Compliance Specialist - Institutional
To provide Compliance support for various business areas performing Institutional Asset Management and Full Service Recordkeeping functions, primarily through guidance and oversight related to regulated activities.
Duties and Responsibilities
- Serves as a trusted advisor to the Institutional Division. Works collaboratively with IIG to develop policies, procedures, and controls designed to ensure compliance with applicable laws and regulations. Provides advice and guidance in connection with people, process, technology, and regulatory changes. Assists the business with the resolution of issues.
- Leads, manages, and participates in compliance oversight efforts and projects across the company to protect Vanguard's reputation. Manages and continually improves the IIG Compliance Programs. Utilizes risk management techniques and business area knowledge to develop, maintain and test relevant policies and procedures. Handles multiple assignments simultaneously from conception through execution and implementation of recommendations. Coordinates, prioritizes and actively manages tasks as needed to meet deadlines.
- Presents key findings and recommendations to business management and Compliance management. Elevates issues and identifies priorities. Tracks follow-up items to ensure they are appropriately resolved. Demonstrates initiative and creativity in independently recommending and implementing solutions to business contacts, senior leaders, and the Chief Compliance Officer.
- Develops, maintains, and broadens effective working relationships across Vanguard and with regulatory agencies. Fosters lines of communication between, and with, business leaders, the Legal Department, Compliance Department colleagues, global partners, and other risk and control groups. Coordinates activities and efforts as required with other Compliance teams and global partners.
- Develops and maintains a broad knowledge and awareness of the investment industry and regulatory and/or policy changes with potential impact on compliance monitoring or reporting. Stays abreast of current market, regulatory and industry relevant news. Serves as a technical expert on compliance requirements impacting Institutional Asset Management and Full Service Recordkeeping for qualified and nonqualified defined contribution and defined benefit retirement plans, including regulations under ERISA, the Internal Revenue Code, the Department of Labor (DOL), and the Pennsylvania Banking Code for trust companies applicable to retirement plans. Develops a deep understanding of the related business areas, including applicable systems and software.
- Prepares board reports and other applicable management reporting, identifies and tracks key measures and metrics, and designs presentations to facilitate senior management discussions.
- Participates in developing and delivering training and education to the business, including presentations at staff meetings and formal Vanguard University trainings.
- Leads, manages, coordinates, and ensures readiness for regulatory examinations. As appropriate, acts as a liaison with regulators and impacted business areas by preparing for meetings and coordinating the gathering and production of requested documents in connection with examinations or other regulatory inquiries.
- As necessary, supports the review and monitoring of electronic communications to ensure compliance with applicable rules or Vanguard policies. Elevates identified issues as appropriate. Participates in and actively supports corporate initiatives like Vanguard Unmatchable Excellence, Gallup Action Planning, etc.
- Participates in special projects and performs other duties as assigned.
- Undergraduate degree or equivalent experience required. Graduate degree preferred.
- Minimum five years business experience. Regulatory, compliance, investment, or auditing experience preferred.
- Broad understanding of Vanguard's business and the investment industry; knowledge of and experience with ERISA, IRS and DOL, and the Pennsylvania Department of Banking regulations as they relate to retirement plans preferred.
- Excellent relationship management skills, including ability to interact with individuals at various levels internal and external to the company.
- Demonstrated ability to function in a fast-paced, ambiguous environment while managing multiple and diverse responsibilities.
- Proven ability to develop and implement new business plans or change direction in a dynamic environment.
- Excellent judgment and decision-making skills; ability to analyze and respond to issues.
- Excellent verbal and written communication skills.
- Familiarity with and experience in using relevant systems and applications, as applicable.
Additional Comments This position will interact with senior leaders within the Institutional Full-Service business areas, and with Vanguard's external regulators.
The position is considered a "Fund Access Person" position under Vanguard's Code of Ethics (Refer to CrewNet); crew holding FINRA licenses (e.g., FINRA series 6, 7, 26, 24) may be permitted to retain them; and, some travel for trainings, seminars and global coordination may be required
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