Job Summary
The key function of Group Wealth and Retail Banking (“WRB”) CFCR advisory is to provide second line challenge, oversight and advisory to the WRB business in order to ensure the execution of the business strategy is compliance to the regulatory requirements and expectation in compliance and financial crime risk management.
Director, CFCR Advisory, WRB has the RFO’s responsibility to provide second line challenge, oversight and advisory on compliance and financial crime risks in all processes within WRB. While role holder can be an expert in specific areas of compliance and financial crime risks based on experience and knowledge accumulated throughout the career, he/she must also demonstrate to have the mindset and quality to become a master generalist and have knowledge and skill to work on all areas within the function as assigned to.
For the next 12 to 24 months, the role holder will be assigned to focus on the following compliance and financial crime risks areas:
• Advisory of standards relating to AML, CDD and Sanctions compliance to Group 1LOD and Country 2LOD stakeholders
• CDD segment addenda management and revision
• Provide challenge, oversight and advisory of compliance and financial crime risks in the Relationship Opening & CDD Process
• Support and provide oversight in various financial crime risk control enhancement initiatives under Project Hercules
• Single point of contact within Group WRB CFCR in advising and coordinating sanctions risk controls management
• Advisory of Market Conduct risk in relation to the Chief Investment Office, Advisory and Managed Investments, including WRB Market Commentary Standards maintenance.
• Provide advisory of Compliance and Financial Crime concerns in relation to client facing collaterals for wealth products (e.g., Funds, Mandates and other marketing campaigns).
• Provide advisory on mis-selling arising from sustainability initiatives within WRB.
Key Responsibilities
Strategy
• Support and implement the vision, strategy, direction and leadership for WRB Compliance, consistent with Global Head, CFCR, WRB and GCNA’s vision and strategy for the Compliance function and in support of the Bank’s strategic direction and growth aspirations.
• Promote the culture and practice of compliance with compliance standards (including conducting business within regulatory requirements, and to high ethical standards) within the Bank and embed a Here for good culture and the Group Code of Conduct within the Wealth Solution business.
• Support and effectively challenge the delivery of the WRB business strategy (including cross-border, affluent focus) within the bank’s risk appetite and in compliance with the relevant risk type frameworks.
• Provide support to Country CFCR teams in exercising their 2LOD responsibilities relate to Compliance and Financial Crime risks in WRB
• Provide relevant support and oversights to ensure platforms rolled out under WRB are fit for purpose and attendant risk is well managed
• Support and challenge the Business Risk Management team in management of non-financial risks, adhering to non-financial risk frameworks and embedding risk culture and knowledge across WRB.
• Proactively identify and challenge the business to manage Conduct, Financial Crime and Compliance related risks in WRB while entrenching the direction of “Client Focus Risk Aware”.
Business
• Build and maintain an effective and constructive relationship with all key business and functional stakeholders that is based on trust, capability and integrity, providing timely, responsive and quality regulatory compliance advice and guidance to enable the business and functions to meet/ achieve their strategic tactical objectives.
• Provide regulatory advice, analysis (and challenge when appropriate) in relation to the full product life cycle including product design through to post sale reviews/ assessments, new business initiatives, bespoke projects, remedial activities (including nature, scale and rigour of past business reviews), transitional investigations.
• Provide robust challenge to business management and all relevant business stakeholders where activities are outside risk tolerance/ appetite, escalating as necessary, until appropriate oversight and ownership is achieved including actions and plans to address any remedial action needed to come back within risk tolerance/ appetite.
• Work closely with the business to provide timely regulatory compliance advice to ensure compliance with all relevant laws and regulations and support the transition to pro-active and pre-emptive compliance and conduct risk mitigation.
• Assist relevant Executive Directors, CFCR Advisory, WRB in interfacing with and supporting stakeholders in delivering the business agenda (projects, new business / product initiatives).
• Build and maintain close links with the country WRB CFCR teams, raising relevant issues, including material transactions, conduct /fair accountability issues, people issues and business feedback, influencing and embedding global standards consistently throughout the WRB CFCR function.
• As Risk Owner for conduct risk provide effective challenge to the approach taken and actual management of conduct risk by WRB.
Processes
• Provide advice on Compliance and Financial Crime policies and standards. Review policy and/or standards dispensation requests, making recommendations to relevant Executive Director, CFCR Affluent and Wealth Solutions, Managed Investments and Chief Investment Office. Work collaboratively with the Business, OR and other key stakeholders to develop Wealth Management policies and standards, as required
• Manage the development and update of WRB segment addenda of relevant Group CFCR standards.
• Support the relevant Executive Directors, CFCR Advisory, WRB to establish and maintain effective processes (including training, advice and support) to ensure that policies, procedures and standards to address Compliance, Financial Crime and Conduct risks are effectively implemented and adhered to across WRB.
• Provide support and challenge to the Bank’s senior management to ensure that they establish and monitor appropriate processes for compliance with compliance policies and standards (including meeting regulatory obligations and maintaining high standards of conduct).
• Provide support and challenge to WRB business in its direction of enhancing its process controls effectiveness and enhancement via the approach of “simplify, standardize and digitalize”.
People and Talent
• Lead through example and build the appropriate culture and values. Set appropriate tone and expectations from their team and work in collaboration with risk and control partners.
• Ensure the provision of ongoing training and development of people and ensure that holders of all critical functions are competent, suitably skilled and qualified for their roles ensuring that they have effective supervision in place to mitigate any risks.
• Employ, engage and retain high quality people, with succession planning for critical roles.
