Associate Director, Wealth Management Surveillance

Royal Bank of Canada•Toronto, ON

3d•Onsite

About The Position

You will be part of the RBC Compliance Surveillance Team, which is a core, global, second line-of-defense function within Compliance that works closely with the first-line and the third-line (Internal Audit) and other second-line functions as part of an integrated controls framework. It performs routine (mostly automated), post-event monitoring of trading activity and communications (electronic and voice) for controlling and mitigating specific relevant risks (e.g. market abuse and manipulation; Suitability and Sales Practices) associated with the supported retail businesses.(Wealth Management, Royal Mutual Fund) As Associate Director, Wealth Management Surveillance, you lead, manage and develop a team of Retail Surveillance Officers who are responsible for conducting daily, weekly, monthly and targeted reviews of sales and trading activities for Wealth Management, including foreign retail brokerage branches (DS Global), Royal Mutual Fund and business conduct covering Equities, Fixed Income, Currencies, Listed Derivatives, Commodities, Mutual Funds and OTC (Over the Counter) products. You act as the key relationship manager and contribute to team projects (alert parameter changes, working with Compliance IT), prepare surveillance statistics for periodic reporting and be the overall subject matter expert for Wealth Management Tier 2 Surveillance.

Requirements

Minimum 5 to 7 years of related work experience at a financial institution and/or regulated securities dealer/and or securities regulatory body with minimum 2 years of management experience.
Experience in conducting Tier 1 branch supervision or Tier 2 surveillance activities.
Strong understanding of retail suitability and sales practices regulatory requirements in Canada eg. CIRO Investment Dealer and Partially Consolidated Rules; National Instrument 31-103 (NI 31-103)
Strong understanding of Wealth Management business and role of participants.
Outstanding leadership, communication, analytical and problem-solving skills.
University degree.
CSC, CPH and/or Trader Training Course
Some degree of comfort with technology and a functional understanding of how technology can be applied to surveillance solutions

Nice To Haves

Knowledge or experience with data analytics and AI tool.

Responsibilities

Lead a surveillance program to ensure an effective monitoring program which successfully addresses the regulatory requirements set out in CIRO Rules and RBC Policies for Wealth Management (DS) and Royal Mutual Funds covering Equities, Fixed Income, Currencies, Listed Derivatives and Commodities, Mutual Funds sales and trading.
Ensure that the firm’s Retail Tier 2 reviews and monitoring of other sales practices are completed in accordance with RBC policies and regulatory requirements.
Identify potential areas of risk (financial, reputational, and regulatory) or surveillance trends that may lead to preventative or proactive projects. In response to external or internal audit issues: develop, manage, implement, and govern action plans dedicated to making appropriate modifications to correct the issue(s).
Identify potential efficiencies with current models and implement the change management required to implement these efficiencies.
Present to senior management potential issues as they arise and make recommendations with regards to courses of action.
Work with Information Technology to ensure systems and tools supporting the retail surveillance program meet Compliance requirements.
Help develop and maintain up-to-date surveillance policies and procedures covering Wealth Management.
Provide periodic Surveillance statistic reports to Compliance Advisory teams and CCOs, as well as any ad hoc status and reporting on the state of the surveillance program, detailing the identification and status of significant risk and compliance issues.
Keep abreast of new or proposed regulatory changes and help determine if it will have an effect on our surveillance program. Employ strategic vision to plan future technology and program needs based on regulatory and industry trends
Assist in responding to external or internal audit issues: develop, manage, implement, and govern action plans dedicated to making appropriate modifications to correct the issue(s)
Recruit and retain best in class of surveillance talent for RBC Surveillance Team.
Foster healthy and inclusive team environment.