Job description / Role
The purpose of this role is to drive conformation to regulatory compliance, organizational (internal) processes & standards, operational risk framework and overall /end to end process governance for WBG segments. The role holder will be responsible for the business risk management and compliance activities in five key areas i.e., Process Controls and Governance, Ongoing Due Diligence (ODD), Business Risk Advisory, and Monitoring. Though there is no financial delivery linked to this position but conversely the position is to ensure banks comply with regulatory requirements and business risks are managed and mitigated to avoid any financial penalties & fines besides reputational loss.
Develop policies and procedures (SOP's) and implement heightened monitoring measures on portfolios under WBG umbrella (where needed)
Identifying specific change requirements and ensure responsibility for defining the end-to-end process along with reasonable risk mitigation and control measures
Regularly review and update the client facing application and forms with respect to changing regulatory requirements.
CBUAE related reporting requirements, on KYC and ongoing due diligence.
Quarterly training on KYC/ ODD for First Line of Defence staff (FLOD).
Weekly & Monthly ODD/DQ/ other reporting to the Compliance forum and senior
Monitoring and applying restrictions, locks and exits on accounts as per consequence management policy
Ensuring the consistent and effective implementation and performance of operational risk and control effectiveness of the 1st Line of Defence for Wholesale Banking Group.
Work with the Regulatory, Financial Crime and CDD teams to identify adverse trends, poor controls and systemic risks.
Provide support with oversight of the monitoring and implementation of regulatory and financial crime controls, ensuring consistency.
Provide support in coordinating a holistic approach to the Regulatory/AML/CTF/Sanctions second line of defense (2LOD) assurance activity across the Bank and facilitate the development and embedding of best practice methodologies.
Support with the preparation of structured Dashboards and Management Information (MI) for reporting purposes.
Develop and manage annual BRG plan for the execution of key activities
Review and assess impact of key regulations related to WBG - process and technology
Provide guidance and input on key regulatory concerns or matters requiring attention as highlighted by internal and external stakeholders
Managing relationships with key contacts and stakeholders. These are likely to include Chief Compliance Officer, Head of Operational Risk and Chief Internal Audit and other Coverage GM's.
Regularly present compliance matters to senior management of WBG and recommend strategic or operational amendments for WBG activities.
Building risk awareness amongst staff by providing support and training to relevant stakeholders.
Assist with audit execution and engagement with audit team on identified observations, representing the front line.
Ensuring RCSA are done as per the framework for all WBG/TBG processes / functions
In conjunction with Ops Risk, facilitate development of Risk, Control and Security Assessments (RCSAs) which identify the key risks, their impact and the relevant controls.
Monitoring origination procedures of frontline staff to ensure compliance with regulations and internal policies
Generation and circulation of dashboard tailored to the relevant audience, to manage the Business Risk and Governance activities planned for the year, like educating the stakeholders about most significant risks to business, ensuring business heads understand the risks that might affect their business/ departments, ensure individuals understand their own accountability for individual risks.
Review and evaluate/ assess policies and protocols; and make recommendations to implement modifications and improvement to the business processes.
Bachelor's Degree as a minimum from a recognized university.
7-10+ years of overall Banking experience with specialized experience at a senior level in areas of compliance, audit, operational risk
Experience working in relevant environment/s, i.e., Operational Risk/Business Risk/Internal Audit in Financial Services organisations
In-depth knowledge of UAE regulatory framework, Wholesale & TB Banking products and services and Operational Risk frameworks.
Relevant product knowledge including knowledge of Experience of Control Monitoring, Facilitating Risk and Control Assessments (RCAs) is required.
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.