Chief Compliance Officer/ Vice President, Compliance

Chief Compliance Officer/ Vice President, Compliance

The Chief Compliance Officer (“CCO”) reports directly to the Governance and Review Conduct Committee (“GCRC”) and the Board of directors with an administrative reporting line to the CEO and coordinates all of the Bank’s compliance activities. The Chief Compliance Officer ensures that key day-to-day Regulatory Compliance Management (“RCM”) controls throughout the enterprise are sufficiently robust to achieve compliance with all the applicable regulatory requirements enterprise-wide and, where significant issues arise, escalates them to Senior Management and the Board as appropriate. The function should be independent of the activities it oversees and capable of providing Senior Management and the Board with information including objective opinions and advice they need to fulfill their oversight functions. The Chief Compliance Officer is also responsible for the AML/ATF Compliance Management and Privacy Compliance Management.

Key Responsibilities & Accountabilities

· Build a Compliance function and department that drives a compliance culture and supports

· an enterprise wide risk mindset and audit ready environment

· Build and effectively execute a comprehensive RCM framework that includes policies, procedures, roles,

responsibilities, ensuring an enterprise wide implementation of program and practices

· Ensure adequacy of policies and practices and ensure that the organization is operating in accordance with

applicable laws and regulations

· Develop and implement procedures where issues are identified, risk assessed and tracked to remediation with

detailed action plans, and timelines for successful resolution

· Stay abreast of new and changing legislation and to document new or amended compliance policies and

communicate them across the institution on a timely basis

· Assign responsibility for each compliance element to designated officers within the relevant areas of the Bank

and oversee;

· Make sure adequacy of the function’s resources and appropriateness of its collective qualifications and

competencies for executing its mandate

· Identify and assess inherent compliance risks associated with the Bank’s business activities including in support

of the development of new products and business practices or proposed establishment of new businesses

· Responsible for the enterprise-wide implementation and oversight of the Bank’s anti-money laundering and

anti-terrorist financing program compliance with the PCMLTFA and the associated regulations

· Oversight of AML/ATF control activity in all relevant business areas for the purpose of establishing a reasonable

threshold level of control consistency throughout the Bank

· Keep the AML program current relative to the Bank’s identified inherent risks (customers and business

relationships, products and delivery channels, geographic locations of activity and any other relevant factors);

overseeing the development, implementation, and documentation

· Ensure an inherent risk analysis of any new products/services, and identifying appropriate measures to mitigate

associated risks

· Monitor business activities, including outsourced activities, to confirm compliance with anti-money laundering

and anti-terrorist financing requirements

· Communicate with stakeholders to ensure that appropriate action is taken as required, such as ensuring that

internal audit is aware of the requirement in the PCMLTFR for effectiveness testing of the AML program every

two years

· Performing oversight on the adherence of the control standards and requirements under the Privacy Policy and

procedure for both internal and external stakeholders

· Provide subject matter expertise, insights on treatment options for emerging and potential privacy risks

· Ensure that all regulatory requirements have been met and have been delivered to the appropriate regulatory

body in a timely manner

· Report quarterly to the Board of Directors and GCRC Committee on the status of the Bank’s compliance with its

governing statute, regulations and OSFI guidelines; detection of a privacy breach incident to provide an

objective view on privacy risk management and risk taking activities

· Report to Senior Management and the Board on the AML program adequacy and effectiveness along with any

other related issues driving a compliance culture

· Provide leadership to a best-in-class team (hiring, developing, retaining), ensuring that the team members have

the requisite skills, knowledge and performance to deliver an effective compliance function

· Ensure continuing professional development programs in place to enhance senior management, employees and

other persons authorized to act on the Bank’s behalf

· Liaise with relevant external regulatory bodies, auditors, and other government agencies

· Application of leadership practices and competencies such as integrity, subject matter expertise, accountability

and collaboration that drive a positive workplace culture

· Comply with or operate in accordance with applicable laws, regulations, and prescribed practices relating to its

banking business activities in all jurisdictions in which the Bank operates

· Develop and implement procedures where issues are identified, risk assessed and tracked to remediation with

detailed action plans, and timelines for successful resolution

· Ensure a sound compliance culture and mindset – through effective training and communication to ensure

employee engagement and awareness.

Education Requirements

Bachelor’s Degree in legal studies, accounting, finance, risk management or other related field required or Chartered Accountant or MBA

Work Experience Requirements

· >15 years’ experience in banking or financial industry

· Proven experience in senior compliance leadership roles

· Knowledge of legal requirements and controls (AML, etc.)

· Familiarity with industry best practices and professional standards

· Excellent written and oral communication skills

· Good judgment in dealing with complex issues and conflict situations

· Sound analytical thinking, planning, prioritization and execution skills

· Creative – not bound by the limitations of conventional wisdom, finds inventive, imaginative & resourceful ways

to solve problems or create opportunities

· Works well in a fast-paced, fluid environment, flex with change and ambiguity

· Ability to indirectly influence teams through change; spearheads new ideas; motivate team into action;

encourage innovation

· Forward thinking – capable of assessing impact of decisions on immediate, medium term and long term

outcomes

· Demonstrates courage; values diversity in perspectives; inspires commitment; and follows through

· Exceptional relationship and communication skills (verbal & written) combined with the ability to make

decisions, recommendations and manage difficult situations where influencing and persuasion is required

· Clearly articulate complex ideas and present these ideas to senior management and other stakeholder groups

· Good negotiator- protecting employee/ company assets/ costs while maintaining trusting supplier relationships

· Proven Track record in leading change initiatives and optimizing stakeholder satisfaction

People Management Experience Requirements

10 + years of people management experience is preferred

Professional Certification/Membership Requirements

CAMS designation is preferred for this position

Language Requirements

Required: English

Preferred: Korean