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Associate Director, Compliance, Private Banking
Standard Chartered Bank - UAE
The role supports the Head, Compliance, Private Banking Clients, to perform interpretive risk based compliance reviews to obtain assurance as to compliance with regulatory requirements and Key Control Standards and support to deliver overall, appropriate Customer Due Diligence (CDD) management and maintenance of standards in the Private Bank (PvB)
Key Roles and Responsibilities
* Help the Group meet its commitment of being "Here for Good" by building a sustainable compliance framework that places regulatory and compliance best practice standards, and a culture of appropriate conduct at the forefront of the Group's agenda
* As an independent second line risk control function, execute the relevant aspects of the Compliance framework through robust independent risk control and the provision of specialist advice and constructive challenge in a manner proportionate to the nature, scale and complexity of the Group's business.
* Proactively support and challenge the Group's businesses and functions to exhibit appropriate conduct, comply with regulatory and compliance requirements and strive to achieve fair outcome for the Group's clients.
* Evaluate the effectiveness of the Group's compliance efforts.
* Support the management of the regulatory relationships with each of the regulators, whose rules the Group is subject to.
* Overall leadership and functional responsibility for all members of the Financial Markets Compliance teams.
* Maintain constructive and effective relationships with Business Heads/Business Chief Operating Officers ("COOs"), and assist relevant Compliance heads to interface with and support all key business stakeholders.
* Insofar as they relate to regulatory compliance, be responsible for providing details of developments giving rise to a material risk that serious regulatory breaches or breaches of risk tolerances (as agreed by the Board from time to time) may occur and notifying any such breaches to Head, Private Banking Compliance, Africa and Middle East
* Maintain independence, deliver timely responses, and timely escalation of risks and issues where they feel risk management tolerance of the firm are exceeded.
* Support and implement the vision, strategy, direction and leadership for Private Bank Compliance teams, consistent with Global Head, Compliance, CIB, CB and PvB ("Global Head") vision and strategy for the Compliance function and in support of the Bank's strategic direction and growth aspirations.
* Promote the culture and practice of compliance with compliance standards (including conducting business within regulatory requirements, and to high ethical standards) within the Bank and embed a Here for good culture and the Group Code of Conduct.
* Build and maintain an effective and constructive relationship with all key business and functional stakeholders that is based on trust, capability and integrity, providing timely, responsive and quality regulatory compliance advice and guidance to enable the business and functions to meet/ achieve their strategic tactical objectives.
* Provide regulatory advice, analysis (and challenge when appropriate) in relation to the full product life cycle including product design through to post sale reviews/ assessments, new business initiatives, bespoke projects, remedial activities (including nature, scale and rigour of past business reviews), transitional investigations.
* Provide robust challenge to senior management and all relevant business stakeholders where activities are outside risk tolerance/ appetite, escalating as necessary, until appropriate oversight and ownership is achieved including actions and plans to address any remedial action needed to come back within risk tolerance/ appetite.
* Work closely with the business to provide timely regulatory compliance advice to ensure compliance with all relevant laws and regulations and support the transition to pro-active and pre-emptive compliance and conduct risk mitigation.
* Regular and diarised catch ups with all key business stakeholders.
* Establish and maintain effective processes (including training, advice and support) to ensure that policies, procedures and standards to address compliance risks (excluding financial crime) are effectively implemented and adhered to across Private Bank.
* Provide support and challenge to the Bank's senior management to ensure that they establish and monitor appropriate processes for compliance with compliance policies, procedures and standards (including meeting regulatory obligations and maintaining high standards of conduct).
* Act as Risk Owner under the Group's Risk Management Framework for Private Bank processes where Compliance is the second line Risk Owner.
* In collaboration with relevant senior managers, support a programme for compliance monitoring, surveillance and assurance for Private Bank.
* Ensure effective management of compliance matters, and in collaboration with the rest of the Compliance team, effectively manage regulatory issues that have a significant impact on the Bank.
* Collaborate with the other Products Compliance teams and the Compliance Management Group to anticipate horizon risks that may have a significant impact on the Bank and develop effective strategies to mitigate such horizon risks including global standards for conduct of business.
* In the event of serious regulatory breaches, or where risk tolerances have been breached, ensure senior management in the Bank and relevant regulators are informed and that actions are taken quickly to remediate and/or activities are ceased. Ensure proactive and timely identification, assessment, advice and dissemination of evolving regulatory changes/practices and associated risks, and proactive engagement in regulatory reform. Assist and work closely with Shared Investigative Services (SIS) in relation to investigations concerning the Private Bank business.
* Provide reports to relevant Group and Business risk and control committees and management group on key compliance risks and issues.
* Maintain adequate management MI / trackers across all aspects of their coverage and responsibility to ensure all issues and matters are tracked, followed, regularly assessed and reported on.
* Within the Group's overall Risk Management Framework, establish and maintain appropriate risk based compliance frameworks for identifying, assessing, managing, monitoring, mitigating and reporting compliance (including regulatory and financial crime) risks across Private Bank.
* Develop and recommend (for approval by the relevant Risk Committee), appropriate compliance policies and procedures.
Regulatory & Business conduct
* Display exemplary conduct and live by the Group's Values and Code of Conduct.
* Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
* Lead the Private Bank Compliance teams to achieve the outcomes set out in the Bank's Conduct Principles: Fair Outcomes for Clients; Financial Crime Prevention; Creating the Right Environment.
* Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
* Prudential Regulation Authority, Financial Conduct Authority and other key regulators of the Group - DFSA & UAE Central Bank
* Senior Business Management
* Regional CEO
* Regional COO
* Internal Audit
* Embed "Here for good" and Group's brand and values in Private Bank Compliance Team.
* Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.
* Perform other tasks assigned by Head, Private Banking compliance, Africa and Middle East.
* Assessing CDD risks arising from specific clients and advise the business on management and mitigation of those risks in the best interests of Private Bank.
* Collaborative working - Able to build a relationship with the Private Bank and the country Head of FCC to ensure that local CDD procedures remain up-to-date and in compliance with local laws and regulations in country;
* Training of teams in the Private Bank that are responsible for CDD in the first line of defence and establishing a feedback loop to support continuous improvement and awareness;
* Testing of compliance with the PvB CDD procedures and applicable local laws and regulations
* An industry leader in the eyes of the relevant regulators and industry stakeholders
About the Company
Standard Chartered Bank started in 1958 in UAE with its first branch in Sharjah. The Group\\'s business gradually increased in Dubai with the opening of several branches and today, Dubai is the administrative hub of the Middle East and South Asia Region. In its 43rd year, the Bank enjoys the position of having the most extensive branch network among foreign international banks in UAE with 10 branches emirate-wide.
Standard Chartered is an international bank, focused on the established and emerging markets of Asia, Africa, the Middle East and Latin America with an extensive global network of more than 600 offices in over 50 countries. The three principal business groups are Global Markets, Personal Banking and Corporate and Institutional Banking.
In UAE, we are one of the leading banks, offering an extensive range of products and services for personal customers, local companies, multinational corporate and financial institutions.