Chief Compliance Officer

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Home > Explore > Career Map > Chief Compliance Officer

What is the Chief Compliance Officer’s role?

The Chief Compliance Officer’s job for an investment dealer in Canada is to assess compliance by the firm, and individuals acting on its behalf. The position establishes and maintains dealer compliance policies and procedures, monitors and assesses compliance through daily monitoring or periodic reviews, makes recommendations for corrective action and provides reporting to the regulators, the Ultimate Designated Person (UDP), and the Board of Directors, and senior management. The position ensures compliance with the rules and regulations of regulatory agencies and other laws or regulations and makes certain that related company policies and procedures are current and are being followed, and that behaviour in the organization meets the company’s and industry’s standards of ethical conduct.

What are the responsibilities of this role?

Developing and maintaining a sound knowledge of the regulatory, legal and business environments in Canada, understanding the common risks and the roles and structures applicable to the compliance function and understanding how your business organization operates within the mutual funds industry
Liaising with the regulatory bodies and other industry members to better understand or influence regulatory change and to better understand business developments in the industry
Developing, implementing, communicating, and maintaining policies and procedures and documentation for the operation of the Dealer Compliance Program and ensuring adherence to firm, regulatory and legal requirements and ethical standards. On a continuing basis, taking appropriate steps to improve its effectiveness
Collaborating with other business departments, if necessary, for assistance in the investigation and resolution of identified issues or for specialized support in areas such as tax-advantaged plans, legal advice, Anti-Money Laundering or privacy requirements, tax or financial reporting
Developing, implementing and maintaining the compliance program in accordance with regulatory and business requirements providing oversight to or managing key control processes. Provide guidance, input or approvals as mandated or required
Developing, implementing and managing the compliance surveillance program in accordance with regulatory requirements and the two-tiered approach to supervision, conducting daily and periodic reviews, implementing and managing a branch review program, reporting on findings and following up
Recommending, coordinating and following up on corrective actions or action plans for resolution of problematic issues identified related to compliance vulnerability and risk and providing guidance on how to avoid or deal with similar situations in the future