Scotiabank

Senior Compliance Officer Contract

Toronto, Ontario, Canada

POSITION SUMMARY:

The primary responsibility will be related to handling complaints and regulatory inquiries, including METS and internal complaint and regulatory matter tracking. Additional head office responsibilities and regulatory compliance tasks may also be assigned from time to time. Such activities may include assisting with branch reviews (desk reviews from Head Office and/or on-site branch reviews in the GTA), trade review, revising and developing policy and procedure and review of sales and marketing material.



A Senior Compliance Officer, is responsible to ensure:

• SSI and its MFRs comply with Regulations in a cost effective manner. Regulations refers to all applicable laws, rules, regulations, and policies and codes of conduct, as well as policies, rules, and by-laws which govern the business and sales activities of SSI.
  
  
• adherence to SSI and BNS policies, procedures and controls established for branches and other units in support of activities related to SSI, including Scotiabank Guidelines for Business and to ethical standards adopted by the industry.
  
  

Key accountabilities for this role:

• Knowledge of Complaint Handling Requirements:
  
  
  
  
  • Maintain current knowledge of Regulations, and in particular, MFDA Rules and Policies and be able to effectively handle complaints and regulatory inquires by conducting a thorough and documented investigation of a complaint, preparing a substantive response, performing appropriate suitability analysis, applying MFDA Rules and Policies to the matter in issue, making appropriate recommendations (where appropriate) for compensation and drafting appropriate responses to regulators.
    
    
  
  
  
• Maintaining Regulatory Awareness:
  
  
  
  
  • Maintain current knowledge of applicable and proposed Regulation, including MFDA Rules and Notices, CSA National and Multilateral Instruments and applicable provincial and territorial securities statutes and regulations.
    
    
  
  
• Developing Policies, Practices, Procedures, Systems and Training Programs:
  
  
  
  
  • Evaluate and make recommendations to SSI H.O. Compliance for the development/enhancement/clarification of policies, practices, procedures, and/or systems changes necessary to support ongoing compliance. In particular, develop and recommend policy and procedure changes based on complaint experience and regulatory events.
    
    
  
  
• Remedying Non-Compliance and Resolving Problems:
  
  
  
  
  • Recommend and monitor progress in implementing appropriate action plans to correct:
    
    
    
    
    • incidents of non-compliance (and prevent their reoccurrence).
      
      
    • weaknesses in policies, practices, procedures, systems and/or training.
      
      
    
    
  
  
• Recommending or Instituting Disciplinary Action:
  
  
  
  
  • Within delegated authority and guidelines, make recommendations for disciplinary or corrective action to SSI H.O. Compliance and BNS Regional management where breaches of policies and/or procedures have occurred.
    
    
  
  
• Liaising with Regulators:
  
  
  
  
  • Promote good relations with Provincial/National/SRO Regulators under the direction of SSI’s Chief Compliance Officer by:
    
    
    
    
    • ensuring that any Regulatory reports and correspondence received are dealt with effectively and in a timely manner.
      
      
    • ensuring any queries from Regulators are dealt with promptly and effectively.
      
      
    • Assist SSI H.O. Compliance with the co-ordination/management of any Regulatory examinations or investigations and co-ordinate as requested and under the direction of SSI H.O. Compliance, input into any proposed new or amended regulation.
      
      
    
    
  
  
  

QUALIFICATIONS:

• The SCO must possess the proficiencies and experience to be a Registered member with the relevant provincial and territorial regulators in the capacity of Compliance Officer.
  
  
  
• The incumbent must have a thorough, current knowledge of Regulations applicable to the sale and distribution of Mutual Funds, including MFDA Rules, Policies and Member Regulation Notices, applicable National and Multilateral Instruments and provincial and territorial securities statutes and regulations.
  
  
  
• Knowledge of relevant SSI and Bank policies, procedures and manuals and SSI/BNS investment products.
  
  
  
• Skills including sound judgement, communication and people skills in order to effectively interact with staff, branches, regulators and complainants. Effective reporting to Senior management is also a critical component of the job.
  
  
  
• The post requires the ability to evaluate risk, to identify control weaknesses, to contribute to development of policies, to implement supporting procedures and to report on non-compliance effectively.
  
  
  
• The incumbent is expected to have superior English writing proficiency.
  
  

EDUCATION AND ACCREDITATIONS:

• The incumbent is expected to have an Undergraduate University Degree (preferably in business or accounting)
  
  
  
• 3-5 years work experience
  
  
  
• Relevant education (CFP, ICB Financial Planning, CIM).
  
  
  
• The IFIC/IFSE Canadian Investment Funds Course and Officers Partners and Director Course (or equivalents) are required.
  
  

OTHER INFORMATION:

• This is a one year contract position
  
  

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.