Role Purpose The role combines regulatory compliance and business management activities, with the role holder expected to split their time evenly across both areas. On the RC officer side, the role holder will be expected to:
assist the Head of PBRS RC in managing Legal and Compliance Risks across the bank, ensuring the Bank's employees meet their responsibilities in complying with applicable laws and regulations, internal rules, and Group policies and standards through the provision of clear and timely advice and guidance;
support risk stewardship in all key areas of regulatory compliance, assisting on core regulatory compliance projects, producing high quality analysis, managing stakeholders, and delivering timely advice, guidance and training to Bank employees;
Facilitate the fully compliant product and service offering in PBRS - including wealth management activities and strategic initiatives - by implementing adequate policies and procedures, communicating these to staff, and training them so they can conduct their business in a safe and compliant manner.
On the business management side, the role holder will be expected to:
support the Head of PBRS RC to ensure the appropriate level of management oversight on all matters pertaining to the RC function, including coordination of the annual plan and regular tracking against targets, as well as financial and people management processes;
manage PBRS RC MI & Governance processes - including through coordination with PBRS and PB RC - to ensure that PBRS regulatory compliance risks are clearly articulated and appropriately escalated, and that audit and control processes are tracked through to completion;
Facilitate the development and creation of standardized processes and practices across the RC team, define and deliver an effective communications strategy, and manage the administrative aspects of the department to ensure the function operates effectively and efficiently.
Principal Accountabilities: RC Officer Activities:
Procedures & Manuals
Review existing compliance guidelines and directives, Compliance Manuals, Policies, Desk Instruction Books and Key Operating Procedures.
Develop new ones if necessary and support implementation.
Act as Functional Support (Second Line of Defence) according to relevant FIM.
Identify training needs and deliver compliance training as required.
Develop and maintain tools and initiatives for initial and on-going compliance training.
Provide clear advice and clarification to the Bank's employees with respect to existing and new regulatory requirements as well as to the Bank's internal rules and those issued by the Group.
Liaise with Group Compliance on cross-border marketing issues.
Advise business in connection with cross-border rules
Reporting & Management Information
Contribute to regular Compliance and Management Information reports.
Report all material compliance issues or significant breaches on a timely basis.
Provide appropriate input into quarterly activity reporting to the Audit Committee, other PBRS committees as required and reporting to the Head of Regulatory Compliance.
Engage in ad-hoc reviews and projects as required from time to time by the Head of Regulatory Compliance.
Proactive contribution from compliance perspective in the rollout of specific new regulations as and when these arise.
Business as usual
Assess all compliance risks of products, services and investments offered by the bank.
Assess regulatory and reputational risks and changes.
Provide advice on all matters pertaining to the internal code of conduct as well as Conduct requirements
Ensure compliance with marketing material and financial promotion used within PBRS (internally and externally distributed)
Provide advice in respect of the PBRS complaint handling process.
Review and approve exceptions to Client Visitation Policy
Advise business on all cross-border aspects.
Manage Privacy, Banking Secrecy and Data Protection matters.
Handle inquiries from regulatory agencies and other third parties as these requests pertain to regulatory compliance matters
Review and approve new relationships with Intermediaries (EAM & Introducers).
Advise on compliance matters with regard to legal contracts.
Assist in all matters pertaining to Consolidated supervision and oversight of PBRS' foreign presence
Every task related to new regulation or project which falls in the role of Regulatory Compliance
Business Manager Activities:
Consistent and effective approach to business management across the functional areas.
Identification and implementation of best practice with Subject Matter Experts across the organisation to enable the highest operational standards.
Coordinating the requirements with PBRS MI Team and with the GPB teams to meet all global processes and deadlines
Leadership and Teamwork
Jobholder is required to ensure self and team have a sound knowledge of Private Banking business, products, services and regulatory matters.
The specialist nature of the role requires the jobholder to develop a network of contacts, both internal and external, to ensure advice and guidance is fully comprehensive and accurate.
The specialist nature for the role requires the jobholder to continuously challenge his knowledge and to develop learning on and off the job.
Ability to advise on all aspects of the business or to guide the business to specialist advice
Ability to take decisions and ownership
Ability to assess, recognise and avoid risks to all aspects of the business.
Team empowered & able to make decisions.
Operational Effectiveness and Control
Adherence to internal guidelines, processes and procedures
Keep management informed of regulatory changes and assess the impact on relevant Business activities.
Escalate breaches and/or significant cases to line management.
Protect the good reputation of the Bank and maintain highest standards of conduct.
Compliance policy, procedures, manuals etc. accurately reflect internal and external requirements, and kept up-to-date.
Consider fairness and mutual respect in all aspects of daily business.
Implementing and managing a uniform approach to operations, in view of the various operating procedures within the Bank and within the RC Function, and addressing the related issues, requirements and challenges.
Understanding of technicalities of investments, products and services offered by the bank.
Identifying compliance risks in all services and products offered by the bank.
Understanding the impact of compliance issues throughout the bank.
Business oriented approach, foster and maintain an attitude of 'can do' Compliance.
Raise awareness of Compliance responsibilities in the Business (First Line of Defence).
Maintain and improve standards of compliance in a rapidly growing and diversifying business.
Compliance with HSBC Group standards, whilst accommodating specific organisational requirements
Keep abreast of all regulatory development and anticipate changes in order to ensure full compliance at all times.
The environment and operating conditions of the role including the extent of guidance and authority.
Execution of all responsibilities with due care and diligence.
Challenging and fast moving environment.
Ownership and responsibility have to be taken on proactive and self-starting approach.
Business minded approach.
Time is of the essence.
Management of Risk
Is fully aware of the operational risk scenarios associated with the role and acts in a manner that takes account of operational risk considerations.
Observation of Internal Controls
The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
The jobholder will implement the Group Compliance Policy by containing compliance risk in liaison with other key internal stakeholders. The term 'compliance' embraces all relevant financial services laws, rules and codes with which the business has to comply.
This will be achieved by adhering to all relevant processes/procedures and by liaising with First Line of Defence and Second Line of Defence stakeholders about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.
Knowledge & Experience / Qualifications
Solid and proven practical experience gained in the financial industry or legal/compliance area of at least 3-5 years, with awareness of Swiss rules and applicable foreign law,
Detailed understanding of Private Banking business, products (equities, fixed income, alternatives, structured products, asset management), services and regulatory matters,
Degree in law, economics or equivalent field, with project management and strong analytical skills an asset,
Outstanding communication (written and verbal) and organisational capabilities, with ability to meet tight deadlines and work under pressure,
Excellent team player with ability to work independently who is service oriented and able to provide practical advice and solutions to meet business needs,
Fluent English (both written and spoken), with proficiency in French or German an advantage, and strong IT skills (MS Office).
Within HSBC certain roles are designated as Enhanced Vetting Roles. For these roles, all internal and external applicants are required (subject to local laws), to pass satisfactorily a series of additional checks both as part of the application process and, if successfully recruited into the Enhanced Vetting role, on an on-going basis. The Group reserves its position with regard to any steps which it may take in relation to any material adverse findings which arise either when the checks are first carried out as part of this recruitment exercise, and/or if relevant, on an ongoing basis.
This role has been designated as an Enhanced Vetting Role.
We are an equal opportunity employer and are committed to creating a diverse environment.