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Associate Director, Compliance, Retail Banking and Wealth

Standard Chartered Bank - UAE

Dubai, UAE

Posted
Ref: HP048-1114

Standard Chartered Bank - UAE

The Role

Purpose:
* 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.
* 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 within Retail Banking.
* Maintain constructive and effective relationships with UAE Business and assist relevant Compliance stakeholders 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, Compliance, Retail Banking and Wealth, UAE.
* Maintain independence, deliver timely responses, and timely escalation of risks and issues where they feel risk management tolerance of the firm are exceeded.

Key Roles and Responsibilities

Strategy
* Support and implement the vision, strategy, direction and leadership for Retail Banking and Wealth Compliance teams, consistent with Global Head, Compliance, Retail Banking and Wealth, UAE vision and strategy for the Compliance function and in support of the Bank's strategic direction and growth aspirations.
* 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.

Business
* Be a 'trusted advisor' to Retail Banking and Wealth Business and provide timely advice to ensure compliance with all relevant laws and regulations.
* 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.
* 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.
* 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.

Processes
* 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 UAE Compliance, Retail Banking and Wealth team
* 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).

People and Talent
* Lead through example and build the appropriate culture and values. Set appropriate tone and expectations from the team and work in collaboration with risk and control partners.
* Ensure the provision of ongoing training and development of people, and ensure that holders of all critical functions are competent, suitably skilled and qualified for their roles ensuring that they have effective supervision in place to mitigate any risks.

Risk Management
* Act as Risk Owner under the Group's Risk Management Framework for UAE Compliance, Retail Banking and Wealth 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 UAE Compliance, Retail Banking and Wealth.
* 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.
* Escalate to Head, Compliance, Retail Banking and Wealth, UAE of serious regulatory breaches (or where risk tolerances have been breached) and ensure that actions are taken quickly to remediate and/or activities are ceased.

Management Information
* If required 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 UAE Compliance, Retail Banking and Wealth coverage and responsibility to ensure all issues and matters are tracked, followed, regularly assessed and reported on.

Governance
* Establish and maintain risk-based compliance frameworks and a programme for monitoring and assuring compliance that supports the transition to pro-active and pre-emptive compliance and conduct risk mitigation.
* Develop and recommend (for approval by the relevant Risk Committee), appropriate compliance policies and procedures.
* Ensure appropriate governance measures are in place so that approval documents reflect all relevant regulatory requirements.
* Ensure swift remediation of regulatory breaches in Retail Banking and Wealth.
* Disseminate regulatory changes/practices and associated risks, and proactive engagement in regulatory reform.
* Insofar as they relate to regulatory compliance, provide 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, Compliance UAE and Head, Compliance, Retail Banking, AME..

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.
* UAE Compliance, Retail Banking and Wealth Compliance teams to achieve the outcomes set out in the Bank's Conduct Principles: Fair Outcomes for Clients; Effective Operation of Financial Markets, Financial Crime Prevention; Creating the Right Environment.
* Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.

Requirements

* The role holder will have extensive Compliance Advisory experience covering Retail Banking / Wealth.
* The role holder will have ideally worked in an International Bank based in the UAE.
* Strong communication and stakeholder management skils are essential.
* The role holder will have a good understanding of the Central Bank rules and regulations.

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.