Hong Kong Trustee Chief Risk Officer

1 week ago

Hong Kong Island, Hong Kong SAR China HSBC Full time

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Our Risk and Compliance function has a critical role to play in supporting, challenging and advising across all areas of the business through establishing policy, monitoring profiles, and identifying and managing forward-looking risk and compliance. We focus on creating an environment that encourages our people to speak up and do the right thing, as well as protecting our customers, the organisation and the integrity of the financial markets in which we operate. Already an industry-leader in many respects, we want to continue setting standards and evolving to respond to strategic changes.

We are currently seeking an experienced individual to join this team in the role of Hong Kong Trustee Chief Risk Officer.

Background:

HSBC Securities Services operates 2 trustee companies in Hong Kong via the Global Trustee and Fiduciary Services ("GTFS") business. These two legal entities are:

  • HSBC Institutional Trust Services (Asia) Limited ("HTHK")
  • HSBC Provident Trustee (Hong Kong) Limited ("HPFT")

HTHK operations are regulated by the Securities and Future Commission ("SFC") as a Depository via the Regulated Activity 13 license as well as under the Hong Kong Monetary Authority ("HKMA") supervision as a trust business under the Supervisory Policy Manual – TB1. HPFT operations are regulated by the Mandatory Provident Fund Scheme Authority ("MPFA") as a MPFA approved trustee.

Role Purpose:

  • The key purpose of the role is to lead the management of risks within HTHK and HPFT in accordance with the HSBC Group Risk Management Framework ("RMF"). In particular, focusing on the fiduciary and oversight activities performed by both entities and engaging the respective Boards.
  • There is a shared oversight responsibility with both the Compliance function (Regulatory and Financial Crime) and Legal function in supporting the two entities in achieving sustainable customer outcomes. Additionally, ensuring appropriate risk management structures, policies, processes, and strategies are in place to enable and protect beneficiaries' interests.

Principal Accountabilities and Responsibilities:

Policy and Governance

  • Provide independent advisory and challenge to the HTHK and HPFT leadership teams to define the entity's Risk Strategy, Risk Appetite (ensuring alignment with Group Risk Appetite) and oversee the management of key risk exposures.
  • Oversee the risk profile of HTHK and HPFT by reviewing and challenging the risk and reward trade off, ensuring exposures are managed in a consistent and systematic way in accordance with the RMF. In particular, assess and review all dispensation requests to ensure alignment with the respective entity's risk appetite and business aspirations.
  • Set and oversee clear and robust expectations around risk governance, appetite and culture, with support from the Enterprise Risk Management ("ERM") team, Compliance and Legal functions and contribute to wider risk governance in Hong Kong and the region.

Risk Appetite

  • Oversee the development of an appropriate Risk Appetite Statement ("RAS") for HTHK and HPFT, in collaboration with the respective CEOs, CFOs and Risk Stewards.
  • Escalate any material concerns to the respective entity's CEO and Board (and within Risk and Compliance).

Core Operational Risk Management

  • Contribute to, review, and constructively challenge Risk and Control Assessments ("RCA") based on the HSBC Risk Taxonomy as well as risk scenario assessments prepared by the business.
  • Advise Risk Owners on setting appropriate Key Risk Indicators.
  • Together with ERM team, advise and challenge Risk Owners, Control Owners, and the Non-Financial Risk ("NFR") team on the identification, impact assessment, resolution and investigation of material internal risk events/operating incidents relating to HTHK and HPFT.
  • Identify material external risk events and oversee the implementation of strategic change projects and the overall transformation agenda for both entities.

Oversight and Reporting

  • Review First Line control monitoring (plans and execution activities) for both entities ensuring adherence to the RMF and policy while advising and challenging risk and control owners.
  • Collaborate with the ERM team, Compliance and Legal functions to identify non-financial/operational and resilience risk learning needs, oversee the implementation of initiatives and provide guidance on third party service providers risk assessment.
  • Chair the Risk Management Meeting ("RMM") for both entities to ensure comprehensive risk reporting and timely escalation to senior management and relevant committees. Establish clear governance processes to meet regulatory and management reporting requirements.

The incumbent will be a key member of the HTHK and HPFT Executive teams, managing important relationships with both internal and external stakeholders, including:

  1. Internal (Functions): Collaborate within Risk and Compliance, Finance, Legal and Internal Audit.
  2. Internal (HTHK): Engage with the Managers In Charge, Responsible Officers and the Board.
  3. Internal (HPFT): Work closely with the Executive Team, the Board and Audit & Risk Committee.
  4. External: Liaise with regulators, industry bodies, auditors and clients.
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