Compliance Officer

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

Job summary

A leading financial institution in Ontario is seeking a Compliance Officer to support its Regulatory Compliance Management framework. The role involves analyzing regulatory risks, executing compliance testing, and maintaining effective compliance controls. Candidates should have a strong educational background and at least five years of relevant experience in the banking or financial sector.

Qualifications

• At least 5 years of related experience.
• Knowledge or completion of banking/investment industry courses is an asset.
• Knowledge or completion of audit-related courses/certifications is an asset.

Responsibilities

• Analyze and assess risks related to regulations according to compliance policy.
• Execute the risk-based ongoing monitoring and control testing plan.
• Audit/test and report the effectiveness of compliance controls.

Skills

Understanding of regulations affecting Credit Unions and Banks

Knowledge of Privacy and Consumer Protection

Internal Audit knowledge

Education

Post-secondary education in a related field

Job description

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, executing 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, 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 the 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, and 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 the effectiveness of compliance and risk controls.
• Maintain log of controls.
• Assist the compliance manager with test plan development.
• Execute testing plan using a risk-based approach.
• Perform tests and report results.
• Tests are run on weekly, monthly, quarterly cycles.
• Support team leaders, branch managers, and ASK centre on compliance issues.
• Execute the risk-based ongoing monitoring strategy.
• Complete comprehensive member/customer/product/business process analyses.
• Review reports, documentation, and processes.
• Conduct detailed sample reviews and interviews.
• Complete reports and contribute to process development and improvement related to regulatory compliance controls.
• Maintain an organized electronic record-keeping system.

Qualifications

Education / Certifications / Experience

• Post-secondary education in a related field (business, banking, law, economics, psychology, 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-related courses/certifications is an asset.
• Knowledge or completion of risk management courses/certifications is an asset.
• Knowledge or completion of business analysis/project management courses/certifications is an asset.

Knowledge / Skills

• General understanding of regulations affecting Credit Unions and Banks.
• Good knowledge of Privacy and Consumer Protection.
• Internal Audit knowledge.

About Alterna Savings

Alterna Savings and Credit Union Limited (Alterna) has been the Good in Banking for over 115 years, creating financial services that transform lives for the better and giving back to our community. Alterna comprises Alterna Savings and Credit Union Limited and its wholly owned subsidiary, Alterna Bank.

As the first full-service, member-owned cooperative financial institution outside Quebec, Alterna shares its expertise with over 210,000 members through more than 40 branches across Ontario, along with call centre and digital channels. Members benefit from industry-leading online brokerage and investment management services.

Working at Alterna

We pride ourselves on our corporate culture of Integrity, Respect, and Collaboration, working together towards the financial wellbeing of our employees, members, and customers. Our commitment has earned us several prestigious employer awards, including the National Capital Region's Top Employers award for eight consecutive years.

• Although we appreciate all applicants, preference will be given to candidates who most closely meet the outlined qualifications, key skills, and competencies.
• Alterna complies with the Ontarians with Disabilities Act. If you have a disability, please contact our Recruitment Team for accommodation arrangements.