• Proactive in acquiring new CFCR knowledge and skills with the aim of becoming a master generalist in the CFCR function. Additionally, help other CFCR colleagues to expand their knowledge and skills by working collaboratively with them.
• Regularly and on a timely basis appraise performance of team members or providing constructive feedback to colleagues, as well as proactively manage attrition when needed.
Risk Management
• Act as delegated Risk Framework Owner under the Group’s Risk Management Framework for WRB processes where CFCR is the second line Risk Framework Owner, as well as support the relevant Executive Director WRB CFCR Advisory to constantly improve compliances oversight on processes.
• In collaboration with relevant senior managers, support a programme for compliance monitoring, surveillance and assurance for WRB.
• In collaboration with Managed Service Team, support a programme for compliance, financial crime and conduct oversight and challenge for WRB.
• Ensure effective management of compliance matters, and in collaboration with the rest of the CFCR team, effectively manage regulatory issues that have a significant impact on the Bank.
• Collaborate with the other compliance colleagues to anticipate horizon risks that may have a significant impact on the WRB and the Bank and develop effective strategies to mitigate such horizon risks including global standards for conduct of business.
• In the event of serious regulatory breaches, or where risk tolerances have been breached, support the relevant Executive Directors, CFCR Advisory, WRB to ensure senior management in the Bank and relevant regulators are informed and that actions are taken quickly to remediate and/or activities are ceased.
• Ensure proactive and timely identification, assessment, advice, appropriate escalation and dissemination of evolving regulatory changes/practices and associated risks, and proactive engagement in regulatory reform.
• Support the Relevant Executive Directors, CFCR Advisory, WRB to provide reports, as required to relevant Group and Business risk and control committees and management group on key compliance risks and issues.
• Ensure the Business maintain adequate management MI / trackers across all aspects of their coverage and responsibility to ensure all issues and matters are tracked, followed, regularly assessed and reported on.
• Ensure the Business properly carries out Compliance Risk Assessments, including development of mitigating action plans, where required.
Governance
• Within the Group's overall Risk Management Framework, establish and maintain appropriate risk based compliance frameworks for identifying, assessing, managing, monitoring, mitigating and reporting compliance (including regulatory, financial crime and conduct) risks across WRB.
• Support the Relevant Executive Directors CFCR Advisory, WRB to develop and recommend (for approval by the relevant Risk Committee), appropriate Compliance policies and standards.
• Ensure appropriate product governance measures are in place so that product approval documents reflect all relevant regulatory requirements.
• Attend relevant committees and forums as CFCR’s representative or delegate of Global Head, CFCR, WRB and GCNA.
• Propose and where required, assist in conducting assurance reviews at Group, Country and Business levels to identify gaps and emerging risks.
Regulatory and Business Conduct
• Display exemplary conduct and live by the Group’s Values and Code of Conduct.
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
• Support the Global Head, CFCR, WRB and GCNA to lead the function to achieve the outcomes set out in the Bank’s Conduct Principles: Fair Outcomes for Clients; Financial Crime Prevention; Creating the Right Environment.
Key stakeholders
• Multiple regulatory authorities, e.g. Financial Conduct Authority, Prudential Regulation Authority, Monetary Authority of Singapore, etc.
• Senior WRB Business Management
• Risk and Control Functions in the First Line of Defence
• Group WRB Advisory CFCR Advisory teams, including the Managed Services team
• Group Internal Audit
• Country CFCR Heads and his/her teams including CFCR Advisory and FCC
• Head, Group Operational Risk, WRB and his/her team
• Head, Group Risk, WRB and his/her team
• Head, Legal, WRB and his/her team
• External Law Firms and Consultants, where required
• External Auditors, where required
Other Responsibilities
Embed Here for good and Group’s brand and values in WRB Compliance Team; Perform other responsibilities assigned under Group, Country, Business or Functional policies and standards
Skills and Experience
Our Ideal Candidate:
• 10+ years of experience in a regulated financial institution with proven experience in the compliance advisory and strong regulatory knowledge.
• Expert level of knowledge and experience in financial crime risk management, particularly in AML and sanctions risk management in Customer Due Diligence.
• An understanding of market conduct and regulatory requirements, including UK and EU Market Abuse Regulation (MAR), with proven ability to assess client facing materials (e.g. market commentary, investment recommendations) for regulatory compliance, appropriate disclosures, and conflicts of interest.
• Experience in developing policies and standards, specifically relating to Customer Due Diligence and Market Conduct, that reflect regulatory requirements and internal risk appetites.
• Pro-active identification of compliance and financial crime compliance risks and concerns, and work with all relevant stakeholders to resolve the risks and issues in timely manner.
• Support business stakeholders in growing their business safely by providing professional and practical compliance and financial crime risk advice
• Continuous pursuit of simplification, optimization and automation through thoughtful procedure and process design, working closely with the first line counterparts to address operational pain points, and enhancing control effectiveness and efficiency.
• A degree in any field is an additional advantage
Role Specific Technical Competencies:
• Managed Risk
• Compliance Policies and Standards
• Compliance Advisory
• Manage Conduct
• Compliance Risk Assessment
• Manage Change
About Standard Chartered
We're an international bank, nimble enough to act, big enough for impact. For more than 170 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents and we can't wait to see the talents you can bring us.
Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion.
Together we:
• Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
• Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
• Are better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term
What we offer
In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.
• Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations.
• Time-off including annual leave, parental/maternity (20 weeks), sabbatical (12 months maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum.
• Flexible working options based around home and office locations, with flexible working patterns.
• Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
• A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning.
• Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.
Recruitment Assessments
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