Position Description
The Risk & Compliance Analyst is responsible for executing Operational Risk & Regulatory Compliance reviews. Provides oversight, advice and analytical services related to all aspects of First West’s Regulatory Compliance Management and Operational Risk Management Framework. Reporting to the Manager, Risk & Compliance this role provides thematic reviews, testing and reporting on regulatory and operational risk issues in line with First West’s annual Compliance testing plan. As part of the 2nd line, the Risk & Compliance Analyst helps protect First West from significant operational and regulatory risks.
Accountabilities
Regulatory Compliance Management Framework: Provides independent 2nd line testing and oversight of the First line’s implementation and maintenance of First West’s operations in line with the Regulatory Compliance Management Framework. Conducts thematic reviews of First West’s business units, policies, procedures, systems, processes, controls and First line testing to ensure that First West is compliant with all legislative and regulatory requirements enterprise wide.
Regulatory Requirements: Monitors changes to legislative and/or regulatory requirements and helps to identify associated impact(s) on First West operations and controls. Designs the scope and delivers thematic reviews to identify gaps in legislative and regulatory requirements and helps to ensure the adequacy and effectiveness of controls to meet those obligations. Uses expertise to provide senior management with recommendations where changes are required to ensure regulatory compliance and to align with First West strategic direction.
Reviews and Reporting: Provides oversight and challenge to the First Line of Defence operations, policies, processes, systems and controls by planning, leading and executing 2nd line testing and reviews over First West’s regulatory compliance and, where appropriate, operational risks. Develop methodologies and tools to assist in the review of controls, supported by reporting that assists business leaders in their understanding of related issues and aides the remediation of risks and regulatory obligations in their functional area.
Risk Awareness: Maintains professional development in banking legislation. Provides expertise, support, education, and training to the first line to build risk awareness and regulatory compliance knowledge at all levels across the organization.
Projects: Participates in Regulatory Compliance and Operational Risk projects in response to emerging risks, requests from regulators or preparation for regulatory examinations. Supports First West’s current and future strategic initiatives and Federal journey through oversight of first line activities completed and conducting gap analysis against existing, outstanding, or newly imposed requirements. Monitors and ensures timeline and checkpoints are met for compliance projects.
People/Thought Leadership
Provides functional/technical guidance or advice to other employees (no direct supervisory responsibilities)
Qualifications
Diploma or equivalent experience required
Required:
Experience working in the financial services industry
Experience following an audit program
Experience in retail, business and commercial operations
Experience in preparing and delivering written reports to senior management
Experience with regulation applicable to FRFI’s (The Bank Act, OSFI, FINTRAC, FCAC & CDIC)
Audit, Regulatory Compliance or Risk Management designation preferred
Competencies
Demonstrated leadership and influencing skills in order to lead and motivate others to achieve objectives
Proven analytical skills and meticulous attention to detail with ability to understand technical documents and legal regulatory materials
Strong interpersonal skills and ability to navigate challenging conversations and influence risk culture to interact effectively and build long-term relationships with a wide variety of stakeholders.
Exemplary written and verbal communication and report writing skills
Skills
Proficient with computer software applications e.g. MS Office, including MS Excel
Proficient knowledge and understanding of Audit methodologies
Travel
Overnight travel may be occasionally required, up to 6 times per year
Risk Management
Displays an understanding of risk and risk ownership by being able to demonstrate adherence to policies and procedures.
