The Role Responsibilities
- By providing guidance, assistance and challenge, this role is to ensure that the Consumer, Private and Business Banking (CPBB) and Wealth Management (WM) product team comply with core principles of the FCA regulations and the Group and local policies and procedures when developing and executing investment products to retail and professional clients in the UK.
- A good understanding and knowledge of MiFID II, PRIIPs, UK Financial Promotions rules, Market Abuse Regulations, Best Execution and key aspects of the FCA handbook as it pertains to a Private Banking and WM business in the UK is essential.
- As Europe WM CFCC partner, guide and assist the European WM team to complete activity (product development and execution) in accordance with compliance policy and requirements.
- Support, by helping to implement the vision, strategy, direction, and leadership for the UK WM and CPBB Conduct, Financial Crime Compliance (CFCC) team, consistent with the Global Head of CFCC, WM, PvB ("Global Head") and Head CFCC and CFCC, CCIB, UK/Europe vision and strategy for the CFCCA function and in support of the Group's strategic direction and growth aspirations.
- Promote the culture and practice of compliance with compliance standards (including conducting business within regulatory requirements, and to high ethical standards) within the Group and embed a Here for good culture and the Group Code of Conduct.
- Help the Group meet its commitment of being "Here for Good" by building a sustainable compliance framework that places regulatory and compliance best practice standards, and a culture of appropriate conduct at the forefront of the Group's agenda.
- Proactively support and challenge the WM (including CMPS) and CPBB business to exhibit appropriate conduct, comply with regulatory and compliance requirements and strive to achieve fair outcome for clients.
- As an independent second line risk control function, execute the relevant aspects of the CFCC framework through robust independent risk control and the provision of specialist advice and constructive challenge in a manner proportionate to the nature, scale and complexity of the Group's business.
- Promote a culture of compliance and collaboration amongst business stakeholders and with the team.
- Guide the WM product team on best solutions for compliance with Consumer Duty obligations and incorporating best execution, product governance and other associated policies.
- Further the culture of compliance and collaboration amongst the CFCC function and WM business in Europe.
- Provide robust challenge to senior management and all relevant business stakeholders where activities are outside risk tolerance/ appetite, escalating as necessary, until appropriate oversight and ownership is achieved including actions and plans to address any remedial action needed to come back within risk tolerance/ appetite.
- Provide regulatory advice, analysis (and challenge when appropriate) in relation to the full product life cycle including product design and documentation through to post sale reviews/ assessments, new business initiatives, bespoke projects, remedial activities (including nature, scale and rigour of past business reviews), investigations.
- Assist the WM business with timely regulatory compliance advice to ensure compliance with all existing & new laws and regulations and support the transition to pro-active and pre-emptive compliance and conduct risk mitigation to the WM business in Europe.
- Review client facing transaction documents against the FCA financial promotions rules. Drafting product feature and risk disclosure documents such as "know your investment risk documents" and wrappers for transaction terms.
People and Talent
- Develop and recommend (for approval by the relevant Risk owners), appropriate country addenda to compliance policies and procedures.
- Guide and provide support and challenge to European WM team to ensure that they establish and monitor appropriate processes for compliance with compliance policies, procedures and standards (including meeting regulatory obligations and maintaining high standards of conduct).
- Ensure all processes, procedures and controls required to meet role responsibilities are clearly documented and agreed.
- Within the Group's overall Risk Management Framework, establish and maintain appropriate risk-based compliance frameworks for identifying, assessing, managing, monitoring, mitigating and reporting compliance (including regulatory) risks across the WM business in Europe.
- Ensure appropriate product governance measures are in place so that product approval documents reflect all relevant regulatory requirements.
- Provide coaching and engage in cross-training of other members of the CFCC CPBB team.
- 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.
- Collaborate with training teams to input to training curriculum to support closing of capability gaps.
- Act as local Risk Owner in UK under the Group's Risk Management Framework for the WM processes where Compliance is the second line Risk Owner.
- Insofar as they relate to regulatory compliance, be responsible for providing details of developments giving rise to a material risk that serious regulatory breaches or breaches of risk tolerances (as agreed by the Board from time to time) may occur and notifying any such breaches to UK Head CFCC, CPBB and Global Head CFCC, Wealth Management.
