The role holder will support the Head of Product Compliance (Rates, Credit, ALM and ECLiPSe) in advising and overseeing the Credit business (primarily) and also supporting the FX, Rates, ALM and ECLiPSe businesses in relation to their management of regulatory and reputational risk.
Key Roles and Responsibilities
Product and business advisory work
Providing compliance coverage and advice to the Loans and Special Situations Desk (LSS).
Engages with the Credit desk (primarily) and FX, Rates, ALM and ECLiPSe desks to provide Compliance advice to the business.
Anticipates and assesses key regulatory and product risk trends in the business for management consideration and drive the development and implementation of appropriate risk mitigation measures.
Review and provide compliance inputs on processes designed by the Business to ensure compliance with regulatory requirements and the Bank’s policies.
Assists with technology initiatives for the Credit business representing Compliance at various forums.
Undertakes continual assessment of regulatory risks associated with new/ existing products and markets (including those utilizing new trading platforms).
Participates in the governance forums of the Credit (primarily) and FX, Rates, ALM and ECLiPSe businesses.
Assists in approving new products and new business initiatives.
Assists Country Compliance teams with product line expertise as required, particularly with regard to regulatory inquiries or investigations.
Assists in management and implementation of the product compliance coverage framework and in the preparation and distribution of management information in relation to the product compliance coverage.
Participate in Regulatory Reform initiatives such as the EU Margin Reform, FM Remediation exercise.
Controls Development and Implementation
Develops Compliance policies and procedures applicable to the business.
Assists in the development and enforcement of product standards and controls.
Ensures appropriate documentation of controls and control decisions.
Actively participate in strategic initiatives of the Bank impacting the Credit (primarily) and FXRC businesses.
Works collaboratively with the business and Operational Risk in enhancing the Operational Risk Framework (ORF).
Reviews the ORF at periodic intervals to make an assessment of risks.
Training
Actively participates in the delivery of a program of initiatives that educates and encourages business managers and staff to operate in compliance with relevant laws, regulations and policies.
Provides focused product training and adhoc training as and when appropriate.
Assists in the development of an effective internal business compliance culture by promoting the benefits of ethical business conduct and the benefits of compliance.
Distributes knowledge on “lessons learned” across various jurisdictions to Country Compliance teams.
Monitoring / Reporting
Develops and implements the Compliance Monitoring plan in conjunction with relevant stakeholders, country teams and / or Core Specialists. Has direct responsibility for the Desk Review process.
Prepares papers/ reports for the Compliance management team.
Ensures timely escalation of incidents, control breaches to relevant stakeholders – senior management in Compliance, Business management, local country management and other risk stakeholders.
MIFID II
Assists with MIFID II regulatory change plan and deliver key milestones on schedule, working to ensure that Financial Markets comply with MiFID II requirements. Specifically:
Works with relevant stakeholders on various MIFID themed end-to-end reviews of Financial Markets activity, which will include fact-finding, impact analysis and identifying potential issues that MiFID may present to the business.
Drives change with the Financial Markets businesses to enhance governance frameworks, policies, processes and controls to minimize compliance and regulatory risk relating to MIFID.
Designs and coordinates the execution of assurance reviews to test whether enhancements are adequately embedded.
Coordinates interaction and insight with global Compliance teams around the application of MIFID in respect of Financial Markets.
Networking
Builds relationships with relevant stakeholders in the Business, Compliance organization and in other risk / support functions.
Works collaboratively with Regional / Country Compliance to assist in resolving regulatory and reputational issues.
Endeavors to keep all relationships on a strong professional footing.
Endeavors to take a holistic approach to the management of risk – the Compliance issue may not be the most pressing risk issue.
Qualifications and Skills
Technical Knowledge
Possesses core technical knowledge of Fixed Income products in Financial Markets (particularly Credit) and high level understanding of various laws and regulations applicable to the businesses for which he/she is responsible.
Has a core grasp of the sales and transactional activities of the business, its operating model, and its key risks.
Has good working knowledge of applying the Loan Market Association guidelines to loan trading desks in Financial Markets, particularly aspects relating to material non public information.
Basic familiarity with market manipulation / client mis-selling issues in these products.
Compliance Skills
Core knowledge in risk identification, risk assessment, controls development, training, monitoring and reporting.
Core experience shown by demonstrable achievements in the above areas.
Analytical Skills
Core ability to analyse relevant laws and regulations and co-relate regulatory issues to products and business models.
Core ability to identify and articulate compliance issues.
Core problem solving and solution finding skills.
Communications and Client Management Skills
Core presentation skills.
Core teamwork skills.
Core ability to ensure that relevant stakeholders receive relevant and timely information on developments in compliance or in the business.
Core ability to use communications channels appropriate to the situation.
Introductory ability to lead discussions around complex problems with relevant stakeholders.
Introductory ability to drive the compliance agenda with senior business leaders.
Introductory investigation / interview skills.
Other Requirements
8 to 10 years overall experience in Compliance supporting Financial Markets, particularly the Credit business.
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