VP & Chief Compliance Officer

Alterna Savings; Toronto; On-site; CAD 120,000 - 180,000; Full time

Job summary

A leading financial institution in Toronto seeks a VP & Chief Compliance Officer to oversee regulatory compliance and ensure adherence to laws and guidelines. The role involves managing compliance frameworks, training staff, and collaborating with stakeholders. Ideal candidates will have extensive experience in banking, compliance, and leadership, along with a strong understanding of privacy and anti-money laundering regulations.

Qualifications

• Minimum 10 years leadership experience in banking and/or compliance.
• Professional designation in compliance or equivalent experience.

Responsibilities

• Oversee compliance with laws, regulations, and guidelines.
• Develop and deliver ongoing compliance training for staff and agents.
• Monitor adherence to laws and regulations, reporting significant issues.

Skills

Leadership

Communication

Problem Solving

Process Analysis

Education

University degree in a business-related field

Job description

Scope of Position

The VP & Chief Compliance Officer (“CCO”) is responsible for designing, implementing, and managing the organization’s Regulatory Compliance Management Framework and related compliance frameworks. The role ensures adherence to applicable regulatory requirements through policies, guidelines, and processes. The CCO collaborates with all business lines and oversight groups to maintain a consistent compliance governance approach aligned with the overall framework. Additionally, the CCO acts as Chief Privacy Officer (“CPO”) and Chief Anti-Money Laundering Officer (“CAMLO”).

Main Responsibilities:

• Oversee compliance with laws, regulations, and guidelines relevant to Alterna Savings and Alterna Bank in their operating jurisdictions.
• Communicate and collaborate with stakeholders to identify, assess, and mitigate regulatory compliance risks, maintaining current knowledge of regulatory requirements.
• Monitor and test compliance effectiveness using a risk-based approach, ensuring controls are maintained across operations.
• As CPO, ensure compliance with privacy laws such as PIPEDA and provincial privacy laws, including breach notifications.
• As CAMLO, manage and operate Alterna’s AML/ATF regime in compliance with applicable laws, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
• Ensure compliance with consumer protection policies, including those related to the Financial Consumer Protection Framework and FCAC.
• Stay informed about emerging issues and upcoming legislation or regulations that may impact Alterna.

Major Responsibilities:

Chief Compliance Officer

• Identify and assign ownership for all regulatory requirements affecting Alterna.
• Execute activities related to the mandates of the CAMLO and CPO concerning relevant laws.
• Develop an annual risk-based Compliance Plan, including management-identified risks, for review and approval.
• Implement the approved Compliance Plan and related policies.
• Collaborate with stakeholders to embed legislative requirements into business processes.
• Develop and deliver ongoing compliance training for staff and agents.
• Monitor adherence to laws and regulations, reporting significant issues to senior management.
• Review and improve compliance practices regularly.

Chief Privacy Officer

• Oversee employee compliance with privacy legislation, policies, and procedures.
• Update privacy regimes based on inherent risks, including client and product considerations.
• Ensure timely breach notifications and regulator reporting.
• Conduct annual self-assessments and develop privacy improvement plans.

Chief Anti-Money Laundering Officer

• Oversee AML/ATF controls enterprise-wide, updating risk assessments as needed.
• Develop and implement annual AML/ATF plans, including risk analysis and controls.
• Manage ongoing staff training and resource adequacy for AML/ATF compliance.
• Ensure timely and accurate reporting of suspicious transactions, large cash transactions, and other required reports.

Expectations / Outcomes

• Support strategic objectives through effective compliance management.
• Identify and report risks accurately, monitor mitigation activities.
• Maintain leadership confidence in the compliance framework and reporting integrity.

Contacts

• Internal: ELT, Finance & Audit Committee, Board, management staff
• External: Industry peers, Internal Audit, Regulators

Qualifications

• University degree in a business-related field
• Minimum 10 years leadership experience in banking and/or compliance
• Professional designation in compliance or equivalent experience
• Experience as Privacy Officer and CAMLO
• Experience working with regulators such as OSFI, FSRA, Fintrac, FCAC
• Deep financial institution knowledge and experience in policy development

Skills and Competencies

• Deep understanding of compliance factors affecting Alterna
• Ability to analyze legislation and guidance effectively
• Strong relationship-building, leadership, and communication skills
• Excellent organizational, problem-solving, and process analysis skills
• High initiative and ability to work under pressure