Chief Fiduciary Officer

Busey Bank•Clayton, MO

23h•$210,000 - $275,000

About The Position

The Chief Fiduciary Officer provides strategic oversight for all fiduciary activities of Busey Wealth Management, balancing growth with risk management, compliance and operational efficiency. The Chief Fiduciary Officer is responsible for ensuring that Wealth Management (Busey Trust Company) is in compliance with federal and state statutes and regulations, that appropriate policies and procedures have been adopted to ensure such compliance, and that such policies and procedures are being followed. The Chief Fiduciary Officer reports to the President of Busey Wealth Management.

Requirements

Strong oral and written communication skills
Understanding of federal and state laws and regulations
Deep understanding of the trust business in a fiduciary environment
Excellent time and project management skills
Analyze and interpret numerical data
Identify and analyze problem situations and develop appropriate solutions
Perform duties and make decisions under frequent time pressures
Act decisively in making solid, informed judgment calls in response to regulatory environment and day-to-day business issues.
Requires a JD degree and additional designations a plus
Requires 15+ years’ experience within the financial services industry
Requires as least 10 years of personal trust administration and/or investment management experience.
Requires knowledge of Microsoft Office.

Responsibilities

Acts as key first line of defense within Busey Wealth Management, ensuring compliance with trust policies and procedures, enterprise risk management programs, as well as all applicable state and national banking and trust rules and regulations.
Identifies and evaluates fiduciary risks across all products/solutions/processes and strategic growth initiatives. The position interfaces directly with others in WM and Busey Bank to ensure that appropriate fiduciary risk controls are identified and tested.
Works with Internal Audit, Regulatory Compliance, Enterprise Risk Management, and external regulators (e.g., OCC, FRB, FDIC, SEC, State of North Carolina Commissioner of Banks, among others).
Represents WM and serves as an active member of numerous WM and enterprise-wide risk and compliance committees and councils. Makes presentations, when requested, to the Board of Directors, Operational Risk Committee, and the Executive Compliance Committee.
Provides fiduciary oversight to the investment management and middle office/fulfillment groups in the execution of their duties, including pre- and post- account and asset acceptance reviews, annual administrative and Reg 9 investment reviews, prudent exercise of discretion, interpretation of the governing documents, account terminations, and the administration of each trust in accordance with applicable laws, regulations, and the terms of the governing documents.
Participates in the evaluation and approval of solutions to resolve escalated fiduciary issues and evaluation of capabilities required to meet clients’ fiduciary administrative and investment needs.
Engages with internal and external legal counsel as needed related to litigation items. Provides ongoing oversight and takes action to recommend elimination or adjustments to solutions, products, or processes, as appropriate.
Interacts regularly with regulators, developing positive relationships and ensuring business processes and objectives are developed consistent with the FDIC guidance covering trust administration and investment management.
Develops internal and external contacts to ensure changes in the personal and institutional trust and investment management industries are monitored, emerging risks are addressed, and market opportunities are identified, evaluated, and capitalized upon.
Supervise, direct, develop, and evaluate direct reports, including development of training programs to enhance fiduciary knowledge and compliance awareness.