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Vice President, Head of AML Risk Models
HSBC
New York, NY, United States
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Description
The Senior Manager Financial Vulnerability Models, Independent Model Review is responsible for undertaking the independent review of Financial Vulnerability models (Compliance, AML, SFR Models), providing senior management, model users, regulators and Audit with comfort that such models and tools are developed and maintained to be fit for their respective purposes and compliant with regulatory expectations. The profile of such models has risen significantly with Regulators who are placing increasingly significant demands on Firms to demonstrate robust control and oversight of development and usage.
Impact on the Business
Provides independent assurance that Financial Vulnerability models are fit for purpose. Financial Vulnerabilities Models include models for AML detection, Sanctions detection, Fraud, and Operational Risk models. The second line of defense in Model review independently assesses whether these models are fit for their stated purpose, including proposals for remediating weaknesses and strengthening model performance.
Customers / Stakeholders
• Financial Vulnerabilities MOC
• Internal Audit
• External Audit/Regulators
• Model Owners
Leadership & Teamwork
• Driving coherence of IMR approach across relevant regions and risk categories
• Co-operative relationship with model owner and developers to enhance HSBC’s model landscape via constructive dialogues
• 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
• Cost-efficient related IMR Function
• Stewardship across relevant area, driving consistency where appropriate and allowing for flexibility where necessary
• Stewardship over all related regulatory and compliance matters and the management of operational risk.
• 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.
Major Challenges
• The principal challenge of the role is to providing constructive feedback to model owners and developers within a highly skilled, quantitative environment, and to constantly re-balance changing and challenging external / regulatory expectations and internal business needs.
• Broad role encompassing all Global Functions and Global Businesses and risk categories as well as a wide range of local and FCA regulatory requirements.
Role Context
Role holder acts under the guidance of the Global Head and Deputy Head of Financial Vulnerabilities Model Review, to whom matters of fundamental significance will be referred. Reference to FVMOC required where relevant.
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 jobholder will 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. This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring.
• Also by addressing any areas of concern in conjunction with line management and/or the appropriate department.
• Adheres to the Firm’s Statement of Business Principles and Code of Ethics.
• Provides compliance advice to assigned area to help ensure an appropriate culture of compliance continues to develop in the daily activities of the front line and support units.
• Ensures delivery of effective advice on new and revised business strategies, initiatives and projects for assigned area.
• Adheres to HNAH’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.
• The jobholder will adhere to and be able to demonstrate 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 jobholder will implement the Group’s compliance policy by containing compliance risk in liaison with Global Head of Compliance, Regional Compliance Officer or Local Compliance Officer. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply for both Regulatory and Financial Crime Compliance.
• This will be achieved by adhering to all relevant processes/procedures and by liaising with the Compliance function (as part of Global Risk) 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.
• Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators and reported through the appropriate Committee. Communicates control weaknesses to other group leaders and business management in accordance with issue escalation procedures.
• Ensures alignment with regulatory requirements, HNAH’s Enterprise Compliance Policy and Program, the CRMP Manual and other Group policies.
Qualifications
• Quantitative background, ideally with experience of Financial Vulnerabilities Modeling
• While the role holder is not expected to engage in detailed quantitative analysis, he / she needs to be able to “bridge the gap” between technical specialists and business and compliance / audit audiences.
• Change delivery experience to build the global function from currently existing regional “pockets”.
• Strong communication skills on a strategic, business and technical level.
• Good understanding of HSBC overall business dynamics and culture.
• Proven leadership skills and the ability to exercise leadership without authority.
• Proven experience of discussing complex analytical subjects with non-technical internal and external counterparts.
• Advanced understanding of regulatory developments and supervisory practices, experience in dealing with regulators on technical and well as strategic business and capital matters.
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