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Chief Compliance Officer

Toronto, Canada | Leading Banking / Investment Banking Company

  • Industry:
    Banking / Investment Banking
  • Position Type:
  • Functions:
    General Management
    Legal / Compliance
  • Experience:
    5-7 years
Job Description:
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The Chief Compliance Officer is primarily responsible for overseeing and managing the regulatory compliance framework at motusbank, a subsidiary of Leading Banking / Investment Banking Company Credit Union.The role serves as the focal point for compliance activities and will be required to link corporate compliance strategy/framework with growth initiatives in all business groups.In this new Schedule 1 Chartered Bank, the position will be responsible for implementing the regulatory compliance framework in such a way that it satisfies all pertinent Canadian legislation; and meets the requirements of all respective regulators.The role will act as the appointed Privacy Officer for motusbank and Leading Banking / Investment Banking Company and Member Concerns Officer for motusbank and will ensure all other regulators have an established point of contact at motusbank.This role reports to the Chief Risk Officer – motusbank.

What You’ll get to do:

Responsible for the implementation and maintenance of a Regulatory Compliance Management (“RCM”).

Responsible for assessing the adequacy of adherence to and effectiveness of motusbank’s day-to-day controls and for providing an opinion to the Board and Senior Management whether, based on independent monitoring and testing conducted (on a risk-assessed basis), the RCM controls are sufficiently robust to achieve compliance with applicable regulatory requirements.

Following up with management concerning the adequacy and timeliness of actions taken to address regulatory compliance issues.

Collaborates with Legal, translates the laws into compliance obligations and helps business partners identify compliance risks and associated mitigation activities.

Provides strategic insights to Management as to compliance trends and issues as they relate to new business initiatives and opportunities.

Ensures senior executives and internal governing groups are apprised of all existing, new and emerging regulatory requirements and assists the business units and functional groups in revising policies and processes as necessary.

Lead the development and implementation of compliance strategy including communication and training that ensures motusbank’s exposure to regulatory compliance and reputational risk is managed.

Maintains the Privacy module of the annual Integrated Compliance Refresher training program to ensure that employees and the Board are provided the adequate level of training.

Supports, at least annually, reporting to Executive Management and the Risk Committee, which identifies the regulatory risks and adequacy of key controls.

Has oversight and ownership for regulatory compliance policies and programs for motusbank.

Develops policies and procedures in compliance with applicable laws and regulations related to Privacy and consumer protection regulations.

Reports quarterly to management and the Board all material information derived from the independent monitoring and testing and any significant regulatory compliance issues identified internally or externally, to assist the Board in overseeing the RCM framework and enterprise-wide state of compliance.

Acts as Administrator for the Resolver application used in the regulatory compliance program and provides support and guidance to users.

Complete or confirm completion of regulatory filings.

Knowledge, Skills, and Abilities

Must have a thorough, current knowledge of regulations applicable to the sale and distribution of banking products in Canada, including provincial and territorial securities statutes and regulations.

Strong communication, presentation, and project management skills along with sound judgement, strong relationship management and negotiation skills to report to Senior Management.

Proficient knowledge of risk and applicable regulator requirements.

Ability to evaluate risk, to identify control weaknesses, to contribute to development of policies, to implement supporting procedures and to report on non-compliance effectively.

Education, Designations, Training, and Experience

Must possess skills and experience to be registrable as Chief Compliance Officer

Bachelor in risk, legal, finance or related field of study with related compliance certifications an asset.

Minimum of 5 to 7 years of Compliance function or other relevant experience.

Relevant compliance experience in an OSFI regulated environment, designing; developing; implementing; and monitoring an enterprise wide RCM program.

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