Compliance Advisory Lead Wealth & Trust
The Compliance Advisory Lead within the Second Line of Defense (2LOD) is responsible for providing leadership, vision and regulatory compliance subject matter direction to the Trust division of Wealth Management at Comerica. Providing this leadership, vision and direction requires the position to actively seek and proactively recognize new laws and regulations that will impact the business units. This position will provide ongoing guidance as well as lead and manage major implementation processes, beginning with reading, interpreting and developing an in-depth knowledge and understanding of the regulation and ending with a successful implementation across all impacted business units. They will be required to closely interact with the Line of Business and key stakeholders, including Legal, Internal Audit, Business Management and Control functions. This individual assists business units with their ability to detect, assess, and respond to emerging risk, and maintain a comprehensive compliance risk and control framework.
Position Responsibilities:
Regulatory Compliance and Business Partnership
- Provide advice and guidance on the Comerica Trust Fiduciary businesses and related activities by possessing strong working knowledge of the applicable rules and regulations such as 12 CFR 9, ERISA, 12 CFR 12 and related rules and guidance (e.g., OCC Comptroller handbooks; OCC bulletins; Department of Labor guidance; etc.).
Serve as compliance Subject Matter Expert on regulations within assigned area of responsibility.
- Provide ongoing leadership and coaching to business management and functional partners to assist with Compliance and Risk and Control Assessments by using a risk mindset; participate in process walkthroughs and documentation of key controls, analyze, and escalate potential gaps in control design or coverage to Compliance Advisory leadership team.
- Partner with Line of Business, Compliance, Risk and third parties to ensure all processes and procedures are in compliance with applicable policies and regulations.
- Actively participate in business unit meetings, committees, and providing support and guidance on compliance and regulatory matters.
- Collaborate with other departments on business activities, such as personal fiduciary activities, investment oversight and portfolio implementation, as needed to ensure compliance issues are identified and addressed.
- Review and appropriately challenge marketing collateral, and customer-facing documents for appropriate disclosures and to ensure compliance with applicable regulations.
Risk Awareness
- Manage and maintain enterprise-wide policies, standards, and procedures designed to achieve compliance with applicable laws, rules, and regulations.
- Participate in industry forums to understand and implement best practices as appropriate.
- Evaluate and advise on new/revised products and services from a compliance risk perspective to assigned business units.
- Assist in leading corporate-wide implementation efforts of new or revised regulatory requirements.
Testing, Audits and Exams
- Collaborate with Compliance Testing Team to define the appropriate scope of compliance reviews by providing guidance regarding emerging risks and new or revised regulatory changes that may impact the business.
- Partner with business units to lead regulatory exams, internal and external audits, and enterprise-level reviews; manage audits and exams on a proactive project basis to ensure that responses submitted are appropriate and accurate and adequately address the request.
- Assist business units with responses, as necessary.
- Read, analyze, and develop an in-depth understanding of the regulation to determine requirements/mandates.
Training
- In partnership with the HR Talent Development department, advise business partners on special training needs and assist in the creation and revision of training materials and tools.
- In partnership with the HR Talent Development department, lead development, implementation, and monitor necessary training programs for the team and risk compliance liaisons to ensure they understand the Compliance Risk Framework and their responsibilities within the framework.
Position Qualifications:
- Bachelor's degree from an accredited university preferably in Business, Finance, or related field) from an accredited university or in lieu of a bachelor's degree, a High School Diploma or GED and 6 years of Risk Management or other related experience in the Financial Services Industry
- 6 years Experience in regulatory compliance or related Legal experience
- 5 years Experience in Financial Services industry
- 3 years Experience working with lines of business in interpreting and applying relevant rules, laws, and regulations to the business
Licenses & Certifications:
- Preferred: Certified Regulatory Compliance Manager (CRCM)
- Preferred: Certified Fiduciary & Investment Risk Specialist (CFIRS)
- Preferred: Certified Trust and Financial Advisor (CTFA)
Category C - Days in the office will either be designated days or will vary week to week from 2-5 days
8:00am - 5:00pm Monday - Friday
To Be Determined Based on Individual Experience
