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Primary Purpose of the Role
The Compliance Advisor/ Manager will report directly to and assist the Director, Compliance (RCM) in matters relating to applicable laws and regulations:
- Bank Act (“BA”),
- Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”),
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulation (PCMLTFR) including FINTRAC Guidelines,
- CDIC Deposit Insurance Information By-law,
- CDIC Differential Premium By-law,
- Income Tax Act,
- Canada Labour Code,
- Personal Information Protection and Electronic Documents Act (PIPEDA),
- OSFI Guidelines including OSFI Guideline E-13, OSFI Corporate Governance Guideline and OSFI Compliance Criteria,
- FCAC Financial Consumer Protection Framework (FCPF) and other FCAC Regulations, etc.
Key Responsibilities and Accountabilities
- Conduct risk assessment on new or changing regulations and maintain record of changes made to the inventory of legislation.
- Regularly monitor regulatory and key government websites for significant changes in legislation and advising business units of new regulatory requirements and maintain an up-to-date tracker of business units’ action.
- Establish, manage and monitor Ethidex by
– Assist the Director, Compliance in monitoring and tracking Ethidex self- assessments and Audit remediation action plans for reported compliance gaps/breaches and follow-up.
– Uploading periodic Ethidex updates promptly and notifying each business unit, documenting and completing timely reconciliation between Compliance regulatory website monitoring and regulatory updates received from Ethidex
– Periodically performing and documenting operational effectiveness of the assigned RCM Compliance control objectives with evidence based self-assessments and testing.
-Support the RCM Compliance Function in conduct periodic validation testing of business unit self-assessments and control effectiveness ratings.
- Support the Director, Compliance in the review of third-party/vendor contracts/agreements, review Terms and Conditions and/or other official forms and maintain an up-to-date centralized list of all of outsourcing arrangements.
- Monitor, review and record customers’ complaints as required under Financial Consumer Protection Framework (“FCPF”)
- Periodically update Compliance training material
- File OSFI Corporate returns (RRS) in an accurate and timely manner
- Obtain applicable annual attestations and related party questionnaires from all members (Board of Directors) and senior management (“SMs”)
- Manage Declaration of Tax Residence (“DTR”) /CRS management/reporting
- File periodic FCAC reports accurately and in a timely manner.
- Monitor and manage any litigations, claims and official requests such as Court orders and external letters from the CRA, Police and/or other law enforcement.
- Assist RCM Compliance Function in oversight of Bank’s Regulatory Compliance Management framework including periodic revisions to RCM policies and procedures where appropriate.
- Support the preparation of the CCO Report to the Board Committees and Senior Management – quarterly and annual RCM Compliance Reports including consolidation of Ethidex Remedial Action Plan
- Ensure timely communication and reporting on RCM Compliance matters to the Parent bank.
- Monitor the Bank’s internal policies and procedures for review and update and upload onto S-BASIC
- Maintain knowledge of regulatory compliance, privacy and consumer protection laws, regulations and guidance documents
- Support the Compliance department in any other assigned tasks relating to the overall adequacy of the RCM framework.
Bachelor’s Degree or graduate degree in business, finance, law or a related field required
Work Experience Requirements·
- 5-10 years of experience in a banking industry is required
- Legal background is considered a significant asset
- Demonstrated written and verbal skills essential for this role
- Demonstrated experience working with highly confidential information
- Strong time management skills – able to effectively prioritize work assignments
- Ability to effectively present findings and recommendations; recognizing when matters require escalation to the management
People Management Experience Requirements: 3 yrs