Jobs in Zambia and Zimbabwe

Fresh Jobs at Standard Chartered Bank Zambia: Principal, Retail Banking and Wealth Management Compliance

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  • Company: Standard Chartered Bank
  • Location: Lusaka, Lusaka Province, Zambia
  • State: Lusaka
  • Job type: Full-Time
  • Job category: Banking Jobs in Zambia

Job Purpose:

  • Provide guidance on the proper application and interpretation of laws and regulations applicable to the Retail and Wealth Management businesses.
  • Ensure proactive and timely monitoring, identification, dissemination and advice of regulatory developments, changes and practices and associated risks.
  • Ensure adequacy of controls to mitigate and compliance risks and roll out compliance policies and procedures in-country.
  • Support preparation of regulator’s inspection of Retail business by attending of information requests, pre-inspection questionnaires and inquiries during the regulator’s inspection.
  • Implement the Retail Compliance Monitoring Programme and ensure timely conduct of compliance reviews.
  • Ensure active involvement in the management of critical issues that have a significant regulatory impact on Retail ‘s business operations within the country.
  • In the event of serious regulatory breaches, or where risk tolerances have been breached, ensure Head of Compliance the relevant Retail & Wealth business and senior management are informed and that actions are taken quickly to remediate and/or activities are ceased.

Regulatory relationships, regulatory change and regulatory breaches:

  • Support the Head of Compliance in proactively engaging the regulator and ensuring that an effective country regulatory relationship plan is in place and kept updated.
  • Execute and implement functional best practices around regulatory inspections.
  • Ensure proactive and timely identification, assessment, advice, and dissemination of evolving regulatory changes/practices and associated risks.
  • Ensure proactive engagement in regulatory reform initiatives, including ensuring identification and escalation of regulatory reform proposals, participation in a local internal regulatory relationship and reform forums and memberships of local external industry forums. Ensure alignment in regulatory reform agendas relating to the Business and function.
  • In the event of serious regulatory breaches, or where risk tolerances have been breached, ensure local senior management and functional management, as well as relevant regulators, are informed and that actions are taken quickly to remediate and/or activities are ceased.

Compliance Monitoring:

  • Composes and coordinates the implementation of a risk-based Compliance Monitoring Plan including the necessary risk assessment, business engagement, and coordination with other functional/business compliance reviews.
  • Assists with ensuring all Control Room procedural requirements are met, including PDRs and disclosure requirements.

Compliance Reporting

  • Prepares regular and accurate reports that demonstrate understanding, provide clear analysis and are escalated to the relevant risk managers and governance bodies.

Compliance Training

  • Delivers or procures delivery of a program of activities that educates and encourages managers and staff to operate in compliance with relevant laws, regulations, and policies. Such training would include key group compliance and regulatory issues.
  • Assists in the development of an effective country-wide compliance culture by promoting the benefits of ethical business conduct and the benefits of compliance.

Compliance Partnering

  • Support the business in the management of any required licensing and approvals and the Head of Compliance in the management and coordination of all regulatory correspondence.
  • Anticipates assesses and communicates key regulatory risk trends in-country, for management consideration, and drives the development and implementation of appropriate mitigation control measures.
  • Uses general knowledge of business products undertaken in the jurisdiction to work with business compliance specialists to respond to regulatory questions, and to keep the local regulator updated on developments in the businesses.
  • Assists the Country Head of Compliance and Senior Management in ensuring that the Bank and its subsidiaries operate in accordance with the relevant local requirements and Group regulatory compliance standards, so as to protect and enhance the reputation of the Bank.
  • Provides support to the business in complying with the new and changing regulations, as well as group policies and standards, including the management of any issues relative to conduct.
  • Proactively drives the development and maintenance of good relationships with internal and external stakeholders at appropriate levels ensuring an open and cooperative environment.
  • Support the business and functions in ensuring the effective management of compliance with regulatory requirements including but not limited to those related to privacy and outsourcing.
  • Co-ordinate the implementation of the Obligations Register and ensuring same is updated on an ongoing basis in order to ensure it reflects all current regulatory obligations and the controls implemented in relation to same.

