HSBC AVP Regulatory Compliance, Retail Banking and Wealth Management Full Time in Toronto, ON
Branch Toronto ON CA
AVP Regulatory Compliance, Retail Banking and Wealth Management
Being aware of the political, management, regulatory and reputational implications of a particular decision and courses of action….
Employment Type: Regular
- The purpose of the Regulatory Compliance (“RC”) RBWM team is to lead the implementation and management of all aspects of RC including impact analysis of regulatory changes, and driving coordination and execution of various Regulatory Compliance work streams and assurance in RBWM Canada while ensure alignment to Global Standards.
- This role supports the Head of RC RBWM, Canada in establishing, directing, and maintaining an effective RBWM-wide compliance program in accordance with HSBC Group policies and regulatory requirements.
- The role requires fostering a strong partnership with the RBWM business and RBWM Risk to drive the implementation of policy arising from the Global Standards Committee.
- It will monitor and track progress of various work streams and initiatives underway which fall under the umbrella of Regulatory Compliance Risk and Global Standards, provide compliance management and supervision for all RBWM businesses in Canada, provide guidance on policies related to RBWM products, services and clients, and ensure that the Regulatory Compliance function is resourced adequately to address the risks associated with RBWM business in Canada.
- This role is also responsible for Chief Compliance Officer duties for Trust and Global Immigrant Investor Services (CCO Trust/GIIS).
Impact on the Business
- Proactive identification of Regulatory Compliance risk changes and potential impacts on RBWM Business Model in Canada.
- Continuous review for appropriateness of framework to monitor regulatory compliance developments impacting RBWM in Canada.
- Implement programs to address, manage, and mitigate impacts of regulatory changes on RBWM in Canada.
- Manage RBWM’s exposure to regulatory compliance and reputational risks, in a practical and effective manner, including efficient and reasonable deployment of resources and an understanding of the business operations and needs.
- Ensure appropriate framework is in place to work closely with Compliance Shared Services to manage Risk and Compliance matters in RBWM Canada.
- Review and assist with the effective deployment of the Regulatory Compliance Assurance function.
Customers / Stakeholders
- Lead/liaise with relevant stakeholder within RBWM senior management in Canada, other Global Business and Functional team to provide expertise and support on all Regulatory Compliance related matters.
- Oversee interaction with regulators and industry bodies in Canada on Regulatory Compliance matters relating to the different businesses of RBWM.
- Ensure the appropriate timely and relevant risk information is provided to RBWM management, Risk Management Committees and RBWM Oversight Committees.
- Leadership of resources, people, processes and change management to support a customer focus business operations.
Leadership & Teamwork
- Strong communication and working relationship with other RBWM leaders, other Risk Disciplines, Functions, Global Businesses, Regulatory Compliance leads of various RBWM business line (RBWM RC Leads) to ensure implementation of new disciplines.
- Share best practices with Group offices, other business lines and other regions.
- Lead and develop an effective team through communication, performance management, development plans and reward/recognition practices.
- Promote an environment that supports diversity and reflects the HSBC brand.
Operational Effectiveness & Control
- Focus on implementing and aligning the RBWM operating practices with changes in Global Regulatory Compliance Standards.
- Oversee the resolution of all identified issues promptly, and escalation of concerns to management as appropriate to ensure timely awareness of any material matters.
- Ensure adherence to all HSBC control standards, and implementation of Group compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators.
- Maintain awareness of compliance related operational risks with assigned RBWM business lines and minimize the likelihood of occurrence including its identification, assessment, mitigation and control, loss identification and reporting.
- Ensure that all employees are aware of and effectively identify and manage applicable money laundering (ML), terrorist financing (TF), sanctions and reputational risks.
- Complete other responsibilities, as assigned.
- RBWM is an extremely diverse business facing an increasingly regulated and complex global environment with often little consistency between laws and regulations in different jurisdictions and regulators taking a far more aggressive approach in ensuring local compliance with their requirements and imposing increasingly stringent sanctions for breaches.
- Assist the Head of RBWM RC in achieving a balance between the demands of regulators, external bodies and governmental initiatives, RBWM business and ultimately Group’s shareholders and customer; being aware of the political, management, regulatory and reputational implications of a particular decision and courses of action.
- In order to effectively manage change in a volatile environment, the jobholder, is required to have a broad and deep understanding of businesses, regulatory and industry issues, as well as the competitive landscape. The incumbent will be required to stay abreast of the rapidly changing regulatory environment as it relates to Regulatory Compliance and the more stringent regulatory interface and intervention across multiple jurisdictions, which is complicated further given the dynamic nature and differing pace of change.
- The incumbent is required to ensure consistent application of the highest Risk Management standards notwithstanding the complexities of products and business operations in RBWM Canada. Risk is forward looking. The incumbent would oversee the identification, planning and implementation of change programs to ensure that RBWM Canada remain in line with regulatory requirements. A balance must be maintained between the local and global priorities. The incumbent would need to balance between sometimes conflicting needs and priorities of different teams with Risk departments and across countries.
- The incumbent is the primary contact on Regulatory Compliance matters and issues surrounding the RBWM Transformation initiative, commencing in Q4 2015 until completion in 2018.
This role also needs to lead without authority and able to collaborate with multi-stakeholders and deliver results. The role holder must be able to influence senior management and articulate clear business reasons for change initiatives. The job holder will maintain close interaction with multiple Compliance Teams as well as RBWM RC Leads.
Management of Risk
- Ensure compliance of both general and anti-money laundering and anti-terrorist financing (AML/ATF) compliance controls as well as operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues.
- Adheres to HSBC’s Statement of Business Principles and Code of Ethics.
Observation of Internal Controls
- Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
- Adheres to, demonstrates adherence to, and ensures RBWM RC Leads adhere to internal controls through adherence to all relevant procedures and appropriate record keeping.
- Ensures alignment with regulatory requirements, the Compliance FIM, and other Group policies and related policies and procedures.
- Communicates control weaknesses to other group leaders and business management in accordance with issue escalation procedures.
- Implements the Group Compliance policy by managing compliance risk in liaison with the Head of RC RBWM and the RC RBWM Leads, ensuring adequate compliance resources are in place and training is provided, fostering a compliance culture and optimizing relations with regulators.
- Minimum of 8 years of proven and progressive Retail Banking and/or Wealth Management experience, compliance and/or legal management experience.
- Minimum of a Bachelor degree in business, Master’s degree and/or Juris Doctorate (JD) preferred.
- Wide scope of knowledge of RBWM businesses, including products, operations, systems and organization contributing to the ability to develop practical, cost effective solutions to complex issues.
- Full understanding of all significant regulatory compliance requirements applicable to RBWM businesses (Bank Act, Securities Commissions regulations as well as SROs rules).
- Experience in dealing with regulatory matters and confident interaction with Regulators.
- Experience in developing and implementing compliance policies, programs, and procedures, paired with experience in dealing with executives at all levels including the capacity to articulate the case for risk management and policy in the language of business.
- Well-developed managerial, communications, negotiations, analytical, organizational, project management and strategic and/or operational planning skills.
- Must be an effective overall leader with excellent communications skills, a professional management style, and a track record of leading through change.
- Ability to lead change in RBWM Canada contributing to joining up with the other teams in Risk and Business globally.
- Ability to “connect the dots” and critically analyze situations, recommend effective solutions to problems and identify or anticipate regulatory concerns.
- Demonstrates ownership of topics and actively protects HSBC’s reputation.