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Senior Administrator, Contribution Monitoring

3 months ago


Toronto, Ontario, Canada Royal Bank of Canada> Full time

Job Summary

Job Description

What is the opportunity?

The Senior Administrator, Contribution Monitoring is responsible for managing and executing the contribution monitoring process. The process is designed to facilitate the monitoring of receipt and timeliness of Pension Plan contributions and verification of the adequacy of such contributions when measured against estimated amounts detailed in Contribution Planners submitted by Pension Plan Administrators. This role will support RBC Investor Services (IS) Compliance for the periodic reporting to the applicable pension plan regulators. The role communicates directly with Clients to obtain additional information on non-receipt of contributions or contribution variances and manages the planner mailing distribution and updates to related documentation. The Senior Administrator also works directly with clients, Compliance, Service Assurance and other business units to ensure the successful execution of business and regulatory initiatives related to contribution monitoring.

The team supports a growing number of higher risk operation functions including Foreign Insurance account reporting to the Canadian Office of the Superintendent of Financial Institutions (OSFI), the intake of Letters of Credit (LOCs) for Canadian Insurance and Pension clients, and Contribution Monitoring process which supports RBC Investor Services (IS) Compliance for the periodic reporting to the applicable pension plan regulators

What will you do?

  • Ensure that day to day procedures are in place to support compliance with Contribution Monitoring requirements
  • Monitor the timely receipt of pension plan contributions and verify contributions against amounts detailed in Contribution Planners
  • Obtain Contribution Planners from pension plan clients annually
  • Track receipt of planners and update Reporting System accordingly
  • Identify and resolve reoccurring problems to ensure corrective actions and proper procedures are put in place.
  • Lead subject matter expert in systems utilized by the team (i.e. COMS, Contribution Monitoring Reporting System, TRUST, Global Plus)
  • Review, investigate any variances and/or violations identified on monthly exception report
  • Ensure explanations of variances are fully documented
  • Ensure updated documentation (i.e. new planners) are reviewed and processed accordingly
  • Monitor generic mailbox and ensure queries responded to within SLA
  • Generate and review various monthly, quarterly and annual reports related to the contribution monitoring process
  • Reach out to Compliance for any escalated issues or interpretation questions
  • Review operational procedure documents annually and update as required
  • Liaise with internal teams as needed to ensure data used to create contribution monitoring reports is accurate
  • Identify issues or situations that need to be escalated to Compliance
  • Prioritization of work load to deliver reporting within required timelines
  • Investigate all instances of non-compliance thoroughly to ensure clients are not reported to regulators erroneously

What do you need to succeed?

Must-have

  • 1 to 2+ years of experience in the financial industry managing financial and regulatory reporting for clients
  • University Degree on Business, Finance or Commerce
  • Strong working knowledge/experience of the Canadian pension and custody business
  • Demonstrated ability to work successfully in a fast-paced environment
  • Proven client service skills
  • Strong working knowledge of Canadian pension regulation and related regulatory reporting requirements
  • English written and verbal proficiency is required
  • Issues escalation and resolution skills

What's in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

  • Excellent exposure to communicate with various business partners and stakeholders in Investor Services and within other platforms as appropriate
  • Working with an exciting, close-knit, supportive & dynamic group
  • Opportunity to collaborate with other business segments within the bank
  • Excellent career development and progression opportunities
  • A comprehensive Total Rewards Program including bonuses and flexible benefits
  • Competitive compensation

Job Skills

Active Learning, Adaptability, Business Appraisals, Critical Thinking, Customer Service, Decision Making, Effectiveness Measurement, Operational Delivery, Process Improvements

Additional Job Details

Address:

RBC CENTRE, 155 WELLINGTON ST W:TORONTO

City:

TORONTO

Country:

Canada

Work hours/week:

37.5

Employment Type:

Full time

Platform:

Wealth Management

Job Type:

Regular

Pay Type:

Salaried

Posted Date:

Application Deadline:

Inclusion and Equal Opportunity Employment

At RBC, we embrace diversity and inclusion for innovation and growth. We are committed to building inclusive teams and an equitable workplace for our employees to bring their true selves to work. We are taking actions to tackle issues of inequity and systemic bias to support our diverse talent, clients and communities.
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We also strive to provide an accessible candidate experience for our prospective employees with different abilities. Please let us know if you need any accommodations during the recruitment process.

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