Sr Trust Compliance Officer

Columbia Bank • Denver, CO

4d • $150,000 - $190,000 • Onsite

About The Position

About the Role: The Sr Trust Compliance Officer – Columbia Private Trust (CPT) is responsible for leading the execution, development, implementation, and maintenance of all assigned responsibilities of Columbia Private Trust’s Compliance Management Program. Acts in a senior leadership role in providing guidance and ensuring execution of other assigned compliance-related projects, tasks, and functions. Prepares reports for various management committees and provides oversight and support in audits and examinations. Defines and upholds rigorous departmental controls and ensures compliance with ERISA law, IRS regulations, and external agency regulators including, but not limited to the FDIC, Oregon Division of Banking, and the SEC. Responsible for acting in a managerial capacity for the CPT compliance function including the supervision and development of team members. Oversee the development and updating of compliance-related policies, procedures, and supporting documents or manuals as well as the scheduling and tracking of employee compliance training, the coordinating of annual self-assessments, and works with CPT management and staff to ensure appropriate controls are in place related to compliance risks. Works closely with CPT management and staff identifying, defining, and remediating various risk-related issues and attaining established compliance goals as directed by the Board of Directors and senior leadership. Makes recommendations to senior leadership and CPT personnel on emerging trust compliance risks and issues, and consults and guides CPT in the establishment of controls to mitigate risks. Instills a compliance-oriented culture among CPT and builds best practices as part of an integrated compliance program. Assist with annual and periodic risk assessment processes driven by ERM, BSA/AML, Information Security, and Fraud teams, and lead initiatives to improve and formalize processes where risk disciplines intersect to enhance consistency, transparency, and control effectiveness. Ensures complaints with legal, regulatory, and/or discriminatory implications are escalated appropriately, identifies potential risks, ensures timely, appropriate responses are provided to complainant. Provides resources and trains department members to recognize various legal, tax-reporting, regulatory, and investment issues that may impact CPT, clients, and financial representatives. Writes and maintains relevant CPT compliance procedures and oversees CPT compliance training ensuring compliance with relevant laws and regulations. Assists in preparing for and during audits and exams, coordinating responses to external auditors and regulatory examiners and ensuring deficiencies identified from such audits and exams are corrected in accordance with the Bank’s audit and exam issues mitigation guidelines. Monitors CPT compliance, providing ongoing assessment of compliance risks and ensuring compliance issues are adequately corrected in a timely manner. Anticipates, monitors, and prepares for changes in laws and regulations impacting CPT compliance and communicates those changes to the Risk and Compliance team and appropriate CPT leadership. Reviews and approves marketing initiatives, campaigns, advertisements, and other internal and external published materials or external facing communications created by the business lines and marketing to ensure compliance with associated laws and regulations. Reviews business unit procedures for gaps and assists with control development to close gaps. Oversees research on prohibited transactions, DOL regulations, bankruptcy law, and IRS policy as it applies to retirement plans and alternative investments. Interprets retirement plan/alternative investment-related research and applies to procedures and/or products through internal communications, forms, and procedural changes. Responsible for maintaining an awareness of regulatory and legislative developments and industry trends through external resources such as industry specific newsletters, classes, webinars, and IRS and DOL Guidance and regulations. Responsible for supervisory duties such as hiring, firing, coaching, training, performance evaluation, directing/approving work, disciplinary action, handling grievances, delegating tasks, etc. Demonstrates compliance with all bank regulations for assigned job function and applies to designated job responsibilities – knowledge may be gained through coursework and on-the-job training. Keeps up to date on regulation changes. Follows all Bank policies and procedures, compliance regulations, and completes all required annual or job-specific training. Maintains a working knowledge of Bank's written policies and procedures regarding Bank Secrecy Act, Regulation R, NDIP, and other regulations as applicable to CPT and to this job description. May be asked to coach, mentor, or train others and teach coursework as subject matter expert. Actively learns, demonstrates, and fosters the Columbia corporate culture in all actions and words. Takes personal initiative and is a positive example for others to emulate. Embraces our vision to become “Business Bank of Choice” May perform other duties as assigned.

Requirements

• Bachelor’s degree in related field or equivalent financial services experience required.
• 10+ years progressive experience in the self-directed IRA custodian and/or alternative assets environment required.
• 5+ years Trust operations and compliance related management experience at a financial institution with assets of $5 billion or more required.
• 5+ years' experience in a compliance role required.
• Thorough understanding and ability to ensure compliance with all laws and regulations applicable to the position including but not limited to IRS Code specific to retirement accounts, ERISA, TEFRA, Bank Secrecy Act, GLBA, Regulation R, FBAR Reporting, GLBA, CCPA and USA PATRIOT Act.
• Exhibit strong analytical skills and the ability to make appropriate decisions and be accountable for all actions made by a department or group.
• Effective verbal, written, and interpersonal communication skills with the ability to carry out instructions, instruct others, train personnel, write reports, correspondence, and procedures, and speak clearly to external and internal stakeholders.
• Experience maintaining effective relationships with business unit partners, internal and external auditors, and regulatory agencies and ensuring accomplishments of functional goals and objectives.
• Direct experience working with regulatory compliance examinations as well as internal and external audits.
• Strong knowledge of IRS and other regulations applicable to custodial and trust services in the retirement account space including but not limited to 990-T/UBTI (IRC 511 & 514), Title 26 CFR Section 54.4975-1 General Rules Relating to Excise Tax on Prohibited Transactions, Title 26, CFR Sec 1.401(k) 401(k) Regulations, Title 26, CFR Sec 1.408 IRA Regulations, Title 26, CFR Sec 35.3405-1 Q&A relating to withholding on pensions, annuities and certain other deferred income, and Treasury Reg 1.401(a)(9) RMD Regulations.
• Strong understanding of a PC, Salesforce, Wealth Management Software, Windows environment and Microsoft Office products.

