|| Accounting/Auditing, Finance/Economics, Insurance, Legal, Sales, Executive Management, Research & Development
Ensure customer suitability and compliance in accordance with Securities and Exchange Commission (SEC), FINRA and State Regulations through review of life and annuity business transactions. Ensure good governance and business adherence to HSBC National Bank, N.A., HSBC Bank, USA, N.A. and HSBC Securities (USA) Inc. protocol.
Impact on the Business
- Acts as Brokerage Principal responsible for monitoring Sales Agent compliance of regulatory and bank requirements via suitability review for life and annuity products.
- Liaisons and advises HSBC Agents, Sales Management, Insurance Carriers and Compliance as necessary to research benefits of client transactions and where necessary ensure transactions deemed un suitable are declined.
- Participates in NASD and/or Compliance audits, including the management and preparation of audit documentation.
- Manages and independently drives complex special projects
- Responsible for trend analysis and monitoring, including escalation of identified red flags to senior management and Compliance.
- Ensure appropriate due diligence with regard to senior suitability reviews.
Customers / Stakeholders
- Significant interaction with Licensed Sales Agents, Sales Management and Compliance throughout the HSBC Bank Branch Network.
Leadership & Teamwork
- Has final review responsibility for all transactions prior to submission to carriers. This includes responsibility for review of scrubbed, in good order applications routed by Middle Office Case Managers to Principal Review Queue.
- Principal has regular interactions with the Case Management Team and advises on the Not-In-Good-Order process.
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.
- 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.
- Awareness of regulation updates from various external bodies (i.e. FINRA, State Insurance Agencies, etc.) and work with Management and Compliance to implement/ incorporate changes into HBSC operations protocol.
- Incumbent must be knowledgeable of product changes as they are announced by the carriers found on HSBC’s Approved Product List.
- Role requires has regular interaction with the Management Team, Insurance and Brokerage Compliance Teams.
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.
- Continually reassess the operational risk controls in accordance with HSBC standards and policies by taking into account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology. Ensure all actions take account of the likelihood of operational risk occurring and by addressing any areas of concern with line management and any other appropriate department.
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.
- Adhere strictly to compliance and operational risk controls in accordance with Company and regulatory standards, policies and practices; report control weaknesses and compliance breaches.
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Qualifications & Requirements
- Bachelor’s degree in business, related field or equivalent experience
- 3-5 years of proven and progressive brokerage operations experience or equivalent.
- Series 6, 26, 63 and 51 licenses and appropriate state licenses (life and health insurance) required due to client contact requiring securities/ insurance & investment knowledge.
- Proven knowledge and experience in processing insurance and annuity applications.
- Excellent oral and written communication skills, problem solving abilities, presentation skills, organization skills and ability to set priorities to achieve optimum levels of productivity.
- Working knowledge of banking and brokerage operations, as well as external regulations impacting activities.
- Proficiency with personal computers as well as pertinent mainframe systems and software packages.
- Ability to work autonomously, delegate and plan appropriately, as well as work collaboratively with various groups to drive high quality results.