Chief Compliance Officer - Vancouver, Canada - Central 1 Credit Union

Central 1 Credit Union
Central 1 Credit Union
Verified Company
Vancouver, Canada

1 month ago

Sophia Lee

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Sophia Lee

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Description
Central 1 cooperatively empowers credit unions and other financial institutions to deliver banking choice to Canadians. Central 1 provides critical services at scale to enable a thriving credit union system.

We do this by collaborating with our clients, developing strategies, products and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada.

For more information, visit


What we offer:

  • Worklife flexibility
  • Hybrid work environment
  • One time allowance to set up your office for remote first employees
  • Variable annual incentive plan
  • Generous annual vacation allotment
  • Topnotch flexible benefits plan
  • Retirement Plan, matched contributions at 6%
  • Access to a learning platform and educational assistance support
  • Career development opportunities
  • Wellness Flex Fund to support personal interest and activities
  • Day off to volunteer in your community and other paid time off options
  • Corporate discounts

Job Summary:


The Chief Compliance Officer is responsible for leading Central 1 Credit Union's Compliance Function, which acts as the second line of defense in managing regulatory compliance risk.

The CCO has primarily accountability for assessing and managing regulatory compliance risk within Central1 through its regulatory compliance management (RCM) framework.

The CCO is responsible for assessing the adequacy of, adherence to, and effectiveness of Central 1's day-to-day controls and opining on whether, based on the independent monitoring and testing conducted, the RCM controls are sufficiently robust to achieve compliance with the applicable regulatory requirements enterprise-wide.

The CCO has direct accountability to Central 1's Board of Directors.


What you'll be doing:

  • Managing the Compliance Function, including overseeing Central 1's CAMLO and Privacy Officer
  • Managing Central 1 staff who act as Chief Compliance Officer, CAMLO, and Privacy Officer for Central 1's subsidiaries
  • Overseeing the development and functioning of Central 1's RCM program, including the tracking of regulatory change, maintenance of regulatory inventory, evaluation of controls and risk assessments
  • Monitoring, evaluating, documenting, and reporting on compliance risk and compliance status, including instances of material noncompliance to Central 1 management and the Board
  • Acting is an adviser to management and the Board on compliance matters, including AML/ATF, ABC, privacy and financial institution legislation, regulation, and guidance
  • Interacting with regulators, including managing compliance reviews and investigations
  • Liaising with internal and external auditors in relation to compliance matters
  • Overseeing AML and privacy controls operated by the Compliance Function
  • Working with Senior management on the development, communication, and oversight of Central 1's regulatory compliance management framework
  • Developing and maintaining the Compliance Work Plan and overseeing its execution
  • Overseeing compliance testing and acting as a point of escalation for issues and actions
  • Overseeing the development and maintenance of Central 1's compliance policies, standards, guidelines, and procedures designed to ensure compliance with legislative and regulatory requirements
  • Overseeing Central 1's policy development program
  • Overseeing Central 1's compliance training programs
  • Proactively fostering a compliance culture and optimizing relations with regulators
  • Providing strategic direction to the management team on compliance
  • Establishing relationships with industry peer groups to ensure Central 1 continues to follow industry best practices
  • Assisting Compliance staff, including the CAMLO, Privacy Officer, and Senior Compliance Officer, in completing projects and daytoday tasks as necessary.

What you'll have:

  • 10+ years experience in the compliance and/or legal function of a credit union or bank
  • Law degree preferable
  • Preferably called to the bar in British Columbia or Ontario
  • Strong working knowledge of legislation, regulation, and guidance applicable to banks, credit unions, and trust companies, including AML/ATF, privacy, and financial institutions regulation
  • Experience implementing a program to comply with OSFI Guideline E1
  • Strong understanding of regulatory compliance best practices in a financial institution environment and risk management expectations of financial institutions regulators
  • Experience interacting with regulators
  • Solid people management experience
  • Excellent leadership, communication, influencing, training, and presentation skills are mandatory, as well as the ability to interact effectively with varied skill sets across the organization.
  • Ability to work collaboratively, think practically, and use sound judgment.
  • Ability to work independently and reliably under tight timeframes in a fastpaced environment.
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