Fiduciary Risk Sr. Consultant – ERISA & IRAs

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.

Fiduciary Risk Sr. Consultant – ERISA & IRAs

The Fiduciary Risk Sr. Consultant – ERISA & IRAs is a 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 Asset Servicing) at Northern Trust. Responsibilities of this role include advising on ERISA, IRAs, and employee benefit matters involving all lines of business and collaboration with Business Units, Legal Entities, Legal and Compliance to ensure consistency and prudence in Northern Trust’s approach to ERISA, IRAs, and employee benefit matters. This role is an individual contributor in a team environment.

Key Responsibilities of the Role include:

• Advise and collaborate with Compliance, Legal, Business Units, and other areas of Risk Management to identify ERISA and IRA fiduciary regulatory requirements and risks, and monitor compliance with standards and regulations, including the application of prohibited transaction exemptions
• Draft, modify, implement, and communicate ERISA and IRA Risk Management and Compliance policies and related materials for application across the enterprise

• Advise on development of metrics and reports to track and assess ERISA and IRA risk via the Enterprise Risk Management Framework, assist in identifying compliance gaps, and support remediation efforts
• Keep abreast of industry trends, regulatory changes, and emerging risks to proactively identify potential threats and opportunities and evolve the fiduciary regulatory risk management framework to align with changing business and regulatory practices
• Communicate, evaluate and advise on the implementation of regulatory changes where required

• 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

Skills/Experience Required:

• Employee Retirement Income Security Act (ERISA) and IRA knowledge subject matter knowledge 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 and IRA Risk Management and/or Compliance in a financial institution or Law Firm/Legal Department advising financial services companies
• Excellent knowledge of industry regulations, trends, and requirements related to ERISA and IRAs, including reporting procedures and record keeping
• 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
• Strong organizational skills, a collaborative approach to work, with strong interpersonal skills
• Ability to identify problems, develop and communicate solutions
• Excellent communication skills (both written and oral) to interact and manage expectations with senior level audiences, stakeholders and management
• A strong and proven ability to analyze, break down and explain complex issues in non-technical language
• Highly flexible and adaptable to change, with a positive attitude and vision to continually enhance / strengthen current status quo
• Ability to operate effectively as part of a global team, facilitating connectivity of the business and risk with regional and global stakeholders

Salary Range:

$83,100 - 141,300 USD

Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), pa