Job Information
Union Savings Bank Wealth Management Compliance Officer - New Milford in New Milford, Connecticut
Description
The Wealth Management Compliance Officer is responsible for ensuring that an appropriate compliance control infrastructure and culture is maintained and enhanced – supporting the business, providing advice, developing and implementing solutions and enhancements in relation to business initiatives and regulatory developments. This position works closely with the team and operations area to ensure all business and compliance needs are met.
Compliance Officer
Responsible for maintaining a complete set of trust, investment, employee benefit and operational policy and procedures for the Trust & Wealth Management area. Work with the Bank’s Compliance Officer and Department management team to revise policies and procedures as deemed necessary and in accordance with changes in relevant regulatory laws and regulations and/or changes in operational systems.
Monitor compliance with written policy and procedures for all areas of the Department. Examine day-to-day activities and conduct audits to ensure compliance with Departmental policies and procedures. Resolve issues and report any non-compliance or suspicious activity to management in a timely manner.
Participate on various Bank Committees including the Compliance Operational Risk Committee (CORC). Represent and coordinate the Department’s needs in these areas.
Stay abreast of regulatory changes related to trust and wealth management. Develop and ensure adequate training of staff in relation to regulatory and compliance issues.
Provide support during regulatory and internal audits and examinations. Work with outside auditors and draft responses for management regarding audit findings.
Compliance Administration
Coordinate and attend weekly investment and administration committee meetings for the Department. Ensure all items on the compliance calendar are reviewed and approved throughout the year. Ensure all items are submitted to the Trust Committee of the Board according to policy. Assist with and review minutes of the meetings.
Prepare the watch list of investments report and letters to clients regarding confirmation of their stated investment objective.
Provide annual privacy and ERISA notices to clients.
Prepare annual custody and fee exception reviews.
Track client complaints.
Responsible for the opening account process in the Trust accounting system. Ensure proper documentation and paperwork is complete. Track any missing and outstanding items.
Ensure all account reviews are completed annually. Review exceptions and assist with account reviews as needed. Examine account information for accuracy. Where appropriate, collect necessary information to update client files.
Pension/IRA/Life Insurance Administration
Provide account services to employee benefit customers. Work with outside pension administrators to set up new pensioners and disbursements in the accounting system. Make modifications to payments due to a change in status or death.
Calculate and notify all IRA customers of their RMD requirement for the year. Work with retirement solutions advisor to setup IRA distributions in the system.
Responsible for the accuracy of tax reporting forms 1099R and 5498 produced by Wall Street Concepts. Reconcile system data and ensure all tax reporting for employee benefit and IRA accounts are provided to customers. Conduct annual disaster recovery testing with Wall Street Concepts.
Qualifications
Education
Preferred
- Bachelors or equivalent work experience or better
Experience
Required
- 5-7 years: Trust Operations, Administration or Regulatory Compliance
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor’s legal duty to furnish information. 41 CFR 60-1.35(c)