- As an independent second line risk control function, execute the relevant aspects of the Compliance framework through robust independent risk control and the provision of specialist advice and constructive challenge in a manner proportionate to the nature, scale and complexity of the Group's business.
- Ensure effective management of compliance matters, and in collaboration with the wider CFCC teams, effectively manage regulatory issues that have a significant impact on the Group.
- Collaborate with the other CFCC teams to anticipate horizon risks that may have a significant impact on the Group and develop effective strategies to mitigate such horizon risks including global standards for conduct of business.
- In the event of serious regulatory breaches, or where risk tolerances have been breached, ensure senior management in the Group and relevant regulators are informed and that actions are taken quickly to remediate and/or activities are ceased.
Regulatory and Business Conduct
- Provide reports to relevant Group and Business risk and control committees on key compliance risks and issues.
- Maintain adequate management MI/trackers across all aspects of their coverage and responsibility to ensure all issues and matters are tracked, followed, regularly assessed and reported on.
- 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 SCB. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
- Lead the [country / business unit / function/ team] to achieve the outcomes set out in the Group's Conduct Principles: Fair Outcomes for Clients; Effective Financial Markets; Financial Crime Compliance; The Right Environment.
- Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
- Prudential Regulation Authority, Financial Conduct Authority
- Business management including:
- Head of CPBB Europe
- Head of Wealth Management, Europe and the UK
- Market Head, CPBB UK
- Wealth Management COO
- Business Risk Management, CPBB UK and Jersey
Compliance Colleagues :
- Global Head, CFCC Wealth Management
- CFCC, UK & Europe team
- CFCC, CPBB Global
- Europe Head, Wealth Management
- Group Regulatory Liaison
- UK Affluent and Wealth Management Legal
- Group Internal Audit
Our Ideal Candidate
- Manage workload in a self-sufficient manner, pro-actively identifying capacity issues, escalating risks and issues as appropriate, taking responsibility and accountability for own tasks.
Role Specific Competencies
- Substantial experience in managing Wealth Management/Private Banking compliance risks gained in the banking industry.
- Some experience of providing Compliance advice on Wealth Management/Private banking solutions offered to clients who are UK resident non domicile (not tax advice).
- Sound knowledge/experience of Financial Products including Managed Investments (funds, private equity, hedge funds), Discretionary Management, Structured Products and direct market products
- Potentially have previously worked in a product or front office role.
- Sound judgment on the applicability of the UK rules as they apply to Wealth Management/Private Bank, regulatory relationship management, and reputational risk.
- Strong influencing and conflict resolution skills.
- Proven ability to convey complex concepts in a clear and concise manner, to potentially diverse audiences.
- Ability to consistently demonstrate decisiveness and sound judgment understanding of operational risk frameworks and systems.
- A good understanding of SCB's organisational structure and internal policies and procedures.
- A good understanding of the products and services provided by SCB within Europe.
- Good business acumen, excellent interpersonal skills, and multi-cultural awareness and sensitivity.
- The ability to establish relationships and engage others within SCB.
- Sharp business acumen (including the ability to assess risk and appropriate levels of return), excellent interpersonal skills and multi-cultural awareness and sensitivity.
- Ability to collaborate and work dynamically across country, region, business and group stakeholders and the Compliance Function.
- Understanding of risk management techniques and frameworks.
- Exemplary integrity, ethics, independence, and resilience.
About Standard Chartered
- Manage Conduct
- Manage Risk
- Compliance Advisory
- Compliance Policies and Standards
We're an international bank, nimble enough to act, big enough for impact. For more than 160 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents. And we can't wait to see the talents you can bring us.
Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion. Together we:
- Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
- Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
- Be better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term
- In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.
- Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations
- Time-off including annual, parental/maternity (20 weeks), sabbatical (12 weeks maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum
- Flexible working options based around home and office locations, with flexible working patterns
- Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
- A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning
- Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.
- Recruitment assessments - some of our roles use assessments to help us understand how suitable you are for the role you've applied to. If you are invited to take an assessment, this is great news. It means your application has progressed to an important stage of our recruitment process.
Visit our careers website www.sc.com/careers