VP Risk Stewardship AML

Job title: VP Risk Stewardship AML 

HSBC is committed to building a culture where all employees are valued, respected, and opinions count. We foster continuous professional development, flexible working, and opportunities to grow within an inclusive and diverse environment. As part of the Risk & Compliance (R&C) function, you’ll play a vital role in supporting HSBC’s second line of defence, ensuring robust risk management and operational excellence across the Group.

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).

The High Risk Sectors Advisory, VP FC is responsible for assisting with the oversight and management of all aspects of financial crime risk in respect of Correspondent Banking activity, covering Correspondent Banks, Non-Banking Financial Institution (NBFI’s) (specifically Money Service Business (MSBs)/Third-Party Payment Processors(TPPPs) within both GB and CMB across the Group. The role is a key risk management role with a targeted remit and responsibilities including, but not limited to: 

• Be the point of contact for issues relating to financial crime in respect of Correspondent Banks, MSBs, and TPPPs.Advise on systematic controls around Correspondent Banks, MSBs and TPPPs.Maintain and enhance where applicable the global FC risk management framework in respect of Correspondent Banking.
• Assist with the proactive identification of inconsistencies in the FC risk management framework across regions/countries and LOBs.Provide guidance to key stakeholders including Regional FC, GB and CMB LOB, Wholesale Client Services and Group Financial Crime in respect of Correspondent Banking financial crime risk management.
• Assist with product/client risk assessments which cover Correspondent Banking.Provide Subject Matter Expert (SME) support to the ongoing development of automated transaction monitoring and analytical tools that support Correspondent Banking activity.Ensure that there is adequate Management Information (MI) in respect to Correspondent Banking activity.
• To exercise risk steward challenge, act as independent trusted advisory in governance forums, issue management, fostering a compliance culture and optimizing relations with risk owners and control owners.
• The role will report to the Head of High Risk Sectors, Group Financial Crime.This can involve dealing with major issues for which there is no clear-cut solution whilst still being able to provide judgment and clear direction. Where items of major consequence are involved, engagement with the relevant top-level management and governance bodies will be expected, directly and through collaboration with the Head of High Risk Sectors, Group Financial Crime. The nature of the role requires close working contact with senior executives across the Group. Appropriate presence in external stakeholder fora may also be necessary.

In this role, you will:

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

• Ensure a proactive approach is taken to the identification of any changes in the financial crime risk profile and potential impacts across GBM and CMB.Development and continuous review for appropriateness of the control framework to monitor financial crime risk developments impacting the correspondent banking activities of the Bank.
• Support the development and implementation of programmes to quantify impacts and implement actions to address, manage and mitigate impacts of financial crime related regulatory changes across GBM & CMB .Represent FC in relevant governance forums and attend to all internal and regulatory audits and inspections relevant to the business covered.
• Monitor changes to business practice and products, resolve issues including the specification of processes, procedures and system enhancements from a FC perspective to ensure adequate controls.
• Liaise with relevant stakeholders within GBM and CMB to provide expertise and support on all financial crime Correspondent Banking related matters.Form strong partnership with the GBM and CMB business, with Group FC, Global Risk & Compliance and Legal to drive and accelerate the execution of Risk & Compliance programmes that directly impact business performance and ensure that the programmes are executed in a globally consistent manner, to ensure new and existing business aligns with the Group risk appetite to mitigate risks originated through the HSBC network.
• Ensure appropriate timely and relevant risk information is provided to appropriate governance forums.Where required, foster a strong relationship with all relevant regulators in relation to the activities of GBM and CMB to ensure timely disclosure of relevant information, in relation to financial crime.
• Develop and maintain a strong and professional working relationship with executive and senior management of Risk, Audit and Finance at Business, Group and Regional levels
• Provide support on the development of policies and procedures and drive their implementation.Share best practice with teams in the regions and globally. Maintain and develop positive and professional working relationships with senior business managers at the Group and Regional levels. 
• Focus on aligning the HSBC operating practices with changes in Global FC Standards and regulatory risk, and ensure that the FC Risk Framework remains appropriate.Resolve any/all identified issues promptly, and escalate concerns to management as appropriate to ensure timely awareness of any material concerns. Maintain and observe all HSBC control standards and implement and observe the Group 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.Leadership over all regulatory and compliance matters and the management of operational risk. 
• The management of financial crime risks is an integral part of the role profile. This role will continually reassess the operational risks inherent in Correspondent Banking activity taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
• This role will assist the Group in achieving a balance between the demands of regulators, external bodies and governmental initiatives and the Group’s shareholders and customers in enacting FC compliance; being alive to the political, management, regulatory and reputational implications of a particular decision and courses of action at a global level; assisting executive management in the development of controls and systems and influencing the way in which the business is conducted in order to manage these risks, meeting Group risk appetite. The increased focus on individual liability for senior managers, particularly Risk Heads, makes it increasingly important for the Group to be able to evidence adequate systems and controls. The role is one where regulatory authorities have high expectations and is likely to come under scrutiny as part of any major regulatory investigation.

To be successful you will:

• A university degree plus experience in a financial services group operation with particular experience in Financial Crime.Significant experience in Financial Crime Compliance within a Banking and/or Fintech environment.
• Experience with and a very clear understanding of Correspondent Banking and knowledge of payments related and transaction banking services.Knowledge of the changing regulatory environment, awareness of FATF / OFAC / JMSLG and Wolfsberg initiatives, and other influences shaping Correspondent Banking and Financial Crime.
• Experience with interpreting and analysing a large volume of information and / or data and provide succinct summary for management.
• Excellent analytical, judgemental and critical thinking skills.
• Ability to articulate business and regulatory implications of analysis and findings
• Highly motivated self-starter with proven ability to work collaboratively within a team and deliver on time

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HSBC is an equal opportunity employer committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and, opportunities to grow within an inclusive and diverse environment. We encourage applications from all suitably qualified persons irrespective of, but not limited to, their gender or genetic information, sexual orientation, ethnicity, religion, social status, medical care leave requirements, political affiliation, people with disabilities, color, national origin, veteran status, etc., We consider all applications based on merit and suitability to the role.”

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