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Scope of Role: Contribute to the effective management of risks across the businesses and functions within the Bank's operations within the city ("City") through the City MANCO and City BORC forum. The compliance function within the City is the independent oversight on behalf of senior management of those core processes and related policies and procedures that seek to ensure the bank is in conformity with industry-specific laws and regulations in letter and spirit, thereby helping to maintain the bank's reputation. Ensure the effectiveness of the Group's management of Compliance and Regulatory Risk issues by taking City responsibility and leadership for compliance & Regulatory Risk. Promote, lead and manage the culture and practice of Compliance to ensure the conduct of business is within the letter and spirit of regulatory requirements and meets ethical standards. Ensure compliance with applicable laws, regulations, internal policies, procedures and codes by establishing and maintaining frameworks within the City so as to protect the reputation of the bank and avoid significant financial loss. Ensure, through the maintenance of appropriate frameworks and procedures, that material compliance and regulatory risks are anticipated, identified, escalated and reported to senior management and managed so as to mitigate risk, financial loss and damage to reputation.
Key Responsibilities/Challenges: Proactive, trusted adviser on the application of laws, regulations and Group/local policies. Assess the compliance risks of proposed new products/service in the City prior to launch. Active compliance supervision to ensure that the City is aware of, and observes both general and specific laws and regulations that apply to their business activities. At City level, independently summarize, document and assess the compliance risks associated with the City business activities, consider ways to measure compliance risks and use various compliance programmes/tools to enhance compliance risk control. Assist management to identify and maintain compliance processes and procedures; identify potential compliance issues and advise on appropriate remedial action of responsible locations. Fulfilling specific statutory responsibilities (eg. The role of local anti-money laundering officer, local CBRC approved person, etc.), coordinating regulator meeting and liaise with relevant external bodies, assisting management to develop and maintain healthy regulatory relationships, coordinating and supporting on/offsite inspections, promptly follow up any identified deficiencies, and, where necessary, formulate proposals for amendments, rectifications. Deliver compliance guidance and education programs across the City network, based on assessment of local City compliance quality, educating staff on City-wide compliance issues and provide guidance to staff on the appropriate implementation of compliance laws, rules and standards through ad hoc training and gathering of local senior management as well as representing Compliance in City MANCO and City BORC. Disseminating new and revised local regulations, policies and standards to the City network, interpret them on risk-based approach, ensure appropriate coverage across businesses and co-ordination among HO and local management functions. Assess the impact of, and provide guidance on, new and revised regulations, policies and standards. Compile internal reports on a regular basis to senior management on compliance risk that has taken place within the City; Coordinate various types of ad hoc reports/surveys from regulators; process local bank/product license/various local filing reports as requested; At City level summarize any identified breaches and/or deficiencies and the corrective measures recommended to address them, and report on corrective measures already taken to regulators. Working jointly with the City General Manager to ensure that the City is adequately and appropriately governed.
Qualifications and Skills
Thorough knowledge of banking products and services. Sound knowledge of local regulatory requirements, local banking practices and requirements Strong local regulatory relationship management skills will be an advantage. Strong analytical skills and able to present ideas clearly and in a persuasive manner. Meticulous, risk conscious and possesses logical thinking skills. Good judgment enabling the provision of sound advice in difficult areas of law, regulation and practice and the proactive management of compliance and regulatory risk. Personal authority, integrity and ethics. An inquisitive approach to practices, procedures and specific transactions. Independence, robustness and resilience. Sharp business acumen, including the ability to assess risk.