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Regulatory Compliance Specialist

2 months ago


Ottawa, Ontario, Canada Alterna Savings Full time

Position Overview

The Regulatory Compliance Specialist will play a crucial role in supporting the framework for Regulatory Compliance Management. This position is recognized as a subject matter expert in regulatory controls. Key responsibilities include evaluating and analyzing risks associated with regulations in accordance with compliance policies and procedures, implementing the ongoing monitoring and control testing strategy, and conducting audits to assess the effectiveness of compliance measures across the organization.

Key Responsibilities

  • Stay informed about updates related to: Privacy Acts, Bank Act, consumer protection regulations, CU Act, Market Code, AODA, OSFI, FATCA, OECD Common Reporting Standard, NDNC, CDIC, CASL, and others.
  • Assist in the implementation of the Regulatory Compliance Management framework.
  • Carry out the risk-based ongoing monitoring and control testing strategy.
  • Evaluate and analyze risks associated with regulations as per compliance policies and procedures.
  • Conduct audits and report on the effectiveness of compliance controls throughout the organization.
  • Provide daily assistance to enhance the effectiveness of compliance measures.
  • Remain updated on emerging regulations, methodologies, strategies, and knowledge.
  • Collaborate closely with the Compliance Manager to maintain, revise, and enhance policies and procedures for the compliance program.
  • Maintain organized and effective logs and reports of all activities for review and audits.
  • Assess the effectiveness of compliance and risk controls through testing.
  • Maintain a comprehensive log of controls.
  • Support the Compliance Manager in developing testing plans.
  • Execute testing plans utilizing a risk-based approach.
  • Perform tests and report results accordingly.
  • Conduct tests on a weekly, monthly, or quarterly basis.
  • Provide support to team leaders, branch managers, and ASK centre regarding compliance matters.
  • Complete thorough analyses of member/customer/product/business processes.
  • Review documentation and processes.
  • Conduct detailed sample reviews and interviews.
  • Compile comprehensive reports.
  • The Compliance Specialist will be relied upon to contribute to decisions regarding process development and improvement in relation to regulatory compliance controls and to ensure that final processes adhere to regulatory compliance guidelines.
  • Maintain an organized electronic record-keeping system.

Qualifications

Education / Certifications / Experience

  • Post-secondary education in a relevant field (business, banking, law, economics, psychology, behavioral science).
  • A minimum of 5 years of relevant experience.
  • Knowledge or completion of banking/investment industry courses is an asset.
  • Knowledge or completion of audit-related courses/certifications is an asset.
  • Knowledge or completion of risk management-related courses/certifications is an asset.
  • Knowledge or completion of business analysis/project management courses/certifications is an asset.

Knowledge / Skills

  • Proficient in Excel report development.
  • General understanding of all regulations affecting the Credit Union and Bank.
  • Strong knowledge in Privacy and Consumer Protection.
  • Familiarity with Internal Audit processes.