Associate Director, CM Tax Operations

What is the opportunity?

RBC Capital Markets (RBC CM) is seeking a dynamic, success driven individual to head up and manage the Tax Operations Policy and Governance Team. The position available is an Associate Director level role and will report directly into the Global Head of Tax Operations based in Toronto. The Manager will lead a team of 5-6 resources and will be expected to provide Tax Operations Regulatory Subject Matter Expertise within a global framework, covering a broad base of products and services with a core objective of supporting the wider Tax Operations functional groups and upholding standards and evidence required to support Regulatory Audits, Attestations and Certifications

Responsibilities broadly include but are not limited to the overall governance and oversight of the adherence to Tax Regulation, the establishment and maintenance of Policies and Procedures, and the design, testing and monitoring of the controls and the frameworks required for administering the Tax Regulations that fall within the purview of the CM Tax Operations Department within RBC Capital Markets.

What will you do?

• Oversight and Governance of the local compliance and reporting with respect to tax obligations (compliance, advisory, planning) regarding the identification, tax treatment and reporting of transactional and operational taxes, in particular to the Foreign Account Tax Compliance Act (FATCA), OECD Common Reporting Standards (CRS), Chapter 3/61, related Section Codes 305c, 302, 1446f etc, Hire Act (871m), Qualified Intermediary (QI), etc.
• Key RBC representative on IIAC and SIFMA regulatory industry forums and internal RBC Taxation and Compliance Working Groups, keeping up to date of the latest developments in respect to regulation changes, industry practices and technology impacting tax regulations.
• Research and interpret anticipated impact of tax law changes as they pertain to RBC Capital Markets Business, Products and Transactional flow by engaging other CM Tax Ops functional groups and legal Taxation Groups.
• Coordinate regulatory change impact assessments and agree outcomes in respect to policy, process, controls and system changes, tracking the implementation progress of CM Tax Ops functional and change leads.
• Partake in the design of controls, effectiveness testing, Impact Risk Assessment, Risk Rating, and oversight of control Implementation in partnership with CM Tax Ops functional leads.
• Devise and maintain an internal testing methodology and schedule to support evidence required to support requirements outlined in respect to the Internal Controls Management Policy (ICMP)
• Undertake the capture and documentation of controls in ERIC and align to required programs and testing methodologies in respect to Regulatory Compliance Management Framework (RCM) and Operational Risk Management Framework (ORM)
• Perform periodic review and assessment of Risk Impact and Control Effectiveness in association with Risk and Control Self-Assessment (RCSA) and BCS Risk and Control Assessment Program (RCAP)
• Perform regular internal testing activities, selecting sample packs across jurisdiction, regulation, product, client type etc, extracting and documenting approach and results for senior management sign-off including the identification of any issues and action plans.
• Regular check-ins with Group Risk Management (GRM), Enterprise Compliance, Taxation Group and BCS Risk and Control Governance Group keeping up to date in respect to the latest developments of Risk, Controls and Compliance programs.
• Work in conjunction with the Director Tax Operations, assist in strategy development, providing weekly and monthly KPIs and KRIs, and ensuring that any risks and issues are escalated in accordance with RBC Risk and Compliance policies.
• Maintain guidance, training and awareness in respect to RBC and BCS required standards relating to escalation protocols within raising Operational Risk Events, Privacy Events and Incident Tracking Management.
• Key Point of Contact and coordination in respect to internal and external audit reviews, performing regular checks in respect to audit readiness, scheduling of walkthroughs, sample gathering, and audit write-up reviews.
• Self identify issues, and orchestrate tactical and strategic changes with functional groups and change leads to address control gaps, inefficiencies and poor control effectiveness.
• Govern the maintenance of policies and procedures ensuring best practices are followed while ensuring a service based approach is maintained when partnering with the FO and other internal teams.
• Coordinate the compilation and presentation of evidence packs, presentations to support Responsible Officer acknowledgments, attestations and certifications internally with partners and externally to the tax authorities.
• Construct and maintain Business Contingency Plans (BCP), including the periodic review of seating, system access and real estate requirements.
• Perform periodic reconciliations of Technology Access and Asset Allocations to ensure these are tracked appropriately and all accounted for.
• Partner with CM Tax Ops Change Manager to align Regulatory Change and Control Requirements with Target Operating Model strategic vision taking into account current state gap analysis, capability assessment, identification of cross functional synergies and any potential efficiencies.
• Provide support to staff and develop individual team by creating individual objectives, reviewing performance and training requirements, with a view of targeting deficiencies and developing skills.
• Participate in regular talent reviews, providing feedback each quarter to Management, with focus on succession planning.

What you need to succeed?

• University Degree with a Financial or Economic sector.
• 3-5 Years Management experience within an Operations environment of a financial institution.
• Strong Foundational knowledge of Capital Markets products, business/market practices and trading strategies across various asset and instrument class types.
• Good working knowledge of CM post trade cash flows, and CM global settlement systems and books of record, allowing for the isolation and interpretation of jurisdictional FDAP payment scoping and sourcing.
• Familiarity in respect to Entity structures and knowledge of RBC Business relationships & capacities that drive different jurisdictional tax responsibilities & requirements.
• Relationships will be comprehensive across all of BCS, Business and Functions, with key relationships being maintained with RBC Tax Group, Client Data Management teams, Trading Documentation Group, Enterprise Compliance and QTS.
• Expert knowledge of US and other Jurisdictional withholding and information reporting regulations. Foreign Account Tax Compliance Act (FATCA), OECD Common Reporting Standards (CRS), Chapter 3/61, related Section Codes 305c, 302 etc, Hire Act (871m), Qualified Derivatives Dealer (QDD), Qualified Intermediary (QI), Foreign Accrual Property Income (FAPI).
• Limited knowledge to support in respect to Canadian withholding & reporting and Italian Financial Transactional Tax (IFTT) Annual tax returns.
• Keeping up to date of any regulatory updates and market changes.

Whats in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation
• Leaders who support your development through coaching and managing opportunities
• Work in a dynamic, collaborative, progressive, and high-performing team
• Opportunities to do challenging work
• Flexible work/life balance options

Job Skills

Additional Job Details

Note: Applications will be accepted until 11:59 PM on the day prior to the application deadline date above