Head of Financial Crime, Hang Seng Insurance (HSIC)

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Risk and Compliance Division – Financial Crime

The Financial Crime (FC) Function is a Second line of defence (LOD) function that includes ”Risk Stewards” who are independent of the commercial risk-taking activities undertaken by the Group’s businesses (also referred to as “the First LOD” or “FLOD”). The FC Function also operates a set of critical controls on behalf of the FLOD by harnessing intelligence, analytics, technology, detection and investigation. The Risk Stewards are responsible for reviewing and challenging all the activities of the FLOD to ensure that, as “Risk Owners”, they effectively manage the FC risk inherent in, or arising from, the conduct of their activities and for which they are responsible. FC risk is a non-financial risk that includes fraud, money laundering, bribery and corruption, sanctions violations, terrorist financing, proliferation financing, export control violations and tax evasion. The FC function operates in accordance with HSBC Group’s Risk Management Framework (RMF).

We are currently seeking a high caliber professional to join our department as Head of Financial Crime, Hang Seng Insurance (HSIC).

Principal responsibilities

Head of Financial Crime, HSIC is responsible for the oversight of all activities relating to the prevention and detection of ML/TF and providing support and guidance to HSIC Senior Management to ensure ML/TF risks are adequately identified, understood and managed. The role is a key risk management role with a targeted remit and responsibilities including, but not limited to:  

• Leading the Financial Crime Compliance capability to establish and execute internal compliance controls to ensure adherence to relevant local regulations and Group standards on AML/CTF and sanctions requirement.
• Overseeing AML/CFT Systems, including any group-wide AML/CFT Systems, to ensure they remain up-to-date, meet current statutory and regulatory requirements, and are effective in managing ML/TF risks arising from the HSIC business.
• Acting as Money Laundering Reporting Officer (MLRO), reviewing escalated suspicious transactions and reporting them to financial intelligence units when necessary.
• Advisory and risk stewardship capability by providing review and challenge in the management of all FC risk related matters for HSIC. To exercise risk steward challenge, act as independent trusted advisory in relevant governance forums, issue management, fostering a compliance culture and optimising relations with risk owners and control owners.
• Ensuring AML/CFT training for HSIC staff is adequate, appropriate and effective.
• Overseeing Group AML and Sanctions reviews, inspections and regulatory audits

The following principal accountabilities are aligned to the Financial Crime Services and Processes Model.

Impact on the Business

• Provide support and oversight of the Global FC Policy & Standards impacting the HSIC Life business.
• Provide support and guidance to ensure the implementation of an appropriate and consistent financial crime framework;
• Provide advice and guidance in order to ensure clear understanding of compliance risks of the Insurance  business including, inter alia, with respect to clients, transactions and products to assist senior management decision making and meeting their strategic objectives.
• Provide support and oversight on key business strategic initiatives.
• Work directly with the HSIC Product team to make sure that as a business any new products / services are aligned to the HSBC Global Standards framework and meet all the necessary FC requirements and ensure that the business is conducted in accordance with all applicable laws, rules, regulations and codes of practice.
• Act with integrity, due skill, care and diligence; being open and cooperative with regulators, taking reasonable steps to ensure that those aspects of the firm’s activities for which the role holder is acting as risk steward are controlled effectively and comply with regulatory requirements and standards of the regulatory system.
• Discharge their responsibilities in a manner consistent with the Group's management structure and operating model, governance, and Risk Management Framework.

Customer / Stakeholders

• Stakeholders include HSIC COO, BFCR /1LoD and senior management; as well as Group FC teams and IWPB LoB.\
• Ensure appropriate timely and relevant risk information is provided to appropriate governance forums.
• Work closely with the HSIC 1LoD teams to identify key regulatory issues and/or trigger events impacting the INS businesses; and where necessary, support global read across or reviews as well as FC risk profiling activities.
• Partner with regulatory change and other regulatory SMEs to understand new and revised regulatory requirements, codes of practice etc, ensuring changes and any impact is disseminated to the appropriate Businesses.
• Develop and maintain a strong and professional working relationship with relevant stakeholders within Risk and Compliance, Audit and Finance at Business, Group and Regional levels.

Leadership and Teamwork

• Lead by example, demonstrating excellent behaviour in line with HSBC core values.
• Take responsibility for own development.
• Work effectively as part of a team, taking the lead where appropriate and contributing to team output and collaboration.
• Foster a learning agile culture, promoting proactive review of lessons learned.
• Support an inclusive environment that supports diversity and reflects the HSBC brand. Ensures effective and open communication, team building, knowledge sharing, coaching and mentoring not only within the function but to the broader organisation.

Operational Effectiveness and Control 

• Assist in the definition and execution of embedding activities within HSIC. Work closely with HSIC 1LoD to ensure FC controls are embedded in BAU.
• Maintain and observe all HSBC control standards and implement and observe the Global Financial Crime Policy & Standards, including the timely implementation of recommendations made by internal/external auditors and external regulators
• Resolve any / all identified issues promptly, and escalate concerns to management as appropriate to ensure timely awareness of any material concerns
• 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

Requirements

• Significant financial crime experience as a regulator, investigator, or a senior financial crime manager within a global firm in the financial services industry, preferably within an Insurance or Investment environment.
• Significant knowledge of a financial crime risk framework and experience in its execution, together with knowledge of insurance business, products and distribution models
• Experience of working within a matrixed environment preferred, including reporting internationally
• Leadership experience and an experienced strategic thinker
• Excellent communication and inter-personal skills, with experience of dealing with executives at all levels and across functions within the Group
• Role model leadership, communication and influencing skills, with experience of dealing with senior managers  including the capacity to articulate the case for risk management in the language of business
• Ability to develop practical, cost-effective solutions to what are often complex global issues
• Ability to lead change, coordinating with other teams globally
• Ability to interpret and analyse a large volume of information and / or data and provide succinct summary for senior management
• Ability to prioritise conflicting demands and problem solve in a dynamic environment
• Strong written and verbal communication skills
• Relevant professional finance, regulatory or financial crime compliance qualifications

Infrastructures

You’ll achieve more when you join Hang Seng Bank Limited.
 
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Hang Seng is committed to service excellence. Our people are our most important asset and play a vital role in our efforts to continually enhance our performance for customers and provide best-in-class products and services.  We seek to attract high-calibre talent by offering a dynamic working environment, good career development opportunities and competitive compensation packages.
 
Issued by Hang Seng Bank Limited