Manager - Compliance Advisory - BFSI

We are hiring for the Role of: Manager Compliance Advisory, WPB (Offshore).

Location: India / Bangalore

Why join us?

To assist in driving all objectives and initiatives of the Financial Crime Compliance and Regulatory Compliance function in relation to the Compliance FIM and related guidance documents adopted for HBAP and HBSP SGH, in order to ensure that they are properly established and effective, and are operating in accordance with the requirements and guidelines set by the Group, the Monetary Authority of Singapore, the Hong Kong Monetary Authority and the relevant laws of Singapore

The Opportunity:

- The jobholder will ensure the fair treatment of our customers is at the heart of everything we do, both personally and as an organization.

- This will be achieved by consistently displaying the behaviors that form part of the Values and culture and adhering to risk policies and procedures, including notification and escalation of any concerns and taking required action in relation to points raised by audit and/or external regulators.

- The jobholder is responsible for managing and mitigating operational risks in their day to day operations. In executing these responsibilities, the Group has adopted risk management and internal control structure referred to as the 'Three Lines of Defence'. The jobholder should ensure they understand their position within the Three Lines of Defence, and act accordingly in line with operational risk policy, escalating in a timely manner where they are unsure of actions required.

- Through the implementation the Global AML, Sanctions and ABC Policies, supporting Guidance, and Line of Business Procedures the jobholder will make informed decisions in accordance with the core principles of Financial Crime Risk Appetite.

- The following statement is only for roles with core responsibilities in Operational Risk Management (Risk Owner, Control Owner, Risk Steward, BRCM, and Operational Risk Function

- The jobholder has responsibility for overseeing and ensuring that Operational risks are managed in accordance with the Group Standards Manual, Compliance FIM, & relevant guidelines & standards. The jobholder should comply with the detailed expectations and responsibilities for their core role in operational risk management through ensuring all actions take account of operational risks, and through using the Operational Risk Management Framework appropriately to manage those risks.

This will be achieved by:

- Continuously reassessing 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.

- Ensuring all actions take account of the likelihood of operational risk occurring, addressing areas of concern in conjunction with Risk and relevant line colleagues, and also by ensuring that actions resulting from points raised by internal or external audits, and external regulators, are correctly implemented in a timely fashion.

What you'll do:

Principal Accountabilities: Key activities and decision making areas: Typical KPIs and Targets

Impact on the Business:

Ensures that SGH is in compliance with:

- the Group's Compliance FIM, MAS Notice 626, CDSA, FATF, HKMA policies and procedures in relation to Compliance by:

Safeguards the Bank against regulatory and reputational risks by ensuring the effective management of money laundering and sanctions reviews by:

Typical KPIs and Targets

- assisting to establish and maintain adequate policies, procedures and controls for SGH.

- assisting to ensuring that changes in policies and procedures as introduced by the Group / Regional Office, regulatory authorities and international bodies are included in SGH HBAP's policy and procedures and as well as WPB's Lines of Business Procedures (LoBP) in an effective and timely manner.

- ensuring that the above are communicated to Senior Management of WPB in SGH in an effective and timely manner.

- providing of accurate and timely advisory support to WPB in SGH in order to resolve compliance issues including AML/ CFT issues in an effective and timely manner.

- Helping to record updates to issues, events, RCA refresh, read across, RaC etc.

- conducting Review and challenge on a timely manner by assessing the control environment and risk framework.

- Coordinating with the business stakeholder for Non financial risk (NFR) matters.

- Assisting Head of WPB CMP with the ongoing NFR reviews.

- Assisting the Head of WPB CMP with thematic reviews on FC and RC risk themes.

- Coordinating the SCC/PEP reviews

- Escalating of material and significant or potential breaches and customer escalation cases to SGH Onshore Compliance executives for further assessment and reporting to business line and/or senior management.

