Manager SCA Oversight

Job description / Role

Operating in the UAE for over 50 years, CBD manages the financial requirements of some of the largest corporates and businesses operating in the country, driving the UAE economy. Over the years, CBD has transformed into a progressive and modern banking institution winning multiple awards for its digital initiatives, credit cards, bank accounts, mobile app features and services.

CBD has been recognized as the number one bank in the UAE on the Forbes list of The World's Best Banks 2022.

As we continue to build upon our successes, we are looking for ambitious individuals who are passionate about the banking and finance industry and the markets in which CBD operates. Just as important to us is your ability to demonstrate a talent for dealing with people - your colleagues and our customers - and delivering service that really goes the extra mile.

Job Purpose:

The purpose of the job is to carry end-to-end responsibility to ensure adequate compliance with all the applicable laws, regulations, standards, and rules issued by SCA (Securities and Commodities Authority). Responsibility extends to advisory services and overseeing support to business, control, and enablement functions across CBD to ensure long-term business sustainability

Principal Accountabilities:

Develop and maintain a standard operating procedure for managing regulatory notices and inquiries to ensure that all regulatory changes are addressed and communicated to all relevant stakeholders and implemented in a timely manner

Ensure all relevant regulatory returns are accurate, submitted within the required timelines and in conformance with appropriate regulations and guidelines

Interpret and evaluate proposed and new regulations. Advise on impact of such regulations on the business to facilitate implementation. Provide subject matter expertise solutions for complex regulatory issues and initiatives

Advise and proactively provide regulatory compliance support to relevant stakeholders on business matters

Develop and maintain compelling relationship with relevant regulatory authorities (SCA) to ensure CBD's reputation and credibility

Develop regulatory policies and procedures and ensure they remain up to date and in line with regulatory requirements. Review bank wide policies and procedures and provide feedback from regulatory compliance perspective

Ensure that all compliance risks in relation to the relevant units are appropriately identified through risk assessments performed across Business units, Control, and Enablement units.

Advise relevant units in the implementation of required controls for complying with the applicable regulations

Act as a regulatory compliance SME for the new product review process by assessing compliance/regulatory requirements and the impact of proposed new products and services

Ensure timely remediation of compliance-related gaps identified in RCSA, internal/external audits, regulator's supervisory audits related to relevant units

Participate in regulatory examinations and audits; produce Management Information (MI) in relation to the reviews undertaken and record and track the implementation of review recommendations

Prepare applicable MIs and share with Head, regulatory compliance and advisory for onward submission to relevant committees and Senior Management

Involvement in critical analysis of approach and interpretation of Regulatory requirement for solution approach and planning

On an ongoing basis, identify failure points and implement checks with support from relevant stakeholders to ensure control effectiveness

Ensure that CBD Board and Management Committees, Group Head of Compliance, and the Group's Senior Management are well informed of critical compliance regulatory and advisory plans, initiatives, escalations, and issues

Ensure a strict governance and oversight of all regulatory activities across the bank

Maintain strict discipline with internal policies and procedures and always be audit ready

Requirements

Education and Experience:

Bachelor's Degree as a minimum from a recognized university

CISI certified is preferred

Well versed with local regulations issued by SCA, banking systems, concepts, and banking best practices.

At least 10 years of experience in the banking/financial services sector (and five in a Regulatory Compliance role)

About the Company

In 1969, when we at Commercial Bank of Dubai started out little did we know that sheer grit and determination would get us where we are today. An Emiri Decree issued by His Highness the Late Sheikh Rashid Bin Saeed Al Maktoum, the founder of modern Dubai, laid the cornerstone of Commercial Bank of Dubai. We started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait. A minority stake was held by a few UAE businessmen.

By 1982, little more than a decade later, we evolved into a National Public Shareholding company. A feat complimented by an exponential increase in the capital base and mammoth restructuring of our operations. The feather in the cap came when the Government of Dubai became a key shareholder.

Over the decades, we have transformed ourselves into a progressive and modern banking institution. We are supported by a sturdy financial base and reigned by a strong and stable management. The proof of which lies with our customers who have stood by us over the years.