Nice To Haves

• Advanced degree in related field preferred.
• Certified IRA Services Professional (CISP) preferred.
• Self-Directed IRA Industry Professional (SDIP) preferred.

Responsibilities

• Leading the execution, development, implementation, and maintenance of all assigned responsibilities of Columbia Private Trust’s Compliance Management Program.
• Acting in a senior leadership role in providing guidance and ensuring execution of other assigned compliance-related projects, tasks, and functions.
• Preparing reports for various management committees and provides oversight and support in audits and examinations.
• Defining and upholding rigorous departmental controls and ensures compliance with ERISA law, IRS regulations, and external agency regulators including, but not limited to the FDIC, Oregon Division of Banking, and the SEC.
• Acting in a managerial capacity for the CPT compliance function including the supervision and development of team members.
• Overseeing the development and updating of compliance-related policies, procedures, and supporting documents or manuals as well as the scheduling and tracking of employee compliance training, the coordinating of annual self-assessments, and works with CPT management and staff to ensure appropriate controls are in place related to compliance risks.
• Working closely with CPT management and staff identifying, defining, and remediating various risk-related issues and attaining established compliance goals as directed by the Board of Directors and senior leadership.
• Making recommendations to senior leadership and CPT personnel on emerging trust compliance risks and issues, and consults and guides CPT in the establishment of controls to mitigate risks.
• Instilling a compliance-oriented culture among CPT and builds best practices as part of an integrated compliance program.
• Assisting with annual and periodic risk assessment processes driven by ERM, BSA/AML, Information Security, and Fraud teams, and lead initiatives to improve and formalize processes where risk disciplines intersect to enhance consistency, transparency, and control effectiveness.
• Ensuring complaints with legal, regulatory, and/or discriminatory implications are escalated appropriately, identifies potential risks, ensures timely, appropriate responses are provided to complainant.
• Providing resources and trains department members to recognize various legal, tax-reporting, regulatory, and investment issues that may impact CPT, clients, and financial representatives.
• Writing and maintaining relevant CPT compliance procedures and oversees CPT compliance training ensuring compliance with relevant laws and regulations.
• Assisting in preparing for and during audits and exams, coordinating responses to external auditors and regulatory examiners and ensuring deficiencies identified from such audits and exams are corrected in accordance with the Bank’s audit and exam issues mitigation guidelines.
• Monitoring CPT compliance, providing ongoing assessment of compliance risks and ensuring compliance issues are adequately corrected in a timely manner.
• Anticipating, monitoring, and preparing for changes in laws and regulations impacting CPT compliance and communicates those changes to the Risk and Compliance team and appropriate CPT leadership.
• Reviewing and approving marketing initiatives, campaigns, advertisements, and other internal and external published materials or external facing communications created by the business lines and marketing to ensure compliance with associated laws and regulations.
• Reviewing business unit procedures for gaps and assists with control development to close gaps.
• Overseeing research on prohibited transactions, DOL regulations, bankruptcy law, and IRS policy as it applies to retirement plans and alternative investments.
• Interpreting retirement plan/alternative investment-related research and applies to procedures and/or products through internal communications, forms, and procedural changes.
• Maintaining an awareness of regulatory and legislative developments and industry trends through external resources such as industry specific newsletters, classes, webinars, and IRS and DOL Guidance and regulations.
• Responsible for supervisory duties such as hiring, firing, coaching, training, performance evaluation, directing/approving work, disciplinary action, handling grievances, delegating tasks, etc.
• Demonstrates compliance with all bank regulations for assigned job function and applies to designated job responsibilities – knowledge may be gained through coursework and on-the-job training.
• Keeps up to date on regulation changes.
• Follows all Bank policies and procedures, compliance regulations, and completes all required annual or job-specific training.
• Maintains a working knowledge of Bank's written policies and procedures regarding Bank Secrecy Act, Regulation R, NDIP, and other regulations as applicable to CPT and to this job description.
• May be asked to coach, mentor, or train others and teach coursework as subject matter expert.
• Actively learns, demonstrates, and fosters the Columbia corporate culture in all actions and words.
• Takes personal initiative and is a positive example for others to emulate.
• Embraces our vision to become “Business Bank of Choice”
• May perform other duties as assigned.

Benefits

• We are proud to offer a competitive total rewards package including base wages and comprehensive benefits.
• We offer eligible associates comprehensive healthcare coverage (medical, dental, and vision plans), a 401(k)-retirement savings plan with employer match for qualifying associate contributions, an employee assistance program, life insurance, disability insurance, tuition assistance, mental health resources, identity theft protection, legal support, auto and home insurance, pet insurance, access to an online discount marketplace, and paid vacation, sick days, volunteer days, and holidays.
• Benefit eligibility begins the first day of the month following the date of hire for associates who are regularly scheduled to work at least thirty hours weekly.

What This Job Offers

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