AVP RC GBM Business Advisory & Regulatory Implementation : 000081U7
Employment Type: Regular
- Reporting to the Canada Head of Regulatory Compliance for Global Banking and Markets (Head of RC GBM), the AVP, GBM RC Banking & Capital Financing (“B&CF”) Advisory will be responsible for contributing to a strong compliance program that identifies, measures and monitors compliance with applicable laws and regulations that govern GBM business in Canada.
- The jobholder will independently advise, guide, challenge and deliver training to the B&CF businesses including but not limited to: Client Coverage (Institutional and Corporates); Debt Capital Markets; Equity Capital Markets; Project Export Finance and Payments Cash Management, as well as support functions to ensure business is conducted within applicable regulations. The nature of the role will require partnership with the regional Control Room in New York in order to enforce Control of Information and Conflicts Management policies locally.
- The role requires strong partnership with GBM business and leadership team, interfaces with both GBM Operations and front line as well as Risk, Legal and Audit departments to provide expertise on regulatory matters, assess and measure compliance and related risks, and monitor and test the adequacy of GBM’s compliance control environment.
- The primary business area of focus for the jobholder will be the Canada Banking & Capital Financing businesses. However, support to other GBM businesses such as Markets and Research will be required from time to time to support cross business line commercial initiatives. In addition, periodic guidance to RC colleagues in non-GBM businesses such as Commercial Banking may be required to provide technical input.
Principal Accountabilities: Key activities and decision making areas
Impact on the Business
- Implement and manage the review and reporting on Regulatory Compliance program including policies and procedures to address compliance risks at GBM and comply with applicable securities and banking laws and regulations.
- Actively participate in the implementation of end-to-end compliance oversight, risk assessments, policies & procedures, training, monitoring & testing programs, and management of regulatory or self-identified issues and associated reporting of compliance risk.
- Partner directly with the business to provide guidance and direction on compliance related matters to GBM business and support functions. In partnership with line management, discharge GBM responsibility for complying with all relevant regulations.
- Ensure proactive approach is taken to identification of Regulatory Compliance risk change and potential impacts on GBM.
- Continuous review for appropriateness of framework to monitor regulatory compliance developments impacting GBM
- Establish and implement global standards and strategic policies which ensure GBM’s exposure to current risks and emerging arising risk is managed.
- Act as primary Regulatory Compliance contact for GBM, with accountability to the local business and the local compliance function for ensuring as a second line of defense that the business is compliant with all relevant regulatory requirements which include: (i) providing advice to the business; (ii) oversight of regulatory change and business changes (e.g. new business opportunities, developments, re-organization)
Customers / Stakeholders
- Liaison with relevant stakeholders within GBM in Canada, other Global Business and Functional teams to provide GBM expertise and support on all Regulatory Compliance related matters
- Ensure the appropriate timely and relevant risk information is provided to GBM management and GBM Governance Committees
Leadership & Teamwork
- Strong communication and working relationships with Global GBM, Regional GBM, other GBM leaders, other Risk Disciplines, Functions and Global Businesses to ensure implementation of new disciplines.
- Share best practices with group offices, other business lines and other regions.
- Maintain and develop positive and professional working relationships with senior GBM business managers.
- Promote an environment that supports diversity and reflects the HSBC brand.
Operational Effectiveness & Control
- Strive to resolve any/all identified issues promptly, and escalate concerns as appropriate to ensure timely awareness of any material impediments to timely remediation.
- Maintain and observe all HSBC control standards and implement and observe the Group Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators and the escalation of concerns to management as appropriate with regard to timely remediation.
- Maintain awareness of operational risk within assigned portfolio and minimize the likelihood of it occurring including its identification, assessment, mitigation and control, loss identification and reporting.
- Ensure all GSM, FIMs, BIMs and dispensations, etc. are updated for changes in Regulation and impacts on business.
- Ensure that all employees are aware of and effectively identify and manage applicable money laundering (ML), terrorist financing (TF), sanctions and reputational risks.
- Complete other responsibilities, as assigned.
- GBM comprises a diverse and varied number of business areas, ranging from those which are highly regulated to those which are unregulated. These activities continue to evolve due to market conditions. The nature of GBM’s business is global and therefore is subject to various regulations from multiple jurisdictions. A single transaction could feasibly be subject to regulatory requirements from three different jurisdictions with little commonality between those regulatory requirements. Effective communication with colleagues in other jurisdictions is a necessity.
