Compliance Specialist

Job Description

Job Description

Description

The Compliance Specialist - IRA is key member of the Trust Management first line of defense compliance team, which is responsible for ensuring compliance with all risk, audit, regulatory and other issues by the practice and front line, with a focus on IRA matters.

Responsibilities of this role include advising on IRA matters involving Wealth Management clients, oversight and direction for all IRA requirements, education of front-line partners on IRA topics, testing / auditing compliance on behalf of the Practice and Legal and Compliance to ensure consistency and prudence in our approach to IRA and ERISA matters.

The Compliance Specialist - IRA will work as an individual contributor in a team environment.

Advise and collaborate with Compliance, Legal, and Trust Practice to identify IRA and ERISA fiduciary regulatory requirements and risks, and monitor compliance with standards and regulations, including the application of prohibited transaction exemptions under IRC Section 4975.

Draft, modify, implement, and communicate IRA and ERISA Risk Management and Compliance procedures and related materials for application across Wealth Management Trust Practice

Act as the first point of contact for assistance with questions regarding IRA Risk Management and Compliance matters

Act in a consultative role to leaders throughout the Wealth Management Trust Practice on IRA and ERISA-related matters, including making recommendations for additional training

Advise on development of metrics and reports to track and assess risks, assist in identifying compliance gaps, and support remediation efforts

Keep abreast of industry trends, regulatory changes, and emerging risks to proactively identify potential threats and opportunities

Collaborate with operational leaders to quickly identify and create effective and sustainable solutions for resolving fiduciary regulatory risk issues

Communicate, evaluate and advise on the implementation of regulatory changes where required

Provide knowledge and training on IRA and ERISA topics, include IRC Section 4975 to ensure front line knowledge and compliance

Participate in special projects as needed and perform other duties as assigned to support the Trust Practice compliance and risk obligations

Coordinate required regulatory mailings related to IRAs, SPPs and ERISA

Support DOL audit activities - participate as a key contact but not required to have direct prior audit management experience.

The specialist will establish and maintain oversight and compliance processes within Wealth Management to ensure that all IRA accounts are properly managed and in compliance with regulatory requirements. This includes identifying, monitoring, and remediating prohibited transactions, ensuring robust controls, and managing aspects of an upcoming Department of Labor (DOL) audit starting in March.

Qualifications (must haves) :

Education : Bachelor's degree preferred.

IRA and Section 4975 fiduciary subject matter expertise in a financial services company context, including knowledge and understanding of Prohibited Transactions; knowledge of ERISA

Knowledge of IRA and employee benefits laws, Internal Revenue Code and regulations, compliance, resolution programs, and DOL rules.

Excellent knowledge of industry regulations, trends, and requirements related to IRAs, including reporting procedures and record keeping

General fiduciary Risk Management and Compliance knowledge a plus

Excellent analytic, written and verbal skills, with the ability to clearly and concisely present complex information to a diverse range of individuals

Ability to create and maintain strong internal partnerships, to work independently and as part of a team, and to efficiently and effectively problem solve

Well-organized with special attention to detail

Strong organizational skills, a collaborative approach to work, with strong interpersonal skills

Ability to identify problems, develop and communicate solutions

Excellent communication skills (both written and oral) to interact and manage expectations with senior level audiences, stakeholders and management

A strong and proven ability to analyze, break down and explain complex issues in non-technical language

Highly flexible and adaptable to change, with a positive attitude and vision to continually enhance / strengthen current status quo

Minimum 5 years in compliance oversight or related field.

Benefits :

Healthcare Insurance : Synectics offers eligible employees and their dependents healthcare coverage through BlueCross BlueShield of Illinois. Eligibility begins on the 1st day of the calendar month following 60 days of continuous full time employment with Synectics. Premiums are subsidized by Synectics.

Dental Insurance : Synectics offers eligible employees and their dependents a dental plan through MetLife. Eligibility begins on the 1st day of the calendar month following 60 days of continuous full time employment with Synectics.

Vision Insurance : Synectics offers eligible employees vision insurance through VSP. Eligibility begins on the 1st day of the calendar month following 60 days of continuous full time employment with Synectics.401(k) Plan : The Synectics Inc. Investment Savings Retirement Plan. Synectics offers all employees who are 21 years of age or older the opportunity to invest in the 401(k) Plan on the first enrollment date that is at least 30 days after employment begins. Enrollment dates are each January 1st, April 1st, July 1st, and October 1st.

Technical Certification Bonus : Synectics is pleased to award its employees a bonus of up to $500 for an approved professional certification. In determining the bonus amount, Synectics will consider the cost of the test(s) for any certification relating to your current position, achieved during your employment with us. Only one Certification Bonus per calendar year may be awarded per employee. Only current, active employees will be eligible to receive this bonus. It will be awarded 90 days after the Synectics office has received documentation confirming the successful completion of the certification.

Synectics is an equal opportunity employer.