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ManCo Compliance Specialist

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Risk Management/Compliance
📅
73316 Requisition #
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Role


Reporting to the Head of Management Companies Ireland, the Management Company Compliance Specialist will play an integral role within the existing Compliance Function in meeting Regulatory and Corporate Governance requirements on behalf of two Management Companies with over 13 clients, 75 sub funds and more than 40 investment managers. The role requires an understanding of the evolving Funds Industry regulatory framework. The role will require a close working relationship with the Management Company Risk function in Ireland. The position will have an influencing voice in shaping the development and regulatory framework of this product. The position will also include performing a Pre-Controlled Function (PCF) role which will require approval from the Central Bank.

 

Principal Responsibilities


Compliance

  • Be thoroughly involved in and aware of management company activities and delegated activities.
  • Be a Trusted Advisor to the directors of the Irish Management Companies.
  • Have a detailed understanding of the AIFMD and UCITS regulation; Ireland and Luxembourg being key markets.
  • Monitor the changing Regulatory landscape and ensure that the ManCo’s are well prepared and advised in order to comply with any changes.
  • Maintain the Management Company Map of Rules, Business Plans, Compliance Manuals, Compliance Calendars and Policies & procedures ensuring accuracy and completeness.
  • Ensure the Compliance Monitoring Programme for each Management Company addresses all regulatory requirements and is implemented on an ongoing basis.
  • Maintain an appropriate Governance Framework which complies with regulatory and NT requirements as well as industry best practices.
  • Maintain error/incident/complaint logs for the Management Companies.
  • Assist the MLRO for the Management Companies and funds in meeting their regulatory obligations as well as assisting with the monitoring of AML requirements by the Funds under management.
  • Oversee regulatory administrative activities such as Central Bank of Ireland Online Reporting, Fund tax reporting and the Fund Registration database.
  • Partner with Northern Trust Legal to maintain a complete set of documents is on file for all Management Company clients. Ensure all legal agreements are in place and up to date with all third parties.
  • Review all new fund documentation to ensure that the obligations of the management companies are adequately reflected
  • Develop and implement investment oversight framework to include monitoring of investment guidelines and EMIR reporting ensuring there is an escalation process in place where breaches are identified and that appropriate remedial actions are taken to address such breaches.
  • Prepare and present compliance reports to the Board of Directors of the Management Companies.
  • Report to NT Corporate Compliance in line with internal requirements on an ongoing basis.
  • Act as the Management Companies point of contact with the Central Bank, ensuring any queries and/or requests from the Central Bank are being address in a timely basis.
  • Support client driven projects ensuring continued compliance with regulatory requirements for any changes being proposed.

Third party delegation and supervision

  • Working with the Risk Manager, perform due diligence reviews of delegates and determine the level and frequency of oversight required;
  • Review reports from all delegates, including investment managers, administration and trustee / depositary reports to ensure they are in line with the policies of the management company.
  • Perform initial and on-going due diligence on policies and procedures of each of the delegates (50+) including:
    • Conflicts of interest
    • Complaints handling
    • Inducements
    • Best execution
    • Order allocation
    • Remuneration

  • Ensure that any third party has adequate process and procedures in place to perform their functions as laid out in their delegation agreement.
  • Ensure all legal agreements are in place and up to date with all third parties.

Regulatory Change

  • Monitor the changing Regulatory landscape and ensure that the Management Companies are well prepared and advised in order to comply with any changes.
  • Put a plan in place to ensure funds under management meet all regulatory requirements.

Skills / Experience

  • 5 to 10 years Compliance experience or relevant experience required. 
  • Highly motivated individual who wishes to develop their skills and knowledge within a progressive compliance role.
  • Background in compliance and corporate governance within the Financial Services desired.
  • Knowledge/Experience of Investment Management, Fund Administration and Custody required.
  • Knowledge and understanding of the regulatory challenge facing the funds industry with a strong knowledge of UCITS and AIFMD regulations in the context of the Management Companies and underlying funds.
  • Desire to stay in front of new business/regulatory developments with particular emphasis on UCITS, AIFMD, Corporate Governance standards and Central Bank Organisational Effectiveness requirements.
  • Educated to graduate (or equivalent) level - accounting or compliance qualification is desirable.
  • Highly articulate with proven communication and analytical skills, with the ability to express complex topics / scenarios in a clear, concise and digestible manner taking account of the audience for which it is being addressed.
  • Strong organisational and time management skills.
  • Proficiency in PC software essential (Word, Excel).

About Northern Trust

 

For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity. From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 18,500 employees globally. We serve the world’s most-sophisticated clients – from sovereign wealth funds and the wealthiest individuals and families, to the most-successful hedge funds and corporate brands.

 

We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater.

 

Northern Trust proudly cultivates a diverse workforce, to serve our diverse client base. We strongly believe that diversity of experience contributes to a broader collective perspective that will consistently lead to a better company. We encourage applications from the best regardless of ethnicity, gender, gender identity, age, nationality, disability, sexual orientation, education, socio-economic background, parental and caring status, or religion.

 

As of September 30, 2018, Northern Trust Corporation had:

  • $10.8 trillion in assets under custody/administration
  • $8.2 trillion in assets under custody
  • $1.2 trillion in assets under management
  • $132 billion in banking assets


 



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Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If, because of a medical condition or disability, you need a reasonable accommodation for any part of the employment process, please email our HR Service Center or call 1-800-807-0302 (North America), +630-276-5353 (Asia Pacific), +44(0)207 982 4357 (Europe, Middle East and Africa) and let us know the nature of your request and your contact information.

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