Head of Wealth Management Compliance

HEAD OF WEALTH MANAGEMENT COMPLIANCE CITY NATIONAL BANK

WHAT IS THE OPPORTUNITY?

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.

WHAT WILL YOU DO?

• 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…