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Vice President, Senior Manager Specialty Compliance
HSBC
New York, NY, United States
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Description
Manages assigned specialized compliance functions and/or operations for financial services business groups of the largest and most complex nature.
Impact on the Business
• Manage assigned specialized compliance functions for major financial services business groups of the largest and most complex nature. Ensure adherence to the Compliance Officer and Money Laundering
• Control Officer handbooks.
• Identify and report all significant regulatory compliance breaches or gaps; work with legal and business management to design and implement changes to business policies and procedures as appropriate.
• To discharge the (Compliance Officer) accountabilities set out in the Compliance Officer Handbook by pro-actively assisting management in identifying and containing compliance risk, monitoring, reporting and certification, fostering a compliance culture and optimizing relations with regulators.
Customers / Stakeholders
• Develop external contacts among industry peer groups to determine/validate that the Company is following and instrumental in developing industry bes
• Leadership & Teamwork
• Ensure compliance monitoring and internal controls are in place, including processes for management of operational risk, in accordance with Company and regulatory standards.
• Complete other related duties as assigned and provide management direction to foster effective selection, development and reward of subordinates while contributing to initiatives in support of the Company’s Diversity programs.
• Lead and develop an effective team through communication, performance management, development plans and reward/recognition practices.
Operational Effectiveness & Control
• Assist management in identifying and containing compliance risk, compliance monitoring and fostering a compliance culture. Work with management in the development and enhancement of products to ensure compliance with applicable laws and regulations; coordinate development and maintenance of supporting policies, procedures, agreements and contracts.
• Serve as liaison for assigned businesses to foster good working relationships with internal audit and regulatory agencies
• affecting assigned business(es). Ensure appropriate accommodations for examiners, facilitate information requests and meetings, participate in exit interviews and coordinate management responses to examination findings.
• Maintain awareness of major regulatory changes affecting assigned business(es); ensure appropriate communication and development of appropriate policy/procedure changes to remain compliant.
• To discharge the accountabilities set out in the Legal and Compliance FIM by pro-actively assisting management in identifying and containing compliance risk, monitoring, reporting and certification, fostering a compliance culture and optimizing relations with regulators.
• Complete other responsibilities, as assigned.
Major Challenges
• The candidate needs to be experienced in supporting the regulatory compliance requirements of global financial institutions coupled with and understanding of HSBC lines of business, functions, products and services. Must be a team player who can effectively work across business units and geographies and can provide effective program management in a matrix management environment.
• The candidate also needs to be a self-motivated and results-driven professional who displays good business judgment and has the capacity to consult on and satisfy regulatory compliance requirements. The candidate must have excellent collaboration, communication, interpersonal, negotiation and presentation skills. Finally, the candidate must also be able to work in a dynamic environment with rapidly changing and competing priorities.
Role Context
• Positions designated as “specialized compliance” are typically focused on multiple major lines of specialized businesses within a financial institution (i.e. GBM, wealth management, private banking, anti money laundering (AML) for the Private & Investment Bank, brokerage, etc.). Many of the businesses entail the highest degree of regulatory compliance and reputational risk, particularly with respect to risks arising out of non-compliance with extensive and complex regulations. Failure to comply with these regulations would have significant negative effects on relations with regulators, the reputation of the Company with the public and may result in regulatory impediments to mergers and acquisitions and significant regulatory sanctions, including regulatory fines of material amounts.
• This role will have compliance adherence responsibility driven by the line of business supported. This position supports the following lines of business, including but not limited to:
• CMB:
• Provides general compliance support for a significant risk category/business under CMB. Under the guidance of the Director Specialized Compliance, supports advisement on regulatory matters; monitors business unit compliance programs and ensures an effective system of internal controls are developed and maintained. Researches laws and regulations regarding operating procedures for new products and product enhancements to ensure compliance with all applicable federal laws and regulations. Researches and resolves items of concern identified through standard activity monitoring and conducts targeted reviews of specific areas of high risk or complexity.
• Global Transaction Banking role can be found in Targeted Monitoring, Wire Transfer & Cash Letter Deposits
• Wire Transfer & Cash Letter Deposits
• Maintains and organizes the monitoring function for wire transfer and cash letter deposit activity across the large corporate and financial institutional client base. Provides oversight and advisory role on know your customer (KYC) for businesses among the highest risk in the Company and have commensurate levels of reputational risk.
• Targeted Monitoring:
• Manages the Targeted Monitoring Program which supplements the systemic wire monitoring system by conducting reviews that focus on specific areas of concern from from an industry or bank perspective.
• Private Banking Compliance:
• Manages compliance functions in support of domestic and international private banking businesses, ensuring adherence to banking and credit regulations. Maintain awareness of regulatory developments affecting the private banking business and advise line management on the implementation of compliant policies and procedures. Responsible for compliance reports, special compliance reviews, projects and training efforts, as required. Responsible for carrying out projects with regulatory or substantial business impact. May be responsible for compliance discipline or staff development as well.
• Asset Management Compliance:
Responsible for general compliance support as part of a team for a US registered investment adviser in accordance with established compliance policies and procedures. Responsible for building relationships with business line staff to facilitate the resolution of compliance issues; utilizing trading and portfolio accounting systems to extract data for compliance analysis. Participate in special compliance reviews, projects and training efforts, as required.
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.
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.
Role Dimensions
• Role will function as an individual contributor
• Approximate staff size: 0
Qualifications
Knowledge & Experience / Qualifications
• Minimum of eight years proven and progressive financial services operations, compliance and/or legal management experience or equivalent.
• Bachelor’s degree in business, related field or equivalent experience; Master’s degree preferred.
• Strong managerial, communications, analytical, organizational, project management and planning skills.
• Strong knowledge of assigned businesses, products, operations, systems and organization and understanding of regulatory compliance requirements applicable to the topic.
• Proven ability to accomplish high-level objectives in the context of annual business and compliance plans.
• Expertise in project / program management methodologies
• Experienced in the delivery of regulatory compliance programs coupled with excellent planning, time management and resource management skills
• Expertise in MS EXCEL, Word, Powerpoint and Sharepoint
EEO/AA/Minorities/Women/Disability/Veterans