Job Information
Berkshire Bank VP, Compliance Officer - Asset Management in United States
Position : VP, Compliance Officer - Asset Management
Division: Asset Management
Department: Berkshire Wealth Management
Reports to: Senior Vice President, Client Experience & Business Administration – Asset Management
Status: Exempt/Officer
Grade: 11
Pay range: $66,699 - $120,113
Actual compensation within the pay range will be decided based on factors including, but not limited to, skills, prior relevant experience, and specific work location.
Location: Hybrid within MA, CT, NY, VT, RI
Purpose/Objective :
The VP, Compliance Officer – Asset Management will develop, strengthen, and maintain the compliance and regulatory processes for the Asset Management division. This position will provide leadership and strategy to the compliance and risk aspects for the Wealth Management (Trust department) business and the Berkshire Banc Investment Services business. The VP, Compliance Officer is also responsible for understanding and advising on the securities industry, investment management, regulatory rules, product suitability, and firm policies and procedures.
Key Accountabilities :
Oversee the asset management compliance and testing programs. Develop and maintain department Policies and Procedures to ensure compliance with internal and regulatory requirements. Monitor to ensure adherence to these policies and procedures and identify potential risks.
Identify, assess, and effectively communicate new or changing regulatory issues and market trends.
Serve as the primary contact for internal audit, external audit, and regulatory examiners, including the preparation of workpapers and documents. Ensure implementation of audit and exam recommendations.
Monitor for risk exposure and other compliance issues; recommend appropriate level of action where exposure or risks are identified.
Effectively maintain internal vendor, risk management and compliance monitoring. Ensure updates are made as processes and systems change.
Collaborate with the management team regarding new business, administration, marketing, operations, client reporting, investments, and technology to create and refine policies and procedures that will adapt to an evolving work environment. Participate in the planning and establishment of compliance standards and controls as new technology is integrated.
Develop a strategic vision for an RIA compliance program and effectively manage the establishment of the legal entity while considering risk, creating processes and controls, and ensure regulatory compliance, if pursued.
Provide oversight to the internal bank controls that Berkshire Banc Investment Services is monitored on and adheres to. Review compliance testing and perform policy maintenance and make appropriate recommendations.
Provide direction and guidance to business associates on investment advisory compliance issues, including fiduciary responsibility, advisory regulation, and permissible activities under firm policy, FDIC Trust regulations, state guidelines, and the Investment Advisers Act of 1940
If pursued and applicable, maintain filings including Form ADV Parts 1 and 2 including advisory and wrap fee brochures; prepare annual amendment and interim ADV updates and filings; oversee ADV Part 2B procedures, delivery, and maintenance of advisor bios.
Maintain Regulatory Compliance Calendar. Attend corporate compliance and fraud team meetings. Present revised procedures and policies to corporate committees.
Foster a compliance centric culture. Lead various compliance projects as requested.
Ensure compliance with all banking laws, rules, regulations, and prescribed policies/practices/procedures necessary to reduce risk and uphold ethical standards related to and required by one’s duties.
Education:
Education in finance, business, legal or related.
Bachelor’s degree required.
Experience:
Subject matter expert with 7 plus years of experience in compliance and at least 5 years of compliance experience in the investment brokerage, RIA and/or wealth and trust space ensuring compliance with regulations.
Comprehensive understanding of operational risk, investment risk, regulatory risk, and related areas.
Knowledge of trust accounting, financial advising and fiduciary practices for both FDIC and SEC regulated entities preferred.
Experience and success in interacting with auditors and regulators.
Skills & Knowledge:
Broad knowledge of securities products, investment advisory services, brokerage offerings, and related regulatory requirements.
Understanding of fiduciary responsibilities and appropriate disclosure of conflicts of interest.
Comprehensive understanding of operational risk, investment risk, and regulatory risk.
Experience working with the FDIC, SEC and/or state regulators.
Familiarity with reporting requirements of an RIA and related compliance policies.
Strong ability to work independently and as a team member.
Solid business judgement and ability to effectively communicate and implement change.
Ability to communicate effectively and in a clear and concise manner, both verbally and in writing, with all levels within the organization.
Proficient in Microsoft Office products.
Some travel may be required.
Berkshire Bank is an Equal Opportunity Employer - all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity or national origin.