Compliance Manager – Custody, Cash & Liquidity Solutions
- Location: London, England, United Kingdom
- Salary: Competitive
- Job Type: Full time
EMEA Compliance, a unit which forms part of Global Compliance and Corporate Risk, is entrusted with providing regulatory advice and assurance to senior management, boards, relevant committees, regulators and clients and ensuring Northern Trust (“NT”) meets its regulatory obligations at all times. These obligations may apply to NT directly under the terms of its regulatory registrations and direct application of statute or may be contractually assumed on behalf of clients.
As part of the UK and Mainland EMEA Compliance team, this role is to act as the compliance subject matter expert (‘SME’) on the banking/payments and investment regulations impacting our Custody Cash (Banking) Operations and Liquidity Solutions businesses (which includes our Money Market Investment Funds Sweep); assist in the implementation of the Compliance model into the businesses and provide ongoing oversight and reporting to senior members of the Compliance team which ultimately reports into the Executive Management Committee that the businesses are meeting their regulatory obligations. The individual may also be asked to support the wider Compliance team and business units as necessary. This role will report to the Head of EMEA Depositary & Securities Services Compliance.
The key responsibilities of the role include:
• Act as a trusted adviser delivering a “consultancy” style service to partners in the Custody Cash (Banking) Operations and Liquidity Solutions businesses, including on business projects, new product offerings, offshoring considerations etc., including providing challenge and escalation to senior Compliance management where necessary;
• Be an SME on regulation impacting Custody Cash and associated Cash Management activity, including PSD2, CASS, SEPA, MiFID and COBS rules with the ability to interpret business and operational impact where the business model or regulations change;
• Support the Cash and Banking Services team on regulatory implications in the strategic development of our cash capabilities, including advising on the developing regulatory expectations for payment schemes and payment systems.
• Work in partnership with the wider Compliance and Controls teams, especially the CASS Office and EMEA Financial Crime team as well as global colleagues whose entities undertake banking activity;
• Develop and maintain the list of regulatory rules, guidance, controls and risk ratings that relate to the business;
• Support the creation and maintenance of Compliance policies and standards, and the development and delivery of training to partners in particular those relevant to the Cash business;
• Monitor and assess on a day to day basis the adequacy and effectiveness of the measures, controls and procedures put in place by the business to address the company’s compliance with its regulatory obligations;
• Attend relevant business and compliance meetings and provide the compliance view of the business;
• Assist the Regulatory Developments team and the business to monitor regulatory developments, including industry thinking and guidance;
• Work with the Regulatory Liaison team and the business to respond to regulatory requests, meetings and reporting relating to the business;
• Produce and provide Compliance reporting on to Senior Management, Boards, Committees and Compliance Management for consideration.
The successful candidate will benefit from having:
• Strong experience in Compliance, AML Compliance or Operations related to custody, banking and investment activities, preferably with a global financial institution;
• Knowledge of FCA handbooks and relevant laws applicable to Custody Cash, Banking and Investment Business, in particular PSD2, CASS, SEPA, and MiFID and COBS.
• Experience of Wire Transfer Regulations and AML rules and guidance and dealing with U.S. regulatory matters (e.g. Office of Foreign Assets Control) and global/regional implementation would be advantageous;
• Excellent communication (verbal and written) and interpersonal skill;
• Proven strong organisational skills;
• Lateral thinker with an ability to interpret and solve complex issues;
• Ability to use initiative and work unsupervised in a proactive manner;
• Experience in regulatory exams and audit management preferable;
• Collaborative and flexible approach to work.
The competencies that would be valuable for this role include:
• Excellence in Execution;
• Effective Communication;
• Analytical Thinking;
• Problem Solving Skills;
• Focused Client Relationships;
• Time Management
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 March 31, 2018, Northern Trust Corporation had:
• $10.8 trillion in assets under custody/administration
• $8.1 trillion in assets under custody
• $1.2 trillion in assets under management
• $130 billion in banking assets