Compliance Officer

Alterna Savings; Toronto; On-site; CAD 70,000 - 100,000; Full time

Job summary

A leading financial institution is seeking a Compliance Officer to support its Regulatory Compliance Management framework. The role involves analyzing regulatory risks, executing control testing plans, and ensuring compliance with various regulations. The ideal candidate will have a strong background in compliance, with at least 5 years of relevant experience and a post-secondary education in a related field.

Qualifications

• At least 5 years of related experience.
• Knowledge or completion of banking/investment industry courses is an asset.
• Knowledge or completion of audit, risk management, business analysis, or project management courses/certifications is an asset.

Responsibilities

• Analyze and assess regulatory risks according to compliance policies and procedures.
• Execute risk-based ongoing monitoring and control testing plans.
• Audit/test and report on the effectiveness of compliance controls.

Skills

Understanding of regulations affecting Credit Unions and Banks

Good knowledge of Privacy and Consumer Protection regulations

Education

Post-secondary education in business, banking, law, economics, psychology, or behavioral science

Job description

The Compliance Officer role supports the Regulatory Compliance Management framework and is considered a subject matter expert on regulatory controls. Key activities include analyzing and assessing risks related to regulations, executing ongoing monitoring and control testing plans, and auditing/reporting on the effectiveness of compliance controls across the organization.

Major Responsibilities

• Stay updated on changes related to Privacy Acts, Bank Act, consumer protection regulations, CU Act, Market Code, AODA, OSFI, FATCA, OECD CRS, NDNC, CDIC, CASL, and more.
• Support the Regulatory Compliance Management framework.
• Execute risk-based ongoing monitoring and control testing plans.
• Analyze and assess regulatory risks according to compliance policies and procedures.
• Audit/test and report on the effectiveness of compliance controls.
• Provide daily support to maintain and enhance compliance effectiveness.
• Stay informed about new regulations, techniques, and strategies.
• Collaborate with the Compliance Manager to maintain, update, and improve policies and procedures.
• Maintain organized logs and reports of all activities for review and audits.
• Test and assess the effectiveness of compliance and risk controls.
• Maintain logs of controls.
• Assist in developing test plans and execute them using a risk-based approach.
• Perform tests and report results on a weekly, monthly, and quarterly cycle.
• Support team leaders, branch managers, and the ASK centre on compliance issues.
• Conduct comprehensive analysis of members, customers, products, and business processes.
• Review reports, documents, and processes, including sample reviews and interviews.
• Contribute to process development and improvement, ensuring regulatory compliance and providing assurance of compliance to guidelines.
• Maintain an organized electronic record-keeping system.

Qualifications

• Post-secondary education in business, banking, law, economics, psychology, or behavioral science.
• At least 5 years of related experience.
• Knowledge or completion of banking/investment industry courses is an asset.
• Knowledge or completion of audit, risk management, business analysis, or project management courses/certifications is an asset.

Knowledge / Skills

• Understanding of regulations affecting Credit Unions and Banks.
• Good knowledge of Privacy and Consumer Protection regulations.