The Depository Trust & Clearing Corporation (DTCC)
Jobs
Business Aligned Compliance Executive Director
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The Role
The Executive Director for Business Compliance ensures compliance with regulatory requirements, develops controls, monitors for changes, and prepares reports for management and the Board.
Summary Generated by Built In
Are you ready to make an impact at DTCC?
Do you want to work on innovative projects, collaborate with a dynamic and supportive team, and receive investment in your professional development? At DTCC, we are at the forefront of innovation in the financial markets. We are committed to helping our employees grow and succeed. We believe that you have the skills and drive to make a real impact. We foster a thriving internal community and are committed to creating a workplace that looks like the world that we serve.
The General Counsel's Office is a valued, trusted and responsive partner within DTCC. The team promotes and protects the best interests of the DTCC family of companies by creating and facilitating solutions and providing guidance on legal and regulatory matters.
Do you want to work on innovative projects, collaborate with a dynamic and supportive team, and receive investment in your professional development? At DTCC, we are at the forefront of innovation in the financial markets. We are committed to helping our employees grow and succeed. We believe that you have the skills and drive to make a real impact. We foster a thriving internal community and are committed to creating a workplace that looks like the world that we serve.
The General Counsel's Office is a valued, trusted and responsive partner within DTCC. The team promotes and protects the best interests of the DTCC family of companies by creating and facilitating solutions and providing guidance on legal and regulatory matters.
Pay and Benefits:
- Competitive compensation, including base pay and annual incentive
- Comprehensive health and life insurance and well-being benefits, based on location
- Pension / Retirement benefits
- Paid Time Off and Personal/Family Care, and other leaves of absence when needed to support your physical, financial, and emotional well-being.
- DTCC offers a flexible/hybrid model of 3 days onsite and 2 days remote (onsite Tuesdays, Wednesdays and a third day unique to each team or employee).
The Impact you will have in this role:
The Executive Director for Business Compliance is responsible for supporting the business's identification, development and monitoring of key controls leveraged by DTCC to maintain compliance with its regulatory requirements, primarily Covered Clearing Agency Standards ("CCAS"). The function maintains a centralized inventory of regulatory requirements for DTCC Businesses, facilitates mapping of those requirements to controls and conducts monitoring and testing to validate the controls are fit for purpose and adhered to. In addition, the function monitors Policy and Procedures that demonstrate compliance with the Business's regulatory requirements and works with management to address gaps and inconsistencies. The function is also the primary Compliance interface for exams and monitors for trends, guidance and new regulations which impact the Business and require enhancements to the existing compliance control framework. Additionally, the group prepares reports on the status of the program to Board, Committees and senior management.
Your Primary Responsibilities:
- Develop and maintain a comprehensive understanding of applicable laws and regulations applicable to the covered Business areas, as well as requirements and resulting controls that enable compliance.
- Evaluate Business related compliance requirements and readiness for any new initiative or business venture
- Monitor for new or changing regulations and assess the Business’s readiness for compliance.
- Develop and maintain a risk-based continuous evaluation of existing processes and related controls to challenge adequacy relative to the existing regulations and best practices
- Work with applicable areas to develop action plans for development and enhancement of compliance controls and provide ongoing support and monitoring of the implementation of those controls
- Support Regulatory Relations, GCO and Business areas in regulatory examinations, inspections and inquiries.
- Advance DTCC’s response time to address compliance gaps or weaknesses
- Monitor regulatory trends and actions to proactively anticipate future areas of regulatory focus
- Working in partnership with Compliance Risk Assessment and Testing, monitor key inherently high-risk compliance requirements and the design and effectiveness of the processes, controls, and metrics within DTCC Businesses related to compliance with regulatory requirements (e.g. CCAS, Reg SCI, etc.)
- Monitor DTCC Policies and Procedures to maintain compliance with key regulations and identify and address any gaps or inconsistencies and test/monitor for adherence to key controls
- Communicate key Compliance program statuses, issues, and escalation of key risks via maintenance and production of Board, Committee and Management reporting of compliance program effectiveness, issues, risk tolerances, operational risk profiles and key metrics
- Support and monitor ongoing staff education and development in effective risk management
- Serve as key member of compliance management team globally, including compliance with all applicable global regulations and guidance
- Oversee teams’ partnership with the Businesses, Legal department and other second line control. Serve as a senior liaison on cross-functional teams
- Partner with DTCC management to ensure that compliance programs and measures are aligned with the overall corporate compliance strategy (including programs related to legal review and risk initiatives)
- Fosters a risk management culture through implementation and demonstration of processes and procedures which identify and mitigate risk
Qualifications:
- Minimum of 15 years of related experience
- Bachelor's degree preferred or equivalent experience
Talents Needed for Success:
- Strong knowledge of clearing agencies and regulatory environments
- Knowledge of banking and securities laws including Standards for Covered Clearing Agencies
- Knowledge of both domestic and global markets preferred
- Excellent listening and communication (oral and written) skills to effectively interface with all levels of leadership
- A highly organized and disciplined individual able to effectively develop as well as manage and influence a team of experienced professionals across a global organization
The salary range is indicative for roles at the same level within DTCC across all US locations. Actual salary is determined based on the role, location, individual experience, skills, and other considerations. We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.
Skills Required
- Minimum of 15 years of related experience
- Bachelor's degree preferred or equivalent experience
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The Company
What We Do
With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 21 locations around the world, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2021, DTCC’s subsidiaries processed securities transactions valued at nearly U.S. $2.4 quadrillion. Its depository provides custody and asset servicing for securities issues from 177 countries and territories valued at U.S. $87.1 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes 16 billion messages annually. To learn more, please visit us at www.dtcc.com.
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