- External regulatory and HSBC Group expectations are constantly evolving and likely to become more onerous. Some traditionally non-regulated GBM activities are now subject to various new regulations as a result of the G20 OTC Derivative Reforms (e.g. Dodd Frank Act, Canada OTC Derivatives Reform). In addition, regulators are taking a more aggressive approach in ensuring compliance with their requirements and imposing increasingly stringent sanctions for breaches.
- The “large ticket” size nature of the GBM business means that any breach of regulation, codes of practice or good market conduct would have a greater regulatory, financial and reputational impact on the bank, potentially the industry and even economy. It is essential that accurate Regulatory Compliance advice be given.
- GBM is much more dynamic than HSBC’s other businesses (CMB, GPB and RBWM) and timely Regulatory Compliance advice is both necessary and expected.
- In addition to having detailed knowledge of applicable Canadian regulations, the jobholder is expected to have an understanding of foreign regulation with extra-territorial applicability (e.g. Dodd Frank Act, MiFID, EMIR).
- The jobholder will collaborate with line management within GBM in achieving a balance between the demands of regulators, external bodies and governmental initiatives, GBM business and ultimately the Group’s shareholders and customers; being aware of the political, management, regulatory and reputational implications of a particular decision and courses of action.
- In order to effectively manage change in a volatile environment, the Senior Manager RC Global B&CF Advisory is required to have a broad and deep understanding of businesses, regulatory and industry issues, as well as the competitive landscape. The jobholder will be required to stay abreast of the rapidly changing regulatory environment as it relates to Regulatory Compliance and the more stringent regulatory interface and intervention across multiple jurisdictions, which is complicated further given the dynamic nature and differing pace of change.
- The jobholder is required to ensure the consistent application of the highest Risk management standards, as led by the Global Head(s), Regional Head(s) and Canada Head of RC GBM and/or the Regional Head of RC, notwithstanding the complexities of products and business operations in Canada. Risk is forward looking. The incumbent would assist in the planning and implementation of change programs to ensure that GBM remains in line with applicable regulatory requirements. A balance must be maintained between the local, regional and global priorities. The incumbent would need to balance between sometimes conflicting needs and priorities of different teams within Risk departments and across countries.
As defined in HSBC Group Risk Management and Control standards, Global Functions (including Compliance) are responsible to ensure HSBC’s Risk Appetite Statement is observed. The primary role of the Functions (including FCC and RC) is as second line of defense, providing assurance, oversight and challenge over the effectiveness of the risk and control activities conducted by the first line of defense. Compliance will establish frameworks to identify and measure risks being taken by the global businesses, as well as to maintain and monitor controls for which they are directly responsible.
Management of Risk
- Ensure compliance of both general and anti-money laundering and anti-terrorist financing (AML/ATF) compliance controls as well as operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues.
- The jobholder will also 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.
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 also 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. This will be achieved by adhering to all relevant processes/procedures and by liaising with Regulatory Compliance department 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 optimizing relations with regulators
- Bachelor’s degree or equivalent experience.
- Ten years+ in the banking and/or securities industry experience, at least three years of which should be with a GBM (investment banking) business focus.
- Existing experience of working in a business facing Regulatory Compliance or legal function.
- Experience of working in an investment bank’s Control Room would be useful.
- An understanding of all significant regulatory compliance requirements applicable to B&CF businesses and typical policies such as Control of Information/Chinese Walls, Insiders Management/Wall-Crossings, Conflicts Management and Clearance, Allocation and Price Stabilization procedures.
- Knowledge of B&CF business (Coverage, DCM, ECM, PEF, PCM, Mergers & Acquisitions), including products, operations, systems and organization.
- Excellent communication and inter-personal skills, with experience of dealing with executives at all levels including the capacity to articulate the case for risk management and policy in the language of business.
- Ability to develop practical, cost effective solutions to complex issues.
- Experience of dealing with regulatory matters and confident interaction with Regulators.
- Ability to lead change in Canada, contributing to joining up with the other teams in Risk and Business globally.
- Experience of working within a matrix environment preferred.
- Experience of working for a large international organization preferred.
Job Field : Risk Management
Primary Location : North America-Canada-Ontario-Toronto
Schedule : Full-time Shift : Day Job
Type of Vacancy : Country Vacancy
Job Posting : Sep 12, 2016, 8:28:21 AM Unposting Date : Sep 17, 2016, 11:59:00 PM