Director - Compliance: ERISA, Trust Company, & Investment Solutions - Principal Financial Group
Des Moines, IA 50392
About the Job
We are seeking an experienced, solutions-oriented, Director of Compliance to join our team. In this role, you'll oversee aspects of compliance for our Trust Company and Investment Solutions-focused businesses, including compliance requirements related to ERISA regulations, collective investment trusts, OCIO services, liability driven investments, derivatives, and other complex financial products and services.
Key Responsibilities:
- Implement Trust Company compliance program, perform compliance-risk assessments, conduct testing, identify and correct issues, and provide training as needed.
- Develop policies and procedures for OCIO specific fiduciary processes (e.g., recommendations, affiliate product needs, conflicts of interest, etc.).
- Perform testing and oversee compliance with GIC issuance rules, derivative rules, counterparty exposure, concentration limits, and client requirements.
- Monitor for ERISA compliance and disclosure requirements (e.g., investor concentrations, QPAM, issuer limitations, counterparty restrictions).
- Provide consulting for Product and Sales teams on complex trust company scenarios and unique product needs (e.g., in-kind transfer, ADL considerations, 3(21) and 3(38) eligibility, etc.) to help ensure products are aligned with applicable laws and regulations.
- Provide guidance on regulatory requirements and engage with Trust Company personnel, Investment Solutions team, OCIO colleagues, key stakeholders, business partners, regulators, and internal/external auditors.
- Bachelor's degree or equivalent experience, and 10+ years' of compliance experience in financial services/asset management, with focus on retirement and investment products.
- Extensive knowledge of ERISA and DOL regulations and strong understanding of 3(38) and 3(21) fiduciary responsibilities and prohibited transactions.
- Expertise in overseeing CITs, LDI, derivatives, and insurance products.
- Experience with OCIO solutions and related compliance considerations.
- Extensive experience with Trust Agreements, Participation Agreements, Investment Policy Statements, Service Provider Agreements, as well as other relevant documentation (e.g., Form 5500, Investment Policy Statements, Fee Disclosures, Audit Reports, etc.).
- Excellent analytical, problem-solving, and communication skills as well as experience with compliance testing, Board reporting, and connecting with regulators.
- This position may be subject to SEC restrictions on personal political contributions.
Skills That Will Help You Stand Out
- JD preferred
- FINRA, CFA, CAMS or other relevant certifications.
- A proven track record of building robust compliance programs for complex investment and retirement solutions.
- Ability to navigate the intricate regulatory landscape while enabling business growth and innovation.
- Strong relationship-building skills and the ability to influence at all levels of the organization.
Work Environments
This role offers in-office, hybrid (blending at least three office days in a typical workweek), and remote work arrangements (only if residing more than 30 miles from Des Moines, IA, or Charlotte, NC). You’ll work with your leader to figure out which option may align best based on several factors.
Who We Are
Operating at the intersection of financial services and technology, Principal builds financial tools that help our customers live better lives. We take pride in being a purpose-led firm, motivated by our mission to make financial security accessible to all. Our mission, integrity, and customer focus have made us a trusted leader for more than 140 years!
Work Authorization/Sponsorship
At this time, we're not considering applicants that need any type of immigration sponsorship (additional work authorization or permanent work authorization) now or in the future to work in the United States. This includes, but IS NOT LIMITED TO: F1-OPT, F1-CPT, H-1B, TN, L-1, J-1, etc. For additional information around work authorization needs please use the following links.
Nonimmigrant Workers and Green Card for Employment-Based Immigrants
Investment Code of Ethics
For Principal Asset Management positions, you’ll need to follow an Investment Code of Ethics related to personal and business conduct as well as personal trading activities for you and members of your household. These same requirements may also apply to other positions across the organization.
Experience Principal
At Principal, we value connecting on both a personal and professional level. Together, we’re imagining a more purpose-led future for financial services – and that starts with you. Our success depends on the unique experiences, backgrounds, and talents of our employees. And we support our employees the same way we support our customers: with comprehensive, competitive benefit offerings crafted to protect their physical, financial, and social well-being. Check out our careers site to learn more about our purpose, values and benefits.
Principal is an Equal Opportunity Employer
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.
Posting Window:We will accept applications for 3 full days following the Original Posting Date, after which the posting may remain open or be removed based upon applications received. If we choose to post the job again, we will accept additional applications for at least 1 full day following the Most Recently Posted Date. Please submit applications in a timely manner as there is no guarantee the posting will be available beyond the applicable deadline.Date First Posted (TTF):8/21/2024Latest Post Date: Careers - US:9/17/2024LinkedIn Remote Hashtag
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