Head of Compliance (Saudi National)

Job description / Role

POSITION OBJECTIVE:
To define and establish internal compliance and Anti Money Laundering practices and controls within the company and to diagnose, develop and monitor the procedures to ensure organisation wide compliance with the regulatory, financial and core operational system requirements.

DUTIES & RESPONSIBILITIES:
- Manage all aspects of the quality and compliance processes and activities to meet key performance targets and strategic plans of the company’s compliance functions.
- Assist the Executive Director and CEO in developing compliance policies and procedures and provide recommendations on best practice compliance control mechanisms.
- Assist the Executive Director and CEO in developing Anti Money Laundering policies, procedures, systems and controls and compliance with anti-Money Laundering legislation and regulations as set out by the CMA/CBB.
- Provide updated laws and regulations required from Capital Markets Authority, Central Bank of Bahrain and/or Saudi Arabian Monetary Agency to all business lines for conformity and compliance.
- Plan and coordinate, on an on-going basis, meetings with all functional heads across the company to ensure consistent and accurate compliance and AML practices.
- Identify and diagnose scenarios within the company, where compliance activity is required.
- Develop and coordinate the delivery of plans to put in place compliance activity where it is otherwise absent or unsatisfactory.
- Highlight critical high risk areas within the company compliance regulations which require immediate action to resolve; assist and lead in the development of procedures as a part of this resolution activity.
- Respond promptly to any request for information made by the CMA/CBB or other competent State authorities pertaining to AML issues.
- Ensure that “Know Your Customer” (KYC) checks are performed for every new customer before authorisation of account opening.
- Liaise with the Internal Audit to ensure delivery of focused audit activities and to seek advice on the number of non-compliant cases identified within the company.
- Track and report on a periodic basis to Executive Director and CEO and Compliance Committee on the organisation’s compliance progress, which will include adherence to established policies, instances of non-compliance and emerging regulatory issues.
- Monitor the performance of staff on an on-going basis, set the agreed goals and competencies and ensure that each has an individual development plan.
- Identify training and developmental priorities in consultation with Executive Director and CEO and ensure that staff are adequately skilled to meet the future requirements of the Department.
- Coach and mentor staff as appropriate to improve performance.

KEY PERFORMANCE INDICATORS:
- Number of critical non-compliance issues identified
- Accuracy, quality and timely reporting of non-compliance and AML matters
- Adequacy of key controls put in place to avoid compliance breeches
- Average time lag between publication of a new law or regulation and initiation of compliance review/ update
- Cost of non-compliance
- Level of customer satisfaction

INTERNAL CROSS WORKING RELATIONS (DEPARTMENTAL):
- Internal Audit – To liaise in identifying non-compliant cases within the company.
- Business Lines – To ensure compliance to established policies and procedures by all functional heads.
- Risk – To understand different risk categories identified and defined for the company.
- Human Capital and Administration – To obtain information about new joiners and leavers so as to provide / update to CMA/CBB (as applicable).

EXTERNAL WORKING RELATIONS:
- Capital Markets Authority, Central Bank of Bahrain and/or Saudi Arabian Monetary Agency – To ensure compliance and stay updated on applicable rules and regulations. To ensure the accurate provision of required documentations.
- Ministry of Commerce & Industry – To coordinate with relating to company’s registration, and inform/update regarding resignation of board members etc.

Requirements

- Master’s degree in Financial Regulation and Compliance Management, Business Administration or equivalent.
- Relevant professional certification: Recognised accounting, compliance or audit qualification.
- A minimum of 6-9 yeas of relevant work experience, at least 2 of which in a similar role.
- Relevant work experience and industry exposure, preferably managing compliance activities in finance or investment banking related corporate environment.

Skills required:
- In-depth knowledge of the structure and operation of compliance and AML functions at commercial / investment banks.
- Sound understanding of local / international laws (as applicable) concerning to compliance and AML.

About the Company

Human Capital House was set up in the year 2013 with a vision to be a progressive talent acquisition partner for organizations within the local and regional market in the Middle East.

As international markets get ever demanding, corporations globally are presented with the challenges of attracting the right talent. Human capital retention and recruitment remain a critical factor to the success of any company. Strategic decision to recruit the right talent is a key issue to organization as wrong candidate selection can potentially be disastrous to their efficiency.

The critical aspect of choosing the right individual with the apt experience and knowledge becomes more crucial as he/she would need to share the ambitions of the employer, while fitting in to the new culture. Human Capital House has both the experience and expertise to help its clients make the right choice of selection. From understanding client requirements, through identifying and assessing the candidates, our systematic approach strives to ensure successful executive recruitment.