The primary purpose is to provide senior level risk oversight to the Independent Sales Organization (ISO) portfolio. it is imperative that each ISO complies with all network and consumer regulations and operates in a sound and secure manner. Third party organizations represent Synovus and the reputation, experience and financial capacity of each ISO and its principals must be thoroughly evaluated and monitored.
Job Duties and Responsibilities:
- Reviews annual financial and un-audited financial statements on a periodic basis, coordinates additional reviews with Finance/Credit as appropriate. At initial stages, reviews appropriate contract(s) in concert with management and legal counsel to ensure that legally mandated issues are dealt with in the contract such as the privacy and security provisions of Gramm Leach Bliley, Patriot Act, Bank Secrecy Act, Anti Money Laundering Act and regulations and the provisions of the Federal Fair Credit Reporting Act and the Equal Credit Opportunity Act and respective regulations. Ensures processes are established to monitor the provisions of the respective contracts/agreements.
- In addition to maintaining an annual onsite 'audit program", conducts periodic onsite inspections as dictated by changing risk profiles, including: change in ownership; change in an ISO's business model, change in location; sustained excessive chargeback activity; and increased or elevated complaint activity. Additionally, provides risk oversight and feedback concerning any new potential ISOs including the onboarding process. Makes reports to the Third Party Risk Oversight Committee on the results of such activities.
- Serves as primary point person for all Regulatory, Internal Audit and compliance examinations of the ISO program. Ensures that any MRA/MRIAs are addressed effectively through closure. Reviews all ISO related complaints and determines that respective complaints are appropriately handled including identifying opportunities for process improvements.
- As required, provides evaluation, analysis and guidance on ISO/Merchant related activities as they arise to include preparation of special reports for executive management and the Third Party Oversight Committee (i.e. analysis of unusual chargeback or fraud activity). In coordination with other control units, reviews and approves any modifications to marketing or network compliance materials. Maintains risk based procedures to require a review of ISO merchant applications and agreements before merchants are boarded through the ISO. Reviews any changes to applications, agreements and underwriting policies, involving legal counsel (internal and external) as deemed appropriate.
- Manages a team that provides continuous ISO monitoring, including but not limited to: new merchant activity; chargeback/retrieval activity; exception processing/monitoring; large transactions and large credits; transaction volumes; Suspicious Activity Reporting; OFAC; and loss control. Makes regular reports on the results of such activities to the Third Party Risk Oversight Committee. Develop and maintain a program that addresses the risks associated with the aforementioned activities.
- Prepares Periodic Risk Score Cards in accordance with Retail & Card Risk Management oversight requirements. Manage the individual ISO contractual reserve requirements in order to determine whether increases to the reserves may be required. Evaluates and monitors the respective ISO merchant reserving programs to ensure that such programs effectively mitigate financialrisk to the ISOs as well as identify other potential risks. Makes quarterly reports to the Third Party Risk Oversight Committee concerning the results of all monitoring activity for the preceding quarter as well as any other items of significance.
- Provides leadership, direction and growth opportunities to members of the department, performing those responsibilities in accordance with the Company's policies and applicable laws. Responsible for interviewing, hiring, planning, assigning or directing work, appraising performance, disciplining team members and resolving problems. Works with the Human Resources Department to resolve more complex team member-related issues.
- Each team member is expected to be aware of risk within their functional area. This includes observing all policies, procedures, laws, regulations and risk limits specific to their role. Additionally, they should raise and report known or suspected violations to the appropriate Company authority in a timely fashion.
- Performs other related duties as required.
Preferred Knowledge, Skills, & Abilities:
- Participation in the Merchant Acquirer's Committee (MAC)
- Bachelor's degree in Business Administration, Finance, Accounting or a related field or an equivalent combination of education and experience.
- Eight years of job related experience working in the merchant acquiring business for a financial institution, payment processor or Independent Sales Organization (ISO).
Required Knowledge, Skills, & Abilities:
- Strong knowledge of merchant acquiring business acquired through previous work experience.
- Current of industry developments and associated risks.
- Strong analytical skills, strong communication skills both written and verbal as requires frequent interaction (including report preparation) with Synovus senior management as well as with senior and executive management at the respective ISOs
- Strong interpersonal skills with ability to influence the ISOs regarding risk based decisions.