Job Information
CIBC Deputy Chief Compliance Officer in Chicago, Illinois
We’re building a relationship-oriented bank for the modern world. We need talented, passionate professionals who are dedicated to doing what’s right for our clients.
At CIBC, we embrace your strengths and your ambitions, so you are empowered at work. Our team members have what they need to make a meaningful impact and are truly valued for who they are and what they contribute.
To learn more about CIBC, please visit CIBC.com (https://www.cibc.com/en/about-cibc.html)
In support of CIBC’s core purpose: to make our clients’ ambitions a reality, Risk Management is accountable for the independent oversight of risk management inherent to CIBC’s transactions and activities. These risks include but are not limited to ensuring effective processes are in place for the identification, management, measurement, monitoring and control of operational, reputation and legal, strategic, market, credit, investment and liquidity risk, collectively “CIBC Risk”, incurred by CIBC’s businesses, functional and corporate governance groups.
US Compliance delivers on the global Compliance mandate by providing timely, proactive advice and independent second line oversight to the US Capital Markets, US Commercial Banking and Wealth Management lines of business. US Compliance supports these lines of business by being proactive advisors, trusted specialists and value-added partners. Together with the lines of business and in line with CIBC’s Risk Appetite Statement, US Compliance works to identify, assess, manage and mitigate regulatory compliance risk to protect CIBC’s reputation and brand, while helping CIBC become a strong, innovative and relationship-oriented bank for a modern world.
JOB PURPOSE
The Deputy Chief Compliance Officer (DCCO) will play a pivotal role in ensuring that the bank adheres to all applicable laws, regulations, and internal policies. The DCCO will assist the Chief Compliance Officer (CCO) in leading and managing the bank's compliance program, including monitoring and reporting on the effectiveness of the program, developing strategies to improve compliance, and fostering a culture of integrity and ethical behavior across the organization. This role requires a deep understanding of banking regulations, risk management, and leadership skills to guide the compliance team and collaborate with other departments.
KEY ACCOUNTABILITIES
Regulatory Compliance:
Oversee and manage the bank's compliance with all applicable federal, state, and local banking regulations and other relevant regulatory frameworks.
Monitor and analyze changes in regulations and ensure the bank's policies and procedures are updated accordingly.
Provide guidance and interpretation of regulations to internal stakeholders, ensuring that all departments are aware of their compliance obligations.
Compliance Program Management:
Assist the CCO in developing, implementing, and maintaining a comprehensive compliance program that meets large bank regulatory requirements and aligns with the bank's risk appetite.
Lead the development and execution of compliance training programs for employees, management, and the board of directors.
Oversee the execution of risk assessments to identify potential areas of compliance vulnerability and risk, and develop corrective action plans for resolution.
Reporting and Documentation:
Prepare and present regular compliance reports to the CCO, executive management, and the board of directors, highlighting key risks, issues, and progress on compliance initiatives.
Ensure that all compliance-related documentation, including policies, procedures, and training materials, is accurate, up-to-date, and readily accessible.
Team Leadership and Development:
Lead, mentor, and develop the compliance team, fostering a culture of continuous improvement and professional growth.
Assist in the recruitment, training, and performance management of compliance staff, ensuring the team is adequately resourced to meet the bank's compliance needs.
Act as a key point of contact for internal and external auditors, regulators, and other stakeholders on compliance-related matters.
Collaboration and Advisory:
Work closely with other departments, including Legal, Risk Management, Internal Audit, and Infrastructure groups, to ensure a coordinated approach to compliance across the bank.
Serve as a subject matter expert on compliance-related issues, providing advice and support to business units on the development and implementation of compliant processes and procedures.
Participate in strategic planning initiatives, providing compliance insights to support the bank's growth and operational goals.
Investigations and Incident Management:
Lead investigations into compliance violations or breaches, ensuring timely and thorough resolution of issues.
Coordinate with legal counsel and external parties as necessary to address compliance-related incidents and mitigate risks.
Continuous Improvement:
Monitor industry trends, best practices, and regulatory developments to proactively enhance the bank's compliance program.
Drive continuous improvement initiatives to streamline compliance processes, reduce risk, and increase efficiency.
CROSS-FUNCTIONAL RELATIONSHIPS
Regular interaction with CIBC risk management, governance and control groups and other infrastructure teams such as Legal
Regular contact with regulators to discuss and respond to matters of a regulatory nature
Regular contact with industry professionals to discuss and benchmark similar risks, processes and issues
COMPLIANCE REQUIREMENTS/RESPONSIBILITIES
As an employee of CIBC, the incumbent must comply with all applicable CIBC and Line of Business policies, standards, guidelines and controls.
