Compliance Manager

About Bright

Bright is a consumer fintech that helps Americans get out of debt, with the power of data science and machine learning. It is a mobile app that combines all the tools and tech needed to manage and get rid of debt.

Bright's tools include credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans. It works with credit cards, student loans and car loans.

Bright has had 6x growth in the last year, with 300,000 users, and more than 100,000 ratings and reviews.

Bright is backed by three major venture capital funds (Sequoia, Falcon Edge and Hummingbird) and with top angel investors from the US, UK and India, Bright has raised +$40 million in funding to date.

Bright has recently raised $50M in debt funding from Encina Lender Finance, for its credit business growth. Encina Lender Finance provides lending solutions to consumer and commercial speciality finance companies across the U.S. and Canada.

Today we are among the top 8 US FinTech companies. We will become a top-100 US financial institution, with the unique strength of data science and predictive modeling to enhance financial products for a user's life outcomes.

We will be the first at-scale Consumer Tech company, built in India for Global markets.

About Our Founders:

Bright was founded in 2019 by a founding team from McKinsey's Banking Practice (Petko Plachkov and AviPatchava) and InMobi Data Scientist (Avi Patchava, Varun Modi, Avinash Ramakath, Jayashree Merwade)

What is the role about

1.Regulatory Oversight and Risk Assessment:

• Stay current with evolving US federal and state financial regulations (e.g., AML/KYC under the Bank Secrecy Act, CFPB rules, GLBA for data privacy, SEC/FINRA for securities, if applicable).
• Conduct regular risk assessments to identify potential areas of non-compliance and work closely with departments to develop effective mitigation strategies. Ensure that internal controls are designed and executed to prevent compliance breaches.

2.Policy and Procedure Implementation:

• Develop and implement comprehensive compliance policies and procedures tailored to the fintech business model. Ensure these policies are communicated effectively across all teams and enforce compliance with company standards and regulatory requirements.

3.Auditing, Monitoring, and Reporting:

• Monitor daily operations to ensure compliance with policies and regulations. Prepare and submit regular compliance reports to senior management and relevant regulatory authorities, ensuring transparency in compliance activities.
• Plan and execute internal compliance audits and assessments to ensure adherence to internal policies and external regulations.
• Prepare and submit all required regulatory reports and documentation to relevant bodies (e.g., CFPB, state regulators).
• Coordinate and manage external regulatory examinations and audits.

4.Training and Awareness:

• Design and conduct compliance training programs for employees to ensure they are informed about regulatory requirements and company policies. Promote a culture of compliance throughout the organization.

5.Change Management:

• Collaborate with stakeholders to assess change impact, develop strategies, and communicate effectively to minimize disruption.
• Monitor and evaluate the effectiveness of change efforts, providing support and training to teams as needed.

6.Customer Complaints Management:

• Oversee the process for handling customer complaints related to compliance matters, including issues with products, services, or regulatory concerns. Ensure complaints are resolved promptly, in line with regulatory guidelines, and that appropriate actions are taken to address recurring issues.
• Review and analyze complaints to identify trends or areas of improvement and propose solutions to prevent future occurrences.

7.Build Control Systems:

• Design and manage control systems to prevent or detect compliance violations. Balance Preventative and Detective Measures: Use preventative controls (to stop violations) and detective controls (to find issues) together for comprehensive risk coverage.
• Automate and Integrate with Tech: Ensure controls are technology-driven, scalable, and integrated directly into Fintech products and operations for real-time compliance.

8.Regulatory Compliance Management:

• Ensure adherence to all local, state, and federal regulations that apply to the fintech industry, including but not limited to financial regulations, anti-money laundering (AML), data privacy laws, and payment processing regulations.
• Stay up-to-date with regulatory changes and implement necessary adjustments to policies and procedures.

What are we looking for :

1.Education:

• Bachelor's degree in Law, Finance, Business Administration, or related field. A relevant compliance certification (e.g., CAMS, CCEP) is preferred.

2.Experience:

• At least 7 years of experience in compliance, preferably within the fintech or financial services sector. Experience in handling regulatory requirements such as KYC, AML, US Regulations, Compliance and Risk.

3.Skills:

• Strong knowledge of fintech regulations and compliance frameworks
• Exceptional communication and interpersonal skills
• Ability to conduct audits and investigations
• Strong analytical and problem-solving abilities
• Detail-oriented with a high level of accuracy
• Ability to handle sensitive data and confidential information
• Ability to work independently, manage multiple priorities, and collaborate across departments to ensure effective compliance management.