Head of Compliance

6 days ago

Hong Kong, Central and Western District, Hong Kong SAR China Hang Seng Bank Limited Full time

Job description
Risk and Compliance
The Risk & Compliance function is a Second line of defence (LOD) function, responsible for reviewing and challenging the activities of business to ensure that they effectively manage as "Risk Owners" the risks inherent in or arising from the conduct of their activities and for which they are responsible.
The Head of Compliance, Insurance is the senior accountable executive responsible for ensuring that HSBC's operations in Hang Seng Bank are effective in identifying, managing and mitigating Regulatory Compliance (RC) and Financial Crime Compliance (FCC) risks and ensure timely advice is provided to the business. The role holder also requires strong partnership with Insurance business and leadership team, interfaces with both Risk and Compliance and has responsibility for driving the implementation of policy arising out of changes in Compliance.
Principal responsibilities

  • Primarily support Head of Regulatory Compliance (RC) Wealth and Personal Banking (WPB) and Head of Financial Crime (FC) and Money Laundering Reporting Officer (MLRO) to maintain an effective control framework and to ensure compliance with all relevant external laws & regulations, internal codes and policies and good market practices from regulatory and financial manufacturing and distribution within WPB.
  • Lead the team to work with relevant contacts in Insurance business within WPB (including the insurance manufacturing arm) to implement Bank's strategy, policy and standards as well as controls and systems to manage underlying RC and Financial Crime Compliance (FCC) risks.
  • Articulate the RC and FCC risks relevant for WPB Insurance in Hang Seng Bank (HASE) HK and work closely with Regional (ASP) RC and FCC.
  • Take the Key Person in Control Functions - Compliance role under the Insurance Authority.
  • Provide advisory services to Insurance business to ensure clear understanding of compliance risk exposure on RC and FCC with respect to clients, transactions and products.
  • Manage and foster a strong relationship with all relevant regulators in relation to the activities of HK and ensure timely disclosure of relevant information, in relation to RC and FCC related matters.
  • Be responsible for second line governance of RC and FCC risk exposures, providing analysis, reporting and governance to insurance business in HK that is independent of the first line of defense, thereby maintaining an objective assessment of risk exposure.
  • To exercise risk steward challenge, act as independent trusted advisory in governance forums, issue management, fostering a compliance culture and optimizing relations with risk owners and control owners.
  • Assist the senior management, the leadership of the Compliance function, and other colleagues on all material compliance related matters.
  • Represent HASE's Insurance business Risk & Compliance agenda up to the highest levels of the Group's governance, including being an attendee (as required) at the HK Board (and related sub-committees) to report on progress and issues in relation to the operational effectiveness of HSBC's policies, processes, systems and controls in countering RC and FCC risks.
  • Be a leader of HASE Insurance business R&C team, establishing guiding principles and strategic operational objectives, owning budgeting and managing costs, headcount and resources to ensure that the team are fit for purpose and that the delivery of its critical services to the Group is both effective and cost-efficient.
Requirements
  • Significant experience as a regulator, or a senior compliance manager across all areas of RC and FCC risks within a global firm, in the financial services industry.
  • Thorough understanding of WPB business with practical knowledge of broad range of WPB products and services, in particular for Insurance business.
  • Familiar with Hong Kong Insurance Authority ("HKIA"), Hong Kong Monetary Authority ("HKMA") and relevant rules and regulations on RC and FCC impacting WPB Insurance.
  • 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 issues.
  • A legal or formal accountancy qualification or professional background in a relevant risk or audit discipline.
  • Professional qualifications such as Enhanced Competency Framework (ECF) and/or Certified Banker (CB) under Hong Kong Institute of Bankers (HKIB) would be an advantage.
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