Under supervision by senior management, and in accordance with established policies and procedures, is responsible for executing all related internal procedures within regulatory guidelines including alignment to internal audit, risk measurements and compliance processes. Provide feedback, training and instructions to Trust Administrators and other staff, including new hires.
This role provides opportunity for growth with a variety of career paths. Join a rapidly expanding Trust Division that has increased assets under management by over 35% in the past two years!
Essential Functions & Responsibilities
- Oversee fiduciary compliance and ensure that the best interests standards is being met on all account types including trust terms and conditions, IRA checklists, employee benefit plan documentation and DOL monitoring, as well as best interests standards on investment management agency accounts.
- Ensure quality control in all accounts, including input, updating and editing of policies and procedures in account administration and ensuring applicable administrator is meeting the service needs of our individual clients.
- Monitor compliance of trading procedures to ensure investment objectives are met on client accounts.
- Operate as liaison between Trust and Compliance to align to BSA regulations and bank BSA strategy and standards.
- Oversee employee benefit plan compliance, including maintaining current investment policy statements and service contracts.
- Oversee and ensure compliance with established discretionary distribution process.
- Ensure client account agreements and account documentation is up to date and compliant. Revise account agreements as needed with changes in the business and regulatory environment.
- Perform and monitor functions excuted by the team ensuring that the proper balancing and quality control checks are followed according to outlined processes and procedures.
- Responsible to audit and perform quality control over fees for all new accounts and client billing.
- Perform analysis of risk, indentify and implement mitigating actions across Trust processes and procedures.
- Evaluate current Trust Department metrics; recommend and implement new metrics based on data analysis. Ensure timely and accurate reporting. Propose actions, implement new procedures and revise existing practice based on analysis of data and metrics.
- Monitor and address non-compliance with established procedures including proposed corrective action, bringing Trust President into conversations, as needed.
- Identify and manage implementation of process improvements within the Trust Administration function including efficient utilization of systems and technology.
- Responsible to stay abreast of new and changing regulations.
- Oversee vendor management process and service contracts with vendors.
- Occasionally required to attend Trust Board of Director meetings to report on Trust Operations status of accounts, to address OCC directives, or to provide other support and/or updates.
- May be required to perform other duties as assigned.
Skills & Abilities
- Extensive knowledge and understanding of laws and regulations regarding trust procedures.
- Ability to quickly gain the confidence and respect of co-workers, vendors and clients and to maintain confidentiality of Trust and client information.
- An attitude of exceptional service towards co-workers and clients.
- Extensive skill with technology, including proficiency with Microsoft Office products and trust-related applications, and the ability to learn and adapt to new software quickly.
- Ability to conduct research on markets, trends and other trust-related information and apply learnings within established bank policies and procedures, as well as regulatory environment.
- Demonstrated critical thinking skills with ability to resolve complex issues.
- Ability to interact with various advisors, brokers, agents and administration relative to processing securities-related transactions.
- Work is performed largely within the Bank.
- Varying schedule may be required based on department workload; longer days as required.
- Walking, bending and occasionally lifting up to 20 lbs.
- Sitting is required for multiple hours a day.
- Manual dexterity skills for typing and use of computer systems.
- Prolonged and frequent mental and visual concentration required.
Training and Preparation
- Bachelor's degree in banking, accounting, finance, or equivalent work experience required.
- 5+ years of extensive work experience in either Trust Operations or Trust Administration role.
- Project management experience helpful.