Head of Compliance Advisory HSCI

Job description

Job description

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COMPLIANCE

  The Compliance function is a Second line of defence (LOD) function, responsible for reviewing and challenging the activities of the Group’s businesses (also referred to as “the First LOD”) to ensure that they effectively manage as “Risk Owners” the Regulatory and Financial Crime Compliance risks inherent in or arising from the conduct of their activities and for which they are responsible. The Second LOD consists of 'Risk Stewards' who are independent of the commercial risk-taking activities undertaken by the First LOD. The Compliance function is a Risk Steward for a number of non-financial risks in accordance with HSBC Group’s risk framework. 

The Head of Compliance Advisory – HSCI is an accountable executive responsible and supporting the Director Risk & Services, HSCI in identifying, managing, and mitigating Regulatory Compliance and Financial Crime risks and ensure timely advice is provided to the business.

 The responsibilities of the Head of Compliance Advisory – HSCI are to:

·       Leadership to ensure proactive approach is taken to identification of Regulatory & Financial Crime Compliance risk change and potential impacts on the HSCI businesses in India.

·       Continuous review for appropriateness of framework to monitor regulatory compliance developments impacting HSCI businesses in India.

·       Implement policies and systems that ensure that the exposure to regulatory compliance and reputational risks is managed, in a practical and effective manner, including efficient and reasonable deployment of resources and an understanding of the business operations and needs.

·       Establish and implement global standards and strategic policies which ensure HSCI’s exposure to current risks and emerging arising risk is managed appropriately, in a commercially focused and practical manner.

·       Review and assist in the effective deployment of the RC Assurance function.

·       Lead / liaison with relevant stakeholders within HSCI in India and other Global Business and Functional teams to provide expertise and support on all FCC and RC related matters.

·       Interaction with Regulators and industry bodies in India on FCC and RC matters relating to HSCI’s businesses.

·       Ensure the appropriate timely and relevant risk information is provided to local and Global Risk Management Committee’s

·       Lead, motivate and develop an effective team through communication, cultivate an environment that supports diversity and reflects the HSBC brand and improves employee engagement.

·       Conducting compliance reviews, monitoring, reporting etc. for the stock broking, merchant banking and research business of HSCI, as per Group and regulatory requirement.

·       Share best practice with group offices, other business lines and other regions.

·       Responsible for the performance management of the team, using relevant performance management tools, ensuring timely action is taken to improve underperformance, to maximize effectiveness of the team.

·       Take a hands-on approach to coaching with regular & productive use of Personal Development Plans and appropriate follow up.

·       Ensure development activities are a core priority and enable all team members to take reasonable time for learning and developmental activities.

·       Ensure the team in India is resourced to headcount plan, sufficient to meet the demands and opportunities of the business.

·       Resolve any/all identified issues promptly and escalate concerns to management as appropriate to ensure timely awareness of any material concerns.

·       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.

·       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.

Principal Accountabilities: key activities and decision-making areas

The following principal accountabilities are aligned to the Compliance Services and Processes Model. Additional detail is available in the Model.

  Impact on the Business

·       Support in overseeing the critical Compliance policies and systems that impact HSCI businesses and ensure that the Group’s exposure to Regulatory Compliance and Financial Crime risks is managed in a commercially sensitive, practical, and cost-effective manner.

·       Provide advice and support on Regulatory Compliance and Financial Crime risks to senior management, Compliance, and other colleagues.

 

Customer / Stakeholders

 

·       Reporting to Chief Compliance Officer, HSBC India and Director- Risk and Services, HSCI as relevant on Regulatory Compliance and Financial Crime risks matters.  

·     Ensure that senior management are appropriately advised of all material Compliance related matters relating to HSCI India.

·     Manage and foster a strong relationship with all relevant regulators in relation to the activities of HSCI India and ensure timely disclosure of relevant information, in relation to financial crime, and regulatory compliance related matters.

·     Ensure that positive relationships are maintained with other external stakeholders relevant to the Compliance agenda.

Leadership and Teamwork

·     Maintain and develop positive and professional working relationships wIMith senior business managers and Compliance colleagues at the Group level and those in other Regions and Businesses.

·     Support Chief Compliance Officer, HSBC India and Director- Risk and Services, HSCI in creating an environment for the delivery of consistent performance measurement, training, career management and succession planning across HSCI compliance teams.

·     Support Chief Compliance Officer, HSBC India and Director- Risk and Services, HSCI in establishing a strategy for the sharing of Regulatory Compliance and Financial Crime risks related compliance knowledge and best practice across HSCI and the wider Compliance Function and Group.

Operational Effectiveness and Control

·    Create a framework for the effective risk-based monitoring of the implementation of Regulatory Compliance and Financial Crime risks related policies and controls across HSCI.

·    Agree and oversee the implementation, embedding and monitoring of the adherence to the Compliance FIM in HSCI.

·    Monitor and assess the resourcing, costs and spend of the HSCI Compliance Advisory team.

Management of Risk

This will be achieved by ensuring all actions take account of the likelihood of Compliance risk occurring and by addressing any areas of concern in conjunction with line management and/or the appropriate department.

Observation of Internal Controls

Managers are accountable for setting the ‘tone at the top’ which underpins the principles of a positive and effective internal control environment.  They should exhibit leadership and direction to their teams for establishing and maintaining an effective internal control environment, including the development and management of policies and procedures where appropriate.  Managers should also ensure that suitable processes are put in place to review and oversee that internal control environment against those policies.

Local Job Requirements

Major Challenges

HSBC is an extremely diverse business with significant geographical spread and activities that span a universal banking model, including continuing to innovate to keep abreast of changes in financial services markets globally.  Such activity is in an increasingly regulated and complex global environment with often little consistency between laws and regulations in different jurisdictions and regulators taking a far more proactive approach in ensuring local compliance with their requirements and imposing increasingly stringent sanctions for breaches.   It is the role of the Head of Compliance Advisory – HSCI,  as a lead of the Compliance function to assist the Group in achieving a balance between the demands of regulators, external bodies and governmental initiatives and the Group’s shareholders and customers in enacting compliance; being alive to the political, management, regulatory and reputational implications of a particular decision and courses of action at a global level; assisting executive management in the development of controls and systems and influencing the way in which the business is conducted in order to manage these risks, meeting Group risk appetite.  The increased focus on individual liability for senior managers, particularly risk heads, makes it increasingly important for the Group to be able to evidence adequate systems and controls.  The role is one where Regulators have high expectations and is likely to come under scrutiny as part of any major regulatory investigation.

Requirements

·  Minimum Graduation or as required for the role, whichever is higher
·  Significant experience as a regulator, or a senior compliance manager across all areas of Compliance risk within a global firm, in the financial services industry.
·   Detailed and extensive knowledge of the HSBC Group structure, its business and personnel, and HSBC’s corporate culture.
·  Significant leadership experience and an experienced strategic thinker.
·  Excellent communication and inter-personal skills, with experience of dealing with executives at all levels.
·   Ability to develop practical, cost effective solutions to complex global issues.
·  A legal or formal accountancy qualification or professional background in a relevant risk or audit discipline.

Useful Link

 

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Issued by HSBC Securities & Capital Mkts

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