Scotiabank

Senior Compliance Officer

Toronto, Ontario, Canada

POSITION SUMMARY:

The objective of the position is to directly conduct and provide compliance monitoring, direction, advice and support for Scotia Asset Management in order to provide reasonable assurance that;
The firm and its employees comply with applicable securities regulatory requirements and internal policies and procedures;
• Anti-money laundering / counter-terrorist financing (AML / CTF) and privacy requirements are complied with;
• The risk of reputational damage, regulatory sanction and discipline, client complaints and civil litigation are minimized;
• Actual and potential compliance violations and risk situations are pro-actively identified, investigated and resolved or escalated in an appropriate and timely manner;
• The firm's employees receive high quality, accurate and timely compliance direction, advice, support and service, and employees are educated on their compliance responsibilities and requirements.
• The Senior Compliance Officer is responsible for carrying out head office compliance activities for assigned internal client groups in accordance with regulatory requirements (in particular those established by securities regulations) as well as internal policies and procedures.

Reporting:

The SCO reports directly to the Chief Compliance Officer. The SCO is assigned to provide coverage for client groups and may also be assigned responsibility for conducting reviews of specific compliance procedures.

The SCO interacts on daily basis with internal Compliance Department staff, assigned internal client groups and multiple head office department personnel. In addition, the SCO interacts with clients, legal counsel and regulatory authorities on an as needed basis.

There are no direct reports to this position.
However, there is a responsibility to work with other Senior Compliance Officers and Compliance Administrators on an ongoing basis to ensure they are provided with direction, coaching, support and training for their development and proficiency in specialized areas for backup and additional coverage. In addition, the SCO is expected to ensure there is a high level of communication and co-ordination with other members of the team in the handling of jointly assigned internal client groups.


Key accountabilities for this role:

1.The SCO is the day-to-day business unit resource and "centre of expertise” on compliance related matters which are not sufficiently serious, complex or unique to warrant involvement of the Chief Compliance Officer or other senior management. The incumbent is expected to be able to act independently, conduct relevant research and arrive at conclusions and/or recommendations based on the exercise of good judgement on moderately complex decisions falling within standard policies and escalate matters beyond existing policies.

2.In the conduct of all activities, pro-actively identifies actual and potential violations of regulatory requirements, internal policies and procedures or other risk situations at an early stage. Conducts appropriate inquiries and investigations in relation to any such situation and ensures that appropriate corrective actions and/or risk mitigation actions are implemented in a timely manner or escalated.

3.Ensures that compliance review procedures are conducted in a high quality, risk-based manner and appropriate follow-up actions are taken, including:
• appropriate inquiry and investigation is conducted as warranted;
• inquires made and replies received are appropriate, complete and satisfactory;
• evidence of the review(s), such as inquiries made, replies received, date of completion is maintained in accordance with regulations and
the firm’s policies and procedures;
• reviews are completed within the time specified by regulations and the firm’s policies and procedures; and
• matters are appropriately escalated as warranted.

4.Conducts head office compliance oversight (surveillance duties) in accordance with applicable regulatory requirements and internal
policies and procedures to detect violations and potential violations warranting further investigation by reviewing reports such as, but not
limited to:
• daily exception reports to identify any anomalies;
• derivatives activities relating to options, futures, forwards in NI 81-102 mutual funds and other client portfolios;
• monthly exception reports to ensure that client holdings are within specific tolerances as set out in the firm’s policies and procedures and
the client’s investment parameters;
• implementation and ongoing maintenance of automated compliance monitoring system;
• tracking account documentation for completion and client specific instructions;
• quarterly reports for supervisory staff.

These reviews are directed at, but not limited to:
• lack of suitability;
• undue concentration of securities;
• trading in restricted securities;
• conflict of interest between registered representative and client trading activity;
• excessive trade transfers, trade cancellations etc. indicating possible unauthorized trading;
• quality downgrading of client holdings;
• excessive/improper crosses of securities between clients;
• violation of any internal trading restrictions;
• trading without appropriate registration;
• illegal insider trading;
• money laundering or terrorist financing activities;
• "gatekeeper” violations; and
• other illegal and improper activities
.
5.Conducts on-site branch reviews to a high quality standard on a timely basis in accordance with the firm’s policies and procedures. This
includes ensuring branch reviews are appropriately planned, conducted, reports prepared, proposed branch corrective actions assessed and reports issued.

6.Provides specified compliance approvals, or assesses requests for approval and makes a recommendation to the Director, including:
• Accounts for non-Canadian residents.
• Certain types of trade corrections.
• Outside business activities and directorships.
• Private placements.

