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As a Compliance Testing Officer will be responsible for developing and implementing a best practices compliance testing program and associated methodologies for its review and effective challenge of the first and second lines of defense program for the Bank.
Duties and expectations:
Develop and maintain effective testing program, including testing procedures, methodologies and rationales, to ensure compliance with relevant legal & regulatory requirements and industry best practices.
Performs testing reviews and investigations in a manner that ensures that the testing procedures are conducted with the highest quality and that appropriate follow-up actions are taken, including:
Appropriate inquiry and investigation is conducted as warranted;
Inquiries and replies are appropriate, complete and satisfactory;
The reviews and follow-up inquiries are evidenced in a manner that is in accordance with regulations and firm policies and procedures; and
Identification of areas of non-compliance, and making recommendations for appropriate corrective action.
Conduct testing related to trading, transaction reporting and communications to identify unusual activity or potential violations of rules or firm policies.
Conduct testing of unusual activity and potential rule and/or firm policy violations. Escalate any material matters to Senior Compliance personnel and Senior Management.
Assist in the development and manage the execution of the Annual U.S. Compliance Testing plan and U.S. Compliance Testing Operating Procedures.
Assist in independent second line risk-based testing, themed reviews and ad-hoc reviews of procedures, business and compliance processes to identify and escalate potential gaps in adherence to applicable laws, regulations, regulatory guidance and Bank policy.
Work with global testing colleagues to identify enhancements to testing reports and workflow, and define requirements, new and enhanced workflow processes, and procedures that enhance the controls/quality of the testing program.
Maintain strong relationships with key stakeholders, including Compliance Advisory, Compliance Controls & Processes functions, Internal Audit, Operational Risk, and the relevant business areas to ensure their inputs are obtained in the testing process.
Assist Compliance Monitoring & Surveillance team to identify high risk areas for monitoring based on findings identified through execution of the compliance testing program.
Provide regular reports on the compliance testing program to Bank/SCUSA management, corporate function management and Compliance management and escalate any material matters to senior compliance officers and senior management as appropriate.
Maintain an awareness of and monitor the regulatory environment for new and emerging legislation, policy statements, relevant trends and industry best practices and determine how they impact testing.
Assist the Compliance team with regulatory examinations and inquiries including FINRA, SEC, NYDFS, NY Federal Reserve, US Treasury and other regulatory requests. The testing officer may be asked to compile applicable data necessary to respond to regulatory requests (such as: customer trading activity or Firm trading records).
A minimum of two years of compliance experience preferably with a major US broker –dealer or international banking organization with institutional trading & sales, investment banking, institutional broker dealer and FCM/swap dealer businesses
A minimum of two years of experience within a compliance testing role within the financial services industry
A good understanding of applicable Federal and State laws applicable to, SEC registered broker-dealers, futures commission merchants, and swap dealers
Strong analytical and investigative skills and demonstrated ability to operate at a strategic level
Working knowledge of exchange and over-the-counter sales and trading of equities, fixed income, FX or derivatives
The ability to work independently and effectively with senior management
Sound judgment in identifying risks in order to proactively escalate with relevant senior management
Outstanding written (drafting & editing) and spoken communication abilities
Excellent teamwork, interpersonal and conflict resolution skills
A tendency to be highly organized and capable of dealing with multiple, complex projects simultaneously
Securities licenses preferred, but not required
Proficiency with standard computer applications including Word, Excel, and PowerPoint