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BUSINESS UNIT DESCRIPTION

In support of CIBC’s core purpose: to make our clients’ ambitions a reality, Risk Management is responsible for providing independent oversight of the risks inherent in CIBC’s transactions and activities. This includes, but is not limited to, ensuring that robust processes are established and maintained for the identification, management, measurement, monitoring, and control of operational, reputational, legal, strategic, market, credit, investment, and liquidity risks (collectively referred to as “CIBC Risk”) across all business lines, functional groups, and corporate governance structures.

Regulatory Compliance Management (RCM)

The Office of the Superintendent of Financial Institutions (OSFI) Guideline E-13 sets the expectations for an Regulatory Compliance Management (RCM) framework, which incudes the processes and controls a financial institution uses to identify, manage, and mitigate regulatory compliance risk. An effective RCM program is a core part of overall risk management and ensures compliance with applicable regulatory requirements.

The RCM Oversight Function (OF) is accountable and provides independent oversight of applicable regulatory requirements within their scope, ensuring that processes are in place to identify, assess, manage, and monitor regulatory compliance risks across CIBC.

JOB PURPOSE

To strengthen the Luxembourg Compliance Department, the Director will be key in the development and execution of the RCM mandate in Luxembourg and provide independent oversight, assess the adequacy and effectiveness of the controls, the status of regulatory compliance and follow up with the business on compliance issues identified. The role also includes compliance advisory services, independent oversight, monitoring/testing and guidance on regulatory requirements. The Director must be pro-active and highly responsive in a business environment where decisions have to be made in stressful, time sensitive situations where information is often ambiguous and incomplete.

KEY ACCOUNTABILITIES

Regulatory Monitoring and Communication

• Monitor regulatory developments and communicate relevant updates to impacted business units and RCM Portfolio Managers (PMs) through the RD report in eGRC on a monthly basis.

• Analyze and assess the impact of regulatory changes, adjusting compliance strategies as necessary to ensure ongoing adherence to laws and regulations.

• Stay current on changes in laws, regulations, and industry standards, and update mitigation strategies as needed.

• Review complex legal and regulatory documentation, summarizing key requirements into clear, actionable guidance for stakeholders.

Risk Assessment and Compliance

• Conduct periodic, comprehensive risk assessments (RGT) to identify impacted business units, evaluate inherent risk of regulatory requirements, process and control effectiveness, and ensure timely completion in line with established methodology.

• Assess new initiatives (e.g., CIRAs) for regulatory risk, ensuring appropriate compliance measures are implemented.

• Advise on regulatory compliance risks related to product, service, or business changes.

Escalation and Deficiency Management

• Escalate identified regulatory risks and findings to the CCO or delegates, driving timely resolution through proactive deficiency management.

• Coordinate with business units to address regulatory compliance gaps, following established deficiency management protocols.

• Oversee remediation of compliance deficiencies and control testing results impacting RCM controls.

Advisory, Coordination, and Relationship Management

• To provide Compliance advisory services in a pro-active manner to management and employees in the various business lines of CIBC Luxembourg, including input and advice on strategy development, new products and services and other key decisions where a potential Compliance risk could arise.

• Advise business units on RCM program requirements and coordinate with RCM PMs to meet program expectations.

• Collaborate with first line and business management to ensure policies, procedures, and RCM controls are established for new regulatory requirements.

• Attend and participate in RCM Oversight Function meetings to provide program updates and share best practices.

• Maintain strong relationships with line of business leaders and second line of defense groups to ensure effective oversight and mitigation processes.

Effective Challenge and Mitigation

• Address challenges from RCM PMs and review comments from the RCM Quality Control (QC) team, implementing appropriate mitigants for non-compliance risks.

• Collaborate with GORM PMs and Risk Associates to challenge RCSA and CIRA assessments, ensuring RCM controls are robust and effective.

Reporting and Metrics Development

• Support the OF RCM Accountable Executive in producing RCM-related reports.

• Develop and maintain metrics to measure and monitor regulatory compliance risk within your area of oversight.

Effectiveness Assessment

• Complete the OF Effectiveness Assessment (EA) Template, providing detailed rationale to demonstrate fulfillment of RCM oversight accountabilities and support the CCO's opinion and assessment of the adequacy and effectiveness of RCM controls.

Documentation Maintenance

• Where applicable, retain and refresh standardized RCM E-13 Control processes and RCM Oversight Function Process Documents as required by the RCM Program.

Leadership and Process Optimization

• Provide direction to business units in executing the RCM Program, identifying and monitoring regulatory compliance risk, and implementing process improvements.

• Share insights and best practices to promote operational excellence in regulatory compliance management processes.

Support and oversee the local regulatory regime covering:

• oMIFID & EMIR rules

• oMarket Abuse Regime (MAR) rules

• oConduct of Business rules

• oRegulatory returns (where applicable)

• To take an active role in the Compliance second line monitoring checks for relevant regulatory controls, including remedial action for exceptions and updating the monitoring and testing plan as appropriate, desk-based reviews / conducting risk assessments on the Sales and Trading desks of Capital Markets and Corporate and Investment Banking.

• Provide induction training to new employees and additional regulatory training as and when required on Compliance related topics.

• Identify trends, issues, and best practices to quantify impacts to CIBC, and recommend strategies to mitigate any emerging risks.

• Back-up of the Chief Compliance Officer.

CROSS-FUNCTIONAL RELATIONSHIPS

• Work in a matrix environment with CIBC peers and business leaders in Luxembourg, UK and Canada.

• ·Represent Compliance at CIBC committees.

• ·Regular contact with Compliance partners across all regions, and with members of other internal control and Functional Groups, in order to promote a consistent approach and the development and execution of an effective and integrated control environment.

COMPLIANCE REQUIREMENTS/RESPONSIBILITIES

• As an employee of CIBC, the incumbent must comply with all applicable CIBC and Line of Business policies, guidelines and controls.

KNOWLEDGE AND SKILLS

• A university degree and a minimum of 5-10 years of progressively responsible business experience.

• Strong knowledge of relevant regulatory compliance regulations that impact the CIBC Group under the Luxembourg mandate. Knowledge of market conduct/infrastructure regulatory framework is appreciated, e.g. MiFID(R), EMIR, MAR.

• Excellent and detailed knowledge of current Luxembourg compliance standards.

• Sound judgment and ability to independently interpret complex regulatory issues and to provide comprehensive guidance to businesses in a straightforward manner.

• Well-developed interpersonal skills, with an ability to establish strong relationships in order to build trust amongst all stakeholders (both internally and externally).

• Adaptable and tactile.

• Creative problem solving skills.

• Strong attention to detail.

• Effective and clear written and oral communication and presentation skills.

• Be pro-active and possess strong time management skills in order to prioritize and work on multiple projects simultaneously and manage competing priorities.

• Detailed knowledge of regulatory compliance regulations locally, and general knowledge of global requirements applicable to CIBC’s Luxembourg mandate.

• Ability to effectively challenge anyone, including senior management.

• Ability to extract and interrogate data, and analyze results of monitoring and oversight activities.

WORKING CONDITIONS

• This role operates within a normal office environment with little exposure to adverse working

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

Job Location

K2 Dolce

Employment Type

Regular

Weekly Hours

40

Skills

Business, Business Units, Compliance Management, Compliance Requirements, Decision Making, Legal Practices, Process Improvements, Quality Assurance (QA), Regulatory Compliance, Regulatory Issues, Regulatory Risk, Risk Assessments, Risk Management, Strategic Objectives