Scope of Position
The Compliance Officer role will support the Regulatory Compliance Management framework. They are considered a subject matter expert on the regulatory controls.
The key activities include analyzing and assessing risks related to regulations according to compliance policy and procedures, execute the ongoing monitoring and control testing plan and auditing / testing and reporting on the effectiveness of compliance controls throughout the organization.
Major Responsibilities
- Keep up to date regarding changes as relates to : Privacy Acts, Bank Act and consumer protection regulations, CU Act, Market Code, AODA, OSFI, FATCA, OECD Common Reporting Standard, NDNC, CDIC, CASL and more.
- Support the Regulatory Compliance Management framework
- Execute the risk based ongoing monitoring and control testing plan
- Analyze and assess risks related to regulations according to compliance policy and procedures.
- Audit / test and report effectiveness of compliance controls throughout the organization
- Provide daily support to Alterna to maintain and enhance the effectiveness of compliance
- Stay abreast of incoming regulations, techniques, strategies and knowledge
- Work closely with the Compliance manager to maintain, update, improve policies and procedures for the compliance program
- Maintain organized and effective logs and reports of all activity for review and audits.
- Test / Risk assess effectiveness of compliance and risk controls
- Maintain log of controls
- Assist manager of compliance with test plan development
- Execute testing plan using a risk-based approach
- Perform tests
- Report results
- Tests are run on weekly / monthly / quarterly cycle
- Support team leaders, branch managers, and ASK centre on compliance issues Execute the risk based ongoing monitoring strategy
- Complete documented comprehensive member / customer / product / business process analysis
- Report review
- Documentation review / update
- Process review
- Detailed sample review
- Interview
- Complete report
- The compliance officer will be relied upon to contribute to decisions on process development and improvement internally and as they relate to regulatory compliance controls throughout the organization and provide assurance of the final process’s compliance to regulatory compliance guidelines.
- Maintain organized electronic record keeping system
Qualifications
Education / Certifications / Experience
- Post-Secondary education in a related field (business, banking, law, economics, psychology, behavioural science)
- 5 years of related experience
- Knowledge or Completion of banking / investment industry courses an asset.
- Knowledge or Completion of Audit related courses / certifications an asset
- Knowledge or Completion of Risk management related courses / certifications an asset
- Knowledge or Completion of Business Analysis / Project Management courses / certifications an asset
Knowledge / Skills
- Strong Excel report development skills
- General working knowledge and understanding of all regulations affecting the Credit Union and Bank.
- Good Knowledge in Privacy and Consumer Protection
- Internal Audit
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