Vice President Regulatory Compliance Global Manager - Global Banking and Markets|
VP Director Regulatory Compliance Officers are aligned by regulation(s), regulatory requirements, and/or a particular set of compliance risks and serve as a key subject matter expert for assigned area(s). They provide compliance support, advice and guidance to the first and second lines of defense across HNAH relative to assigned regulation(s), regulatory requirements and/or compliance risks. Provides regulatory compliance expertise to support strategic initiatives and advise the first and second lines of defense in managing their compliance risk associated with assigned regulatory requirements. Manages regulatory officer staff focused on assigned regulatory requirements and/or compliance risks. Typically works under the direction of the SVP Regulatory Compliance, but in some cases, may be the lead regulatory officer for assigned area. Identifies any possible compliance deficiencies related to assigned regulation(s), regulatory requirements and/or compliance risks, and proactively implements corrective actions to help ensure adherence. This individual may interact with relevant regulatory agencies to understand impact of changes to applicable regulations on all relevant lines of business.
The duties of the position would include:
· Assessing complete rule text, regulatory guidance and recent cases to understand which regulatory obligations and expectations are applicable to the business and operations of a broker dealer, futures commission merchant and swap dealer.
· Planning or advising both the business and regulatory compliance officers on implementation or remediation strategies for the firm’s compliance program as it relates to major rule changes, significant cases and other trigger events.
· Communicating directly with the senior business and senior compliance officers within global banking and markets lines of business to convey potential impacts of major rule changes and the regulatory risks associated with the different approaches the firm might take.
· Maintaining a strong understanding of the approach and expectations of different securities and derivatives regulators and using that knowledge to advise in detail on what controls, policies, procedures and processes would be sufficient to satisfy regulatory obligations and appropriately mitigate regulatory and reputational risk.
· Attending cross function working groups on major projects as the primary representative of regulatory compliance and being comfortable raising challenges in such forums.
· Keeping senior management apprised of the state of major regulatory development projects and advising of any identified risks surrounding timely implementation.
· Ensuring that line of business RCOs are engaged in major rule change projects and prepared to provide day-to-day advisory and support any new program elements within their lines of business as the program transitions to a business as usual state.
· Connecting implementation and remediation work back to the firm’s overall regulatory risk management program so that the new rules and program elements are appropriately reflected and included in future regulatory risk assessments.
· Being comfortable assessing new rules published by unfamiliar regulatory bodies (e.g., state rules and international rules) and working with internal legal and business representatives to understand applicability to the firm based on its business activities.
· Conveying regulatory expectations for major rule changes within the Americas region, connecting compliance officers within the region to relevant regulatory change working groups and providing advice and guidance on local implementation as needed.
· Advising other risk functions on regulatory expectations in instances where regulatory implementation planning is required but Regulatory Compliance is not considered the primary risk steward for the relevant subject matter addressed by a regulatory requirement.
· Preparing monthly reporting related to ongoing regulatory developments and initiatives.
· Setting an agenda and hosting monthly regulatory implementation meetings with compliance stakeholders and controls testers.
Impact on the Business
- Provides advisory services and direction to all business and support areas regarding assigned regulations, regulatory requirements and/or compliance risks
- Partners with management and the line of business Local Compliance Officers to ensure products and services comply with applicable laws and regulations. Coordinate development and maintenance of supporting policies, procedures, agreements and contracts
- Generally supports an effective control environment by consulting with the line of business Local Compliance Officers and business partners on the development of and changes to products and services and new vendor relationships
- Provides guidance on new and modified regulations as well as current risk assessment results related to assigned regulatory requirements
- Ensure that a HNAH-wide Training Needs Assessment has been created for assigned regulation(s), regulatory requirements and/or compliance risk to reflect the training required by the lines of business and by Compliance on an annual basis
- May prepare summaries on compliance with assigned regulation(s), regulatory requirements, and/or compliance risks for senior management, and/or Committees/Boards or Executives as required
Customers / Stakeholders
- Foster positive working relationships with business line management, internal control and appropriate senior management stakeholders to support adherence to assigned regulation(s), regulatory requirements and/or compliance risks. Offer guidance and advice to appropriate stakeholders
- Liase with Local Compliance Officers, BRCMs and other Compliance stakeholders to ensure a strong second line of defense and in support of first line of defense efforts and responsibilities
- Interact and foster relationships with applicable regulators
- May develop external contacts among industry peer groups to determine/validate the
- Company is aligned with industry best practice
- In coordination with the line of business Local Compliance Officers, monitor the status of any related material compliance issues identified and reported by CTAC, CIU,
- BRCMs, regulators or Internal Audit and provide updates to business unit management as necessary
Leadership & Teamwork
- May lead and develop an effective team through communication, performance
Operational Effectiveness & Control
- Generally provides input to the Local Compliance Officers and lines of business as it relates to defined area of focus and expertise to the Compliance Detailed Risk
- Assessments, as well as Enterprise-wide Risk Assessments
- Review accuracy of the information in the risk assessment tools (SharePoint, Interim
- Tool, Orion) for assigned regulatory requirements and/or compliance risks
- Conduct reviews of the monitoring plans for assigned regulatory requirements and/or compliance risks across all lines of business to ensure consistency in treatment of key controls with regard to applicability and frequency of monitoring, and distribute recommendations and guidance to the BRCM teams
- Responsible for providing subject matter expertise and oversight of drafting, editing and maintaining written compliance policies and procedures for assigned regulatory requirements and/or compliance risks
- Maintain awareness of major regulatory changes affecting area of subject matter expertise and coverage, ensure appropriate communication and development of appropriate policy/procedure changes to remain compliant
- Oversee the identification and reporting of any significant regulatory compliance breaches or gaps. May work with Legal, business management, and line of business
- Local Compliance Officers to design and implement changes to business policies and procedures, as appropriate for areas related to subject matter expertise
- Escalate any compliance issues to appropriate business and senior management through designated escalation channels
- Helping to ensure future business growth is attained in a responsible and conscientious fashion while the operation remains regulatory compliant and commercially sound
- Sets priorities and makes day-to-day decisions independently. Escalate matters to senior management as needed
- Subject-matter expert for specific regulation(s), regarding its purpose and legislative history, remaining aware of changes to the regulation or to applicability of the regulation to the business lines in the US. Serves as the central point of contact for US
- Compliance and oversees the accuracy of the information regarding the regulation in the risk assessment tools while serving as the advocate for consistency for controls
- Knowledgeable about the results of any relevant BRCM reviews, CTAC testing and
- Internal Audits and provides input into the action plans to address any weaknesses identified. Ensures remediation efforts are on track for assigned regulation(s), regulatory requirements and/or compliance risks
- Articulates any control weaknesses and status of plans to address these across HNAH.
- Initially, this information will be part of the RCR Controls remediation Project for each regulation
Management of Risk
- Ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues
Observation of Internal Controls
- Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators
- Ensure alignment with regulatory requirements, HNAH’s Enterprise Compliance Policy and Program, the CRMP Manual and other Group policies
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Qualifications & Requirements
- Strong background in compliance within a financial services environment and be able to understand, interpret and apply complex regulatory requirements to business practices
- 7 years proven audit, compliance, financial services and/or regulatory experience, or equivalent
- Well-developed managerial, communications, negotiation, analytical, organizational, project management and strategic and/or operational planning skills
- Minimum of a Bachelor’s degree in business, related field or equivalent experience;
- Master’s degree and/or Juris Doctorate (JD) preferred
- Ability to meet deadlines
- Proactive and independent
- Proficiency with personal