Director, Regulatory Compliance and Risk Management

4 weeks ago

Ontario, Canada Pender & Howe Executive Search Full time

Board Director, Chair of Audit Committee (Compliance and Risk Oversight) Organization: An international mid-market financial services institution (confidential)
Our client is an international mid-market financial services institution, that was established in 1984 and has since grown to have a significant international presence across six continents, with its network spanning 49 countries and regions. This institution offers a broad spectrum of financial products and services to 9.7 million corporate customers. It has consistently received top rankings in several prestigious industry lists, underscoring its position as a leader in the financial sector. Additionally, it has been recognized for multiple years as the most valuable banking brand worldwide.

In Canada, this institution operates as a chartered bank, providing a comprehensive range of retail and corporate banking services. It is majorly owned by its international parent company, with a minority stake held by another banking entity. With a network that includes branches, centers, and a premium banking office, it covers major immigration cities across several provinces, including Ontario, British Columbia, Alberta, and Quebec. The institution's service offerings in Canada encompass a wide array of banking services such as deposits, loans, settlement remittances, trade finance, foreign exchange trading, and more, catering to both corporate and retail banking needs.

Leveraging strong management, advanced technology, and a diverse range of products and services, the institution is committed to serving the needs of clients in Canada and facilitating economic and trade relations between Canada and other countries.

The Director's primary responsibility is to chair the audit committee that oversees financial reporting, internal controls and compliance with regulations including those for anti-money laundering, necessitating a seasoned executive with a proven and relevant career history, particularly with the Canadian Financial Services industry. The role also extends to monitoring the Bank's adherence to legal and regulatory requirements and reviewing and evaluating the qualifications, independence, and service quality of the external auditor.

The ideal candidate will have a proven track record working with and/or having exposure to a complex regulatory environment, such as banking regulators, the Office of the Superintendent of Financial Institutions (OSFI) or strategic advisory experience in these areas within a professional services environment. Additionally, the ideal candidate will have corporate lending experience and the ability to sit on a credit type committee. A Chartered Professional Accountant (CPA) would be considered an asset.

As the business landscape evolves, the Director must clearly understand the Board's duties and responsibilities, be readily available on urgent matters and in times of crisis, and possess the required business, financial, communication, and leadership skills.

The Director will oversee the Audit Committee, which oversees the bank's Regulatory Compliance and Anti-Money Laundering. The Audit Committee has the responsibility to:

Review and assess the Regulatory Compliance Management Policy and AML/ATF Policy, and once satisfied, make recommendations for Board approval.
Review the CCO's quarterly/annual reports and provide challenges, advice, and guidance on effectively implementing compliance matters.
provide advice and guidance on effective implementation of the AML/ATF program.
Review reports from the CIA/Internal Auditor on independent reviews of the regulatory compliance status and AML/ATF program effectiveness, as well as the effectiveness of internal controls and the adequacy of practices for reporting and determining financial reserves (in-camera meeting).
Undertake any other duties related to compliance matters and the AML/ATF program that the Board may delegate to the Audit Committee.
Review the monitoring and testing plans and results for each of the compliance and AML compliance functions.
Review the 2-year independent compliance effectiveness report prescribed by Canadian AML/ATF legislation and regulations.

Application Process with Pender & Howe Executive Search
Pender & Howe Executive Search has been retained to lead the recruitment initiative for their Board Director, Chair of Audit Committee (Compliance and Risk Oversight) role.

Pender & Howe is a boutique retained executive search firm specializing in collaborating with human capital leaders, governing boards, and organizational leaders in identifying exceptional talent.

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