Description:
This position is responsible for identifying defined emerging or existing system risks, analyzing industry trends, and recommending solutions to mitigate, resolve or manage specific risks. The position draws upon specific subject matter expertise to assist the Supervision Department in Financial Institution risk assessments.
ACCOUNTABILITIES
- Examines emerging trends and institutional and system-wide information to identify defined risks to regulated financial sectors in BC. Defined risks include Credit, Market, Liquidity, Anti-money Laundering (AML), Cyber and Capital Management.
- Performs research and surveillance to identify possible sources of the defined risk.
- Evaluates and assesses risk and proposes actions to resolve or manage the risk.
- Assesses the effectiveness of prudential metrics and proposes changes to improve their ability to reveal systemic risks.
- Provides support and guidance in performing risk-based assessments of BCFSA’s regulated entities’ AML compliance program including policies, procedures, and controls.
- Prepares rationales, briefing notes, and discussion documents to support decisions and recommendations for the Relationship Manager and / or Operational Lead.
- Contributes to the team’s development of its internal work practices (e.g., policies, procedures, tools) and participates in the development and on-going evaluation of programs and procedures.
- Stays updated on regulatory developments and industry best practices related to AML and financial crimes.
- Provides coaching, training, and mentorship to Supervision staff to ensure the BCFSA’s objectives are met.
- Fosters strong relationships with regulatory bodies, industry associations, and other relevant external parties.
- Serves as a point of contact for AML-related inquiries and collaborates with internal and external stakeholders on compliance matters.
JOB REQUIREMENTS
- Bachelor's degree in finance, business administration, law, and/or a related experience including:
o Minimum 5 years of experience in regulatory compliance, auditing or related roles with a strong focus on AML and financial crimes.
- AML related professional certification (e.g. CAMS) preferred.
- In-depth knowledge of AML regulations, laws, and best practices, with a track record of successful AML program implementation and/or oversight.
- Strong analytical skills with the ability to identify trends, patterns, and anomalies in data.
- Familiarity with audit techniques, risk assessment methodologies, and control frameworks.
- Knowledge of the general economy, business practices, real estate, investments and lending as they apply to financial institutions.
- Knowledge of the relevant provincial acts and regulations.
- Knowledge of risk management principles and methods.
- Ability to exercise judgement, initiative, and discretion.
- Ability to write clear and concise documentation, reports, briefing notes, etc.
- Excellent communication skills, both written and verbal, for effective interaction with various stakeholders.