Control and Oversight Consultant

  • Location: London, England, United Kingdom
  • Salary: Competitive
  • Job Type: Full time

The role of the candidate will be to maintain oversight and monitoring of Northern Trust compliance with the Depositor Guarantee Scheme regulation.

The Role

The European Deposit Guarantee Schemes Directive (“DGSD”) was altered in 2014 to address concerns raised during the 2008 financial crisis. It introduces an EU level playing field ensuring depositor protection in the event of a bank’s insolvency, and it requires each EU member state to implement a Depositor Guarantee Scheme (DGS) to protect deposits up to a pre-set level. It also requires all credit institutions in the EU to become members of such a scheme.

DGSD was transposed in the UK in July 2015 under the Financial Services Compensation Scheme (FSCS), which offers protection of up to £85,000 to eligible depositors. The new rules expanded the definition of an “eligible depositor” to include all corporations, charities, personal pension schemes and individuals

The role of the candidate will be to maintain oversight and monitoring of Northern Trust compliance with the Depositor Guarantee Scheme regulation.

The key responsibilities of the role include:

Daily:

Provide first line of defence oversight support for Relationship Managers and the ARRO team including, but not limited to:

  • Guidance on the practical requirements
  • Training as required
  • Advice on the maintenance of RM support materials such as the File Note and the Aide Memoire

Monthly:

Attestation Process: Running of the monthly attestation process (7 individuals globally) where Client Facing Business Teams are to attest that they have completed the various client facing actions including:

  • Initial eligibility assessment of new clients
  • Confirmation of initial and regular (twice yearly) client communication
  • Confirmation that GARD (static data) is correctly set up

Sample Testing:

  • Review of new clients to assess accuracy and completeness of new client set up for deposit and investor protection
    Review evidence of timely client communication
  • Review the Error Reports generated by the DGS system highlighting gaps in source systems and ensure gaps are populated
    Periodically run the SCV and Exclusions Files and export to Excel to review and determine whether there are other ‘errors’ that may need to be remediated

Quarterly:

  • Effectiveness Report: 30+ page written document to support NT’s processes and ongoing controls. The candidate will review and maintain the written Effectiveness Report covering the SCV, Marking Client Records and Continuity of Access information. The objective of the quality review is to ensure that should the regulator make a request it can be issued within 24 hours of a request.
  • This will involve a programme of controls testing and data validation work to run throughout the year to confirm completeness and accuracy of the data within the systems. Review and remediate data quality issues (e.g. Data changes to ensure static data has been set up accurately)

Annually:

Governance:

  • Present to EMEA management Committee (EMC) and NTGSL Board to update and report on the Depositor Guarantee Scheme and to ensure that a representative is able to sign, in full knowledge.
  • On behalf of the EMEA Management committee and NTGSL Board, maintain key stroke procedures to support the various processes

Upon Request from the Regulator:

  • Run the SCV and Exclusions Files as at a given date (Within 24hrs)
  • Finalise the Effectiveness Report including Exchange rates from Passport
  • Collate the account / deposit / client numbers for inclusion in theEffectiveness Report
  • Arrange for sign-off by senior manager as representative of EMC
  • Respond to queries raised by the regulator

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 June 30, 2017, Northern Trust Corporation had:

  • $126 billion in banking assets

  • $7.4 trillion in assets under custody

  • $9.3 trillion in assets under custody/administration

  • $1.0 trillion in assets under management