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Assistant Vice President Manager Local Compliance Officer - Consumer and Retail Business Banking Deposit
HSBC
Depew, NY, United States
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Description
It is key to the success of RBWM that we support the Consumer and Retail Business Banking Deposit business, inclusive of Deposit Products, ATM/Debit Cards, Personal Internet Banking and associated Marketing. To achieve this, the role will support the RBWM business in implementing a range of required enhancements and transformational initiatives. These include:
• Ensure consistent compilation of KI metrics as well as analysis to use for the mitigation of regulatory risk.
• Coordination with regulatory change implementation colleagues to ensure RBWM policies and procedures remain accurate, up to date and fit for purpose for the RBWM business.
• Drive the rolling out of practices and procedures designed to raise evidentiary standards of Compliance documentation (workflow management, recording of material advice, management of compliance breaches and escalation, etc).
• Work with business stakeholders to continuously enhance the quality of MI/Reporting produced in the pursuit of better management of regulatory risk.
• Perform coordination of, regulatory investigations and inspections
Impact on the Business
• Provides key compliance support on new and or revised business strategies, initiatives, and projects, which may include supporting businesses in assessing the risks associated with new/revised strategies and recommending and or assessing mitigation efforts to reduce risk exposure.
• Reviewing regulatory adequacy of vendor services prior to contractual engagement and during the course of the contractual arrangement, including any modification with regard to the services performed or a change in product.
• In coordination with Compliance Training and Outreach and the Regulation Coordinators, ensures delivery of the annual training and communication plan for assigned area as appropriate. This includes conducting business unit training needs assessments, development of compliance training content for business unit personnel and providing ad hoc training as needed.
• Coordinates, as required, outreach efforts relative to Compliance procedures, regulatory, and technical/procedural updates.
• Advises business units on the development of action plans to implement new or changed regulatory requirements. Action plans may include the development of or changes to existing training materials, policies, procedures, system and other controls, monitoring/testing processes, and reporting.
• Provides as required business unit management with adequate reporting and MIS regarding Compliance related activities and initiatives relevant to the business and its operations,
• Escalates any significant compliance issues and trends to business unit senior management, HNAH Compliance management and Group Compliance.
• Serve as a regulation coordinator for a specific regulation. Ensures all appropriate compliance initiatives are carried out, including action plans and any remediation associated with the results of any relevant BRCM reviews, Compliance Monitoring and Testing (CMAT) testing and Internal Audits. Works with the CTAC Team to specify targeted testing for the following calendar year.
• On an annual basis, reviews/prepares training required by the lines of business and by Compliance. Prepares summaries on compliance with the regulation for senior management, and/or Committees/Boards or Executives as required.
Customers / Stakeholders
• Maintains good working relationship with business, internal control, and senior management in line of business or global function assigned.
• Advises, as requested, business management and the BRCM function to ensure that appropriate compliance programs, policies, procedures, and other controls are in place and operating effectively and satisfy supervisory obligations.
• Helps review regulatory feedback and customer responses to ensure that compliance issues raised in feedback are appropriately responded to and necessary corrective actions are initiated.
• Liaises with the relevant Internal Audit in relation to compliance matters including the provision of technical support and guidance, and with control functions (e.g., Finance, Credit, HR, Corporate Secretary’s Office, Tax and Security).
• Provides on-site business unit support during compliance-related regulatory examinations.
• Monitors the status of any material compliance issues identified and reported by CTAC, Compliance Inspection Unit (CIU), BRCM, regulators or Internal Audit and provide updates to business unit management and Compliance senior management as necessary.
Leadership & Teamwork
• Promotes an environment that supports diversity and reflects the HSBC brand.
Operational Effectiveness & Control
• As required, provides coordination of regulatory matters, including examinations, inquiries, and investigations.
• Prepares an annual plan for their area of responsibility that adequately reflects these accountabilities, and the compliance risks in their area.
• Supports business units as they conduct Compliance Detailed Self-Assessments (CDSAs), and assists in completing the Enterprise-wide Risk Assessments (ERAs), as well as any relevant functional risk assessments for respective business units and Compliance.
• As required, maintains LCO Compliance team written procedures for area of responsibility.
• Escalates any significant compliance issues and trends to business unit senior management, HNAH Compliance management, and Group Compliance.
• In conjunction with business line management, provides support in developing and maintaining processes to monitor and report on the effectiveness of the first and second line of defense against compliance risk at the business unit-level. Provides adequate reporting and MIS regarding Compliance related activities and initiatives relevant to the business and its operation.
• Completes Monthly LCO Reports in accordance with the centralized reporting processes established by MIS Strategy.
• Helps implement the Group compliance policy locally by managing compliance risk in liaison with the Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources and training, fostering a compliance culture and optimizing relations with regulators.
• Completes other responsibilities, as assigned.
Major Challenges
• Maintains compliant business in light of the challenging regulatory environment.
• Balances the increasing demands placed upon the business by the introduction of new or revised regulatory requirements.
• Ensures future business growth is attained in a responsible and conscientious fashion while the operation remains regulatory compliant and commercially sound.
• Operates effectively under the pressure of deadlines, constant regulatory oversight, and business unit performance.
• Shares ownership with business leadership team in the ongoing advancement of a positive compliance culture through cultural transformation.
Role Context
• Sets priorities and makes day-to-day decisions independently. Escalate matters to senior management as needed.
• Escalates matters to senior management as needed.
• May serve as a subject-matter expert for specific regulations, regarding its purpose and legislative history, remaining aware of changes to the regulation or to applicability of the regulation to the business. If responsible for a specific regulation, serves as the central point of contact for US Compliance and oversees the accuracy of the information regarding the regulation in the risk assessment tools while serving as the advocate for consistency for controls.
• Provide supervisory support for junior staff.
Management of Risk
• Ensures compliance and operational risk controls are in accordance with HSBC and regulatory requirements, expectations, standards and policies; and optimizes relations with regulators by addressing any issues.
• Provides compliance support 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 compliance support on new and revised business strategies, initiatives, and projects for assigned area.
• Adheres to the Firm’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 and reported through the appropriate committee.
• Provides support to ensure alignment with regulatory requirements, HNAH’s Enterprise Compliance Policy and Program, the Compliance Risk Management Program (CRMP) Manual and other Group policies
Qualifications
• Strong background in compliance within a financial services environment and be able to understand, interpret, and apply complex regulatory requirements to business practices.
• Minimum of three to five years proven audit, compliance, financial services operations and/or regulatory experience, or equivalent.
• Bachelor’s degree.
• Strong written, verbal communication and presentation skills.
• Strong analytical skills and organizational skills.
• Ability to meet deadlines.
• Proactive and independent.
• Proficiency with personal computers, software packages including Microsoft Excel, Word, and PowerPoint
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