Head of Compliance
Opportunity to work for One of the largest Investment banks in the world
About Our Client
Our client is a global Investment bank engaging in prime brokerage and securities dealing.
- Maintain the organization's relationship with the CMA and other regulatory bodies
- Act as the main point of contact for the organization with regulatory bodies within KSA
- Co-ordinate with central support functions within the organization
- Deal with regulatory enquiries accurately and on time
- Ensure that any reports and notifications required by the regulatory authorities are accurate and filed on time
- Implement and maintain policies and procedures in support of the above
- Draft and/or verify any documents and reports to be submitted to the CMA
- Co-ordinate meetings with the organization's Chief Executive Officer and regulatory authorities and ensure that any compliance issues are acted upon in a timely and appropriate manner
- Manage all examinations of the organization by the regulatory authorities
- Provide quarterly reports to the organization's Board of Directors and sub committees of the BoDs on compliance matters
- Be responsible for reporting to EMEA Compliance management on all compliance-related matters pertaining to the organization including regulatory, examinations, rule or legislative changes and company secretarial matters
- Formulate and deliver up-to-date regulatory and compliance training on regulatory requirements and the organization manuals, policies and procedures
- Ensure that all organizations associates undertake mandated regulatory examinations
- Ensure on-time completion by the organization associates of all enterprise and company compliance face to face training
- Maintain a training database and report as appropriate into centralized training databases
- Anti-money laundering
- Perform company client on-boarding checks and supervise the organization client on-boarding process generally in co-ordination with the EMEA Client Onboarding group in Dublin and EMEA AML Group in London
- Supervise the implementation of the Bank's and organization policies and procedures in co-ordination with the EMEA team
- Make any necessary AML reports to the regulatory authorities and senior management
- Report regularly to the Head of EMEA AML on all AML matters within the organization
- Create new Monitoring & Testing activities as required and perform the Monitoring & Testing duties of the organization Compliance Officer as set out in the plan.
- Keep the regulatory inventory up to date, which contains the Laws, Rules and Regulations applicable to BofA business in KSA
- Follow-up all the regulatory changes in BofA systems, complete the impact assessments and any follow-up any action items required to comply with the new regulations. Communicate relevant changes as appropriate and incorporate any relevant changes into the organization compliance manual and other organization policies and procedures.
- Complete Compliance and Operational Risk Assessment on an annual basis and take any actions required as a result of the assessment
- Identify compliance risks and issues, including potential violations or metric breaches, through the results of its monitoring activities, testing and its risk assessments and communicate the identified issues to front line units and control functions. Conduct analysis of these compliance-related issues to identify themes that can be used to mitigate potential future compliance risks.
The Successful Applicant
- Demonstrates a good appreciation of general business principals. Has general business experience or training. Understands how to present options to the business whilst mitigating and reducing level of risk or exposure to more acceptable levels. Demonstrates regulator, market and competitor awareness.
- Judges a situation or situations where different parties hold different views. Considers many different alternatives, avoids any personal bias and carefully assesses the risks.
- Sets a standard of excellence that goes beyond that set by management. Works hard to achieve goals which are a significant stretch but not unrealistic or impossible
- Presents logical arguments, data, concrete examples, facts and arguments clearly. Is able to adapt presentation to target audiences, anticipates impact of action or words and is able to take several different actions to influence
- A graduate degree or equivalent
- CMA I (Part 1 & 2), CMA II, CMA advanced in Compliance and CMA Advanced in AML Licenses
- Previous experience of the Compliance/Risk function within the banking industry in Saudi Arabia. Previous experience of working with a multinational financial services organization within Saudi Arabia is preferred.
- Fluency in Arabic and English is essential.
What's on Offer