About Standard Chartered
We are a leading international bank focused on helping people and companies prosper across Asia, Africa and the Middle East.
To us, good performance is about much more than turning a profit. It’s about showing how you embody our valued behaviours – do the right thing, better together and never settle – as well as our brand promise, Here for good.
We’re committed to promoting equality in the workplace and creating an inclusive and flexible culture – one where everyone can realise their full potential and make a positive contribution to our organisation. This in turn helps us to provide better support to our broad client base.
The Role Responsibilities:
Role Overview
This London based 1-year fixed term contract (FTC) role within the global CFCC Advisory Compliance team will be focused on ensuring SCB is in adherence with EMIR trade reporting requirements for exchange traded and over-the-counter derivative contracts as they are traded across Financial Markets Operations. A highly motivated and self-driven individual, you will join the CFCC Advisory transaction reporting Compliance team working closely with Global and Regional Compliance teams, Front and Middle Office, Regulatory Operations, Regulatory Technology, Legal and other stakeholders to ensure compliance against our regulatory requirements.
Scope
The role will report to the UK based Head, Transaction Reporting Compliance, CFCC Advisory. The successful candidate will be required to undertake the following:
- Oversee transaction reporting regulatory horizon scanning primarily for the EU EMIR Refit and corresponding UK EMIR reformations. Provision of insight, guidance and interpretation of the current EMIR obligations to stakeholders.
- Develop an exhaustive Obligations Register for UK EMIR Article 9 trade reporting. Document supplemental interpretations into a new integrated compliance management system, assist with mapping of the obligations and interpretations to operational and technological controls.
- Second line oversight of all EMIR trade reporting obligations to manage the Bank’s risk, increase efficiency, and produce better business outcomes.
- Help the Compliance team develop their existing Target Operating Model and new Transaction Reporting Standard. Familiarity with other transaction reporting regimes is preferred.
Key Responsibilities
This is an opportunity to join an established Compliance team, focussed on trade and transaction reporting, with individuals currently located in UK and Singapore. The successful candidate will be required to undertake the following responsibilities:
- Conduct regulatory analysis, impact assessment and support the implementation of new and changing trade and transaction reporting regulation in an advisory capacity with a focus on EMIR Article 9 for the EU and UK;
- Develop an Obligations Register, document rules interpretation and then review and assess whether appropriate first line controls are established and adequate to fulfil these obligations and expectations. The to assist first line process owners with the development of controls for all;
- Provide timely and subject matter assistance to other Compliance teams when they liaise with regulators on issues identified within transaction reporting compliance e.g. outages, non-reporting of trades or other regulatory breaches.
- Review essential management information to ensure identified compliance gaps are identified and remediated. Provide Compliance training and supply advisory support to stakeholders where necessary;
- Participate in relevant internal and external (industry association) working groups;
- Able to demonstrate extensive experience and familiarity with trade and transaction reporting regulations across all our key regions (Europe, US, Asia).
Strategy
- Promote the culture and practice of compliance with Compliance standards (including conducting business within regulatory requirements, and to high ethical standards) within the Bank and embed a Here for good culture and the Group Code of Conduct.
Business
- Core knowledge in risk frameworks including risk identification, risk assessment, controls development, training, monitoring and reporting as well as ideally a background that includes change management such as waterfall, agile methodologies;
- Awareness and understanding of the financial markets, the products traded, economic and market environments where regulatory risk could impact the locations in which the Group operates;
- Ability to analyse relevant laws and regulations and relate regulatory interpretations to products and business models. Good knowledge of market initiative regulations and OTC derivatives reforms
- Core experience, shown by demonstrable achievements in the above areas.
Processes
- Develop and maintain effective policies/processes/DOIs (including training, advice and support) (including training, advice and support) to address CFCC risks across EMIR Transaction Reporting, aligning with relevant regulatory requirements.
- Provide governance and oversight over the implementation of CFCC related policies and procedures relevant to EMIR Transaction Reporting (to support compliance with such policies and procedures).
People and Talent
- Lead through example and build the appropriate culture and values. Set appropriate tone and work in collaboration with risk and control partners.
- Promote and embed a culture of openness, trust and risk awareness, where ethical, legal, regulatory and policy compliant conduct is the norm.