- All current and emerging risks are appropriately managed

Customers / Stakeholders:

- Ensures that technical support and advice on compliance matters are conducted in an effective and timely manner and more importantly in line with the relevant legislation and regulations by:

Ensures a robust Compliance framework in relation to internal control standards by:

- executing and reviewing the internal controls in relation to FCC and RC controls

- coordinating and implementing internal and external audit recommendations and suggestions as proposed by the regulators in a timely and effective manner.

- assisting Onshore Compliance staff in managing the operational risks in relation to Compliance, including its identification, assessment, mitigation, challenging business rationale and control effectiveness assessment.

- assisting the Onshore Compliance staff in fostering good relationships with the relevant business and also helping them with providing timely updates to local governance committees and forum including follow up on the action items.

- Ensures the continuous and effective engagement with the relevant businesses in the Bank , understanding their objectives and goals and ensuring quality service to them at all times by

- engaging WPB in regular dialogue sessions / forums with them to facilitate in resolving their basic compliance related issues, at the same time, ensuring that they are kept up-to-date with all compliance related requirements and also to understand their compliance related issues that they may be faced with.

- engaging the business units in order to gain a deeper understanding of their strategic objectives and goals.

- fostering an effective relationship with the business units in order to facilitate the inculcation of a compliance culture and openness.

- Regular reports are prepared and presented within agreed timescales, with explanation to relevant body

- Ad hoc reports to senior management on significant financial crime and reputational issues are provided as they occur, within agreed timescales

Typical KPIs and Targets

- being consistently relevant and up to date on the local legislative and regulatory requirements governing the Bank in Singapore.

- ensuring that changes to the laws and regulations are communicated to all business units and that the Bank's Compliance policy and procedures and as well as WPB's LoBP are revised as appropriate.

- assisting onshore Compliance Executives in ensuring that KYC / CDD requirements and AML-related processes in relation to ad hoc projects, new products / services initiated by the Bank and systems and / or initiatives undertaken by the Bank are reviewed in line with the law and regulations

Leadership & Teamwork:

- Assists Onshore Compliance unit in ensuring the timely reporting to SGH Head of CMP WPB and the relevant business on all significant compliance issues by:

Typical KPIs and Targets:

- assisting onshore Compliance staff in ensuring that SGH Head of CMP WPB and the relevant business are advised of all significant

- Compliance issues and all material breaches or potential breaches to the Compliance FIM or local regulations

- Ensure open and two way communication with Singapore/ Regional WPB, Functions and other Global business partners

- Assisting and ensuring the timely completion of monthly reports and periodic submission for review and escalation to Senior Management of the bank/business.

- ensuring NFR related action items are well understood, tracked, coordinated with business and actioned in a timely manner. This should be aligned to the Three lines of defense model

- Assists SGH Head of CMP WPB in facilitating the establishment of an effective compliance structure within the Bank by:

Typical KPIs and Targets:

- fostering good working relationships with WPB in order to build an effective and cohesive compliance structure

- Engaging the functional Compliance officers in ASP as well as other overseas sites in order to facilitate the resolving of issues, the sharing of best practices etc.

- Ensures the continuous improvement of the effectiveness and efficiencies of the Compliance Team by

Typical KPIs and Targets:

- assisting onshore Compliance staff in ensuring that all policy and procedural matters are continuously being reviewed, improved upon where possible and adhered to

- identifying ways and means of improving efficiency and effectiveness of the team, enhancing service standards where possible and appropriate through the use of systems, best practices, streamlining initiatives, process simplification and "think-out-of -the-box" solutions

Operational Effectiveness & Control:

- Resolve any/all identified issues promptly, and escalate concerns to SGH Head of CMP WPB and other managers as appropriate to ensure timely awareness of any material concerns.

- Maintain and observe all control standards and implement and observe the Group Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators.

- Maintain awareness of operational risk within assigned portfolio and minimise the likelihood of it occurring including its identification, assessment, mitigation and control, loss identification and reporting

Typical KPIs and Targets:

- Assisting SGH Head of CMP WPB in managing operational risk, including its identification, ongoing assessment, mitigation and control, loss identification and reporting to the SGH Head of CMP WPB.

