Role:
strategic risk management role that has a broad remit and responsibilities for providing oversight and management, of all aspects of Financial Crime Risk including impact analysis of FCC regulatory changes, and driving coordination and execution of the various Financial Crime Compliance work streams and assurance, while ensuring alignment with Global Standards.
The role requires strong partnership with the in-country, Regional, Global FCC teams, acting in concert with them to drive the implementation of various FCC policy(s). It will monitor and tack the regional progress of various work streams and initiatives underway which fall under the umbrella of Financial Crime Risk, provide policy advice related to INSP products, services and clients to address the risks associated with the INSP businesses.
The role will also need to stay at the forefront of key FCC related regulatory changes to ensure proactive communication with business and develop appropriate policy and framework to manage the changes, particularly extra territorial changes. The role be the go-to person for FCC to ensure processes are coordinated and implementation risks and issues are considered and addressed.
The role holder is also expected to take on regulatory compliance deliverables as well alongside FCC work as assigned by the Head of Financial Crime Compliance, Insurance from time to time.
The role is a critical forward looking role and requires strong partnership with business to drive and accelerate the execution of Financial Crime Compliance programmes that directly impact business performance and help in the FCC integration activities and remediation plans. This role is accountable for the implementation of Financial Crime Risk Compliance policies within the business and as such it will require close collaboration with various risk stewards, senior management and Business functions.
Key responsibilities include:
Impact on the Business/Function
- Ensure proactive approach is taken to identification of Financial Crime risk changes and potential impact on INSP
- Development and continuous review for appropriateness of framework to monitor Financial Crime developments impacting INSP
- Assist and drive implementation plans to quantify impacts and implement actions to address, manage and mitigate impact of FCC related regulatory changes on INSP
- Develop and implement as required AML, CTF, counter proliferation, anti-bribery/anti-corruption and sanctions policies and systems that ensure that INSP’s exposure to financial crime and reputational risks is managed, in a practical and effective manner, including efficient and reasonable deployment of resources and an understanding of the business operations and needs
- Review and advise as required on product, sales and remuneration policies and systems to ensure that INSP’s exposure to FCC related regulatory compliance and reputational risks is managed, in a practical and effective manner, including an understanding of the business operations and needs
- Establishes and implement global standards and strategic policies in region to ensure INSP’s exposure to current risks and emerging arising risk is managed appropriately, in a commercially focused and practical manner
- Works closely with relevant country and business financial crime teams to manage risk and compliance matters
- Implement Annual Compliance plan, including thematic reviews, monitoring and compliance risk assessment for FCC matters
Customers / Stakeholders
- Liaise with relevant stakeholders within INSP, other Global Business and Functional teams to provide expertise and support on all FCC matters, under the guidance of the team lead
- Interact with regulators and industry bodies on Financial Crime related matters, where required
- Ensure the appropriate timely and relevant risk information is provided to team lead and Head of Compliance Advisory
Leadership & Teamwork
- Strong communication and working relationship with stakeholders
- Influence business and other stakeholders for smooth implementation of FCC requirements and ensuring compliance with Group and local regulatory requirements
- Engage with senior management and business stakeholders to provide proactive and business driven solutions within the compliance framework
Operational Effectiveness & Control
- Assist in the alignment of operating practices with changes in Global Financial Crime Standards and FCC regulatory risk, and ensure that Financial Crime Compliance Framework remains appropriate
- Ensure all GSM, FIMs, BIMs and dispensations, etc. in respect of FCC are updated for changes in Regulation and impacts on business
- Resolve any/all identified issues promptly, and escalate concerns to management and other managers as appropriate to ensure timely awareness of any material concerns
- Maintain and observe all HSBC control standards and implement and observe the Group FCC Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators
- Maintain awareness of operational risk within assigned portfolio and minimise the likelihood of it occurring including its identification, assessment, mitigation and control, loss identification and reporting
Impact on the Business / Function
- Take personal responsibility and be vigilant against financial crimes when carrying out duties and responsibilities. Know all relevant FCC policies and procedures, and know when to escalate concerns or unusual activities
To be successful in the role, you should meet the following requirements:
- Experience in the area of AML/CFT/Financial Crime Compliance with good understanding of the life insurance business, processes, operations and systems in order to be able to exercise sound judgement in implementing various AML/CFT and Financial Crime Compliance requirements
- Excellent communication and inter-personal skills, with experience of dealing with executives at all levels including the capacity to articulate the case for risk management and policy in the language of business
- Ability to develop practical, cost effective solutions to complex issues
- Significant experience in handling AML investigation, managing Financial Crime Compliance Risk and Operations Management
- Experience of dealing with regulatory matters and confident interaction with Regulators
- Experience of interpreting and analysing a large volume of information and / or data and provide succinct summary for management
- Experience of working within a matrixed environment preferred including reporting internationally
