Senior Manager, Regulatory Initiatives

RBC•Toronto, ON

2d•Onsite

About The Position

The Senior Manager, Regulatory Initiatives will provide subject matter advice and counsel on all regulatory related matters including compliance with new regulatory requirements, reporting of regulatory breaches, regulator consultations/inquiries and internal & external audits for PFP products. This role will ensure all regulatory compliance requirements are operationalized effectively and compliance related controls are comprehensive thereby adequately mitigating the regulatory risks, with monitoring or testing of the controls being conducted as required.

Requirements

Undergraduate degree
Experience in Operational Risk management involving assessment and conclusion would be valuable
Basic understanding of the financial industry is required but the role will be exposed to extensive training in regulatory compliance, operational risk as well as CBO credit operations and strategies.
A risk background with strong critical thinking skills is required
Problem solving skills that focus on control design work would be advantageous
Strong communication and presentation skills

Responsibilities

Demonstrate strong abilities to interpret and complete impact analyses pertaining to PFP for new and/or updated regulatory changes or compliance requirements and operational or regulatory breaches
Assist Senior Management with formal responses to regulators on a wide variety of topics
Ensure that the functionality of key regulatory compliance controls are effective in comprehensively mitigating key regulatory risks, addressing control design requirements where control effectiveness opportunities are identified, ensuring reporting to FCAC is identified where applicable and ensuring control design requirements capture and store appropriate regulatory and transactional credit data to enable effective and efficient remediation efforts if and when these are required.
Identify control weaknesses that require addressing as well as potential client remediation efforts if required.
Provide strategic insight and support in the design of regulatory compliance control design as well as for all regulatory engagements, investigations, audits, or remediation activities.
Keep apprised of all regulatory compliance changes as well regulatory compliance testing or monitoring results, both of which could highlight emerging risks or regulatory events and escalate/manage issues as they arise
Assist functional partners by providing SME support in the design, development, and implementation of controls, reports, and testing requirements
Recognize opportunities for automation or data-driven solutions, where appropriate
Identify & document existing control gaps within current day processes/systems, and develop a risk-based approach to mitigate iterative events.
Understand all relevant statutory/regulatory obligations related to Canadian Banking including AML, Privacy, Consent, Cost of Borrowing, etc and ensure that procedures related to these regulations are up –to-date and comply with applicable regulations/statutes.
Maintain a firm understanding of the underlying policies, regulations and system constraints and how these can impact new & existing initiatives
Work with 2LOD to update and maintain RCM inventory.
Work collaboratively to design and compile reporting and dashboards, in partnership with other COE’s, and anchor with the appropriate team
Monitor dashboard results and escalate for further review as needed
Participate in prioritization discussions with all LOBs, and provide status updates as required