- No adverse audit comments and all audit points and issues actioned against promptly and appropriately

- Review below standard audit reports, compliance reviews and reports and take appropriate action regarding any significant compliance or reputational exceptions

- Achievement of compliance and risk targets

- Completion of all mandatory training courses

- Internal efficiency and effectiveness

Major Challenges:

- SGH Compliance operates in a rapidly changing and dynamic environment, both internally and externally. Scamsters, perpetrators, money launderers are creative in the modus operandi and with the additional challenges of terrorism financing and Sanctions, international and local regulators must be especially alert, ensuring that new policies and / or procedural changes are in place to counter the development of new typologies that are constantly changing in form and sophistication.

- Therefore, the incumbent's major challenge lies in assisting the SGH Compliance in ensuring consistent effectiveness and efficiency. S/he must be creative, draw deeply on her/his own knowledge and experience to constantly ensure that procedures are workable and of a consistently high standard. S/he must have a keen sense of judgment and be adept in identifying and defining problems, be continually updated on new ML/TF threats and be alert to the latest regulation and controls in order to initiate any necessary amendments in policies and procedures.

- To achieve her/his goals, s/he must have adequate banking knowledge (in relation to the business and its operations) and technical expertise in regulatory compliance with AML/CFT and Sanctions regulations to be a competent authority on the subject in the Bank. S/he must also employ effective inter-personal / communication and managerial skills when providing consultancy advice, when working with her internal customer, other Group offices, the local authorities and other banks in Singapore.

Role Context:

- Environment: The Global function in Singapore is responsible for SGH's adherence to the Group and various regulators' policies and procedures in relation to Regulatory and Financial Crime Compliance. The sub-section routinely handles matters of reputational importance to the Bank and the Group.

- Guidance and Authority: The incumbent has a moderate degree of autonomy and authority in the management of the functions undertaken in relation to financial crime compliance. S/he also has the authority to recommend controls / procedural matters in relation to financial crime compliance such as those in relation to customer due diligence, risk-based approach.

- All matters of escalation and heightened risks in relation to SGH are to be reported to SGH Head of CMP WPB, who provides Compliance guidance to the respective Lines of Business, as and when consulted.

- Operating in a fast changing environment, the incumbent must be alert to any inadequacies in existing procedures and controls. S/he is required to apply initiative, lateral/ critical thinking and professional judgment when conducting reviews / audits and providing advice on compliance.

- S/he must ensure that all work carried out are in compliance to the Group's Compliance Policy and all relevant GCLs / HCLs, HKMA Guidelines and Supplements on Compliance, MAS Notice 626 and the various AML/CFT legislations of Singapore including the Corruption, Drug Trafficking and Other Serious Crimes Act (CDSA), the Terrorism (Suppression of Financing) Act 2002 (TSOFA), FATF Revised 40 Recommendations and 9 Special Recommendations and Basel Due Diligence requirements. S/he must also be conversant with the Bank's BIMs / FIMs, internal controls and audit guidelines, where relevant.

Observance of Internal Controls:

- The jobholder will adhere to, and be able to demonstrate adherence to, internal controls and will implement the Group compliance policy by adhering to all relevant processes/procedures.

- The term 'compliance' embraces all relevant financial services laws, rules and codes with which the business has to comply. 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 following statement is only for roles with managerial or specific Compliance responsibilities

- The jobholder will implement measures to contain compliance risk across the business area. This will be achieved by liaising with Compliance department about 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.

Qualifications - External

What you will need to succeed in the role:

- Preferably a degree holder with 5 years' experience in the banking industry, with a minimum of 3 to 5 years spent in Compliance function.

- What additional skills will be good to have? A diploma in Regulatory Compliance, AML (as obtained through the International Compliance Training Academy) and / or ACAM (Certificate of Ant-Money Laundering Specialist) would be useful, although not mandatory