Compliance and Ethics is an independent organization within BNY Mellon reporting to the Chief Risk Officer (CRO), responsible for helping to ensure the company’s businesses maintain appropriate processes to comply with all applicable laws, regulations, company policies, and ethical norms.
BNY Mellon seeks a Sr. Compliance Manager to cover our Asset Servicing and Digital business line, including global custody, innovation and emerging technologies, partnerships with fin techs, data and analytics solutions, data governance and broker-dealer and investment advisory. This is a newly created high-potential position where the successful candidate will be expected to build relationships at a senior level, develop the compliance and risk framework and engagement model, and be hands-on in providing oversight and challenge across a variety of custody, data and digital initiatives. The successful candidate will work closely work with the Chief Asset Servicing and Digital Compliance Officer to challenge, shape and drive the growth of an exciting new set of Digital businesses at the Bank
More specific responsibilities include:
• Designing and operationalizing a compliance and regulatory framework and engagement model for emerging digital businesses;
• Following the initial phase, on an ongoing basis
o Provide independent review and challenge of business practices and initiatives such as new product development;
o Support the risk assessment of all new products and partnerships, across all risk categories;
o Work with senior leaders to develop and report a comprehensive view of the risk profile of the
Additional responsibilities include:
• Increasing awareness of compliance obligations and responsibilities and promoting a culture of compliance and control in the ASD businesses
• Identifying new and updating regulatory requirements (in coordination with Governance Risk Architecture and Legal) and communicating those requirements to applicable lines of business (LoBs)
• Creating and reviewing or updating polices that serve as the foundation for the compliance programs associated with key legal and regulatory requirements
• Communicating and providing advice to stakeholders in the business on the implementation of controls pertaining to compliance risks
• Assisting in developing and, if applicable, delivering employee training (general guidance and targeted courses)
• Monitoring business processes periodically, based on risk, to determine whether the controls and processes are operating effectively and achieve compliance requirements
• Identifying significant compliance and regulatory issues, assist the LoB in designing and implementing policies, procedures, and controls and partner with the LoB to track and implement effective remediation plans in accordance with the Issue Management and Escalation Policy.
• Challenging the first line High Level Assessment (HLA) and Risk Control Self-Assessment (RCSA) and escalate the highest priority concerns to the senior-most governance committee within ASD regarding regulatory compliance matters
• Reviewing transactions, new products and business changes processes to identify compliance and regulatory risks
• Developing annual compliance plans based on results of compliance risk assessment and other inputs; review with business and provide periodic updates; and
• Presenting compliance reports to senior management and legal entity boards with a comprehensive snapshot of critical elements currently impacting or expecting to impact their business line, where required/relevant. These elements generally include an overall business compliance rating, compliance metrics, compliance testing statistics, significant or proposed new regulations, key regulatory implementations, and significant compliance initiatives
• Minimum of 10-12 year experience as a compliance professional covering asset servicing, custody, transfer agency, registered investment advisers and broker-dealers
• The successful candidate will be a leader who is intellectually curious, self-motivated, comfortable with ambiguity and willing to challenge the status-quo. If you are excited by the opportunity to shape and deliver a high-impact role at the forefront of custody, data and digital innovation, this may be the right role for you.
• Comfort with ambiguity—capable of solving complex problems independently in a fast-paced environment and adapting along the way
• Demonstrated success as a values-based leader who can build and maintain a culture of empowerment, ownership, and accountability
• Ability to initiate and drive projects to completion with minimal guidance
• Financial Services, Audit or Compliance background and/or experience with financial services compliance and/or experience with the assigned products, services or business lines/areas and the pertaining laws, regulations and rules of relevant regulators preferred.
• Thorough knowledge of the investment advisory and broker dealer business from a product, corporate governance, compliance and administrative perspective.
• Working knowledge of Investment Advisers Act of 1940, relevant SEC rules and regulations and state regulatory framework.
• Thorough knowledge of securities products (i.e. mutual funds, ETFs, structured products and individual securities) and compliance and supervisory requirements. Broad exposure to key functional areas of product due diligence, recruiting and retention, Excellent ability to interpret and Partner with the Legal team to analyze changes to regulatory requirements, proactively handle regulatory developments, and advise on new product launches. Continue to develop and mentor our excellent compliance professionals.
• CCO or the number two compliance professional for SEC-registered investment adviser
• Experience with US, UK and EU banking regulations