This Senior Vice President level role provides guidance on complex compliance risk management activities within the Institutional Client Services department of Wilmington Trust. Depending upon the candidate’s background, this role is expected to have primary focus on either: 1) the Transaction Management department within the Global Capital Markets – US business unit; which performs Default Administration and Issue Management services; or 2) the Custody & Collateral Services (CCS) department; which performs Institutional Custody, Collateral Management, and Trust & Pension (Retirement Plan) services. Primary focus will be on executing the 2nd Line of Defense compliance risk management program, which includes identifying key compliance risk exposures and prioritizing strategies to mitigate key compliance risks. The role may also provide secondary/support coverage to other business units within the Institutional Client Services department, participate in thematic workstreams, and/or support strategic initiatives with cross-line of business nexus to other departments within the enterprise at-large.
Primary Responsibilities:Consult with senior managers of business units on complex compliance matters.May assist in oversight of state, federal, domestic and possibly international regulator relationships and examinations including the Federal Reserve, OCC, SEC, DOL, FINRA, CFPB, State of New York, and/or the State of Delaware, as applicable.Evaluate the effectiveness of existing processes and recommend new processes that most effectively anticipate, manage, and reduce risk to the business.Develop and communicate recommendations that support adherence to regulations, industry best practices and/or the Compliance Risk Management (CRM) program.Maintain subject matter expertise and understanding of the laws, rules and regulations with which the business and/or CRM must comply and an awareness of issues of recent regulatory focus.Develop and/or deliver training to support employees in fulfilling their compliance responsibilities.Escalate and measure compliance risk issues to leadership and the lines of business, as well as the 1st and 2nd Lines of Defense, as necessary.Liaise with CRM departments as appropriate in the execution of CRM program components.Assist in Risk Assessment to identify compliance risk exposure and help the organization prioritize compliance risks.Assess compliance issues presented through complex new/revised product and service offerings and work closely with senior leaders of business units to plan a response.Work with senior leaders of business units and/or CRM to design a plan for timely and effective resolution of complex issues identified through monitoring and testing.May interact with State and Federal Regulatory Agencies, numerous risk and executive management, lines of business, and support organizations such as Internal Audit and Legal on an ongoing and regular basis to ensure the enterprise is operating within the Board-mandated compliance risk tolerance.Adhere to applicable compliance/operational risk controls in accordance with Company or regulatory standards and policies.Promote an environment that supports diversity and reflects the M&T Bank brand.Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.Complete other related duties as assigned.Specific to Posting:- Provide 2nd Line of Defense coverage to Wilmington Trust Corporate & Institutional Services, which includes Corporate Trust Services, Capital Markets Agency Services, Capital Markets Structured Finance (ABS, MBS), Institutional Custody and Collateral Management Services, Trust & Pension Services (TPS), Loan Market Solutions, Default Administration & Issue Management,
- Supports the 2nd Line of Defense Fiduciary Risk Oversight program through execution of the CRM Program and related initiatives: Requirements & Standards Documentation, Compliance Monitoring Activities, Compliance Control Management, Compliance Risk Assessment (CRA), Participation in Governance Committees, Forums, and Working Groups, Targeted Risk Assessments, Training Initiatives, Regulatory Exam Management support
- Expertise in one or more of the following: Trust Indenture Act (TIA), FDIC Account Administration - Corporate Trust Accounts, Regulation AB, Regulation 9 (12 CFR 9, Reg 9), Regulation R, Employee Retirement Income Security Act of 1974 (ERISA)
Scope of Responsibilities:The Compliance Advisor works under general supervision of the Compliance Manager but exercises a high level of judgment and discretion to resolve problem situations independently.
Effective communication and collaboration with Senior Leadership and M&T Bank Executive Management is expected in the role.
The Compliance Advisor must understand when situations warrant escalation to the M&T Bank Chief Compliance Officer, Legal, or when other consultation is needed.
The Compliance Advisor position is essential to ensuring compliance. Failure to adhere to regulations could result in significant long-term negative impact due to severe penalties from regulators and to legal and reputational risk.
This position must maintain positive working relationships with CRM staff, business line owners, as well as maintaining significant contact with 2nd Line Risk Management, Legal, Audit, and other M&T subsidiaries and departments. The Compliance Advisor also interacts with external contacts, including regulators/examiners, vendors, and peer companies.
Education and Experience Required:A combined minimum of 12 years’ higher education and/or work experience, including 8 years’ experience in compliance, legal, audit, risk or other relevant function.
Proficient computer skills (including spreadsheet and word processing software).
Strong analytical skills.
Working knowledge of applicable laws.
Strong written and verbal communication skills.
Education and Experience Preferred:Transaction Management: Trust Indenture Act (TIA)
Custody & Collateral Services: ERISA
M&T Bank is committed to fair, competitive, and market-informed pay for our employees. The pay range for this position is $122,746.73 - $204,577.88 Annual (USD). The successful candidate’s particular combination of knowledge, skills, and experience will inform their specific compensation.LocationNew York, New York, United States of America