Compliance Validation Specialist
3 weeks ago
Requisition ID: 202522
Join a purpose-driven team that is dedicated to achieving results within an inclusive and high-performing culture.
Overview
The Compliance Validation Specialist plays a crucial role in the success of the Dealer Finance Centre (DFC) in Canada, ensuring that specific individual objectives, plans, and initiatives are executed in alignment with the team's business strategies and goals. This position is responsible for ensuring that all activities comply with relevant regulations, 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 related supporting documents, prior to the disbursement of funds to automotive dealerships.
Key Responsibilities
Conduct all verification activities related to approved Indirect Loans and Leases:
- Complete the Contract Message Screen, making necessary adjustments and accepting details as per the provided documents.
- Verify loan and lease documentation against the Contract Message to ensure all necessary documents are included in the funding package from the dealer (application, Bill of Sale, proof of income, insurance documents, etc.).
- Attach required documents on the Validation Screen to each relevant tab and add additional documents as necessary (e.g., Proof of Residency, Alternate Payor Form, Proof of Downpayment).
- Ensure that any required lending documents are forwarded to Lending for review prior to validating and funding the deal as stipulated (e.g., Proof of income, Corporate Search).
- Verify vehicle insurance coverage and residence as mandated by the Indirect Retail Lending Policy Bulletin.
- Confirm the validity and accuracy of the Retail Credit Agreement or Retail Lease Agreement, including verifying collateral descriptions against the Bill of Sale.
Ensure all lease documents comply with Bank guidelines and meet contractual obligations:
- Verify 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.
- Request documentation from dealerships to obtain guarantees for higher residual values, which may arise from customer or dealer disputes.
- Ensure that all lease-end values adhere to Bank and/or Residual Value Insurer guidelines.
- Verify insurance documentation in accordance with policy.
- Escalate 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.
Resolve all identified discrepancies by:
- Identifying issues and implementing corrective measures when documentation received for funding does not comply with the original approval.
- Communicating with the dealer to rectify documentation by issuing a deficiency notice or dealer message.
- Adhering to the Contract Variance Policy Guide.
Foster a customer-focused culture to enhance client relationships:
- Respond to inquiries from dealerships regarding documentation and funding situations professionally and within established service level agreements.
- Escalate more serious issues to the supervisor as necessary for prompt resolution.
- Maintain positive working relationships with Lending, Accounting, and other DFC staff to efficiently resolve issues before they impact dealer retail business and commercial relationships.
Actively pursue effective and efficient operations while ensuring compliance with operational risk and regulatory requirements:
- Ensure customer profiles align with the information on provided documents and credit bureau reports.
- Review down payment amounts and sources, recommending the completion of an Unusual Transaction Report (UTR) form to the DFC Compliance Officer if outside AML Guidelines.
- Justify transactions involving buyers outside their province of residency or consult the lending team for justification.
- Understand how the Bank's risk appetite and culture should influence daily activities and decisions.
- Champion a high-performance environment and implement a people strategy that attracts, retains, develops, and motivates team members by fostering an inclusive work environment.
The successful candidate will be required to communicate effectively in both English and French to serve a diverse clientele.
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