Title: Investments Compliance Officer (Hybrid Work Schedule)
State Role Title: Investments Compliance Officer (Hybrid Work Schedule)
Hiring Range: $142,000 - $165,000 (commensurate with experience)
Pay Band: UG
Agency: Virginia Retirement System
Location: Richmond, VA
Agency Website: varetire.org
Recruitment Type: General Public - G
Job Duties
The Virginia Retirement System (VRS) is seeking an experienced Compliance Officer (CO) to join the Investments Team. The CO has direct responsibility for the administration, direction, management and oversight of the compliance function within the VRS Investment Department. The incumbent works with members of each of the respective investment programs to provide support and guidance in compliance matters, due diligence procedures, internal control aspects and corporate governance areas of these programs. Additionally, the incumbent maintains working relationships within the investment community to remain current on compliance related issues as well as overall investment industry trends and issues. As needed, the CO will also work closely with the Investments Regulatory & Legal group, the Investments Operations team, and the Investments Information Quality Manager.
Essential job duties include:
• Responsible for developing and continually enhancing the overall compliance function within the VRS Investment Department; this includes monitoring adherence to Investment Department policies and procedures
• Supervise the Investments Analysts who assist in the overall management and oversight of the compliance function
• Plan and perform due diligence procedures (may include on-site visits) on VRS' external investment managers and, where applicable, other related entities (i.e. custodians, administrators, prime brokers, etc.), focusing on the operational aspects of the external firms (including the back-office functions and processing), safeguarding VRS assets, and evaluating the overall control environment
• Identify the various custodian relationships utilized by the VRS Investment Department, ensuring that appropriate monitoring, oversight and due diligence procedures are applied to these entities; obtain and review the entity’s audited financial statements and internal control reports, and review custody arrangements with appropriate Investment Department personnel
• Monitor the rules used by, and results obtained from, the VRS internal trading system and the master custodian’s compliance monitoring system regarding securities holdings, trading activity, and the applicable rules included in the Investment Policy Statements; includes reviewing the respective rules with Investment Department personnel on a periodic basis and ensuring new rules are added to these processes in a timely manner
• Preparing reports for Board and Investment Advisory Committee meetings
• The incumbent is also responsible for special projects assigned by the Chief Administrative Officer and the Chief Investment Officer, as well as working with the Investments Information Quality Manager in areas that are compliance in nature.
• Other duties as assigned
Minimum Qualifications
• Bachelor’s degree in business, finance, accounting or related field, required; an equivalent combination of education and experience may also be considered
• Expert knowledge of investment categories including: public equity, fixed income, real assets, credit strategies, and private equity investment programs
• Expert knowledge in the areas of accounting, internal controls, operational due diligence, and compliance policies and procedures
• Strong organizational and analytical skills, with a process mindset (critical thinking/attention to detail), and interest in solving complex problems
• Ability to effectively communicate across various investment and investment support groups (both internal and external)
• Excellent verbal and written communication skills
• Superb work ethic with a positive professional attitude, and commitment to excellence
• Ability to treat sensitive information in an appropriate manner
• Ability to work independently and prioritize assignments while managing multiple projects and direct reports concurrently
• High level of proficiency with Microsoft Office products, particularly Excel
• Must have previous experience in a leadership/supervisory role
Additional Considerations
• A minimum of ten years of related experience in investments compliance, internal controls, and/or back-office functions related to investments operations/compliance, preferred
• An advanced degree and/or professional designation such as CPA or CIA is also preferred
Special Instructions
You will be provided a confirmation of receipt when your application and/or résumé is submitted successfully. Please refer to “Your Application” in your account to check the status of your application for this position.
VRS is unable to provide sponsorship for this position.
This position follows the VRS hybrid work model which currently requires three days onsite and two days remote; the selected candidate must be able to work in the office any day of the week as required by the manager. Summer schedule: currently allows two days onsite and three days remote.
Investment/Operational due diligence performed on external investment managers and other related entities will include both on-site and virtual visits; therefore, some out-of-state travel may be required.
Contact Information
Name: Human Resources
Email: careers@varetire.org
In support of the Commonwealth’s commitment to inclusion, we are encouraging individuals with disabilities to apply through the Commonwealth Alternative Hiring Process. To be considered for this opportunity, applicants will need to provide their AHP Letter (formerly COD) provided by the Department for Aging & Rehabilitative Services (DARS), or the Department for the Blind & Vision Impaired (DBVI). Service-Connected Veterans are encouraged to answer Veteran status questions and submit their disability documentation, if applicable, to DARS/DBVI to get their AHP Letter. Requesting an AHP Letter can be found at AHP Letter or by calling DARS at 800-552-5019.
Note: Applicants who received a Certificate of Disability from DARS or DBVI dated between April 1, 2022- February 29, 2024, can still use that COD as applicable documentation for the Alternative Hiring Process.