at Dexter Magnetic Technologies in Elk Grove Village, Illinois, United States
Job Description
Purpose and Objective of the Position
The VP, Compliance is primarily responsible for overseeing compliance within the organization. This position ensures compliance with laws, regulatory requirements, policies, and procedures, and is the senior leader of all compliance related activities for the Company.
The VP, Compliance contributes to long-range planning and ensures compliance with both Federal and State Regulations. This position also ensures that employees follow all internal processes and procedures as directed by corporate policy.
The VP, Compliance has two levels of responsibilities; they guarantee that the organization is conducting its business in adherence to national and international laws/regulations that pertain to the industry; they also ensure that professional standards, accepted business practices, and internal systems of control necessary to achieve compliance are followed.
The VP, Compliance is also responsible for investigating and responding to complaints, conducting audits, responding to regulatory requests, and required compliance reporting.
Job Responsibilities:
Risk Assessment & Mitigation
- Consistently assesses the performance of the Compliance programs, carries out risk assessments and compliance reviews to ensure policies and procedures are being followed and are appropriate for our business objectives.
- Manages, improves, executes, and implements policies and procedures which govern our Compliance program and supports our business objectives.
- Develop strategic gap and trend analyses for the company to identify and access key risk areas and establish appropriate mitigation plans.
- Establishes compliance standards and designs improvements to internal control structures.
- Minimizes legal risks by understanding and enforcing current and proposed legislation and regulation, recommending new procedures, and complying with legal requirements.
- Oversees governmental audits, reviews, examinations, investigations, and other inquiries, including litigation and be the primary point of contact for the legal team.
- DCAA Audits: Act as the primary lead for all Defense Contract Audit Agency (DCAA) audits related to accounting and finance matters. Coordinate with auditors, provide requested documentation and explanations, and ensure a smooth and successful audit process.
- Deliver detailed analysis of findings and coordinate all analytical, technical and research tasks.
Governmental Contracts & Regulations
- Serve as the subject matter expert on FAR and DFARS regulations and ensure the company’s compliance with these requirements in all government contracts, working with outside advisors as needed.
- Develop, update, and maintain accounting policies and procedures to align with FAR and DFARS requirements, ensuring adherence across the organization.
- DFARS/DCAA business system evaluations, process documentation and improvements (accounting, estimating, purchasing)
- DCMA Point-Person: Serve as the principal point of contact with the Defense Contract Management Agency (DCMA) in finance-related matters.
- Regulatory Expert – Proactively keeping the Company updated and compliant on all new and emerging regulations in FAR and DFARS regulations, interpret their impact on the organization, and initiate all necessary modifications to policies, procedures, and practices.
ITAR, EAR, Import/Export Compliance:
- Maintain good standing as an ITAR registered company and oversee export licenses. Act as the primary authority for compliance actions such as product or service corrective actions or recalls.
- Serve as the subject matter expert on Export Administration Regulations (EAR) regulations and ensure the company’s compliance with these requirements in all government contracts, working with outside advisors as needed.
- Develop, update, and maintain accounting policies and procedures to align with EAR, requirements, ensuring adherence across the organization.
- Proactively keeping the Company updated and compliant on all new and emerging regulations in EAR regulations, interpret their impact on the organization, and initiate all necessary modifications to policies, procedures, and practices.
Financial Compliance
- Advise on Cost Accounting Standards (CAS), indirect cost structures, contract proposal pricing and estimating, working with outside advisors as needed for governmental contracts.
- Advise on Disclosure Statements, Cost Accounting Practice Changes, Incurred cost submissions.
Contract Review
- Provide leadership for contract and administration support for various cost-type, FFP, and T&M U.S. Government contracts.
- Lead contract management as the subject matter expert on USG contracts.
- Recommend and/or take appropriate actions to resolve contract performance difficulties and escalated contractual issues.
- Monitor company performance for conformance to original proposal and maintain continual reviews to ensure that all terms and conditions are met and that the contract is performed in accordance with legal requirements, customer specifications, and applicable regulations.
Compliance Culture
- Shares compliance-related communication, and the Compliance department provides mandatory training to all employees within the company during onboarding and in regular, repeated cycles.
- Designs and implements a schedule of training which will incorporate all compliance areas. This entails ensuring that the compliance training program and all communications are effectively implemented.
Team Leadership
- Manages, leads, and develops an effective and high-performing compliance team through communication, performance management, development plans, and recognition practices.
Targeted Salary Range – $200,000 – $225,000, depending on experience
Qualifications
Education & Experience:
- Bachelor’s Degree in a business related major, law degree or working in a legal or paralegal capacity, preferred.
- Minimum 10 years’ experiences in compliance and risk management; within the manufacturing sector with Aerospace and Defense industry experience (additional experience in semiconductor and medical is a plus).
- Minimum 5 of years’ experience reviewing contracts, including governmental contracts.
