Regulatory Affairs and Policy
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Business Descriptor:
The Compliance function is a Second line of defence (LOD) function, responsible for reviewing and challenging the activities of the Group’s businesses (also referred to as “the First LOD”) to ensure that they effectively manage the Regulatory Compliance risks inherent in or arising from the conduct of their activities and for which they are responsible. The Second LOD consists of 'Risk Stewards' who are independent of the commercial risk-taking activities undertaken by the First LOD.
The Senior Vice President, Regulatory Compliance (role holder) for HSBC IFSC Banking unit, Gift City (HIBU) is an accountable executive responsible leading the Regulatory Compliance function.
The responsibilities of the role holder are to:
- Responsible for maintaining a strong Compliance culture in the branch, interact with regulators/supervisors directly and act as SPOC for regulators.
- Monitor, communicate and coordinate applicable Laws, Rules and Regulations issued by the IFSCA from time to time.
- Ensure tracking, monitoring and submission of various returns and ad-hoc requests from the Regulator.
- Review of IBU branch policies, new product SOPs and product notes and ensure modification / update on any gaps in policies or frameworks.
- Support and guide business, product and functional teams for new product launches, risk assessment, embedding of sales & suitability standards, robust complaint handing, etc.
- Responsible for compliance governance and ensuring adherence to Bank's Compliance Policies /Standards /Procedures.
- Provide relevant and timely compliance advisory (including on matter concerning financial crimes compliance) to the Branch Management and internal stakeholders.
- Participate in and conduct compliance testing in order to effectively identify, detect and remediate of compliance gaps and risks.
- Implement Global Policies, Standards, Procedures, within the branch keeping in view the applicable local regulatory as per IFSCA requirements/expectations.
- Support first line of defense across all IWPB products/ service offerings in GIFT city branch by advising them with prompt and balanced solutions while ensuring that key compliance risks and regulatory requirements are duly addressed.
- Drive and support high standards of compliance framework through the ongoing delivery of an organized and structured Compliance Program, periodic Compliance Risk Assessment and Management Information.
- Impart trainings on various compliance topics to FLOD while implementing a new Policy/Procedure and on an ongoing basis, as per Bank's internal framework.
- Escalate critical compliance matters to the senior management, under guidance from local/ regional/global compliance management.
- Conduct assessments of all new products, processes and systems from Compliance Risk perspective and prepares compliance risk evaluation and provides sign-off.
Principal Accountabilities:
The following principal accountabilities are aligned to the Compliance Services and Processes Model. Additional detail is available in the Model.
Impact on the Business
· Support in overseeing the critical Compliance policies and systems that impact HIBU and ensure that the Group’s exposure to Regulatory Compliance is managed in a commercially sensitive, practical, and cost-effective manner.
· Provide advice and support on Reg Compliance matters to senior management, Compliance, and other colleagues.
Customer / Stakeholders
· Reporting to Entity Compliance Officer/ Head of Entity as relevant on Regulatory Compliance matters.
· Ensure that senior management are appropriately advised of all material Compliance related matters relating to HIBU.
· Manage and foster a strong relationship with all relevant regulators in relation to the activities of HIBU IWPB and ensure timely disclosure of relevant information, in relation to regulatory compliance related matters.
· Ensure that positive relationships are maintained with other external stakeholders relevant to the Compliance agenda.
Leadership and Teamwork
· Maintain and develop positive and professional working relationships with senior business managers and Compliance colleagues at the Group level and those in other Regions and Businesses.
Operational Effectiveness and Control
· Create a framework for the effective risk-based monitoring of the implementation of Regulatory Compliance related policies and controls across HIBU IWPB.
· Agree and oversee the implementation, embedding and monitoring of the adherence to the Regulatory Compliance FIM in HIBU IWPB.
· Monitor and assess the resourcing, costs and spend of the HIBU IWPB Regulatory Compliance team.
Management of Risk
This will be achieved by ensuring all actions take account of the likelihood of Regulatory Compliance risk occurring and by addressing any areas of concern in conjunction with line management and/or the appropriate department.
Observation of Internal Controls
Managers are accountable for setting the ‘tone at the top’ which underpins the principles of a positive and effective internal control environment. They should exhibit leadership and direction to their teams for establishing and maintaining an effective internal control environment, including the development and management of policies and procedures where appropriate. Managers should also ensure that suitable processes are put in place to review and oversee that internal control environment against those policies.
Major Challenges
HSBC is an extremely diverse business with significant geographical spread and activities that span a universal banking model, including continuing to innovate to keep abreast of changes in financial services markets globally. Such activity is in an increasingly regulated and complex global environment with often little consistency between laws and regulations in different jurisdictions and regulators taking a far more proactive approach in ensuring local compliance with their requirements and imposing increasingly stringent sanctions for breaches. The role holder is accountable executive to assist the Group in achieving a balance between the demands of regulators, external bodies and governmental initiatives and the Group’s shareholders and customers in enacting compliance; being alive to the political, management, regulatory and reputational implications of a particular decision and courses of action at a global level; assisting executive management in the development of controls and systems and influencing the way in which the business is conducted in order to manage these risks, meeting Group risk appetite. The increased focus on individual liability for senior managers, particularly risk heads, makes it increasingly important for the Group to be able to evidence adequate systems and controls. The role is one where regulatory authorities have high expectations and is likely to come under scrutiny as part of any major regulatory investigation.
Certifications, Qualifications and Experience
- 10-12 years experience in the financial service industry in control or assurance role. Experience as a regulator, or a senior compliance manager in a global firm is an added advantage.
- Knowledge of the HSBC Group structure, its business and personnel, and HSBC’s corporate culture is an added advantage
- 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 global issues.
- A legal or formal accountancy qualification or professional background in a relevant risk
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Issued by The Hongkong and Shanghai Banking Corporation Limited, India