Job Description
Description Overview:
This position oversees Compliance, Operations, and Quality Assurance within the Trust Department, ensuring adherence to governing instruments, bank policies, and applicable state and federal regulations. Responsibilities include monitoring administrative and operational compliance, managing vendor relationships, and enforcing compliance requirements while advising management on necessary actions. The role requires staying up to date with regulatory changes, educating department staff, coordination of regulatory exams and audits as well as addressing audit and examination recommendations. Additionally, this position supports quality assurance efforts by implementing best practices, conducting review to ensure accuracy and efficiency, and identifying areas for improvement.
Primary Accountabilities / Responsibilities - Oversees FDIC and State of CT Trust examinations as well as Internal and External Audit.
- Ensures accuracy and approves daily account disbursement and receipt postings, including final approvals of funds movement.
- Coordinates all aspects of IRS compliance, specifically regarding tax reporting requirements, and serves as a liaison to tax partners.
- Review and approve all new portfolio/account openings to ensure all proper legal documents are obtained per internal policy and regulatory requirements.
- Oversees Third Party Investment Managers (TPIM) due diligence process.
- Oversees all model portfolio realignments.
- Prepares annual account reviews of administration and investment activities (including coordination of TPIM portion) for presentation to the Trust Committee.
- Serves as primary liaison with trust accounting software provider, including Business Processing Outsource (BPO), maintaining contractual agreements and monitoring invoice payments.
- Stays abreast of trust accounting software updates, assesses potential impacts on the department, and oversees implementation, including necessary training.
- Manages Trust Operations Specialist, including employee reviews, timecards, vacations, and adherence to general bank policies.
- Keeps department Policies and Procedures Manual current, including securing necessary approvals.
- Oversees the forms management process.
- Participates in banking and civic organizations to promote the Bank’s image and visibility within the community.
- Performs additional duties as requested by the Senior Trust Officer, including assuming their duties in their absence.
Requirements Supervisory Responsibilities:
- Interviewing applicants and making routine employment decisions.
- Assigning work, providing training, and guiding and advising staff, as necessary.
- Resolving routine personnel problems.
- Strong emphasis on coaching/mentoring to prepare staff for greater responsibilities. Providing constructive and timely feedback.
- Conduct timely performance evaluations.
Competencies Required - Excellent relationship management skills with a client-first approach.
- High level of discretion, integrity, and ability to manage sensitive financial matters.
- Strong analytical, problem-solving, and communication skills.
- Adapts quickly while ensuring excellent service
- Works effectively as a member of a team
- Has composure and professionalism
- Able to make timely decisions
- Effectively influences decisions by building trust
- Motivates and guides other to achieve their best performance
Knowledge/Skills Experience Requirements - Bachelor’s degree or the equivalent experience
- 5 or more years trust administration management, trust processes compliance oversight
- Team player with a professional presence able to influence all levels of the organization
- Financial Institution Business acumen
- Excellent communication and interpersonal skills to collaborate effectively with stakeholders
- Comprehensive understanding of operational risk, investment risk, regulatory risk.
- Experience and success working with regulators. (preferred)
- Member of Fiduciary and Investment Risk Management Association, ABA National Graduate Trust School Graduate, or other Cannon Trust School Certifications. (preferred)
Work Environment/Physical Demands/Condition Requirements Busy office environment, with moderate noise: computers, printers, phones, and light traffic.
Must be able to focus and not be easily distracted. Must be able to sit for at least 70% of the
workday. Some movement is required to retrieve files, etc. Must be able to see computer
screen and read documents.
Equipment Used General office equipment: Computer, Telephone, Mobile devices, Scanner
Information Security
Responsible for actively protecting the confidentiality of customer information and computer systems used in the bank by:
- Remaining alert to and reporting malicious or suspected malicious email.
- Participating in training opportunities to ensure continued protection of customer data.
- Provide feedback where possible to help improve the Bank’s security culture.
Responsible for maintaining confidentiality of all sensitive information.
Compliance Satisfactorily completes all required compliance training and complies with all regulations which apply within the scope of the position.
Torrington Savings Bank is an equal opportunity employer, dedicated to a policy of non-discrimination in employment on any basis prohibited by law. The Bank considers applicants for all positions without regard to disability, military/veteran status, or any other legally protected status, and is committed to providing equal opportunities in terms of its recruiting and hiring practices.
Applicants requiring reasonable accommodation in the application process should notify Human Resources.
Torrington Savings Bank participates in e-Verify and will provide the federal government with your Form I-9 information to confirm that you are authorized to work in the U.S.A.
EOE/AA/D/V
Torrington Savings Bank is a drug free workplace.
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