Head of Wealth Management Compliance City National Bank

City National Bank • New York, NY

22d • $200,000 - $340,000

About The Position

The Head of City National Bank's (CNB) Wealth Management Compliance business, which include investment advisory businesses, broker dealer activities, as well as trust and fiduciary activities. Advisory activities are executed both out of the Bank as well as through two Registered Investment Advisors, RBC Securities and RBC Rochdale. The trust and fiduciary activities occur both through RBC Trust Company (Delaware) as well as through its national bank charter. The Head of WM Compliance will oversee compliance activities for this division while promoting a strong culture of ethics, compliance, and integrity. Additionally, the Head of WM Compliance will partner with RBC Centers of Excellence on compliance programs and oversight related to Surveillance, Licensing, Conflicts, Funds and Broker Dealer Compliance.
As a business line operating out of entities that are direct and indirect subsidiaries of CNB, a national bank regulated by the Office of the Comptroller of the Currency (OCC), and Royal Bank of Canada (RBC) in the U.S., which operates out of a bank holding company regulated by the Federal Reserve, and with activities subject to FINRA and the SEC, it will be critical for the Head of WM Compliance to balance regulatory expectations across various regulatory regimes. Further, as a member of the US Capital Markets and Wealth Management team, the CNB Head of WM Compliance will help drive synergy across the US and leverage best practices.

Requirements

• Bachelor's Degree or equivalent
• Minimum 10 years of wealth management compliance experience, including investment/asset management/broker dealer/fiduciary/trust experience in a banking or investment environment required.
• Minimum 5 years of management experience required
• Advanced knowledge of the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Act of 1933, and Securities Exchange Act of 1934 is required, with knowledge of bank non-deposit investment product requirements, OCC Regulation 9, and ERISA regulations.
• Knowledge and ability to reinforce a strong culture of compliance and provide independent challenge to senior management and business partners.
• Ability to develop and implement appropriate policies and procedures and compel others to adhere to them.
• Must possess excellent verbal and written communications skills sufficient to interact with all levels of Adviser and Fund Personnel, clients, vendors, etc.
• Ability to write policies and create compliance disclosures.
• Working knowledge of Microsoft office programs (Word, Excel, Power Point).

Nice To Haves

• FINRA Series 7: General Securities Rep preferred
• Experience communicating and interacting with regulatory agencies, including exam management and other regulatory affairs.
• For Banking Compliance related roles, Certified Compliance Risk Manager (CRCM).
• For Wealth Management Compliance roles, experience with a financial institution such as a broker/dealer and/or registered investment adviser.
• For Wealth Management Compliance roles, experience working within a Compliance Investment Management role.

Responsibilities

• Advance compliance programs that focus on regulatory requirements across applicable regulatory regimes, including: the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Act of 1933, Securities Exchange Act of 1934, and OCC Regulation 9.
• Foster a strong culture of compliance with senior management and business partners
• Oversee and challenge as appropriate front line compliance risk taking activity, including in alignment with OCC’s Heightened Standards and the Federal Reserve’s Enhanced Prudential Standards as applicable.
• Provide advice and guidance to the CNB Wealth Management and Private Banking businesses, seeking to become a trusted advisor.
• Implement independent risk management routines to assure proper alignment exists with SEC and FINRA expectations, and in conjunction with RBC US Compliance Practices and the RBC Wealth Management Compliance teams.
• Oversee compliance management activity within the firm’s RIA program, specifically, including ongoing maintenance of firm’s Form ADV, Parts 1 and 2 as well as regular and periodic updates.
• Leveraging RBC’s US shared service, provide oversight of firm and agent registration and licensing for broker dealers and registered investment adviser
• Provide periodic reporting to CNB, RBC and subsidiary boards with respect to matters of compliance
• Provide proactive compliance advice ,support and coverage to the Wealth Management and Private Banking businesses to help ensure regulatory and policy matters are well understood and effectively managed
• Evaluate and oversee internal controls to ensure their adequacy and effectiveness with respect to compliance risks and requirements
• Prioritize compliance activities toward areas identified as having the highest levels of compliance risk to the company
• Perform periodic risk assessments of business and operational activities to identify compliance gaps and potential exposure
• Establish topic and job-specific compliance training for officers and employees
• Partner with business units to remediate compliance findings and issues, including those identified in internal and external examinations and audits
• Facilitate audits and exams related to Compliance for the Wealth Management and Private Banking businesses
• Integrate activities with other departments to accomplish common goals.
• Maintain up-to-date knowledge of industry best practices to further develop effective compliance policies and procedures and programs
• Provide leadership with CNB affiliates to assure efficient operations as well as full compliance.
• Elevate and escalate material issues and concerns to both Compliance senior management and business senior management as appropriate.
• Perform other duties as may be requested by City National Bank's Chief Compliance Officer or by the RBC VP of Global Capital Markets and U.S. Investment Management-Broker Dealer Compliance
• Complies fully policies and procedures as well as all regulatory requirements

Benefits

• Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date
• Generous 401(k) company matching contribution
• Career Development through Tuition Reimbursement and other internal upskilling and training resources
• Valued Time Away benefits including vacation, sick and volunteer time
• Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs
• Career Mobility support from a dedicated recruitment team
• Colleague Resource Groups to support networking and community engagement

What This Job Offers

• Job Type: Full-time
• Career Level: Manager