Compliance Associate I – Banking & Trust recruitment
Be a part of something extraordinary. Make your knowledge stand out and stand for something. TIAA-CREF (Fortune 100 financial services company) is the leading retirement provider for people who work in the academic, research, medical, government and cultural fields. With over $460 billion in assets, we serve and are trusted by 3.7 million active and retired customers across 15,000 participating institutions.
Compliance Associate - Banking Trust
This position will report to the Chief Compliance Officer of TIAA-CREF Trust Company, FSB (the Bank) and is critical for supporting the trust and fiduciary compliance program for the bank. This includes assisting in the execution of an oversight and monitoring program; the preparation of compliance related communications, training, policies and procedures; and the preparation of board and management reports. It also includes advising on marketing material, new product development strategies and corporate projects. The Bank's trust and fiduciary business currently has $16.5 billion in assets under administration ($11.1 billion in assets under management). It has experienced consistently strong growth in assets over the past 5 years. This is a new position required to support the growth of the trust and fiduciary business. The Bank is also expanding into retail banking during 2012.
Responsibilities: • Assist in the development of the annual fiduciary Compliance testing program. • Perform regular compliance testing to ensure the effectiveness of implemented compliance controls. • Assist the AML officer in administering the Bank's AML Program, including monitoring and researching potential suspicious activities, and assisting with OFAC, PEP and CIP due diligence and research. • Coordinate testing efforts with Internal Audit, Risk Management and other testing functions within the business to share information and otherwise advance the established control processes designed to meet regulatory requirements. • Recommend and evaluate remediation plans by business units. • Assist in the oversight and tracking of issues and remediation plans, and escalate unremediated items as appropriate. • Review and evaluate internal controls and procedures established to comply with applicable state and federal laws and regulations. • Identify, document, evaluate and report on compliance risks associated with products, services customers and operations. • Establish and maintain regular, direct and informal personal communication with the Company's employees and outsource partners to build trust and obtain the necessary information to assist in maintaining an effective compliance program in accordance with the five pillars of compliance: (1) Advisory, (2) Policies and Procedures, (3) Training, (4) Surveillance and Oversight, and (5) Regulatory. • Provide Compliance support to business units by participating on product development teams and other business projects. • Assist in assuring that the Compliance function coordinates with and fulfills all necessary requirements of the Company's various Audit and Board functions, including assisting in the preparation and submission of reports to the various Board and Audit Committees on compliance projects, issues, findings and testing results. • Assist in all phases of preparation for regulatory examinations • Perform special projects as needed.
Qualified and Interested individuals are encouraged to apply
· A minimum of 5+ years at a financial institution or bank regulator (any equivalent combination of education and/or experience may be considered) required.
· Bachelor's Degree required.
· Strong knowledge of the fiduciary regulatory structure and environment (OTS/OCC rules regarding trust investments and administration, SEC rules, Bank Secrecy Act/Anti-Money
Laundering, Customer Identification Program requirements, Gramm Leach Bliley Act requirements, etc.) required.
· Internal Audit, Compliance Testing, or Quality Assurance experience is highly preferred.
· High ethical and integrity standards.
· Strong interpersonal skills and leadership skills.
· Excellent quantitative, analytical and problem solving skills.
· Strong written, oral communication and presentation skills.
· Demonstrated ability to work independently and with team members at all levels.