- Stimulate an environment where forward planning, prioritisation, deadline management and streamlined workflows and collaborative, inclusive yet effective and efficient work practices are the norm.
- Drive the migration of skill, knowledge, best practice and lesson learned across the network between CFCC Advisory colleagues especially in relation to legal/regulatory risks and compliance with relevant regulations and internal policies/standards as they pertain to EMIR Transaction Reporting.
Risk Management
- Collaborate with the other Product CFCC teams, CFCC Advisory Management Team and / or the CFCC Management Team to anticipate horizon risks that may have a significant impact on the Bank and develop effective strategies to mitigate such horizon risks including global standards for conduct of business.
- Liaise with the internal audit function to ensure that any CFCC weakness identified by the internal audit function relating to EMIR Transaction Reporting activities are appropriately followed up where they are relevant to CFCC.
- Provide advice on the application of CFCC risk management frameworks (e.g. ERMF) and provide advice to relevant stakeholders on outcomes of risk identification and assessment methodologies
- Provide reports to relevant Group and Business risk and control committees and management group on key compliance risks and issues
Governance
- Attend relevant leadership meetings, and provide relevant reports to management and governance/risk committees.
- Propose control effectiveness and efficiency improvements and simplifications where appropriate.
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;
- Support FM Compliance function to achieve the outcomes set out in the Bank’s Conduct Principles: Fair Outcomes for Clients; Effective Operation of Financial Markets; Financial Crime Prevention; The Right Environment;
- Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
Key Stakeholders
- The individual will be required to manage interactions with stakeholders from global and regional Compliance teams, front and middle Office, Regulatory Technology and work closely with Regulatory Operations and other stakeholders;
- Ability to ensure that relevant stakeholders receive relevant and timely information on developments in compliance or in the business, with the priority on ensuring “no surprises”;
- Ability to communicate effectively to stakeholders at all levels and through channels appropriate to the situation. This includes using appropriate governance forums to ensure stakeholders remain fully informed.
Other Responsibilities
- Embed ‘Here for good and Group’s brand and values in FM Compliance’
- Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures
- The above requirements not intended to be interpreted as an exhaustive list of all responsibilities and duties to be performed and the individual will be required to assume responsibilities to effectively deliver on the role
QUALIFICATIONS:
- Bachelor’s Degree preferred;
- Extensive experience (based on band level agreement) prior Compliance and/or Regulatory / Risk Framework experience in Financial Markets;
- Strong knowledge and previous experience of market initiative regulations;
- Good knowledge of trade and transaction reporting rules and regulations, specifically EMIR, but extending to MiFID, Dodd Frank CFTC and SEC, and other G20 derivatives). This includes familiarity with market best practice, emerging themes and areas known to be subject to regulatory attention;
- Ability to understand and to interpret technical regulatory requirements as well as the capacity to build a detailed understanding of the groups trading systems and technology architecture;
- Proven executor of assurance initiatives including planning, analysis, identifying regulatory gaps and action owners through to tracking of remediation.
- Expertise of data modelling with knowledge and the ability to interpret and collate both complex and unfamiliar data sets;
- Good presentation skills, including experience developing and delivering regulatory based materials;
- Ability to develop and enhance relationships across multiple stakeholders in various functional and geographic groups, including but not limited to FM businesses and Operations, Information Technology, Legal other Compliance teams;
- Excellent written English with experience of drafting policies, procedures and operational documentation to a high standard;
- Ability to objectively consider matters from an end-to-end perspective, including looking at reporting related matters from the initial policy statements, more detailed procedural aspects, training requirements, assurance testing and monitoring;
- Identification and assessment of potential regulatory risks facing the business (either conduct or regulatory related);
- Ability to work both independently and within a team environment with appropriate supervision. A desire to deliver results. Self-motivated and self-reliant with genuine desire to get things done and to do it right, as well as the ability to provide practical and effective advice. Being able to accept challenge and change, listen to the other point of view and adapt your approach accordingly is essential;
- Diplomacy, sensitivity and the ability to gently, but professionally stand your ground when needed and persuade others of the merits of a particular approach;
- EMIR experience at any of the following: financial institution, law firm, regulator or Compliance consultancy practice;
- Microsoft Excel, Word, and PowerPoint skills are required;
- Strong knowledge of Financial Markets operations and products;
- Good educational background, ideally to degree or equivalent level.
