Compliance Validation Specialist

3 months ago

Hamilton, Ontario, Canada Scotiabank Full time
Title: Compliance Validation Specialist

Join a purpose-driven team dedicated to achieving results within an inclusive and high-performing culture.

Objective

The Compliance Validation Specialist plays a vital role in the success of the Dealer Finance Centre (DFC) in Canada by ensuring that specific individual objectives, plans, and initiatives are executed in alignment with the team's business strategies. This position ensures that all activities are conducted in accordance with regulatory requirements, internal policies, and procedures. The Compliance Validation Specialist is tasked with verifying and validating the information contained in approved indirect loan and lease agreements, along with the related supporting documentation, prior to the disbursement of funds to automotive dealerships.

Key Responsibilities

Conduct all verification processes related to approved Indirect Loans and Leases received for funding:

  • Completing the Contract Message Screen with necessary adjustments and accepting the details as per the provided documents.
  • Verifying loan and lease documentation against the Contract Message to ensure all required documents are included in the funding package from the dealer (application, Bill of Sale, proof of income, insurance documents, etc.).
  • Attaching the necessary documents on the Validation Screen to each tab and adding additional documents as needed (e.g., Proof of Residency, Alternate Payor Form, Proof of Downpayment).
  • Ensuring that any required Lending documents are submitted for review prior to validating and funding the deal as per stipulations (e.g., Proof of income, Corporate Search).
  • Verifying vehicle insurance coverage and residency as mandated by the Indirect Retail Lending Policy Bulletin.
  • Confirming the validity and accuracy of Retail Credit Agreements or Retail Lease Agreements, including verifying collateral descriptions in documents against the Bill of Sale.

Ensure all lease documents comply with Bank guidelines and meet contractual obligations to the Residual Value Insurer:

  • Verifying the validity and accuracy of all financial components that will affect the amortization of the lease on the Bank's records at the end of the term.
  • Requesting documentation from dealerships to obtain guarantees for higher residual values that may arise from customer or dealer disputes.
  • Ensuring that all lease-end values are compliant with Bank and/or Residual Value Insurer guidelines.
  • Verifying insurance documentation in accordance with policy.
  • Escalating any variances outside of Bank and/or Residual Value Insurer guidelines to the dealer and/or Funding Manager with recommendations for rectification prior to funding to mitigate monetary risk to the Bank.

Address all identified discrepancies by:

  • Identifying issues and implementing corrective measures when documentation for funding does not comply with original approvals.
  • Communicating with dealers to rectify documentation issues by issuing a deficiency notice or dealer message.
  • Adhering to the Contract Variance Policy Guide.

Foster a customer-focused culture to enhance client relationships and leverage broader Bank relationships, systems, and knowledge by:

  • Responding to requests for information or clarification from dealerships regarding documentation and funding situations professionally and within established service level agreements.
  • Escalating serious situations to the supervisor as necessary for prompt resolution.
  • Maintaining positive working relationships with Lending, Accounting, and other DFC staff to efficiently resolve issues before they impact dealer relationships.

Actively pursue effective and efficient operations while ensuring compliance with operational risk, regulatory compliance risk, and conduct risk:

  • Ensuring customer profiles align with the information on the provided documents and credit bureau.
  • Reviewing down payment amounts and sources, recommending the completion of an Unusual Transaction Report (UTR) form when necessary.
  • Justifying buyers outside their province of residency or consulting the lending team for justification.
  • Understanding how the Bank's risk appetite and culture should inform daily activities and decisions.
  • Championing a high-performance environment and implementing a strategy that attracts, retains, develops, and motivates team members while fostering an inclusive work environment.

The successful candidate will be required to communicate effectively in both English and French to serve a diverse clientele.

Scotiabank is a leading bank in the Americas, committed to helping customers, their families, and communities achieve success through a wide range of financial services. We value the unique skills and experiences each individual brings and are dedicated to creating an inclusive and accessible environment for all.

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