Vice President and Chief Compliance Officer | UR461

Vice President and Chief Compliance Officer | UR461

WHO WE ARE

HomeEquity Bank is a Schedule 1 Canadian chartered bank and the leading national provider of reverse mortgages, with a growing portfolio. As the only bank solely dedicated to serving homeowners 55 and up, we’re passionate about helping Canadian homeowners live retirement on their terms. We live that commitment every day, with a range of reverse mortgage solutions that include our flagship CHIP Reverse Mortgage™ product.

OUR VALUES, OUR PASSION

At HomeEquity Bank, our values drive and inspire our actions with our customers, our partners and each other.

- Customer-Focused. Passionate Advocates
- Courage to Act. Do the Right Thing
- One Team. One Vision
- Think Long-Term. Ever-Evolving
- Be Exceptional.



Inspire Greatness

POSITION SUMMARY

The role is responsible for overall leadership and direction of the compliance programs at HomeEquity Bank, overseeing managing the bank’s Regulatory Compliance Management (RCM) Framework and ensuring that the bank adheres to all relevant legal and regulatory requirements.

The Vice President, Chief Compliance Officer will take a risk-based approach to regulatory compliance risk management by ensuring the bank maintains an effective compliance risk management and internal controls program, including independent monitoring and testing of key regulatory compliance controls. This provides reasonable assurance to senior management and the Board of Directors of the effectiveness of the compliance program.

The role also serves as the Chief Anti-Money Laundering Officer (CAMLO), ensuring a comprehensive program for complying with all applicable AML regulations and the Chief Privacy Officer, managing an appropriate privacy program for ensuring compliance with associated regulations.





MAJOR ELEMENTS OF THE ROLE

Key accountabilities of this position include:

- Ensure the Regulatory Compliance Management (RCM) Framework is designed and implemented in a manner which ensures regulatory compliance risk is adequately managed.
- Assess the adequacy and effectiveness of the bank’s regulatory compliance controls and providing an independent opinion to senior management and the Board of Directors based on the independent monitoring and testing performed.
- Report material information from RCM Assessment and independent monitoring and testing, including reporting on compliance issues and emerging risks.
- Work with multiple internal stakeholders across the Business Lines and Corporate Functions to help foster an appropriate risk culture with respect to Compliance Risk Management.



This includes periodic meetings with key Executives for information sharing and pro-active discussion of key compliance matters.
- Manage a team of Compliance professionals with the skills and experience required to enable an effective 2nd line of defense program
- Maintain policies and procedures to reasonably ensure compliance with applicable regulatory requirements. Key regulators for this role include the FCAC, FINTRAC and OSFI.
- Develop an appropriate Compliance Risk Appetite and KPI’s and KRI’s as part of the Bank’s Enterprise Risk Management Framework.
- Regularly assess the inherent compliance risk of business units as well as the effectiveness of mitigating controls in order to minimize the residual risk of reputational damage and regulatory consequences.



Build the compliance risk assessment methodologies in line with industry practice and evolving regulatory expectations.
- Communicate new regulatory requirements to impacted business and control functions and work collaboratively to ensure compliance including in projects launched for material changes or new regulations.
- Coordinate compliance regulatory examinations and participate in the coordination of responses to these examinations.
- Provide thought leadership and subject matter expertise for compliance issues including evaluating Compliance risk for new initiatives and projects.
- Provide regular training to staff and specialized role-based training, as needed to address regulatory compliance requirements and issues.
- Provide reporting and updates, at least semi-annually,



to the Board or its Committees, the CEO and Senior Management an opinion on the state of the Bank’s regulatory compliance; this includes compliance issues, progress towards remediation of identified gaps, the adequacy of resources directed toward regulatory compliance risk management across the Bank, and any material information derived from independent monitoring and testing to assist the Board oversee the RCM Framework.
- Provide periodic impactful risk reports to the Chief Risk Officer and at the Regulatory Risk Management Committees with respect to material regulatory issues, changes and risk profile.
- Act as the key liaison and build relationships with applicable regulators in Canada for ensuring robust two-way communication on key regulatory themes and the risk profile.





In addition to the overall accountabilities, the following are specific accountabilities in the role as CAMLO and CPO.

Chief Anti-Money Laundering Officer (CAMLO)

- Provide updates to CRRMC on the effectiveness of the Bank’s AML/ATF Framework.
- Promote money laundering and terrorist financing risk awareness throughout the Bank and ensure that appropriate training is provided to Bank staff.
- Conduct the AML/ATF risk assessments, enhanced due diligence and sanctions monitoring activities as well as other operational activities documented within the Bank’s AML policies to fulfill regulatory requirements.
- Make and recommend policy, procedure and control enhancements as required to address emerging risks and regulatory changes.
- Produce and submit regulatory reporting as required.





