Head Of Payments And Cash Management (Pcm) Channels Compliance
Graduate job London (Greater London) Legal
Job description
Role Title: Head of Payments and Cash Management (PCM) Channels Compliance
Business: PCM, Compliance, London
New or Existing Role? New
Role Purpose
Payments and Cash Management is one of HSBC's global product lines, forming part of global Commercial Banking (CMB) and Global Banking and Markets (GBM). Consisting of c.10, 000 people spanning >60 countries, the PCM business helps clients make payments across borders, across currencies and regulations, quickly and cost effectively with dedicated in country and regional support.
Increasing regulation, tighter credit availability, the rise of faster growing markets and increasing globalisation of the world economy have all led to an increase in the importance of innovative cash management solutions. PCM is a significant contributor to HSBC’s P/L, delivering annual revenues of USD6.2bn in 2012, increasing to USD7bn in 2013. This upward trajectory is set to continue with the PCM business receiving formal approval on the 2014 PCM business growth strategy. To support the growth ambitions in the PCM business, there is a need to build a robust and effective compliance function to meet the growth targets of the PCM business, specifically in the PCM Channels arena.
The Head of PCM Channels Compliance is a strategic, forward-looking global leadership role and will provide critical risk-management oversight to the increasingly more complex PCM business. The Head of PCM Channels Compliance will be accountable for building robust compliance coverage for Regulatory Compliance (RC) and Financial Crime Compliance (FCC) for all PCM Channels including:
HSBCnet: An online banking platform for business and corporate customers, offering a comprehensive range of cash management, trade and supply chain, securities and global markets solutions.
HSBC Connect: Enables customers the ability to send and receive files from anywhere in the world. This global gateway for file transmission and translation effectively integrates payments, receivables and information with customers’ accounting, Enterprise Resource Planning (ERP) and other in-house financial systems.
SWIFT: Enables corporates to obtain financial services financial services (payments, treasury and securities orders, reporting) with all their financial institutions through one single, highly secure, standardised communication platform.
HSBC Connect to SAP: Helps customers manage their working capital, reduce costs and increase visibility of information.
Key responsibilities are outlined below:
Define global policies, procedures and controls to oversee and manage compliance and regulatory issues of the PCM Channels business, ensuring these are implemented consistently to the highest standard across the globe
Direct oversight to senior bank management to meet their responsibility for PCM compliance in the Channels arena
Direct RC and FCC advice and oversight of PCM Channels initiatives and development of a PCM compliance framework
Implementation of Compliance input and advice to directly influence the development of payments products strategy, customer propositions and fulfilment solutions for PCM Channels
Participate in ongoing decision-making for day to day business in PCM Channels including defining the training requirements for PCM Channels to support continuous education of the PCM business
Define and drive the review, communication and implementation of regulatory and financial crime requirements which impact PCM Channels globally
Early engagement with BRCMs providing input to the Risk Control Assessment (RCA) Refresh
Assist the Global Head of Channels in the provision of FCC and RC advice to the PCM business as part of the global initiative to migrate all CMB customers from BIB to HSBCnet. E.g. in 2014 all UK CMB customers (c.700,000) will be migrated
Liaise with Group Data Protection Officers to facilitate Compliance FIM requirements. E.g. provide compliance oversight to operationalise the annual process for the Website Checklist
Oversight of regulatory engagement across HSBCnet as a global system, providing visibility on regulatory engagements at the global, regional and country level
MI, reporting and monitoring activities
FCC and RC risks including FCC AML transaction monitoring and sanctions screening and privacy challenges in numerous jurisdictions
Liaise with the fraud team for cases
Key Accountabilities
Impact on Business
Manage all regulatory and compliance issues relating to the delivery of PCM Channels products globally, providing advisory services to the business strategy for PCM Channels
Define and implement policies and procedures and support the PCM business in meeting regulatory requirements pertaining to the PCM Product suite.
Ensure compliance issues are considered and addressed for all PCM Channels propositions and products across the Group.
