at Northern Trust Company in Chicago, Illinois, United States
Job Description
About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.
Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
The Global Regulatory Affairs Office (GRAO) is responsible for overseeing the enhancement of our risk management and controls, remediation of regulatory and audit findings and the administration of regulatory affairs. This US Rules & Obligations Specialist role sits within the GRAO with responsibility for providing subject matter expertise across a multi-year regulatory and risk program.
This role will report into the Program Sponsor who has responsibility for delivery of the Compliance Program. This key pillar of the Program involves developing and executing a sustainable infrastructure and process that documents NT's obligations arising from material laws, regulations, and rules, and connects the obligations to our Risk Inventory and Rules Inventory, to support compliance with those laws, regulations, and rules. Enabling NT to trace end-to-end connections between laws, regulations, rules, policies, processes, and controls.
The ideal candidate will be a lawyer with deep legal and regulatory awareness, knowledge of US 'Alphabet Regulations' and the impact of non-compliance. They must be able to work with diverse, cross-functional teams and stakeholders across the organization.
Principal Responsibilities
The key responsibilities of the role include:
- Development and maintenance of the legal obligations for NT's legal entities and business units in the US with a particular focus on 'Alphabet Regulations'.
- Work within a global program team, against agreed prioritisation, milestones, and deliverables.
- Research and analyse laws, regulations, and rules to assess applicability and impact across the jurisdictions in which NT operates, conducting gap analyses on the completeness and accuracy of existing obligations.
- Work closely with the Global Regulatory Change Framework & Oversight team (GRCFO) to monitor, identify, and document changes in legal and regulatory developments for the US.
- Collaborating with legal and regulatory subject matter experts across all Lines of Defense to provide written summaries around regulatory interpretation of existing and new obligations and advise on developments as needed, including policies, products / services and controls.
- Maintain clear documentation, data and audit trails around interpretation and traceability for future reference, linking into legal entity, regulatory license, business unit and product data, and the firm's Risk Inventory and Rule Inventory.
- Instruct and liaise with external counsel working closely with the Legal Department.
- Serve as an individual contributor who takes ownership of activities but solicits support as needed to drive successful outcomes and fosters an environment of transparency and trust within their management hierarchy.
Skills / Experience
- Senior lawyer with relevant experience obtained in private practice or in-house at a financial institution.
- Deep understanding of regulatory, compliance and risk related matters in region, and experience with regulatory change.
- Knowledge...
Equal Opportunity Employer - minorities/females/veterans/individuals with disabilities/sexual orientation/gender identity