Chief Privacy Officer (CPO)

- Implement, monitor, assess and maintain an effective Privacy program.
- Provide periodic reporting to ORMC and CRMMC on the effectiveness of the Bank’s Privacy program.
- Promote privacy risk awareness throughout the Bank and ensure that appropriate training is provided to Bank staff.
- Make and recommend policy, procedure and control enhancements as required to address emerging risks and regulatory changes.
- Produce and submit regulatory reporting as required.

SKILLS AND EXPERIENCE REQUIRED

- Progressive experience working in Senior Compliance leadership roles.
- In-depth knowledge of the Canadian regulatory system in general, and specifically knowledge of FCAC, OSFI and FINTRAC laws and regulations as applicable to HEB.



This knowledge is needed in order to service internal clients’ needs and to respond to regulatory demands. This includes the ability to devise win-win solutions for complex businesses against the evolving regulatory landscape. Prior experience working with Consumer Protection Framework and prudential regulations would be a significant asset.
- Experience in developing and implementing business or entity wide compliance programs, policies and procedures.
- Ability to effectively build and manage a team of compliance staff.
- Judgment in handling complex and highly confidential matters with integrity and professionalism. Capability to drive consensus and, where appropriate, to take a firm position even in the absence of broad-based support.
- Understanding of industry leading Compliance risk management processes and evolving regulatory expectations through experience working in financial institutions / regulators.
- Excellent communication skills, leadership and relationship-building skills with Senior Management to manage regulators, compliance officers and internal stakeholders. This includes a proven ability to develop consensus in dynamic environments and to influence senior business leaders. Prior experience working and presenting to the Board on regulatory compliance matters is an asset.
- Excellent project management skills in order to effectively manage several priority projects at the same time with a sense of urgency.

Working Conditions Unique to Job

- Hybrid home/office environment

WHY WORK AT HOMEEQUITY BANK?

Great Environment

HomeEquity Bank offers a hybrid working environment supported with a culture of flexibility – an approach that is unique to each person, and that enables both business and individual needs to be met in a mutually beneficial way.

We pride ourselves in recognizing and celebrating performance, community service, teamwork, and diversity among our employees.

A Dynamic Culture – With People at the Centre

We believe our people make all the difference; our tireless commitment to inclusivity, professional development, and employee experience has been recognized through awards including the Greater Toronto’s Top Employers 2024,Waterstone Canada's Most Admired Corporate Cultures 2022-2023, the Globe and Mail's Report on Business: Canada's Top Growing Companies 2022 (third year since 2019), Canadian's Mortgage Professional (CMP) Top Mortgage Employer 2023 for the third year in a row and Achievers Top 50 Most Engaged Workplaces 2023.

Growth and Opportunities
We provide challenging and rewarding careers in a wide variety of fields. We continuously develop and train our employees through professional growth opportunities and on-the-job training. We also encourage our employees to develop professionally and personally though a series of career developing programs including our Educational Assistance Program, designed to reimburse costs related to professional learning and development.

Celebrating Great Work and People

We believe in an environment that celebrates success, knowledge, leadership, and work that is inspired by our core values. For these reasons, we have created several programs that make it easy for our employees to say ‘great job’ to their colleagues and leaders.

From our Appreciate! Program to the High Five Award Program and President’s Award Program, we recognize professional achievement with a variety of rewards including points towards gift cards, merchandise, and travel experiences, as well as group RRSP/DPSP contributions and more.

Our Community Leadership Program recognizes employees who make a positive impact in their communities through volunteer work with a grant for their charity of choice. Additionally, we provide employees with one paid day off each year to volunteer at their favourite local charity.

The Perks

HomeEquity Bank offers a competitive total rewards package that includes:

- Extended health and dental benefits
- Employee & Family Assistance Program
- Employer-Matched Group Retirement Savings Plan
- Employee Share Investment Plan
- Well-being initiatives including: a wellness account; virtual self-care programs and extended mental health benefits
- Employee corporate discount for GoodLife Fitness

HomeEquity Bank is committed to an inclusive, equitable and accessible workplace. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Please note that our successful candidate is required to complete a background check.

Stay in the Know

Find out what we’re up to online, and learn more about what makes HomeEquity Bank a great place to work:

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Join Us! If you’re ready to build the future of reverse mortgages, we want to hear from you.

Other details

- Job Family Non-sales
- Pay Type Salary
- Employment Indicator Responsible Person

The original job offer can be found in Kit Job:
https://www.kitjob.ca/job/90209580/vice-president-and-chief-compliance-officer-ur461-old-toronto/?utm_source=html