the business environment and making sure that all necessary controls are incorporated into the project. Any deficiencies should be reported and a recommendation should be made to fix them. The initiating stage should include a plan that encompasses the following areas:
analyzing the business needs/requirements in measurable goals
reviewing of the current operations
financial analysis of the costs and benefits including a budget
stakeholder analysis, including users, and support personnel for the project
project charter including costs, tasks, deliverables, and schedules
Planning: To plan time, cost and resources adequately to estimate the work needed and to effectively manage risk during project execution. As with the Initiation process group, a failure to adequately plan greatly reduces the project's chances of successfully accomplishing its goals. Project planning generally consists of
determining how to plan (e.g. by level of detail or Rolling Wave planning);
developing the scope statement;
selecting the planning team;
identifying deliverables and creating the work breakdown structure;
identifying the activities needed to complete those deliverables and networking the activities in their logical sequence;
Executing: To ensure that the project management plan's deliverables are executed accordingly. This phase involves proper allocation, co-ordination and management of human resources and any other resources such as material and budgets. The output of this phase is the project deliverables.
Monitoring and controlling: To observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project. The key benefit is that project performance is observed and measured regularly to identify variances from the project management plan.
Measuring the ongoing project activities ;
Monitoring the project variables (cost, effort, scope, etc.) against the project management plan and the project performance baseline ;
Identify corrective actions to address issues and risks properly ;
Influencing the factors that could circumvent integrated change control so only approved changes are implemented.
Closing: Includes the formal acceptance of the project and the ending thereof. Administrative activities include the archiving of the files and documenting lessons learned.
Tracking on internal audit findings and remediation(40%)
Evaluate the remediation performance in order to meet internal audit validation findings and requirements within department and relevant parties.
Prepare internal audit findings Tracking Plan designed to address and remedy the controls weaknesses uncovered by the review.
Management's Implementation of the remediation plan on internal audit findings, using the criterion that a corrective action must be carried out by each team or group/ other relevant dept.
The Current Material Weakness\The Significant Deficiencies within compliance in review and appraise of internal audit Finds remediation
Overall Summary and Recommendations for compliance's performance and further enhancement step/plan
Education and Experience
Bachelor's degree required; CAMS preferred
5-7+ years' experience in BSA/AML and OFAC/Sanctions Compliance for financial institutions.
Experience in design and execution of project management and compliance risk assessments.
Experience in Compliance Testing, Desk Reviews, or Internal Audit a plus.
Knowledge of OFAC and Cyber-Sanctions systems (PRIME, Bridger Insight, MANTAS), needed.
Knowledge in BSA/AML compliance technology applications preferred.
Knowledge online products and technology services a plus.
Familiar with FDIC and CFPB Rules and Regulations, needed.
Proficiency with computers including MS Word, Excel, PowerPoint and Project.
Ability to work well in a team and manage concurrent work streams.
Strong verbal and written communication skills.
Pro-active approach for preventing, identifying, and resolving problems
Mandarin language skills a plus but not require.
We are looking for someone with regulatory , BSA/AML, internal control experience: specific areas should include involvement in i) implementation of systems, ii) regulatory controls and iii) regulatory compliance (ideally all three)
Feedback We are looking for someone with regulatory , BSA/AML, internal control experience: specific areas should include involvement in i) implementation of systems, ii) regulatory controls and iii) regulatory compliance (ideally all three)