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Fiduciary Risk Specialist (ERISA)

Northern Trust

in Remote / Chicago IL


The Fiduciary Risk Specialist is key member of the Global Fiduciary Risk Management team, which is responsible for the identification of and advising on fiduciary risk issues as well as oversight of fiduciary risk management programs in all Business Units (Wealth Management, Asset Management, and Corporate & Institutional Services) at Northern Trust. Responsibilities of this role include advising on ERISA and employee benefit matters involving all lines of business and collaboration with Legal and Compliance to ensure consistency and prudence in Northern Trust’s approach to ERISA and employee benefit matters. The Fiduciary Risk Specialist will work as an individual contributor in a team environment

  • Advise and collaborate with Compliance, Legal, and Business Units to identify ERISA fiduciary regulatory requirements and risks, and monitor compliance with standards and regulations, including the application of prohibited transactions
  • Act as advisor to Business Unit Chief Risk Officers as Subject Matter Expert on ERISA fiduciary risk issues 
  • Draft, modify, implement, and communicate ERISA Risk Management and Compliance policies and related materials for application across the enterprise
  • Act as the first point of contact for assistance with questions regarding ERISA Risk Management and Compliance matters
  • Act in a consultative role to leaders throughout Northern Trust on ERISA-related matters, including making recommendations for additional training
  • Advise on development of metrics and reports to track and assess risk via the Risk Management Framework, assist in identifying compliance gaps, and support remediation efforts
  • Keep up-to-date on regulatory developments affecting the industry, Northern Trust, and clients
  • Participate in special projects as needed and perform other duties as assigned to support the Global Fiduciary Risk Management team and the Risk Management organization

Requirements:

  • Employee Retirement Income Security Act (ERISA) fiduciary subject matter expertise in a financial services company context, including knowledge and understanding of Prohibited Transactions
  • Knowledge of employee benefits laws, Internal Revenue Code and regulations, compliance, and resolution programs 
  • Experience in ERISA Risk Management and/or Compliance in a financial institution or Law Firm/Legal Department advising financial services companies 
  • Excellent knowledge of financial industry regulations, trends, and requirements related to ERISA, including reporting procedures and record keeping
  • IRA knowledge and general fiduciary Risk Management and Compliance knowledge a plus
  • Excellent analytic, written and verbal skills, with the ability to clearly and concisely present complex information to a diverse range of individuals
  • Ability to create and maintain strong internal partnerships, to work independently and as part of a team, and to efficiently and effectively problem solve
  • Well-organized with special attention to detail
  • Proficient in Microsoft Tools and Applications

This role is based in Chicago and will be a hybrid model of remote and on-site in our downtown office

How to Apply

Apply Now


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