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Front Office Business Compliance Advisory is a specialist unit within the First Line Risk and Controls (FLRC) department. It advises and assists Front Office in Regulatory Compliance matters and acts as a control and oversight function for clients that are slated for relationship exit due to Reputational or Financial Crime Risk.
Regulatory compliance matters primarily pertain to Cross Border Marketing Guidelines that govern the marketing and/or provision of products and services in a cross-border context, by the front office staff.
GFLRC team partners with the Front Office stakeholders to promote a sound risk culture and implement an effective operational risk and control framework. This includes the operationalization of control procedures, rollout of change initiatives and projects, and risk and control activities.
Roles and Responsibilities
- Advice front office on interpretation and adherence of various Regulatory Compliance Policies and Procedures
- Work with the Regulatory Compliance Unit (second line) in reviewing and providing front office related inputs to proposed changes to policies and procedures.
- Conduct business impact analysis of the proposed changes for the business heads.
- Highlight potential issues and recommend compensating controls to business heads, to balance the compliance and commercial interests effectively.
- Conduct training sessions for front office to enhance their understanding of the existing policies or any upcoming changes.
- Work closely with various stakeholders (Front office, Compliance, operations etc) to embed and operationalise the controls to ensure compliance with existing and or new policy changes.
- Track and monitor cases that are slated for relationship exit due to reputational or Financial Crime risk, as decided by the management.
- Collaborate with Front Office to drive completion of various remediation and review exercises.
- In the event of a potential or actual breach of a policy, conduct an independent assessment and provide recommendation to second line. Assist in conducting reviews/sample testing on a risk-based approach to ensure Front Office staff meet the regulatory and Bank policy requirements.
- Monitor of staff travel under Cross Border Marketing Guidelines - Length of Stay restrictions.
- Lead projects or process improvements assigned by management.
- Facilitate the consolidation of MIS reports for management reporting and support in various risk and governance forums/committees.
- Attend management meetings, forums and discussions and effectively articulate regulatory risks and or business impacts in a rationale and balanced manner.
- Good understanding of the regulatory environment, compliance frameworks and its applicability to Private Banking clients.
- Understanding of Private Banking set up, general products and services, along with its risks.
- Strong knowledge of Know Your Customer (KYC), Customer Due Diligence (CDD) and Anti-Money Laundering (AML) is required.
- Ability to take a rational approach in balancing the regulatory risks and commercial interests.
- Strong risk management skills, designing and implementing effective and sustainable control framework is necessary.
- Ability to work with various stakeholders and senior management to yield desired outcomes in a disciplined and consistent manner.
Qualifications and Education Requirements
- 5 or more years of experience in compliance, controls, and related departments in a Private Banking environment.
- University degree in Accountancy, Finance, Business Administration or equivalent, or higher education.