Job Description

Compliance Specialist

Open for many locations in US -FL, TX, AZ, IL, LV (local)

Project description: The QPAM project focuses on ensuring ***'s continued compliance with Department of Labor regulations for discretionary investment management of IRAs and ERISA accounts, following the transition from a class exemption to an individual QPAM exemption. The initiative involves updating controls, client notifications, fee schedules, and audit processes to meet enhanced requirements-including mandatory disclosures, independent audits, and strengthened oversight-while preparing for upcoming regulatory examinations and maintaining operational integrity.

Contractor's Role:
The Compliance Specialist IRA is key member of the Trust Management first line of defense compliance team, which is responsible for ensuring compliance with all risk, audit, regulatory and other issues by the practice and front line, with a focus on IRA matters. Responsibilities of this role include advising on IRA matters involving Wealth Management clients, oversight and direction for all IRA requirements, education of front line partners on IRA topics, testing/auditing compliance on behalf of the Practice and Legal and Compliance to ensure consistency and prudence in ***'s approach to IRA and ERISA matters. The Compliance Specialist IRA will work as an individual contributor in a team environment.

Experience Level: 3 - Senior Level

Qualifications (must haves):
IRA and Section 4975 fiduciary subject matter expertise in a financial services company context, including knowledge and understanding of Prohibited Transactions; knowledge of ERISA
Knowledge of IRA and employee benefits laws, Internal Revenue Code and regulations, compliance, and resolution programs
Excellent knowledge of industry regulations, trends, and requirements related to IRAs, including reporting procedures and record keeping
General fiduciary Risk Management and Compliance knowledge a plus
Excellent analytic, written and verbal skills, with the ability to clearly and concisely present complex information to a diverse range of individuals
Ability to create and maintain strong internal partnerships, to work independently and as part of a team, and to efficiently and effectively problem solve
Well-organized with special attention to detail
Strong organizational skills, a collaborative approach to work, with strong interpersonal skills
Ability to identify problems, develop and communicate solutions
Excellent communication skills (both written and oral) to interact and manage expectations with senior level audiences, stakeholders and management
A strong and proven ability to analyze, break down and explain complex issues in non-technical language
Highly flexible and adaptable to change, with a positive attitude and vision to continually enhance / strengthen current status quo

Tasks & Responsibilities:
Advise and collaborate with Compliance, Legal, and Trust Practice to identify IRA and ERISA fiduciary regulatory requirements and risks, and monitor compliance with standards and regulations, including the application of prohibited transaction exemptions under IRC Section 4975.
Draft, modify, implement, and communicate IRA and ERISA Risk Management and Compliance procedures and related materials for application across Wealth Management Trust Practice
Act as the first point of contact for assistance with questions regarding IRA Risk Management and Compliance matters
Act in a consultative role to leaders throughout the *** Wealth Management Trust Practice on IRA and ERISA-related matters, including making recommendations for additional training
Advise on development of metrics and reports to track and assess risks, assist in identifying compliance gaps, and support remediation efforts
Keep abreast of industry trends, regulatory changes, and emerging risks to proactively identify potential threats and opportunities
Collaborate with operational leaders to quickly identify and create effective and sustainable solutions for resolving fiduciary regulatory risk issues
Communicate, evaluate and advise on the implementation of regulatory changes where required
Provide knowledge and training on IRA and ERISA topics, include IRC Section 4975 to ensure front line knowledge and compliance
Participate in special projects as needed and perform other duties as assigned to support the Trust Practice compliance and risk obligations
Coordinate required regulatory mailings related to IRAs, SPPs and ERISA

Note:

Top Skills:

IRA exp.

Prohibited Transaction exp.

Individual contributor

Further Details:

• Role focuses primarily on IRAs and prohibited transactions, not general compliance or ERISA.
• ERISA experience is helpful but secondary - the core expertise needed is IRAs and prohibited transactions under the Internal Revenue Code and Department of Labor (DOL) rules.
• This person will set up and maintain oversight and compliance processes for Wealth Management.
• Responsible for ensuring:
  • All IRAs are properly managed and set up correctly.
  • There are no prohibited transactions - or, if they occur, they are identified and remediated quickly.
  • Controls are functioning effectively.
• Will be directly engaged in managing a Department of Labor audit starting in March, but full audit management experience is not required.

• Minimum: ~5 years of related experience in compliance oversight.