Protect the PCM business through core contributions to PCM risk forums, notably regarding product development/risk assessment in consultation with Regulatory Compliance and Financial Crime Compliance colleagues.
Define recommendations to ensure that exposure to regulatory and financial crime risks/issues are managed in a practical and effective manner, including defining the appropriate resource requirements to address the needs of the PCM business.
Customers / Stakeholders
Business Stakeholders – Be a Subject Matter Expert (SME) for PCM Channels Compliance within the global PCM Compliance team. Provide the Global Head of PCM Compliance the necessary management information on PCM Channels Compliance including top and emerging risks.
Regulators and other External Groups –Direct involvement in the liaison and relationship building with regulators/external stakeholders (such as industry groups) with regard to the PCM Channels product line as well as keeping abreast of changing regulatory perceptions and requirements.
Benchmarking – Gather and analyse data to promote understanding of the market context and the competitor landscape, capabilities and strategies in the regulatory and compliance space.
Leadership – of resources, people, processes and change management to support a customer focus business operations
Leadership & Teamwork
Regulations and Compliance – Develop policies and procedures and drive implementation of same relating to PCM Channels.
Engagement – Develop and maintain relationships with regional and in-country teams in PCM as well as in the Customer Groups and Non-Customer Groups (e.g. HSS), ensuring open and transparent communication, engendering teamwork and quick delivery of service and resolution of issues.
Act autonomously on periodic projects and other initiatives.
Operational Effectiveness & Control
Structure – Manage effective and efficient compliance management structures and processes to effectively fulfil job responsibilities
Control – Enforce channel agnostic policies and procedures to ensure Payments systems compliance with regulatory requirements, including management of operational risk and ethical standards.
Ensure that PCM related sales; product and client service compliance responsibilities are clearly identified and work with Business Global Heads of Compliance to ensure suitable demarcation of roles.
Provide approvals and guidance on specific PCM matters and use IRIS for tracking, management and closure of reportable events
Key Performance Metrics – Ensure the collection of key performance indicators (KPI) and metrics for PCM and payments. Benchmark both internally and externally.
Service Performance Management – Act as day to day liaison with the Group Compliance Assurance team and entity CMP teams to deliver formal reviews of PCM’s compliance within regulatory and compliance framework.
Major Challenges
In an increasing Regulatory and Risk focused operating environment, delivering policy and supporting business delivery of a compliant PCM suite of products, recognising the demands of different regulators and customer groups.
Effectively managing the balance between:
Protecting the Bank through global application of Compliance/Regulatory management,
Providing a commercially oriented approach to Compliance, in support of Group Strategy and Customer Group goals, notably to be the World’s Leading International Bank.
Stakeholder management, notably across parts of the business and operations over which the role has influence rather than direct control and recognising the specific accountabilities of product vs operations vs customer group.
Role Context
The HSBC PCM business provides an attractive value proposition to the HSBC Group and is a foundation for cross-selling of other Group products including foreign Exchange, Rates and GTRF with PCM products generating sustainable revenues. The value of annual payments is USD125 trillion. As an example, HSBCnet and HSBC Connect are used by over 70,000 clients (and growing), comprising more than 435,000 corporate users located across 205 countries and territories. HSBCnet Mobile has 6,000 customers who have authorised over 40,000 payments worth a total of $5bn in 67 markets. The largest user instructed USD110m of payments and the biggest single transaction was USD10m.
A USD26 billion value of mobile transactions representing the value of HSBCnet Mobile transactions approved since 2011. A key achievement highlighted in 2013 performance was attributed to Product Innovation and Platforms, HSBCnet mobile is currently used by nearly 14,000 CMB and GBM customers.
Global PCM Strategic Roadmap 2014-18
In anticipation of formal sign-off of the PCM Organic Growth Strategy, we have commenced mobilisation of Programme Everest (Project Code name for Growth Strategy), which will establish a formal programme and governance structure to support delivery of growth initiatives. PMO Office being established. TOR drafted and hiring underway for project office and key initiatives. Nearly 50 FTE approved for hiring in Q1. 2014 Financial Plans updated to reflect Investments. HTS incremental plans bedded down, teams being assembled and a Clear Choice RFP issued for the Managed Rates project.
