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Head of Affiliate Transaction Office|
There is increased regulatory scrutiny of risks posed to financial institutions in their use of operational and technological services delivered by third party providers (be they vendors (third parties) or legal affiliates).
Affiliate transactions involve complex tax and operational elements that are governed by/across a number of internal standards and policies, and cut across all Global Business units and multiple Functional areas; requiring broad and rigorous coordination.
The Affiliate Transaction Office (ATO) operates as a ‘first line of defense’ within the COO’s office to provide centralized risk identification, assessment and monitoring support across the Global Businesses and Global Functions participating in affiliate arrangements (services).
The Head of the ATO has overall accountability to drive a consistent and effective operational framework for affiliate services management processes across the US enterprise; working proactively with a broad set of stakeholders in every HSBC Global Business (retail banking, commercial banking, private banking and global banking & markets.) and Global Function (e.g. legal, operations, tax, compliance, third party risk, etc.) as well as both non-US Affiliates (e.g. offshore service and technology centers) and intra-HNAH affiliates (HSBC North America affiliates), to effectively manage the establishment and maintenance of processes and controls and to create a continuous feedback loop to identify and action improvement opportunities.
The incumbent will be responsible to liaise with regulators, directly providing and/or contributing to updates on affiliate management related matters, supporting reviews and examinations and addressing / resolving any regulatory raised matters requiring attention.
Impact on the Business
- Ensure affiliate governance processes function effectively over time, and strategies, roadmaps and project portfolios are routinely refreshed by providing governance support across Global Businesses and Global Functions regarding affiliate management, monitoring and best practices. For example, representing the ATO at corporate governance forums (e.g. Risk Management Meeting, Third Party Risk Management Meeting); and leading forums, including acting as chair of the Affiliate Guidance Meeting -- an operational forum charged to: discuss consistency in processing affiliate agreements, review and discuss risk level(s) of affiliate engagements, and cover any issues that may impact an affiliates ability to meet service level commitments. This forum will provide a holistic view of inbound services received by the United States from non-US Affiliates, intra-HNAH services provided by and received by entities within the United States, and outbound servces provided by the United States to non-US affiliates.
- Act as a central engagement and coordination point for the implementation and ongoing facilitation of the HSBC Group’s ServCo model in the US -- a global service company, delivering services to support the operating entities of HSBC Group to meet contractual and regulatory commitments, all whilst providing a market leading customer experience. The incumbent will play a key role in the development, implementation and maintenance of a service catalog (description, pricing, volumes and service level agreements), billing processes, related management information and service level monitoring.
- Provide affiliate management guidance and oversight across the Global Businesses and Global Functions to support adherence to operational standards and risk considerations; ensuring policies, standards and guidelines are in place and managed over time, with consistent compliance monitoring and enforcement measures . For example, the ATO partners with TPRM (Third Party Risk Management) to support affiliate related risk stewardship via performing certain oversight and monitoring activities of the Global Businesses and Global Functions together with presenting independent challenge to control, process or risk owners.
- Act as a central engagement / escalation point for affiliate agreement management issues. Act as in a trusted advisor role to Global Businesses and Global Functions to ensure compliance with Group and HNAH standards related to the preparation and implementation of documentation for affiliate service transactions.
Customers / Stakeholders
- Own and manage the Affiliate Transaction Database (US based repository in place to house all active and archived affiliate agreements. Agreement types include Performance Level Agreements, Intra Group Service Agreements, Licenses, Leases) and act as point of contact for globally owned and managed supplemental data repositories (e.g. (i) Performance Level Agreement Database Application (PLADA) - used to maintain, manage, measure and report on both Technology Services’ Operating Level Agreements and Business Services’ Performance Level Agreements and by Data Centre Service Management Service Resilience teams for Disaster Recovery information, and (ii) Performance Level Agreement /Compliance Schedule (PLACS) – a GSC based repositiory which stores/archives all GSC PLA and Compliance Migration Documents.
- Lead development of improved data tools for management and reporting of affiliate services, ensuring workflows, data flows and tools are integrated, and the technology portfolio is rationalized and actively managed
- Develop and maintain management reporting for affiliate agreements -- ensuring operational metrics are regularly collected, analyzed and reported.
- Report out to governance bodies on affiliate services agreement status.
- Work with Global Business and Global Functional areas to progress trend observations and review regulatory and operational risks, as well as ensure Services are managed and monitored for their effectiveness in meeting business needs.
- Assess and develop central controls related to the Affiliate transactions Office (ATO) activities and take action to strengthen as appropriate.
- Support affiliate related standard and policy development and support oversight activities to ensure policies, standards and guidelines are in place and managed over time, with consistent compliance monitoring and enforcement measures.
- Working with Compliance, support the Affiliate Agreement Annual Certification process.
- Produce Affiliate Transaction Office (ATO) reporting as agreed.
Leadership & Teamwork
- It is important that the incumbent be able to persuade and influence without direct authority and build strong relationships with all internal customers and stakeholders by winning their trust
- The role also requires leadership skills to engage all necessary stakeholders across the country and region understand, interpret, and implement the Framework in their respective areas of responsibility.
- Effective communication of Affiliate Management framework across all areas – the role will be seen as a key leader for Affiliate Management overall and will provide leadership and support to the Global Businesses and Global Functions
Operational Effectiveness & Control
- Compliance with external regulatory requirements, internal control standards and group compliance policy
- Timely implementation of recommendations made by internal/external auditors and external regulators, with regard to services provided
- Leads and develop an effective team through communication, performance management, development plans, and reward/recognition practices
- Flexibility and adaptability – constantly changing priorities and tasks that are potentially highly restricted in nature, unpredictable and wide ranging, complex and time sensitive requires the simultaneous handling of a broad range of issues
- Stakeholder considerations – the highest quality, most succinct output that is suitable for senior executive management and external parties (including regulators) at all times, regardless of pressures
- Staying abreast of external developments in global regulation and competitor activity. Proactive identification of issues and initiation of structured discussions with the key stakeholder community
- Sensitivity and trust – engendering a true sense of urgency, pace, community and collaboration across indirectly managed areas across the Country and Group stakeholder community
- HSBC is going through an unprecedented period of change in its move to a sustainable globally led and connected organisation. There is increasing external scrutiny and pressure on the Financial Services industry from governments, regulators, media, investors and brokers.
- The role holder needs to understand the potential impact of all these changes on HSBC and drive the function to respond accordingly. The role holder will be required to interact with internal parties at all levels of management and therefore needs a very strong level of professionalism and gravitas.
Management of Risk
- The role holder will ensure the fair treatment of our customers is at the heart of everything we do, both personally and as an organisation. This will be achieved by consistently displaying the behaviours outlined in the Group’s core values.
- The role holder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology and services. This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring and by owning and managing any areas of concern
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.
- The role holder will adhere to and enforce adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
- The role holder will implement the Group compliance policy. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply .This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.
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Qualifications & Requirements
- Bachelors degree in business management related field or demonstrated relevant business management experience.
- 10 years proven and progressive experience.
- Exceptional drive and commitment.
- Strong understanding of third party / vendor management and risk concepts.
- Strong analytical skills to understand and use metrics to draw conclusions.
- Proven ability to articulate complex issues concisely and in simple language to support problem analysis.
- Strong knowledge of the external environment – regulatory, political, competitors etc.
- Ability to make recommendations based on both subjective and objective information .
- Experience with managing resources using appropriate communication, delegation and planning skills, preferably in a matrix functional environment.
- Demonstrated communication and interpersonal skills.
- Outstanding relationship management, collaboration and influencing skills.
- Ability to motivate and lead people.