• Senior Compliance Testing Associate

    ID
    2018-7199
    Job Locations
    US-CA-San Francisco
    Category
    Compliance
  • Overview

    The general purpose of this position is to participate in the forensic testing, administration, development and oversight of First Republic Bank's Private Wealth Management's ("PWM") Compliance Program.  Specifically, this role is responsible for ensuring that policies, procedures, and processes are adhered to within the firm; testing results will provide verification that PWM is adequately complying with federal and state regulations.

     

    The PWM Senior Compliance Testing Associate will work independently or with other team analyst(s) and associate(s) to complete the scheduled testing of compliance with regulations applicable to PWM. He / She will effectively communicate his / her findings and recommendations and assist with validation projects as they arise. This role is vital to ensure success with internal and external compliance audits and/or regulatory examinations performed by the SEC, FINRA, and FDIC, among others.

    Responsibilities

    RESPONSIBILITIES AND DUTIES:

    • Perform and document Compliance Forensic Testing of adherence to firm policies and procedures, including business line supervisory procedures relating to advisory, broker-dealer, and trust activities such as Sales, Trading, Billing, New Accounts, Sub-Advisor Due Diligence, Third Party Referral Documentation, Marketing, Trust Administration, etc. on behalf of PWM. 
    • Identify and utilize various internal and external resources to understand the requirements of applicable regulations.
    • Work with compliance, business unit, and data management personnel to establish appropriate and efficient sources for obtaining data.
    • Research and remain current on new federal/state regulations that may impact the Adviser, Broker-dealer, or Trust entities with regard to new or changing compliance requirements.
    • Complete detailed testing of policies, procedures and processes using test work-papers and other tools to compare sample data with related requirements.
    • Discuss and review all potential test findings with Compliance Management and respective business line(s).
    • Complete preliminary findings drafts, issue review summaries, and discuss final reports for each completed test.
    • Provide feedback and suggestions for process improvements and risk mitigation strategies.
    • Track business line corrective action plans for timely completion.
    • Validate and document the completion and quality of each remediation solution.
    • Ensure all testing documents and files are complete and organized.

    Responsibilities include the following: 1) adhering to and complying with all applicable, federal and state laws, regulations and guidance, 2) adhering to Bank and PWM policies and procedures, 3) completing required training, 4) identifying and reporting potential suspicious activity, and 5) assisting with control evaluation and risk mitigation.

    Qualifications

    KEY SKILLS, KNOWLEDGE AND ABILITIES: 

    • Bachelor’s Degree in Business, Finance, Economics or other applicable business-related discipline preferable; however, an additional minimum of 5-10 years of experience with an adviser, broker-dealer, or trust entity may be considered without required degree.
    • Highly Preferred:  

      • Wealth Management related Testing/Audit experience
      • RIA Compliance experience at a mid to large size firm
      • Regulatory experience – such as examiner for SEC
    • Preferred: 
      • Broker-Dealer Compliance Experience
    • Strong knowledge of federal and state regulatory requirements of a federally registered investment adviser is a plus.
    • Prior participation in industry groups related to Compliance is a plus.
    • Current FINRA registrations (S7, S63, S24) is a plus.
    • Detail oriented with strong analytical and writing skills.
    • Strong working knowledge of Microsoft Office: Word, Excel, Visio, PowerPoint (Archer is a plus).
    • Ability to communicate effectively, both verbally and in writing to various audiences, while establishing strong working relationships with individuals and teams both inside and outside of the firm.
    • Solutions-oriented thinker.
    • Ability to multi-task and successfully meet competing demands.
    • Demonstrate strong leadership, management and (internal) customer service skills.
    • Orientation toward process improvement and the ability to think and work at both strategic and tactical levels.  
    • Team player.
    • Provides extraordinary service.
    • Furthers the First Republic Bank culture and values.

     

    MENTAL/PHYSICAL REQUIREMENTS:

    • The ability to learn and comprehend basic instructions; understand the meanings of words and respond effectively; and perform basic arithmetic accurately and quickly.
    • Vision must be sufficient to read data reports, manuals and computer screens.
    • Hearing must be sufficient to understand a conversation at a normal volume, including telephone calls and in person.
    • Speech must be coherent to clearly convey or exchange information, including the giving and receiving of assignments and/or directions.
    • Position involves sitting most of the time, but may involve walking or standing for brief periods of time.
    • Must be able to travel as position requires.
    • May be required to lift 25-50lbs.

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