Purpose of Job:
The incumbent is responsible for leading SGC Compliance Program (the “Program”) by ensuring that the Program is up to date relevant laws, regulations and SRO policies applicable to investment dealers.
The Incumbent in conjunction with the Director in provides reasonable assurance to Senior Management that the department complies in a cost effective manner with governing securities regulations and internal policies and procedures.
In doing so, the incumbent is responsible for fostering public trust and satisfactory relationships with Regulators and minimizing the risk of financial loss, damage to reputation, regulatory sanction, and litigation, fines or penalties for the organization and the respective Directors, Officers and employees.
1. Compliance Department Oversight and Support
- Provide guidance to compliance staff overseeing the ScotiaMcLeod and Scotia iTRADE compliance program as well as to the business by responding to queries relating to regulatory matters, compliance policies and procedures. The incumbent will manage escalated branch queries
- Manage the monitoring and surveillance functions conducted by compliance staff, in particular head office supervision standards established by regulation. Resolve issues identified from such processes that warrant intervention at a more senior levels
- Provide support to the ScotiaMcLeod Compliance Directors by ensuring adequate oversight of supervisory procedures by conducting status reviews, ensuring trade reviews are conducted and resolution is obtained on a timely basis.
- Participate in quality control of tier two supervision program by sampling of current supervision process to ensure the supervision program is being executed effectively.
2. Monitoring, Reporting and Remediation:
- Monitor control processes to ensure effective investigation of, response to, and follow-up on any surveillance reviews and effective reporting to management and the regulators.
- Conduct regular internal review of compliance department processes .
- Monitor oversight program to ensure service levels from internal service providers are being met.
- Conduct, as may be periodically assigned, compliance reviews (internal, branches or specialized units) to ensure the effectiveness of daily and periodic management supervision and that operational controls are adequate and/or are operating effectively.
- Assist in the control, evaluationand response to:
- Any serious irregular activity, such as fraud, kiting or serious incidence of non-compliance.
- Any queries that require a formal response or submission to a Securities Regulator.
- And in a timely mannerreport, commensurate withrisk:
- Negative trends and any known or perceived weaknesses in policies, practices, procedures, systems, staffing or training which could lead to non-compliance or risk of loss.
- Submit reports as required by the Director, including progress on implementation of new policies and procedures or corrective actions required.
- Participate in the preparation of any trending analysis summarizing the results of HO supervision, branch compliance and trade reviews.
- Recommend and monitor the progress of implementing appropriate action plans to correct:
- Incidents of non-compliance (and prevent their reoccurrence).
- Weaknesses in policies, practices, procedures, systems and/or training.
- Investigation of serious non-compliance matters
3. Policies, Practices, Procedures, Systems and Training Programs:
- Assit with the ongoing development of the Team and maintain the Head Office Policies and Procedures and any other manuals, guides and notices, as directed.
- Document and assist with the implementation of compliance policies and procedures, reviews and training programs etc. which must also be evaluated taking into consideration legal requirements, IIROC and AML requirements, existing Bank procedures and systems, business risks, efficiency and the supervisory and management controls required.
- Oversight and maintenance of the department’s business continuity plan and related testing activities
4. Liaising with Regulators/Auditors:
- Partcipate in the co-ordination/management of any Regulatory examinations, Internal Audit reviews or any investigations by either a Regulator or Scotiabank Group and co-ordinate as requested and under the direction of the Director.
- Provide input into any proposed new or amended regulation.
- Manage the process of any Branch Compliance Examinations, including preparation, responding to the report and implementation of remedial measures.
In addition, the Senior Manager will participate in other assignments as they arise, including projects relating to Bank or regulatory initiatives or changes:
- Provide day to day operational directon and day to day management of the ScotiaMcLeod compliance function
- Provides leadership and guidance to the Senior Compliance Officers and Compliance Officers with regard to policy and oeprational issues, while providing them with the opportunity to perform their responsibilities on a day to day basis and to ensure collaboration between compliance functions
- The incumbent should have a thorough, current knowledge of securities and other relevant regulations in all jurisdictions across Canada applicable to the sale and distribution of mutual funds, including relevant National Instruments for Registration and IIROC Rules, Policies and Notices and other regulations as may be implemented from time to time.
- The incumbent must have the ability to develop and maintain effective compliance controls, technology systems, training programs and dealer communications and policies.
- Once established, the incumbent must possess good management, communication and decision-making skills to lead and manage staff and to support effective teamwork and relationship management.
- Requires understanding of the risk based approach to compliance, the ability to evaluate risk, to identify control weaknesses, to recommend actions, to contribute to development of policies, to implement supporting procedures and to report on non-compliance effectively.
- Effective plain English communication skills both oral and written are required.
- Proficiency in Microsoft Word, Excel and PowerPoint required.
- The incumbent should have an undergraduatedegree and, at least 5-7 years related experience in the securites industry or with an industry regulator.
- The incumbent is expected to maintain an in-depth knowledge of operational conditions throughout ScotiaMcLeod and Scotia iTRADE and the state or regulatory matters, to resolve issues of non-compliance and to escalate issues promptly that are deemed to be serious, or have broad or national impact.
Requisition ID: 8391