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Assistant Vice President Manager Regulatory Compliance - Fair and Responsible Banking Compliance|
AVP Manager Regulatory Compliance Officers are aligned by regulation(s), regulatory requirements, and/or a particular set of compliance risks and provide compliance support and may provide advice and guidance to the first and second lines of defense across HNAH relative to assigned regulation(s), regulatory requirements, and/or compliance risks. In most cases, this role is considered a Subject Matter Expert, but typically will be under the direction of a lead SME. Identifies any possible compliance deficiencies related to assigned regulation(s), regulatory requirements and/or compliance risks, and may proactively implement 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.
Impact on the Business
- Assists with providing advisory services and direction to all business and support areas regarding assigned regulations, regulatory requirements, and/or compliance risks.
- Under general supervision, works with management and the line of business Local Compliance Officers (LCOs) in the development and enhancement of products to ensure compliance with applicable laws and regulations.
- Provides assistance in the development and maintenance of supporting policies, procedures, agreements, and contracts.
- Assists management and the line of business LCOs in identifying and containing compliance risk, monitoring, reporting, and certification, fostering a compliance culture and optimizing relations with regulators.
- Provides guidance on new and modified regulations as well as current risk assessment results. Remains up-to-date on remediation efforts, as appropriate.
- As requested, provides support to 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.
- Prepares 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
- Fosters 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. Offers guidance and advice to appropriate stakeholders as needed.
- Liaises with line of business LCOs, Business Risk Control Managers (BRCMs) and other Compliance stakeholders to ensure a strong second line of defense and in support of first line of defense efforts and responsibilities.
- Interacts and fosters relationships with applicable regulators as appropriate.
- Develops external contacts among industry peer groups to determine/validate the Company is aligned with industry best practice.
- Monitors, in coordination with the line of business Local Compliance Officers, the status of any related material compliance issues identified and reported by Compliance Testing and Control (CTAC), Compliance Inspection Unit (CIU), BRCMs, regulators or Internal Audit and provide updates to business unit management as necessary.
Leadership & Teamwork
- Provides project support, as requested, on compliance-related projects and initiatives.
- Manages staff, directing day to day focus and responsibilities.
- Lead and develop an effective team through communication, performance management, development plans and reward/recognition practices.
- Promote an environment that supports diversity and reflects the HSBC brand.
Operational Effectiveness & Control
- Provides input to the LCOs and lines of business, as it relates to defined area of focus and expertise, to the Compliance Detailed Risk Assessments (CDSAs), as well as Enterprise-wide Risk Assessments (ERAs).
- Provides subject matter expertise and oversight of drafting, editing, and maintaining related written compliance policies and procedures.
- Reviews, as necessary, the accuracy of information in the risk assessment tools (SharePoint, Interim Tool, Orion) for assigned regulatory requirements and/or compliance risks.
- Conducts 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 distributes recommendations and guidance to the BRCM teams.
- Maintains awareness of major regulatory changes affecting area of subject matter expertise and coverage, ensures appropriate communication and development of appropriate policy/procedure changes to remain compliant.
- Assists with the identification and reporting of all significant regulatory compliance breaches or gaps; Works with legal, business management, and line of business LCOs to design and implement changes to business policies and procedures, as appropriate for areas related to subject matter expertise
- Escalates issues uncovered to the business and senior management through designated escalation channels.
- To implement the Group compliance policy locally by containing compliance risk in liaison with the Head of Group Compliance, Global Business Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources and training, fostering a compliance culture and optimizing relations with regulators.
- Complete other responsibilities, as assigned.
- Helps ensure business lines appropriately incorporate change to align with new or revised regulatory requirements. Supports business lines and LCOs in development of solutions to ensure compliance with assigned regulation(s), regulatory requirements and/or compliance risks.
- Helps 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. Escalates matters to senior management as needed.
- Serves as a 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 of controls.
- Is 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. Provides support to ensure remediation efforts are on track for assigned regulation(s), regulatory requirements, and/or compliance risks.
- Assists senior management articulate any control weaknesses and status of plans to address these across HNAH. Initially, this information will be part of the Regulatory Controls Review RCR Controls Remediation Project for each regulation.
- This role typically reports to a SVP or VP level regulatory compliance officer. May be responsible for the management of AVP level and below regulatory compliance officers.
- May provide compliance support, advice, and guidance to the CCO of HSBC Bank USA, N.A. and the GBM Global Markets businesses in connection with Titles VI (Volcker Rule) and VII (swap dealing activities) of the Dodd-Frank Act as it applies to each area of Compliance coverage. Ensuring that rules and regulations applicable to HSBC Bank USA N.A. as the CFTC registered Swap Dealer will be considered and their requirements incorporated in the Compliance officer’s overall day to day job responsibilities. This includes, but is not limited to, updating policies and procedures, line of business reviews, training, surveillance, registration obligations, regulatory reporting and risk assessments, and escalation of any potential issues of non-compliance to the CCO. Work with GBM line managers to see that they are informed of the Dodd Frank related requirements and assist them to implement these requirements in the GM business.
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., The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
- Physical Demands/Work Environment: Very good working conditions. Little or no physical demands. Minimal handling of light materials. The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
- Adheres to the Firm’s Statement of Business Principles and Code of Ethics.
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.
- Helps 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
- Minimum of four to six years proven and progressive financial services, compliance, and/or legal management experience, or equivalent.
- Minimum of a Bachelor’s degree in business, related field or equivalent experience.
- Well-developed communications, negotiation, analytical, organizational, project management, and strategic and/or operational planning skills. Managerial experience preferred.
- Broad scope of knowledge of assigned businesses, including products, operations, systems and organization and full understanding of all significant regulatory compliance requirements applicable to assigned business(es).
- Proven ability to accomplish high-level objectives in the context of annual business and compliance plans.
- Proficiency with personal computers, pertinent mainframe systems, and software packages.