Deputy Head of Compliance

  • £110K - £120K
  • London, England, United Kingdom London England GB
  • Permanent, Full time
  • Apollo Solutions , EA Licence No: View Corporate Hierarchy
  • 09 Jul 18 2018-07-09

An International bank with strong ambitions in the UK markets are looking to further grow their compliance function by hiring a Deputy, reporting to the Head This is an ideal opportunity for a compliance professional to join a successful function and grow their career by taking on a wider responsibility.

The Client:          An international bank

Position:              Deputy Head of Compliance (reporting to Head of Compliance)

Location:             London

Salary:                  £110K – 120K

Requirements: Generalist awareness and overall understanding of Compliance

(Advisory/Monitoring and Testing/ Regulatory/FCA)

 

 

The clients are an international Arabic Bank, who have strong ambitions with a growing presence in UK/EU are looking for a Senior Compliance Manager, with a generalist approach to the compliance function, overseeing , Advisory, Monitoring and testing, Regulatory change with a excellent understanding of the FCA Handbook        

 

Job Purpose

Primary responsibilities:

  • Establishment, maintenance and execution of a risk based compliance framework for managing the compliance risks of the Bank, including the following elements
    • A compliance risk assessment process which identifies, assesses and prioritises areas of compliance risks 
    • A risk based compliance monitoring programme which identifies, assesses, monitors and reports all material compliance risks  
    • Ensuring appropriate compliance policies, procedures, related documentation and the associated compliance manual are in place and maintained so as to comply with relevant regulatory obligations and internal standards and controls
  • To report periodically to ExCo, Audit Committee and the Board on compliance matters (to include timely management information on compliance and regulatory issues and summary information of regulatory developments as they may affect the Bank)
  • To escalate compliance breaches in a timely manner and make any relevant regulatory notifications as required         
  • Provide advice and guidance to the Bank to enable colleagues to implement compliance policies and procedures, systems and controls effectively
  • To provide staff with training on compliance matters whilst promoting and enhancing a strong Bank wide compliance culture         
  • To prepare and submit information to external regulators as required facilitating and building our supervisory relationship
  • Act as a second line of defence for conduct risk
  • Act as the data protection officer for the Bank and Deputy Money Laundering Reporting Officer

While the Compliance Officer derives their key executive accountabilities, duties and authorities from the Audit Committee, he/she should report to the CRO for work plan and administrative matters, and to agree risk measurements.

 

Accountabilities

  • Responsible for supporting the Head in researching and understanding changes to the legal and regulatory financial services regime that are pertinent to the Bank
  • Advise the Audit Committee and Senior Management  of any likely implications of changes in regulations as they relate to the Bank’s operations, internal policies and procedures.
  • Ensure that the Bank’s compliance policies, systems, controls  and procedures are updated in accordance with changes in legislation
  • Establish, implement and maintain an effective compliance escalation framework capable of supporting Audit committee requirements (and the Risk Committee if applicable)
  • Responsible for performing quality assurance checks to ensure relevant compliance and conduct  standards are being maintained, identifying internal control weaknesses and assisting the business to implement improvements, benchmarking standards against external peer groups and industry developments
  • Develop compliance guidance materials and training resources
  • Responsible for the planning of compliance training sessions ensuring that training is provided to all new employees and update to all employees in general
  • Ensure Compliance Induction material and training programmes for new staff are appropriate and in place
  • Ensure a clearly articulated compliance risk and conduct behaviours are developed and embedded in line with the Board approved values and standards
  • Ensure that those persons undertaking regulated activities with or on behalf of clients or the Bank have the required registrations and working with human resources / senior management to notify / seek appropriate authorisations from the regulator for senior manager function holders
  • Provide advice and guidance to senior management colleagues on the requirements of the SM&CR, ensuring that the management responsibilities mapping is periodically updated to reflect changes in governance, SMF holders and conduct staff
  • Work with the CRO and HR to ensure SMCR responsibilities are captured in Role Descriptions and can be assessed against risk criteria
  • Report results of the compliance monitoring program and other compliance matters
  • Ensuring adequate procedures in place as the data protection officer (including emerging regulations such as GDPR)
  • Report to the CRO and Audit Committee on compliance topics
  • Compile management information for the ExCo, Board, Risk Committee and Audit Committee

 

 

 

FCA Key Business Functions and description of responsibilities under this function

Customer complaints handling -  to manage complaints fairly, accurately and clearly, ensuring that they are handled in accordance with the Bank’s internal complaints policy and procedures and in line with DISP, TCF and other relevant FCA regulations  

Additional Responsibilities

 Committees

 Required to attend the Audit Committee and may be required to attend the Risk Committee

Skills and key competencies

  • Graduate.
  • Detailed knowledge of financial services regulation and the regulatory framework relating to the Bank’s activities, potential and actual compliance risks
  • Knowledge and experience of industry practice compliance frameworks, methodologies and emerging practice
  • Experience of communicating with regulators and dealing with supervisory team requests
  • Relevant experience of the banks product set
  • Understanding of the PRA regulatory framework applied to firms on a 3yr review cycle.
  • Analytical and enquiring mind-set with good attention to detail
  • Systematic approach to work
  • Persuasive, assertive and proactive with an ability to challenge constructively and enforce appropriate boundaries
  • Good oral, written communication and presentation skills

Expected behaviours

  • Independent with integrity and an ability to maintain strict confidentiality
  • Self confident with mature social skills
  • Good decision making capabilities being accountable for own decisions and actions
  • Application of ethical principles to instil a compliance culture
  • Ability to identify solutions that balance the business, customer and regulatory needs
  • Ability to apply the understanding of the sector to compliance issues
  • Proactive approach anticipating events and process driven
  • Ability to multi-task and prioritize
  • Ability to keep up-to-date with ever changing regulatory environment
  • Work both independently and effectively with the business, building effective relationships
  • Personal Development –core compliance skillset is refreshed and developed annually to meet Bank needs