AUTHORITIES/DECISION RIGHTS
As a key contributor to the business unit, this job has the authority to recommend changes to business processes in order to enhance operational efficiency and effectiveness
JOB DIMENSIONS
May manage employees as workload dictates
CONDUCT & CULTURE RISK
Our CIBC risk culture is based on employees striving to exceed the expectations of ourselves and our leadership’s identification and mitigation of risks in their daily responsibilities, not just in quarterly or annual monitoring/assessments. We all are accountable for managing risk
As an employee of CIBC the incumbent must conduct themselves (and foster an environment for others) in a manner consistent with our strong risk culture. This includes:
Following all aspects of the CIBC Code of Conduct, as well as all applicable CIBC policies, frameworks, guidelines, processes and controls
At all times acting in accordance with our Purpose and shared values, to achieve our Bank’s strategic goals
Understanding and following the qualitative and quantitative components of our Risk Appetite Statements
Completing all annual Corporate Mandatory Training and Testing modules, as well as any additional business-specific modules, as required and employing the learnings in daily activities and undertakings
Escalating matters through one of the appropriate channels identified in the CIBC Code of Conduct (i.e., HR, management, Ethics Hotline, Whistleblower, etc.) upon observing activities that may be inconsistent with CIBC’s policies, frameworks, guidelines, processes and controls
Speaking up if witnessing behaviors that drive poor or unfair outcomes for clients, team members or other stakeholders
Escalating matters that can result in adverse market practices and outcomes, thereby negatively impacting CIBC’s reputation as a leading financial institution
KNOWLEDGE AND SKILLS
Proven leadership and management experience, with a track record of successfully leading compliance teams.
Ability to exercise a high degree of independent judgement and make sound decisions
Expert interpersonal, communication and problem-solving skills, including effective engagement with all levels of the organization, including senior management, board of directors and regulators
Extensive knowledge of applicable banking laws and compliance frameworks
Ability to drive innovation or new ideas across areas of responsibility
Ability to manage workload and shift priorities to meet deadlines in a dynamic and rapidly-changing environment
Bachelor’s degree in Business, Finance, Law, or a related field (Master’s or JD preferred).
Minimum of 15 years of experience in compliance, risk management, or legal roles within the banking or financial services industry.
Bachelor’s degree in Business, Finance, Law, or a related field (Master’s or JD preferred).
Advanced Excel, Word, and PowerPoint skills CRCM preferred
WORKING CONDITIONS
- Hybrid (minimum of three days in office)
At CIBC, our people are our greatest asset. You’ll become part of a diverse community that acknowledges everyone’s unique talents and empowers teams to do what’s right for the client and to do it well. As part of our team, you will:
Thrive: Benefit from an open and approachable culture that provides the flexibility and support you need to integrate your life at work and home.
Connect: Work in a place where the right technology and infrastructure foster innovation, collaboration, and creativity.
Develop: Grow your skills and career through our best-in-class onboarding experience, ongoing learning opportunities, individual development planning, and comprehensive product training.
Prosper: Share in our collective success with a competitive salary, incentive pay, banking benefits, health benefits programs, retirement savings, and more.
California residents — your privacy rights regarding your actual or prospective employment (https://us.cibc.com/en/about-us/california-consumer-privacy-act-employment.html)
What CIBC Offers
At CIBC, your goals are a priority. We start with your strengths and ambitions as an employee and strive to create opportunities to tap into your potential. We aspire to give you a career, rather than just a paycheck.
We work to recognize you in meaningful, personalized ways including a competitive salary, incentive pay, banking benefits, a benefits program*, a vacation offering, wellbeing support, and MomentMakers, our social, points-based recognition program.
Our spaces and technological toolkit will make it simple to bring together great minds to create innovative solutions that make a difference for our clients.
We cultivate a culture where you can express your ambition through initiatives like Purpose Day; a paid day off dedicated for you to use to invest in your growth and development.
*Subject to plan and program terms and conditions
What you need to know
CIBC is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. If you need accommodation, please contact Mailbox.careers-carrieres@cibc.com
You need to be legally eligible to work at the location(s) specified above and, where applicable, must have a valid work or study permit.
We may ask you to complete an attribute-based assessment and other skills tests (such as simulation, coding, MS Office). Our goal for the application process is to get to know more about you, all that you have to offer, and give you the opportunity to learn more about us.
Job Location
IL-70 W Madison St, 10th Fl
Employment Type
Regular
Weekly Hours
40
Skills
Compliance Reporting, Compliance Testing, Decision Making, Regulatory Compliance, Risk Assessments, Strategic Advice
At CIBC, we are in business to help our clients, employees and shareholders achieve what is important to them. Our ability to create value for all CIBC stakeholders is driven by a business culture based on common values: Trust, Teamwork and Accountability.
Working with CIBC makes you a part of a work environment committed to our clients, employees and communities - a place where you can excel.
Every day, our 44,000 employees help our clients achieve their financial goals, because what matters to our clients, matters to us.