Audit Compliance Specialist

Merchants Bank   Winona, MN   Full-time     Accounting
Posted on April 26, 2022
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Merchants Bank is seeking an Audit Compliance Specialist.  This position would be flexible to work out of any of our branch locations in MN and WI. Travel is required to other branches for audits.


Duties include performing various compliance reviews and audits, managing the compliance training program and assist employees with questions, training, research on laws and regulations, and working with third party auditors and examiners. 


Requires someone with audit knowledge and both deposit and loan compliance knowledge.  Must be strong in Microsoft Excel and Word, able to multi-task, and detail orientated.


Please click on apply or apply in person at any Merchants Bank location.  Questions can be emailed to  Merchants Bank is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.



Job Summary

            Work is performed under general supervision according to established policies and procedures.  Provide support in Risk, Compliance and Audit functions as needed. A variety of duties are related to this job including research, working with different software and hardware systems and clerical duties.


            This position requires a well-organized and motivated individual with the ability to initiate projects and follow through as needed. Must be willing and able to work with limited supervision. Must be willing and able to provide leadership in the risk, compliance and audit area and deal with different types of people.


Primary Duties

  • Assist with annual risk assessment and audit plan completion.
  • Complete annual progress report.
  • Report internal branch audit findings and FDICIA results to the Audit Compliance Committee.
  • Provide necessary research for laws and regulations.
  • Assist with training staff on different laws, regulations and procedures.
  • Stay current on compliance and audit issues as they pertain to banking via training and self-education.
  • Lead annual branch audits and the quarterly audit of Winona vault as directed by the VP Risk/Compliance/ Audit Manager. Research and write reports for the annual branch audits.
  • Lead FDICIA Audit
    • Update Significant Accounts with AVP Comptroller for FDICIA Testing
    • Send FDICIA Understandings to Management for updating
    • Prepare FDICIA Test of Controls and complete assigned FDICIA testing
    • Finalize FDICIA Testing
    • Wrap up FDICIA information and reports
  • Perform compliance reviews and audits as directed by the VP Risk/Compliance/Audit Manager
  • Review marketing materials for compliance.
  • Prepare necessary information for audit and compliance reviews performed by an outside third party as directed by the VP Risk/Compliance/Audit Manager.
  • Complete Trust Asset Verification
  • Work in compliance software systems such as CRA Wiz and TRAC.
  • Attend Compliance Officer Meetings and complete minutes – Quarterly.
  • Attend Community Redevelopment Act (CRA) Meetings as scheduled and complete minutes for meeting.
  • Update Community Redevelopment Act (CRA) contribution information and assist with updating other CRA information as directed by VP Risk/Audit/Compliance Manager.
  • Update CRA Map.
  • Complete quarterly CRA Review.
  • Manage online compliance training program.
  • Answer compliance questions of employees.
  • Update TRAC with Audit Compliance Observations presented at Audit compliance Committee
  • Finalize and create reports within TRAC for compliance findings and internal audit as needed
  • Attend ERM meetings and take minutes for each meeting.
  • Attend Privacy Committee and take minutes for each meeting.
  • Attend Consistency Meetings as necessary and present audit/compliance information.
  • Obtain Privacy Code Report from IT and update statistics.
  • Monitor overdrawn HSA accounts.
  • Other duties as needed.
  • Employee will be expected to contribute to a positive working environment through words and actions.
  • Employee will be expected to greet internal and external customers in a friendly and outgoing manner.
  • Employee will be expected to take responsibility to ensure that internal and external customers receive outstanding service.
  • Regular and dependable attendance is an essential function of the job.
  • Employee will be expected to complete compliance and product knowledge assignments in a timely manner.


Key Results                                                                                       Percent of Time


Monitor findings and recommendations                                                  10%


Perform Compliance & Audit Reviews                                                     25%


Provide research for Compliance                                                             10%


Provide Training, manage on-line compliance training                         10%


Work with Software/Hardware Systems                                                   10%


Support third party reviewers                                                                     25%                                                        

Telephone/Clerical Support/Miscellaneous/CTRs                                 10%



Indicators of Success

  • Audit and Compliance recommendations are followed up on appropriately. 
  • Audits and Reports are created in a timely fashion.
  • Research is completed and answered correctly and promptly.
  • Provides leadership in the training area.
  • Learns and becomes knowledgeable with banking compliance laws and regulations and audit procedures.
  • Completes other assigned duties in a timely and accurate fashion. 


Working Conditions


            Inside working environment, very low noise level. May include travel to affiliate operations as required.


Physical Demands

            Work is performed primarily sitting at a desk.  Requires a high degree of finger dexterity, very good finger-eye coordination.


Mental Demands

            Requires above-average aptitude in the area of math/number skills, and evaluation/reasoning skills.  Above-average skill in the area of problem analysis and problem solving.  Ability to speak with clarity and articulate thoughts and ideas well.  Must be able to remain calm under pressure and relate to all types of personalities.


Skill Requirements

            Independent thought, good organization, self-motivation to complete tasks and remain on schedule with minimal supervision.  Personal computer skills with good knowledge of Microsoft, Access, Excel, and Word programs, good typing skills, effective telephone and written communication skills.  Amiable personality; team player.



            Responsible to the VP Risk/Compliance/Audit Manager for clarification of position responsibilities. authority, and for proper interpretation.


            Will have limited person-to-person and phone contact with customers and public, however, may at times have extensive staff contact.  Must have ability to work in a team environment and have personal manner to enhance overall professional image of the organization. Must be willing to be flexible and adaptable.  Must be prepared to learn new regulations and laws.

Merchants Bank

102 E 3rd St.
Winona , MN