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Berkshire Bank · 2 days ago

VP, Compliance Officer - Asset Management

Boston, MA

Full-time

Hybrid

Mid, Senior Level

$80K/yr - $170K/yr

7+ years exp

Berkshire Bank is a financial institution seeking a VP, Compliance Officer for their Asset Management division. The role involves developing and maintaining compliance processes, leading risk management strategies, and ensuring adherence to regulatory requirements within the Wealth Management business.

BankingFinancial Services

Responsibilities

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

Provide oversight to the internal bank controls that Berkshire Banc Investment Services and Berkshire Wealth Management 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 and trust administration compliance issues, including fiduciary responsibility, advisory regulation, and permissible activities under firm policy, FDIC and state Trust regulations, state guidelines, and the Investment Advisers Act of 1940Maintain Regulatory Compliance Calendar. Attend corporate compliance and fraud team meetings. Present revised procedures and policies to corporate committees

Foster a compliance centric culture and appropriate risk appetite for the business. 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

Qualification

Compliance expertiseRegulatory knowledgeRisk managementInvestment advisoryFiduciary responsibilitySecurities products knowledgeMicrosoft Office proficiencyCommunication skillsTeam collaboration

Required

Education in finance, business, legal or related

Bachelor's degree required

Subject matter expert with 7 plus years of experience in compliance and at least 5 years of compliance experience in the investment brokerage, bank and trust industries ensuring compliance with regulations

Comprehensive understanding of operational risk, investment risk, regulatory risk, and related areas

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

Experience working with the FDIC, SEC and/or state regulators

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