POSITION TITLE: WFS Chief Compliance Officer DATE: October 2019
REPORTS TO: President WFS
The position is responsible for compliance with all policies, procedures, rules and regulations related to Wescom Financial Services activities conducted by all licensed staff including: Financial Advisors, Sales Associates, Investment Services Representatives, MSR III’s and RMSR positions. This position reports to the President of WFS. This position is responsible for the direct management of the WFS Compliance Specialist. The Director of Compliance (DOC) will also serve as the Chief Compliance Officer for WFS. The DOC is the primary interface with regulators including FINRA, SEC and the Department of Insurance.
The DOC monitors ongoing changes of compliance requirements within the industry, provides analysis and interprets necessary changes with WFS and Credit Union’s environment.
The DOC leads the Compliance Department which reviews all securities and insurance related activities conducted by WFS and its employees as well as licensed employees of the Credit Union including MSRIII’s and RMSR’s.
The Compliance Department Office also coordinates all regulatory reporting requirements including OATS, TRACE, AML, and customer complaints. The DOC is responsible for chairing the WFS Product Committee, which reviews and approves all products and services offered by WFS. The DOC initiates the required due diligence for all new vendors and investment products and services. The DOC reviews and approves all advertising and member correspondence prepared by the Marketing Department to ensure or gain the necessary approval by FINRA.
The DOC also provides routine guidance and monthly training to licensed personnel, and has the authority to approve and reject any securities or insurance transaction executed through WFS.
ESSENTIAL POSITION FUNCTIONS:
Ensures WFS and Wescom Credit Union staff are in full compliance and do not violate any policies, rules or regulatory requirements.
Provide guidance relative to all activities to ensure all staff activities are within regulatory guidelines.
Maintain all compliance manuals, and routinely update Writer Supervisory Procedures and inform all licensed staff of changes and implications via written communications, conference calls or formal training.
Conduct compliance monthly training and the annual firm element requirement for the MSR III’s and RMSR’s.
Develop policies and procedures for MSRIII’s and RMSR’s
Manage the MSRIII and RMSR registrations with FINRA as part of our books and records requirement within the FINRA CRD gateway system.
Conduct ongoing reviews and oversight to ensure business activities are in compliance with all relevant policies, procedures, rules and regulations.
Develop and conduct internal reviews on back office operations and branches to ensure all activities are within regulatory guidelines.
Review all new accounts and transactions for suitability and compliance.
Perform analysis and direct related preparation for all external and internal audits.
Coordinate all regulatory reporting requirements, including OATS, TRACE, and AML.
Oversee and manage any customer complaints, with appropriate responses and filings with FINRA through to final disposition.
Participates in establishing goals and objectives for direct reports in alignment with organizational vision and goals.