This position will be responsible for the execution of compliance assurance and risk management services across Nationwide Bank’s retail consumer and commercial deposit and lending operations.
JOB SUMMARY: Directs the activities of a corporate compliance function. Provides compliance support and guidance to business and other support areas on related compliance matters. Ensures that all related operations and activities meet federal, SEC and state regulatory requirements and company policies. Supports business unit/product strategies via on-going compliance efforts.
COMMENTS: This job family is reserved for OCLO Corporate Compliance operations. It is not to be used for other state compliance or in other business units. Associates will typically support one of the core corporate compliance functions such as: Annuity and NF product forms filing; review and filing of advertising and marketing materials; NASD Registered Representative and Investment Advisor Representative registration disclosure review; outside trading account (OTA) review, tracking and disposition; outside business activity (OBA) review; IRA code of ethics reporting review; home office and field inspections and supervisory compliance; due diligence for new business initiatives and product offerings; OFAC review and research; RR/IA sales practices; marketing surveillance/monitoring; Branch Office Registration; Form BD and Form ADV amendments; supervise and conduct OSJ and branch office inspections.
REPORTING RELATIONSHIPS: Reports to Officer/Compliance Executive
CORE DUTIES AND RESPONSIBILITIES:
1. Directs the day-to-day activities of a corporate compliance operation to ensure compliance with federal, SEC and state regulations and legislation. Interprets regulations for their impact business/product and internal processes.
2. Monitors that business unit initiatives and plans are consistent with longer-term corporate vision and direction as well as applicable regulations and legislation.
3. Responsible for ensuing that business unit/product goals and objectives are established within regulatory guidelines.
4. Directs the development implementation of correction plans for out of compliance situations. Monitors results for success.
5. Directs the development, preparing and submission of reports and related documentation for related compliance initiatives and ongoing regulatory compliance. Heavy involvement in regulatory exams, etc.
6. Assesses the adequacy of functional compliance policies, procedures, training and objectives. Implements change management processes where needed.
7. Contributes to overall office compliance scorecard metrics to ensure success of compliance programs.
8. Maintains effective working relationships with insurance/regulatory agency authorities, trade associations, other insurance/financial company and business unit partners. Has direct interaction with regulatory agencies, sales force and customers.
9. Maintains quality customer relations with emphasis on service, delivery of quality work product, and support of business needs and requirements. Works with management to develop corrective actions for the more complex compliance problems.
10. Attends professional and/or industry associate meeting, seminars and continued education programs. Maintains currency in compliance, regulatory requirements and firm procedures.
11. Directs associate management including; performance management, salary planning and administration, training and development, workflow, organizational planning, hiring and placement, and disciplinary actions.
12. Assists in regulatory exams, requests for information, subpoenas etc.
13. Performs other related duties as assigned, and leads special projects.
Education: Undergraduate studies a must. MBA or JD preferred.
Designations/ Certifications: Completion of specialized course work in securities, finance or insurance regulations. NOTE: Associates must obtain the required Federal and/or state licenses/registrations within the time period designated by the business unit. Additional licenses/registrations may be required when new products and services are implemented. If an associate fails or is unable to obtain required licenses/registrations within the time period designated by the business unit, the associate will be ineligible to continue in the position.
Experience: Typically ten or more years compliance work experience in a financial services, legal, regulatory compliance or similar role. Management experience required. Experience in a broker/dealer/investment adviser organization beneficial.
Knowledge: In-depth working knowledge of insurance and financial services products and policy provisions; state insurance department rules and regulations; SEC, NASD, MSRB, State Securities regulations and the Internal Revenue Code.
Skills/ Competencies: Excellent verbal and written communication skills for interaction with executive leadership, business unit leadership, regulatory agencies and all levels of associates; presentation and negotiation skills. Project management skill. Ability to set work and project priorities, and to evaluate and recommend solutions to regulatory compliance problems and internal processes. Conflict management skills. Ability to coach, mentor, develop and motivate associates.
Staffing Exceptions: Staffing exceptions to the above minimum job requirements must be approved by the: Chief Compliance Officer and the HR Executive. There can be no exceptions to the any NASD required certifications.
Overtime Eligibility (FLSA): Not eligible (exempt)
Working Conditions: Normal office environment. Occasional travel and non-standard work hours
ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.
Credit Check: Due to the fiduciary accountabilities within this job, a valid credit check and/or background check will be required as part of the selection process. Other background checks as necessary to meeting required licensing standards.
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