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The successful candidate for the Global Control, Investments, Analyst (1b) role in one of M&G's overseas offices has primary responsibility for conducting incident and breach management activities in response to potential operational risk events, in situ and in real time (i.e. for incidents that need resolving locally without the need for assistance from the UK, for example when operating outside UK-based operating hours).
The successful candidate for the 1b role in one of M&G's overseas offices will also be expected to work with other (UK-based) members of the 1b team in conducting a number of Front Office risk and control-related activities, namely:
1.Risk & Control (RCSA) facilitation;
3.Pre- and post-trade Compliance monitoring (and Compliance pending queues in Aladdin);
4.Critical control monitoring (for fund management and dealing activities).
This successful candidate is expected to stretch their coverage and awareness into all aspects of the investment business. The candidate is expected to facilitate in the provision of any relevant evidence that supports senior management to demonstrate that it has taken reasonable steps to address any relevant regulations and/or policies (including action tracking).
The candidate (and the entire 1b team) is expected to be independent of the fund management and dealing functions, but sufficiently close and familiar with Front Office procedures to permit them to give advice on control environment during times of change and/or with project initiatives. Advice is given internally (to staff within the front office) and reports or presentations are often given internally and externally (to Risk, Audit, Compliance, Clients or Regulator etc.)
Key work level Accountabilities:
Accountable for providing a quality service or product to customers and stakeholders, using skills/experience built through significant practical experience or training
For team leaders, accountable for ensuring the team the role supports is delivering a quality service or product
Works within established frameworks and procedures, with the freedom to interpret them to solve a range of problems
Delivers outputs that are clearly defined, using discretion over how to achieve them
Makes suggestions for improvements to the work of the team, based on previous experience and knowledge of similar situations
Key responsibilities for this role:
The successful candidate, as part of the first line of defence within the Front Office, is primarily expected to conduct a number of key Front Office controls, the most significant of which include:
1. Incident Management
Provision of incident management services, training and (trend) reporting to internal and external parties. This person must understand the front office procedures extremely well and must be in a position to convene incident management meetings (of key stakeholders) to mitigate and close out open incidents. This person will write up the Risk Event Notification (formal report) and should agree with relevant stakeholders all appropriate actions and deadlines to prevent any reoccurrence of such incidents again.
2. Breach Management
Pre- and post-trade Investment Compliance monitoring of all compliance exceptions (and ensure rectification measures). The breach management process should follow along the same lines of incident management (above) whenever there are advertent breaches.
Additionally, the successful candidate will also be expected to work with other (UK-based) members of the 1b team in conducting a number of Front Office risk and control-related activities, namely:
3. 1st line Business Management (Operational Risk management of Risks & Controls)
Facilitating the production of key risk and control reports (RCSAs) in the front office. This person is expected to sit with line managers and facilitate the risk review process and produce relevant risk-based reporting (with trends) to management meetings.
4. Conflicts of Interest Management
Facilitating the production of Conflicts of Interest schedules in the front office. These schedules are very much like the RCSA reports as they are designed to highlight conflicts (risks); gross ratings (i.e. how likely and impactful could these conflicts be); controls; nett/residual conflicts/risks; and any commentary/actions arising. Knowledge of conflicts and their controls should be closely aligned to a detailed knowledge of departmental procedures.
5. Critical control monitoring
On a risk-based (sampling) approach, this person must review the exceptions arising from the dealing and managing processes – typically on a T+1 basis by reviewing the trade activity for the previous day (across all different asset types). For example, the monitoring should include:
Dealing exceptions (based on the FCA's Conduct of Business rules):
Fund management exceptions (based on the FCA's MAR, SYSC etc):
d.Market abuse indicators
e.Inside information indicators
6. Conduct (Treating Customers Fairly)
Monitoring front office conduct / TCF issue reviews
Front office reporting in relation to conduct / TCF
7. Control advice during projects/change
Provision of control environment advice in relation to change projects and/or reviews of the department (by non-front office staff, which could include clients).
Key knowledge, skills and experience
This role is ideally suited to someone who can demonstrate:
The person should have experience in how incidents / risk events have been managed and reported (e.g. to second line teams as well as to clients).
Experience of using investment compliance monitoring systems (e.g. Aladdin, preferably) for pre and post-trade monitoring, escalation of investment compliance breaches and commenting on compliance violation reasons within the compliance monitoring system.
Experience of a front office environment, with emphasis on a good working knowledge of procedures, controls for dealing and managing funds.
Experience in demonstrating an evidence-based approach (or audit-style approach) to monitoring all key front office activities with clear monthly reporting.
Experience of using a risk system (e.g. Metricstream would be preferable).
Ideally, the successful candidate will have front office experience of market abuse and side-by-side monitoring in an asset manager.
Attention to detail and evidence gathering from various systems will be required (e.g. Bloomberg, Aladdin, voice recording etc.)
This person should be able to flag unusual exceptions and agree mitigating actions with all relevant stakeholders.
At least 5-years of Financial Sector experience, with at least 3-years of investment administration, fund management and dealing-related experience.
Ideally, this experience should have been gained in situ (i.e. in the local market)
Operational Risk/Audit-related experience is preferable.
Report writing (e.g. in accounting for incidents) would be preferable