HSBCnet Mobile Users
Authorise over USD32 billion of payments. Number of HSBCnet Mobile customers reach 15,700 globally with over 222k transactions authorised since inception in Nov 2011.
PCM across North America is the 3rd largest mover of US$ in CHIPs and a key originator of ACH payments, the largest foreign bank PCM business in Canada and overall PCM business in Bermuda. Leadership across the Middle East, with geographical coverage of 14 countries. Leadership across 20 markets in Asia Pacific. Access to more than 50 major clearing systems across Europe.
The Head of PCM Channels Compliance willl be accountable to the Global Head of PCM Compliance
Role Dimensions
PCM is a significant contributor to HSBC’s P/L, delivering annual revenues of USD6.2bn in 2012, increasing to USD7bn in 2013.
This role supports HSBC’s commitment to ensuring the highest standards of regulatory compliance.
Management of Risk
The number one priority is to deliver on HSBC’s commitment to ensuring the highest standards of regulatory compliance and financial crime compliance, including maintaining awareness of regulatory operational risk, minimizing the likelihood of loss occurrence including its identification, assessment, mitigation and control, loss identification and reporting in accordance with Regulatory and Group practices
Observation of Internal Controls
Maintain and observe HSBC internal control standards, implement and observe Group Compliance Policy, including timely implementation of recommendations made by internal/external auditors and external regulators across multiple jurisdictions.
Demonstrate the core values that underpin a compliance culture in liaison with the Head of PCM Channels and Global Head of PCM Compliance as well as Regional/Area/Local Compliance and Customer Group Compliance colleagues, ensuring adequate and timely compliance responses are provided that Compliance contributes to the broader business, operations and risk constituencies.
Desired profile
Knowledge & Experience / Qualifications
Experience Requirements:
Prior Compliance experience mandatory with PCM business experience highly desirable.
Channels experience
Technology experience
Extensive Regulatory Compliance expertise preferably with experience of how this functions in more than one major jurisduction where the CMB business operates.
Extensive knowledge of PCM products and offerings.
Experience and understanding of the HSBC Group, its culture, policies and procedures.
Awareness of regulations affecting the PCM and Payments product space, the various sales channels for the distribution of PCM products, anti-money laundering, sanctions, customer data privacy, conflicts of interest, and anti-bribery.
Awareness of HSBC Group’s standards, i.e. GSM and FIMs, particularly Legal & Compliance FIM and COH.
Proven track record of defining and implementing effective commercially friendly business compliance policies and procedures.
Ability to work in a multi-geographical matrix management environment.
Proven track record in effecting change, managing and delivering to plan.
Confidence to interact, influence and negotiate with business management.
Excellent oral, written communication and presentation skills, inter-personal skills.
Ability to support decisions with sound reasoning.
Ability to lead change, contributing to joining up with the other teams in Risk and Business globally.
Exceptional drive and commitment.
Commercially minded; customer focused.
Ability to clearly articulate business and regulatory implications of analysis and findings.
Highly motivated self starter with proven ability to work collaboratively within a team and to deliver on time.
We are an equal opportunity employer and are committed to creating a diverse environment.
About HSBC
HSBC est l’une des plus grandes banques internationales avec une présence dans plus de 85 pays dans le monde. Elle a été créée en 1865 sous le nom de « The Hongkong and Shanghai Banking Corporation », et son siège social est basé à Londres. En France, HSBC totalise environ 400 agences et près de 10 000 salariés, avec une spécialisation dans plusieurs activités : une banque pour les particuliers, spécialisées notamment dans la gestion de patrimoine, une banque privée (gestion de fortune), une banque d’entreprises, qui s’appuie sur le réseau de l’ensemble du groupe HSBC dans le monde, et une banque de financement, d’investissement et de marchés. En 2012, HSBC France a réalisé un résultat avant impôt de 450 millions d’euros.