Chief Compliance Officer
- Location: Luxembourg
- Salary: Competitive
- Job Type: Full time
This role is for a Chief Compliance Officer for the Luxembourg Branch of NTGS; this entity will become a Luxembourg Bank with 5 branches as a result of Brexit. This role will initially report into the Head of Compliance for NTGS Luxembourg and then, once the Luxembourg Bank has been created, the role will report into the Chief Risk Officer for the Luxembourg Bank.
The key responsibilities of the role include:
• Support the implementation of the NT Compliance framework for the Luxembourg branch and the Bank when it comes into existence including :
- maintaining a map of rules
- completion of a compliance risk assessment and driving any compliance action plans derived from this,
- providing the Business with advise on any compliance matters
- conducting a monitoring program
- identifying compliance testing needs and liaising with the EMEA Testing team
- contributing to the development and update of relevant Compliance internal documents (including but not limited to Policies, Procedures, Charters) to ensure that the compliance needs of NTGS Luxembourg/Luxembourg Bank are reflected in regional and global documents or where needed, Luxembourg specific documentation is prepared.
• Provide oversight of the MLRO for NTGSL Luxembourg/Luxembourg Bank.
• Play a key role in the creation of a Luxembourg Bank as part of NT’s Brexit strategy.
• Be the main point of contact for interaction with the CSSF, other relevant authorities and external auditors where required.
• Provide written and oral updates to the relevant governance groups and committees including Boards and Risk Committees.
• Working with the First Line of Defense to promote a compliance culture within and beyond NTGS Luxembourg/Luxembourg Bank and its branches organization
• Deliver “consultancy” style service to First Line of Defense partners in NTGS Luxembourg/Luxembourg Bank as part of business project teams, new product offerings, offshoring/outsourcing considerations and providing challenge to the business and escalation to senior Compliance management and Branch/Bank Risk Committees when deemed necessary;
• Be the Subject Matter Expert on Home and Host State regulations impacting NTGSL Luxembourg and interpret the business and legal entity impact where the business model or regulations change;
• Work with Depositary, Custody and Payments Compliance partners to deliver the Compliance Assurance Program for Luxembourg under AIFMD, UCITS, PSD and SEPA;
• Interacts with other NT Compliance and Internal Audit partners in EMEA
• Provide preparatory session material to Senior Management ahead of meetings with the Regulators and support interactions in regulatory meetings as required including keeping proper records of the content of the discussions;
• Oversee the documentation and coordinate regulatory visits and responses to regulatory enquiries inclusive of conducting sanity checks prior to dispatch;
• Manage a team of compliance officers and MLROs in multiple locations (UK, Abu Dhabi, Sweden and Netherlands, reporting into the Head of EMEA Compliance and the Chief Risk Officer for the Luxembourg Bank when it is in place.
The successful candidate will benefit from having:
• Minimum a Master’s degree in Law or equivalent;
• Compliance professional with a minimum of 10 years in the financial sector with a significant exposure to the Asset Servicing and Fund Administration business segments and particularly the mitigation of risks subsequent to providing Custody/Depositary services to Luxembourg, Cayman Islands and other jurisdictions domiciled Investment vehicles (including but not limited to AIFs, UCITS, Pension schemes etc) regulated or not;
• Good command of the regulatory environment under which the Luxembourg branch of an EU Credit Institution operates and a Luxembourg Bank including any relevant regulation applicable to serviced investment structures;
• Fluent in French and English;
• Organizational and analytical skills (highly systematic), creativeness, high sense of ethics, positive attitude, dynamism, high attention to details, initiatives taker, confidentiality, detail oriented, writing skills;
• Proven record of problem solving and delivering effective solutions;
• Conflict resolution skills with a collaborative and consensual approach to work;
• Ability to make and communicate decisions in a clear, concise and effective manner (verbal and written);
• Ability to use initiative and work unsupervised in a proactive manner.
• Proven people management skills
The competencies that would be valuable for this role include:
• Solid communication competences including the ability to develop sustainable working relationships within a diverse working environment and to inspire trust to the Executive Management and others business contacts;
• Taken into account the level of responsibility by a CCO, the function requires a person who has track records of achieving challenging objectives and ability to work with business matters of considerable scale and complex nature;
• Influencing, Judgement & Issues Resolution;
• Time Management;
• Teamwork and Collaboration
About Northern Trust
For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity. From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 16,500 employees globally. We serve the world’s most-sophisticated clients – from sovereign wealth funds and the wealthiest individuals and families, to the most-successful hedge funds and corporate brands.
We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater.
Northern Trust proudly cultivates a diverse workforce, to serve our diverse client base. We strongly believe that diversity of experience contributes to a broader collective perspective that will consistently lead to a better company. We encourage applications from the best regardless of ethnicity, gender, gender identity, age, nationality, disability, sexual orientation, education, socio-economic background, parental and caring status, or religion.
As of September 30, 2017, Northern Trust Corporation had:
• $131 billion in banking assets
• $7.8 trillion in assets under custody
• $9.7 trillion in assets under custody/administration
• $1.1 trillion in assets under management