7.Functions as the key point of contact and day-to-day "help” resource on compliance related inquiries and requests from the firm’s retail
employees (including regional and branch managers, regional and branch administrators, advisors, support personnel and head office departments). Provides knowledgeable, well-informed and practical direction, advice and support, including identifying options as applicable, in a timely and client service focussed manner. This includes, but is not limited to, review of documents, various approvals, policy interpretation, reminders, and procedure support.

8.Conducts specific purpose compliance reviews and investigations, including focussed "book of business” reviews and similar, in order to identify potential compliance gaps, either on a pro-active basis or as prompted by events such as client complaints, regulatory investigation, etc.

9.Receives processes, investigates and responds to client complaints in accordance with the firm’s policies and procedures and regulatory requirements. This includes making reasoned and appropriate recommendations for compensation or settlement, discussion and negotiation with internal and external parties and matter resolution. Also, prepares materials in response to regulatory inquiries, examinations and investigations. Assists legal counsel, as required, in preparing cases for arbitration or civil litigation.

10.Participates in the development and delivery of ongoing and ad hoc compliance and related risk management training, education and awareness initiatives. This includes delivery of seminar presentations to branch staff in conjunction with each branch review for the purpose of reinforcing branch knowledge and awareness of compliance policies and procedures and related matters.

11.Assists the Compliance Administrator in carrying out their daily head office trade reviews and other responsibilities, as required, in order to ensure that all compliance procedures are carried out in accordance with applicable standards.

12.Participates in special projects requiring specialist compliance input and expertise, such as Branch Review Program updates and Compliance Manual reviews/updates
13.Assists in identifying gaps in the existing compliance program and participates in developing, maintaining and implementing changes to the firm’s compliance policies and procedures.

14.Maintains a high level of awareness of compliance related changes and developments in the securities industry through review of publications, participation in industry associations, employee development initiatives, etc.

15.Other duties and projects as may be assigned from time to time.


QUALIFICATIONS:

Thorough knowledge and understanding of the securities industry, relevant regulatory requirements and compliance best practices applicable to the activities of an investment counsel / portfolio manager with institutional and retail business. Typically, this is gained and maintained through:

•5 or more years directly relevant investment industry experience, preferably with a ICPM firm in a compliance role or other relevant functional area (e.g. trading, portfolio management, operations, sales, audit);
•Successful completion of the following core courses: Canadian Securities Course; Derivative Fundamentals Courses, Futures Licensing Course, Options Licensing Course, Options Strategies Course and the Canadian Investment Manager Program.
•Prior and ongoing completion of other education programs contributing to enhanced personal development and competency. This may include CSI securities industry courses (particularly: Traders Training Course; Partners, Directors and Senior Officers Qualifying Exam; Chief Senior Compliance Officer Course) and other compliance related courses, seminars and presentations covering topics such as: AML/CTF; investment management; derivatives, financial planning; trading; insurance; audit; securities and related laws.
2.Thorough knowledge and understanding of the firm’s compliance policies and procedures and the practical application of relevant provincial securities rules and regulations and other applicable regulatory requirements, such as AML/CTF and Privacy.
3.Good understanding of the general characteristics, attributes and risk factors associated with various securities and investment strategies for the purpose of assessing matters such as suitability and legitimacy of investment activities.
4.Good understanding of the firm’s business practices, organizational structure and general policies and procedures.
5.Working knowledge of laws governing matters such as powers of attorney, trusts, estates, unclaimed property and similar as they relate to the operation of client accounts.
6.Strong written and verbal business communication skills (French and/or Spanish are an asset).
7.Superior knowledge of Microsoft applications (including Word, Excel and Power Point) and familiarity with the internet and related applications as tools for conducting compliance related research.
Behavioural competencies:
1.Strong analytical skills and a keen eye for detail.
2.Capable of simultaneously handling multiple tasks and meeting stringent deadlines.
3.Well developed inter-personal skills in order to provide a high level of service and maintain working relationships with assigned client groups and team members.
4.Able to recognize and handle sensitive and confidential information.
5.Self-motivated, confident and capable of working both independently and in a team environment.
6.Superior planning, organizational and time-management skills.
7.Results oriented and high achiever.
8.Reliable, consistent and disciplined.
9.High level of integrity.
10.Tactful, diplomatic and politely persistent.

The incumbent is expected to have an Undergraduate University Degree or College Diploma

OTHER INFORMATION:



The Scotiabank Group is an equal opportunity employer and welcomes applications from all interested parties. We thank you for your interest, however, only those candidates selected for an interview will be contacted. No agencies please.