Who is Wells Fargo Chief Compliance Officer?

Paula Dominick
Paula Dominick was appointed to Chief Compliance Officer of Wells Fargo October 2020. She is responsible for oversight of all regulatory compliance risks. Dominick was most recently Chief Compliance Officer of Credit Suisse USA and previously held leadership roles at Bank of America, Goldman Sachs, and Morgan Stanley.

What does a Chief Compliance Officer do at a bank?

The Chief Compliance Officer, one of the most important members of the management team, is primarily responsible for overseeing compliance within an organization, and ensuring compliance with laws, regulatory requirements, policies, and procedures.

What happened to Mike Roemer?

Michael Roemer, head of compliance, is leaving following what the bank says is a change in its risk management program that will “provide greater consistency” in how it manages risk across all its businesses. His departure was first reported by the Financial Times.

What is the role of a Chief Compliance Officer?

Chief compliance officers (CCOs) are responsible for designing, implementing and monitoring the processes by which the company will comply with all applicable laws and regulations. This frees general counsel (GC) to take a more strategic legal and risk-tolerance approach.

Do you need a chief compliance officer?

But in today’s environment of increased regulations, more specialized expertise and a more sophisticated skill set are required, including competencies in risk, operations, and technology, as well as leadership skills. For those of you with your own RIA, a dedicated CCO is an essential member of your staff.

What is a chief compliance officer salary?

According to Glassdoor, the national average base salary for chief compliance officers is $149,943. The average salary range is between $83,000 and $218,000.

Why did Roemer quit?

Financial Times sources report that the departure of Roemer has occurred shortly after the creation of a set of “divisional risk officers.” The move is seen by some at the bank as undermining previous attempts to centralise responsibility for risk and compliance. Roemer will leave the bank after a transition period.