Managing Director, US Compensation & Governance

What is the Opportunity?

The Managing Director, US Compensation & Governance reports to the SVP, Compensation and Benefits (Toronto) in leading the strategic direction and contribution of the compensation team responsible for the delivery of compensation programs for the City National Bank business line and for greater US compensation governance and regulatory reporting to regulators (OCC and US Fed).

This role is accountable first to provide strategic hands-on leadership to the LA-based compensation team (n= approx. 12-15) that manages the program design and execution of the CNB EMIP (Executive Management Incentive Plan), the KOIP (Key Officer Incentive Plan), and oversight of the remaining 60+ business aligned compensation programs, salary structures/administration, and finally lead all compensation risk and performance frameworks, standards and policies in support of the CNB Compensation, HR & Corporate Governance Committee requirements. A key focus in the next 24-36 month will be to revisit the design of direct drive and broad based short, medium and long term incentive programs for greater alignment with the RBC design and approaches to compensation. A re-evaluation of compensation planning tools and approaches is also a priority.

In addition, this role will provide tactical leadership in collaboration with the governance and HR teams at the center in Toronto to remediate regulatory compensation compliance for the US region. Finally - this role will be the local voice of management at the CNB and US regional compensation committees, leading discussions with the committee on all aspects of compensation design, execution, performance adjustment and regulatory remediation.

Success in this role will be demonstrated in the ability to communicate with precision and clarity and influence on compensation priorities at the highest level of the organization to support the CNB, Chief Colleague Officer and Head of HR and the Independent Non-Executive Directors (INEDs) on the CNB and US regional compensation and HR governance committees. While this role will need the ability to lead independently, the successful candidate will also be required to collaborate closely with the Compensation leaders at the COE in Toronto to ensure consistency of application and execution.

The successful candidate will be required to have demonstrated strong financial acumen and senior level expertise in compensation design and governance in a large complex financial services organization in Canada, the US and/or the UK. The role will be located in the US with teams primarily located in Los Angeles, California. While remote work is a possibility - close proximity to RBC regional hubs in the US, including NY, LA and Minneapolis will be required.

What will you do?

Compensation Leadership and Stakeholdering:

• Oversee the management of the CNB local compensation plans and all business aligned compensation programs/policies ensuring programs are administered in keeping with local CNB and enterprise RBC compensation principles and framework.
• Develop executive compensation strategies, philosophies, principles and frameworks, ensuring programs are motivational, financially viable and generate the highest return on investment.
• Provide advice, counsel and support to the CNB CCO and the SVP, Compensation & Benefits (Toronto) and the CNB Compensation, HR & Corp Gov Committee to achieve short- and long-term strategic objectives, identifying opportunities to provide integrated compensation solutions that deliver a competitive advantage to CNB and RBC.
• Leverage external networks to provide CNB leaders with competitive intelligence, keeping abreast of market trends that could impact direct drive and executive compensation programs and developing compensation solutions that focus on retention and attraction of colleagues.
• Oversee colleague and executive compensation related transactions including offer letters, appointments, terminations, severance and retirement.
• Drive efficiency and effectiveness in core processes through a focus on continuous process improvement, automation and streamlining.
• Build strategic salary structures and frameworks to attract and retain talent.
• Conduct periodic benchmarking and make necessary adjustments to structure.

People Management:

• Lead a team of ~15 staff
• Coach, manage and take personal responsibility to build a diverse team committed to RBC's values, accountability and a high performance, ensuring colleagues are empowered to make decisions needed to drive business / operational excellence.

Compensation Governance:

• Monitor legislative, regulatory, and compliance changes which can impact CNB's compensation programs and for the US IHC (Independent Hold Company) that is our regulatory point of governance on compensation risk and performance management and approval.
• Act as the leading voice on compensation governance and annual program approvals, ensuring compensation reports/presentations for the IHC AND separately the CNB Compensation, HR & Corp Gov Committee to provide meaningful insight and information as needed by the Board of Directors, CNB CCO, CNB CEO and the CNB S&P Committee.
• Establish strong controls/governance around the preparations of annual regulatory responses to the OCC, SEC, US Fed, and other regulatory bodies as required, ensuring the information provided is accurate, complete and fit for purpose.

Leadership Capabilities / Managerial Excellence:

• Demonstrate the RBC Leadership Model and Values and abide by the Code of Conduct
• Develops colleague goals that align to team vision and demonstrates commitment to the RBC Leadership Model, Collective Ambition and Values
• Provides real-time, constructive performance & behaviour coaching that strengthens colleague engagement and enablement.
• Supports & monitors colleague development/career management to build/grow professional capabilities.
• Fosters an open and 'safe to speak up' environment that drives a high performance culture.

What do you need to succeed?

Background and Experience and Preferred Skills:

• At least 10+ years of business compensation and/or executive compensation advisory experience and/or compensation governance in a large, complex financial services environment in north america.
• The ability to influence senior leadership with leading compensation strategies
• A keen attention to detail
• Advanced skills in working across geographic borders and time zones in a matrixed environment where stakeholders are distributed

Financial acumen and designation an asset, including Chartered Professional Accountant (CPA), Chartered Financial Analyst (CFA), Actuary (FSA), Masters level accreditation (MBA, LLB).

What's 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, commissions, and stock where applicable
• Leaders who support your development through coaching and managing opportunities
• Ability to make a difference and lasting impact
• Work in a dynamic, collaborative, progressive, and high-performing team
• Opportunities to do challenging work
• Opportunities to building close relationships with clients

The good-faith expected salary range for the above position is $200,000 -$300,000 depending on factors including but not limited to the candidate's experience, skills, registration status; market conditions; and business needs.This salary range does not include other elements of total compensation, including a discretionary bonus and benefits such as a 401(k) program with company-matching contributions; health, dental, vision, life and disability insurance; and paid time-off plan.

RBC's compensation philosophy and principles recognize the importance of a highly qualified global workforce and plays a critical role in attracting, engaging and retaining talent that:

• Drives RBC's high performance culture
• Enables collective achievement of our strategic goals
• Generates sustainable shareholder returns and above market shareholder value

Job Skills

Additional Job Details

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