The Volcker Rule (part of Dodd-Frank Wall Street Reform and Consumer Protection Act) broadly restricts certain banks from proprietary trading and investment in or sponsorship of 'covered funds'. The Rule applies to the global operations of Standard Chartered Bank inclusive of all branches, subsidiaries and affiliates.
As part of the Volcker Compliance Team, this role will primarily support the ongoing compliance obligations related to the proprietary trading sections of the Volcker Rule. Particular focus will be on BAU controls pertaining to the Bank's global trading activity, which are necessary both in order to monitor for any potentially impermissible activity as well as to demonstrate all aspects of the Rule's compliance requirements.
The Volcker Compliance Team is global in nature, but run centrally in Singapore. The team primarily works with senior stakeholders across the Bank's global footprint. This role provides broad exposure to a wide array of cross-functional businesses and senior stakeholders within the Bank.
Key Roles and Responsibilities
* Supporting the team's ongoing compliance obligations primarily pertaining to the monthly monitoring review cycle and assurance processes for the Bank's trading activity. * Performing prescribed plus ad hoc analysis as required. * Providing independent verification and critical challenge in order to demonstrate ongoing compliance, which may involve escalating any potentially impermissible activity within the established management framework. * Performing systems-based compliance documentation / recordkeeping and compliance monitoring tasks in conjunction with the monthly monitoring review and assurance processes. * Working with key stakeholders to enhance the compliance program over time.
Strategy * Responsible for and provide advice on enterprise-wide Volcker Rule ECP requirements (Training, Independent Testing and Record Keeping) * Monitor and advise on new investment to and applicability of the Rule requirements
Business * Maintain affiliates inventory in close coordination with Covered Funds and Corporate Finance Compliance Head and ensure adequate documentation for all affiliates
Processes * Centralize reporting and coordination across product level compliance support Risk Management * Work with Volcker Compliance Team to manage the various risks associated with proprietary trading restrictions.
Governance * Assist in the production of MIS reporting and data analytics for the presentation to Product Governance Forums and in support of paper and other submissions by the Group Head of Volcker Compliance for GRC / BAC / CEO submissions
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. * Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
Other Responsibilities * Embed Here for good and Group's brand and values in all aspects of the role * Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.
Qualifications and Skills
1) Minimum of 5 years in the Financial Services Industry 2) Product Knowledge: * Possesses a moderate level of product knowledge regarding Foreign Exchange, Rates, Credit, Commodities, and other market-traded (as well as banking/financing) products. * Working knowledge of market risk (basic Greeks for varying asset classes) required. * Knowledge of accounting and trade processing systems a plus. 3) Compliance Skills * Existing experience with (or strong capacity to learn) risk identification, risk assessment, controls development, training, monitoring and reporting. 4) Microsoft Excel * Possesses intermediate to advanced Microsoft Excel skills required to work with existing (and develop new) controls and processes over time. * While some Excel skills may be taught on the job, the ideal candidate will be familiar with basic formulas and functionalities including "Vlookup", "SumIf", varying forms of data concatenation / delimiter functionality, and VBA. 5) Analytical Skills * Core ability to analyze a wide array of varying trading activities and circumstances versus the legal text of the Volcker Rule (with the support and guidance of senior team members). * Possesses an inquisitive mindset with the ability to think 'outside the box,' ask critical questions, and trust but verify responses in a adequately professional manner which can be well documented for recordkeeping purposes. * Ability to troubleshoot complex issues and work with key stakeholders to determine optimal solutions. 6) Prior working experiences in Product Control, Market Risk, Finance, or Trading not required but a plus. 7) Communication/Coordination Skills * Ability to communicate and coordinate with a high number (and wide array) of stakeholders on a regular basis. * Ability to communicate with senior stakeholders in a professional, clear and concise manner. * Ability to write summary papers, management information reports, and other policy and procedure documents as required. * Ability to effectively coordinate a relatively large number of co-dependent processes (with varying stakeholders across multiple business lines) within a monthly timetable. 8) Institutional Knowledge * Key working knowledge of the Bank's risk, trade processing, and accounting systems a plus. * Key working knowledge of the Bank's governance and management structures a plus. * Key working knowledge of the Bank's Operational Risk Framework a plus
How To Apply
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Diversity and Inclusion
Standard Chartered is committed to diversity and inclusion. We believe that a work environment which embraces diversity will enable us to get the best out of the broadest spectrum of people to sustain strong business performance and competitive advantage. By building an inclusive culture, each employee can develop a sense of belonging, and have the opportunity to maximise their personal potential.