Head of Internal Audit

Sophisticated multi-family office in Bahrain
Bahrain (BH)
Competitive salary
Jul 19, 2018
Sep 17, 2018
CFA Charterholder
Employment Type
Full Time

The Firm is one of the largest multi-family office based in Bahrain with offices in London, New York and Hong Kong.

Head of Compliance & Risk

  •  Act as an ambassador for the Firm’s compliance culture and standards demonstrating the highest standards of compliance behavior and to raise awareness of regulatory requirements and compliance policies. Provide an advisory role for regulatory aspects across the whole business, ensuring best practice and adherence to the Firm’s compliance and regulatory policies and procedures

 The Role Key Responsibilities and Duties include:

  • Risk and incident management
  • To set a risk and compliance framework for the firm in line with our principles and culture.
  • To take overall responsibility for the advice, management and development of the Firm’s risk and compliance systems firm wide.
  • To advise the Management Board in the implementation of risk and compliance matters across the firm.
  • To oversee the preparation of the monthly compliance reports for the relevant regulatory oversight officers – COLP, COFA and Data Protection Compliance Officer (DPCO). ·
  • Present to the Management Board monthly on risk and compliance issues including any recommendations.
  • To be a full member of the Senior Management Team, which coordinates the work of the Firm’s Directors and the Senior Management.
  • To manage the Risk & Compliance team and provide leadership and supervision to them and their work.
  • This role is intended to become the COLP, after a suitable period of induction and providing the individual is a suitable experienced qualified lawyer.
  • To be the designated and/or registered Money Laundering Reporting Officer, FCA money laundering reporting and compliance oversight, DPCO and Risk Manager.
  • To ensure the completion of regulatory returns and be the key relationship contact for the SRA, FCA, Information Commissioners Office, Lobbying Registrar.
  • To be the responsible individual for all policies on risk and compliance within the Office Procedure Manual, particularly the process of annual review – proposing improvements to manage risk.
  • To undertake, oversee or manage as appropriate and propose improvements in the following the Firm’s systems: AML & KYC. Both own interest and client conflict. Reputational risk, data protection, anti-bribery and Market Abuse Directive. Complaints including Client Money, Financial Promotions and Consumer Complaints Liaison, under the FCA regulation, the Firm’s offshore  compliance.
  • Management of the standard terms of engagement and Terms & Conditions, including approval of amendments in relation to negotiations with individual clients.
  • To participate in the further development of the Firm’s matter level risk assessment system and to monitor and ensure the robust management of each individual danger matter notified under that system.
  • To ensure those matters appropriately populate the various risk registers listed above. · To take robust appropriate action ensuring the effective management of risk within all danger matters in line with the Firm’s agreed policy – including consulting the Management Board or Reputational Risk & Conflict Group in complex cases.
  • To investigate all breaches and near breaches of all regulations and statutes covering the Firm and report as required.
  • To review each such incident of actual or near non-compliance and work with the business to re-mediate incidents of non-compliance and advice Senior Management on preventative strategies to avoid potential non-compliance issues.
  • Provide guidance and recommendations on corrective actions or risk mitigation strategies in order to re-mediate non-compliant situations to Senior Management and Partners.
  • Monitor the implementation progress of action plans designed to correct incidents of noncompliance or potential issues in policies, systems or employee conduct.
  • Follow up with those accountable for implementing remediation tactics, to ensure appropriate corrective actions or risk mitigation strategies are implemented fully within the required time frame.
  • Write and present reports to management outlining recommendations for improvements.
  • Prepare an annual report to the Management Board on the status of compliance within the Firm.
  • To manage the process of determining whether breaches are non-material or material. This will include recording and reporting material SRA breaches and dealing with correspondence arising therefrom and ensuring the maintenance of the recording and reporting of non-material SRA breaches.
  • Overseeing the maintenance of the partners and staff own interests register.
  • To ensure that, using the risk based file selection criteria, the current system of internal file reviews are undertaken and once completed, reported and acted upon.
  • Ensure the online and face-to-face programme of risk and compliance training is delivered effectively and to all identified users in accordance with the Management Board requirements, delivering such training personally as appropriate.
  • To review the conclusions of the recent externally commissioned consultants’ reports on SRA (including the Accounts Rules), AML, FCA and data protection compliance – to review progress made on implementation and taking appropriate action to complete that process.
  • To manage the relationship with our external advisers, this will include SRA and FCA consultants, professional indemnity broker, the Firm managers, complaint handlers, auditors, and external lawyers.
  • Develop and maintain regulatory awareness among all staff.
  • Maintain an up to date high level of knowledge and understanding of UK, US, HK, & Swiss regulations
  • Maintain an up to date high level of knowledge and understanding of internal policies and procedures, including 'Compliance’, 'Prevention of Money Laundering and Combating Terrorist Financing’, 'Financial Crime’, 'Customer Due Diligence’, 'Treating Customers Fairly’, 'Complaints Management’, 'Client Assets’, 'Anti-Bribery and Corruption’, 'Conflicts of Interest’, 'Market Abuse and Personal Dealing’, 'Gifts, Benefits and Entertainment’. Financial Conduct Authority
  • Carry out risk assessments of business activities for inclusion in the CMP, escalating breaches and risks and ensuring remedial actions are taken
  • Structure and oversee independent reviews to evaluate emerging regulatory risks and control weaknesses identified in compliance activities.
  • Liaise with the Finance Department to ensure that the correct calculation of financial adequacy ratios of the regulators are adhered to

Qualifications and Education Requirements:

  • 10+ years’ experience preferably in a financial organizations compliance and risk.
  • Maintains the highest professional standards to ensure the firm is not in a position of risk.
  • Ability to build supportive relationships with different groups across the firm.
  • Works collaboratively with partners, Management Board and Senior Management to resolve client conflicts to acceptable outcomes for all.
  • Makes commercial business decisions and is resilient in the face of resistance.
  • Credibility, professionalism and confidence to implement best practice.
  • Judgement to balance commercial and compliance risks to achieve positive outcomes.
  • Ability to work with the business to achieve its goals within the relevant regulatory regimes.
  • Provides strong leadership, mentoring and coaching within the team to develop skills and expertise.
  • Proven “people skills” in terms of recruiting, appraising, developing and motivating staff.
  • Ability to consistently demonstrate initiative and confidence in day-to-day dealings with the partners and fee earners.
  • Excellent communication both written and verbal.
  • Confident individual with a proactive attitude.
  • Ability to manage assigned tasks in an assertive, efficient and timely manner.
  • Proven ability to deal with confidential matters and with discretion.
  • Experience of preparing/delivering training.
  • Must be able to multi-task and keep calm under pressure.
  • Excellent, proven organisational skills.
  • The flexibility to work outside normal office hours as may be required from time-to-time.