Business Support

  • Responsible for the management of Compliance risk in-country for Retail Banking and Wealth Management.
  • The key point of reference, advice, and support for Compliance issues raised by Retail & Wealth businesses, Country Compliance, Retail & Wealth Central Compliance Teams and other stakeholders. Provide compliance advice, briefings, recommendations, and reports on material compliance risks and issues to all stakeholders.
  • Contribute to the effective management of Compliance risks in-country through the active participation of relevant risk forums.
  • Use technical knowledge of all business products offered in-country to provide sound, technical product, compliance and transactional advice to the Retail & Wealth businesses.
  • Ensure Compliance risks are identified and appropriately mitigated in product approval processes. Review and approval of the Country Addenda of Product Approval Documents for local and cross-border regulatory risks for retail and Wealth Management.
  • Anticipate the impact of regulatory developments on the Retail & Wealth businesses and communicate their impact to the Retail or Wealth businesses accordingly.
  • Promote active cooperation with the Retail/Wealth businesses and within the function and encourage a collegiate.

Compliance

  • Provide guidance on the proper application and interpretation of laws and regulations applicable to the Retail & Wealth businesses.
  • Ensure proactive and timely monitoring, identification, dissemination and advice of regulatory developments, changes and practices and associated risks.
  • Ensure adequacy of controls to mitigate compliance risks and roll out compliance policies and procedures in-country.
  • Support preparation of regulator’s inspection of Retail & Wealth business by attending to information requests, pre-inspection questionnaires and enquiries during the regulator’s inspection.
  • Implement the Compliance Monitoring Programme and ensure timely conduct of compliance reviews.
  • Ensure active involvement in the management of critical issues that have a significant regulatory impact on Wealth & Retail’s business operations within the country.
  • Work with country Compliance and Retail & Wealth business heads to ensure the coverage of all compliance work which is aligned to the Retail & wealth businesses e.g Customer Complaints, HR Compliance issue etc.
  • In the event of serious regulatory breaches, or where risk tolerances have been breached, ensure Head of Compliance are advised and in turn the relevant Retail & Wealth business and senior management are informed and that all actions are taken quickly to remediate and/or activities are ceased.

CORE COMPETENCIES:

  • Product Knowledge – Knowledge of business areas and their products and the relevant regulatory requirements that apply.
  • Governance and Compliance Structure – Knowledge of the system of internal controls that enables effective management of the affairs of the Group locally. Detailed knowledge of local risk reporting and governance/ management structures, and the regulatory obligations of country management.
  • Interpretation & Regulatory/ Policy Advisory Guidance – The ability to identify and assess relevant laws and regulations to provide solutions to business needs. Detailed knowledge of local laws and regulations including: an ability to anticipate future regulatory requirements based on thorough research; a thorough knowledge of Group policies and how they apply to the local market environment; an ability to offer considered practical and cost-effective solutions to ensure regulatory compliance.
  • Governmental and Regulatory Relationships – The ability to manage the relationship with relevant government and regulatory stakeholders, to understand their concerns and influence them to effectively manage our external operating environment. A good operational knowledge of the processes and procedures involved in the maintenance and enhancement of the Regulatory Relationship Plan. The strategic ability to influence local regulators through effective communications of our business intent.
  • Products and Services Delivery – Knowledge of local regulations, Group and business policies and procedures as they apply to local business products. Knowledge of local and regional/global (where appropriate) regulatory developments and understanding of how these affect the local delivery of products and services. High-level of understanding of the products and services of the Bank.
  • AML/FCC Advisory – Achieve compliance with local AML regulations and Group AML policies and standards. Timely identification and mitigation of significant risks and supporting FCC.
  • Business management – Ability to make balanced commercial judgments and provide pragmatic solutions. Ability to drive efficiencies and innovation in achieving objectives. Good relationship and customer management skills.
  • Other specific measurement criteria set out in the annual Job Objectives.

KNOWLEDGE, SKILLS, AND EXPERIENCE:

  • Ability to identify and dimension key regulatory compliance risks and mitigants
  • Excellent compliance judgment to enable the provision of sound advice in difficult areas of law, regulation and practice and the proactive management of compliance risk.
  • Sound judgment of business practices and reputational risk.
  • Personal authority, integrity and a proven ability to establish relationships with senior stakeholders, build a strong leadership and management qualities, excellent interpersonal skills and a multi-cultural awareness and sensitivity.
  • Excellent verbal and written communication skills
  • Independence, robustness, and resilience
  • Proven track record of experience in-house or in private practice.
  • Self-starter and able to work with minimal supervision

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