Manager Investment Operations and Compliance

  • Competitive
  • Maplewood, MN, USA
  • Permanent, Full time
  • 3M Company
  • 07 Nov 17 2017-11-07

At 3M, we apply science in collaborative ways to improve lives daily. With $30 billion in sales, our 90,000 employees connect with customers all around the world. 3M has a long-standing reputation as a company committed to innovation. We provide the freedom to explore and encourage curiosity and creativity. We gain new insight from diverse thinking, and take risks on new ideas. Here, you can apply your talent in bold ways that matter.

The Manager Operations and Compliance is responsible for developing, coordinating, managing and implementing end to end operations and compliance systems and processes to provide information to 3M IMC’s internal clients and staff and to protect the interests of 3M IMC clients (the company’s pension and post-retirement plans).

The Manager Operations and Compliance is directly responsible for the adequacy and effectiveness of 3M IMC’s internal controls.  The Manager Operations and Compliance is also directly responsible for developing and implementing any necessary  compliance process enhancements.

The Manager Operations and Compliance is responsible for the custody relationships for the 3M retirement plans managed by 3M IMC and all operations and investment reporting functions of 3M IMC.

The Manager Operations and Compliance is personally responsible to the 3M IMC Board of Directors with respect to his/her duties, including an annual review of 3M IMC’s compliance manual and compliance activities.

The Manager Operations and Compliance, if appointed to the Chief Compliance Officer role by the Board of Directors of 3M IMC, will communicate directly with the President of 3M IMC, officers of 3M IMC, and 3M IMC Board of Directors regarding 3M IMC’s compliance with SEC requirements. 

Primary Responsibilities include but are not limited to:

Operations Duties:

•Manage and maintain custodian relationships for 3M’s retirement plans managed by 3M IMC
•Periodically assess the performance and cost of custody services to ensure fees are competitive and service meets the needs of the investment fiduciary and plan participants
•Oversee monthly closing process and report on performance of the various trusts for monthly, quarterly and annual reporting purposes
•Work with auditors and other service providers to provide information related to external reporting requirements
•Oversee regulatory filing processes and work with external service organizations to correctly file required information accurately and timely
•Actively participate in 3M IMC investment committee discussions regarding investment decisions made by staff
•Oversee daily cash flow activity in and out of trusts and ensure all payment and receipt activity is properly documented and authorized
•Supervise one or more analysts engaged in operations, analysis, reporting and administration of the investment portfolios

Compliance Duties:

•Develop and maintain a framework to be used to conduct an annual assessment of the adequacy and effectiveness of 3M IMC’s policies and procedures; work with outside counsel to ensure effectiveness of this process
•Develop or oversee the development and implementation of strategies/programs or processes and procedures to achieve compliance with new regulatory requirements
•Provide consultative services to 3M IMC officers and staff with respect to their oversight of the compliance and other activities of their respective vendors to ensure consistency and effectiveness
•Lead or consult with 3M IMC staff on the development of policies, procedures, systems and controls that ensure operational effectiveness
•Develop and ensure delivery of compliance training to 3M IMC staff utilizing external resources as appropriate
•Analyze 3M IMC’s operations, identify areas for improvement, and together with 3M officers and staff, develop programs to address issues or potential issues
•Maintain expertise in legislation and maintain professional contacts with applicable consultants, internal and external counsel and other Chief Compliance Officers in the industry
•Participate in selection and due diligence process for new investment managers and service providers
•Engage third party firm and provide them with information necessary to conduct their INHAM audit procedures and provide 3M IMC with an INHAM compliance audit certification as required by Department of Labor
•Ensure compliance with 3M IMC’s Code of Ethics including staff’s implementation of pre-clearance and reporting requirements, annual staff training, and new employee orientation with respect to Code of Ethics
•Lead and manage annual review and update process of 3M IMC’s policies
•Maintain SEC registration as required

Basic Qualifications:

•Bachelor’s degree in Accounting, Finance, Economics or equivalent experience
•Minimum 7 years of combined experience in auditing, mutual fund accounting, securities compliance and/or investment operations and compliance activities
•Supervisory experience

Preferred Qualifications:

•Excellent written and oral communication skills; ability to handle multiple projects and meet strict deadlines;
•Hands-on operational experience with registered investment advisors; knowledge and understanding of federal securities laws and regulations applicable to registered investment advisors.
•Ability to provide sound business judgment, articulate risks, and challenge deficiencies where appropriate
•Strong organizational, leadership and interpersonal skills


Location: Maplewood, MN

Travel: Up to 10%

Relocation: Is authorized

Must be legally authorized to work in country of employment without sponsorship for employment visa status (e.g., H1B status)

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