Chief Compliance Officer / Vice President, Compliance
The Chief Compliance Officer (“CCO”) reports directly to the Governance and Review Conduct Committee (“GCRC”) and the Board of directors with an administrative reporting line to the CEO and coordinates all of the Bank’s compliance activities. The Chief Compliance Officer ensures that key day-to-day Regulatory Compliance Management (“RCM”) controls throughout the enterprise are sufficiently robust to achieve compliance with all the applicable regulatory requirements enterprise-wide and, where significant issues arise, escalates them to Senior Management and the Board as appropriate. The function should be independent of the activities it oversees and capable of providing Senior Management and the Board with information including objective opinions and advice they need to fulfill their oversight functions. The Chief Compliance Officer is also responsible for the AML / ATF Compliance Management and Privacy Compliance Management.
Key Responsibilities & Accountabilities
- Build a Compliance function and department that drives a compliance culture and supports
an enterprise wide risk mindset and audit ready environment
Build and effectively execute a comprehensive RCM framework that includes policies, procedures, roles,responsibilities, ensuring an enterprise wide implementation of program and practices
Ensure adequacy of policies and practices and ensure that the organization is operating in accordance withapplicable laws and regulations
Develop and implement procedures where issues are identified, risk assessed and tracked to remediation withdetailed action plans, and timelines for successful resolution
Stay abreast of new and changing legislation and to document new or amended compliance policies andcommunicate them across the institution on a timely basis
Assign responsibility for each compliance element to designated officers within the relevant areas of the Bankand oversee;
Make sure adequacy of the function’s resources and appropriateness of its collective qualifications andcompetencies for executing its mandate
Identify and assess inherent compliance risks associated with the Bank’s business activities including in supportof the development of new products and business practices or proposed establishment of new businesses
Responsible for the enterprise-wide implementation and oversight of the Bank’s anti-money laundering andanti-terrorist financing program compliance with the PCMLTFA and the associated regulations
Oversight of AML / ATF control activity in all relevant business areas for the purpose of establishing a reasonablethreshold level of control consistency throughout the Bank
Keep the AML program current relative to the Bank’s identified inherent risks (customers and businessrelationships, products and delivery channels, geographic locations of activity and any other relevant factors);
overseeing the development, implementation, and documentation
Ensure an inherent risk analysis of any new products / services, and identifying appropriate measures to mitigateassociated risks
Monitor business activities, including outsourced activities, to confirm compliance with anti-money launderingand anti-terrorist financing requirements
Communicate with stakeholders to ensure that appropriate action is taken as required, such as ensuring thatinternal audit is aware of the requirement in the PCMLTFR for effectiveness testing of the AML program every
two years
Performing oversight on the adherence of the control standards and requirements under the Privacy Policy andprocedure for both internal and external stakeholders
Provide subject matter expertise, insights on treatment options for emerging and potential privacy risksEnsure that all regulatory requirements have been met and have been delivered to the appropriate regulatorybody in a timely manner
Report quarterly to the Board of Directors and GCRC Committee on the status of the Bank’s compliance with itsgoverning statute, regulations and OSFI guidelines; detection of a privacy breach incident to provide an
objective view on privacy risk management and risk taking activities
Report to Senior Management and the Board on the AML program adequacy and effectiveness along with anyother related issues driving a compliance culture
Provide leadership to a best-in-class team (hiring, developing, retaining), ensuring that the team members havethe requisite skills, knowledge and performance to deliver an effective compliance function
Ensure continuing professional development programs in place to enhance senior management, employees andother persons authorized to act on the Bank’s behalf
Liaise with relevant external regulatory bodies, auditors, and other government agenciesApplication of leadership practices and competencies such as integrity, subject matter expertise, accountabilityand collaboration that drive a positive workplace culture
Comply with or operate in accordance with applicable laws, regulations, and prescribed practices relating to itsbanking business activities in all jurisdictions in which the Bank operates
Develop and implement procedures where issues are identified, risk assessed and tracked to remediation withdetailed action plans, and timelines for successful resolution
Ensure a sound compliance culture and mindset – through effective training and communication to ensureemployee engagement and awareness.
Education Requirements
Bachelor’s Degree in legal studies, accounting, finance, risk management or other related field required or Chartered Accountant or MBA
Work Experience Requirements
15 years’ experience in banking or financial industry
Proven experience in senior compliance leadership rolesKnowledge of legal requirements and controls (AML, etc.)Familiarity with industry best practices and professional standardsExcellent written and oral communication skillsGood judgment in dealing with complex issues and conflict situationsSound analytical thinking, planning, prioritization and execution skillsCreative – not bound by the limitations of conventional wisdom, finds inventive, imaginative & resourceful waysto solve problems or create opportunities
Works well in a fast-paced, fluid environment, flex with change and ambiguityAbility to indirectly influence teams through change; spearheads new ideas; motivate team into action;encourage innovation
Forward thinking – capable of assessing impact of decisions on immediate, medium term and long termoutcomes
Demonstrates courage; values diversity in perspectives; inspires commitment; and follows throughExceptional relationship and communication skills (verbal & written) combined with the ability to makedecisions, recommendations and manage difficult situations where influencing and persuasion is required
Clearly articulate complex ideas and present these ideas to senior management and other stakeholder groupsGood negotiator- protecting employee / company assets / costs while maintaining trusting supplier relationshipsProven Track record in leading change initiatives and optimizing stakeholder satisfactionPeople Management Experience Requirements
10 + years of people management experience is preferred
Professional Certification / Membership Requirements
CAMS designation is preferred for this position
Language Requirements
Required : English
Preferred : Korean
