Investment Advisory Compliance Testing Associate
Senior Compliance Testing Associate
San Francisco, CA
At First Republic, we care about our people. Founded in 1985, we offer extraordinary client service in private banking, private business banking and private wealth management. We believe that personal connections are everything and our success is driven by the relationships we form with our colleagues and clients. You’ll always feel empowered and valued here.
Incredible teams doing exceptional work, every day
The Audit, Compliance and Legal & Risk group supports First Republic’s business objectives by systematically improving the effectiveness of its risk management, control and governance processes. We own and administer these processes while educating our colleagues to best support them. Our mission is to promote a culture of compliance and to be the best partner we can to our business stakeholders.
The general purpose of this position is to participate and support in the administration, development and execution of First Republic Private Wealth Management's ("PWM") Compliance Testing Program. Specifically, this role is responsible for ensuring that policies, procedures, and processes are adhered to within the firm; testing results will provide verification that PWM is adequately complying with federal and state regulations.
The PWM Senior Compliance Testing Associate will work independently or with other team analyst(s) and associate(s) to complete the scheduled testing of compliance with regulations applicable to PWM. He / She will effectively communicate his / her findings and recommendations and assist with validation projects as they arise. This role is vital to ensure success with internal and external compliance audits and/or regulatory examinations performed by the SEC, FINRA, and FDIC, among others.
Duties and Responsibilities
What you’ll do as a Senior Compliance Testing Associate:
- Perform and document Compliance Forensic Testing of adherence to firm policies and procedures, including business line supervisory procedures relating to advisory and broker-dealer activities such as Sales, Trading, Billing, New Accounts, Sub-Advisor Due Diligence, Third Party Referral Documentation, Marketing, etc. on behalf of PWM.
- Identify and utilize various internal and external resources to understand the requirements of applicable regulations.
- Work with compliance, business units, and data management personnel to establish appropriate and efficient sources for obtaining data.
- Research and remain current on new federal/state regulations that may impact the Adviser and/or Broker-dealer with regard to new or changing compliance requirements.
- Complete detailed testing of policies, procedures and processes using test work-papers and other tools to compare sample data with related requirements.
- Discuss and review all potential test findings with Compliance Management and respective business line(s).
- Complete preliminary findings drafts, issue review summaries, and discuss final reports for each completed test.
- Provide feedback and suggestions for process improvements and risk mitigation strategies.
- Track business line corrective action plans for timely completion.
- Validate and document the completion and quality of each remediation solution.
- Ensure all testing documents and files are complete and organized.
- Provide support to team members and conduct peer reviews for sufficiency of scope, and ensure accuracy and quality work in adherence to department and professional standards.
- Demonstrate leadership in the marketplace and regulatory awareness and apply this knowledge to reviews, special projects, early-warning systems, and the overall operations of the team.
- Help develop testing program guides and applicable test plans.
- Act as ambassador for the team and help promote the culture of compliance.
- Support team projects and administrative duties.
- Assist with mentoring/on-boarding new team members.
Responsibilities include the following: 1) adhering to and complying with all applicable, federal and state laws, regulations and guidance, 2) adhering to Bank and PWM policies and procedures, 3) completing required training, 4) identifying and reporting potential suspicious activity, and 5) assisting with control evaluation and risk mitigation.
You could be a great fit if you have:
- Bachelor’s Degree in Business, Finance, Economics or other applicable business-related discipline.
Minimum 5 years of adviser or broker-dealer experience.
- Strong knowledge of federal and state regulatory requirements of a federally registered investment adviser is a plus.
- Prior participation in industry groups related to Compliance is a plus.
- Current FINRA registrations (S7, S24) a plus.
- Detail oriented with strong analytical and writing skills.
- Proactive and demonstrates strong leadership capabilities.
- Strong working knowledge of Microsoft Office: Word, Excel, Visio, PowerPoint.
- Ability to communicate effectively, both verbally and in writing to various audiences, while establishing strong working relationships with individuals and teams both inside and outside of the firm.
- Solutions-oriented thinker.
- Ability to identify deficiencies and recommend solutions to complex issues
- Ability to intelligently formulate data to visually reflect patterns and trends
- Ability to multi-task and successfully meet competing demands.
- Must be self-starter and able to work with minimal day-to-day guidance.
- Demonstrates strong (internal) customer service skills.
- Orientation toward process improvement and the ability to think and work at both strategic and tactical levels.
- Team player.
- Provides extraordinary service.
- Furthers the First Republic Bank culture and values
- Must be able to review and analyze data reports and manuals; must be computer proficient.
- Must be able to communicate effectively via telephone and in person.
Own your work and your career - apply now
Are you willing to take initiative and make decisions? Are you willing to go the extra mile because you love what you do and how you can contribute as a team? Do you want the freedom to grow and the opportunity to take charge of your own career? If so, then come join us.
We want hard working team players. You’ll have the independence to learn, lead and drive change. A culture of extraordinary service, empowerment and stability—that’s the First Republic way.
This job description is not intended to be all-inclusive. Employee may perform other related duties as assigned to meet the ongoing needs of the organization. The Company is an equal opportunity employer. In this regard, the Company makes reasonable accommodations for qualified applicants and employees with disabilities in order to enable them to perform all essential job functions, unless doing so creates an undue hardship.
First Republic is subject to federal laws that restrict the employment of individuals with certain types of criminal histories, including FDIA Section 19 and FINRA. To the extent not inconsistent with our obligations under those federal laws and regulations, First Republic will consider qualified candidates with criminal histories in a manner consistent with the Los Angeles and San Francisco ban-the-box laws.