SVP, Financial Crime IWPB PB

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Business Descriptor:

HSBC is an extremely diverse business with significant geographical spread and activities that span a universal banking model, including continuing to innovate to keep abreast of changes in financial services markets globally.  Such activity is in an increasingly regulated and complex global environment with often little consistency between laws and regulations in different jurisdictions and regulators taking a far more proactive approach in ensuring local compliance with their requirements and imposing increasingly stringent sanctions for breaches.

It is the role of the incumbent, as a key senior member, to assist the Group/ Market in achieving a balance between the demands of regulators, external bodies and governmental initiatives and the Group’s shareholders and customers in enacting compliance; 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, 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. 

Financial Crime Risk (“FCR”) is a Global Function that brings together all areas of financial crime risk management at HSBC and is dedicated to implementing the most effective global standards to combat financial crime. The function has been set up in a way that enables us to build on our achievements in managing financial crime risk effectively across the bank and continue to strengthen financial crime detection, anti-money laundering, sanctions and anti-bribery and corruption compliance.

 The role holder would be responsible to have an oversight on all activities pertaining to RC and FCC in the Global businesses to mitigate the risk.

Job Introduction

The role holder is the accountable executive responsible for ensuring that HSBC’s operations in  HBAP INM WPB are effective in identifying, managing and mitigating Regulatory Compliance and Financial Crime Compliance

The role requires strong partnership with the Global and Regional teams, acting in concert with them to drive the implementation of policy applicable to the Global business. It will monitor and track the progress of various work streams and initiatives underway which fall under the umbrella of Regulatory Compliance and Financial Crime Risk, provide policy advice related to Global business products, services and clients, and ensure that the Compliance function is resourced adequately to address the risks associated with India Global businesses.

The role assumes responsibility for the implementation and dissemination of the applicable laws and regulations, e.g. Reserve Bank of India (RBI), Securities and Exchange Board of India, The Prevention of Money Laundering Act, 2002 (PMLA 2002), and Hong Kong Monetary Authority (HKMA) guidelines on Regulatory Compliance and Financial Crime Compliance in India.

The role will also need to stay at the forefront of key regulatory changes to ensure proactive communication with business and develop appropriate policy and framework to manage the changes, particularly extra territorial changes. It will be the go-to person for both Global Standards and workstream leads to ensure processes are coordinated and implementation risks and issues are considered and addressed.

The role is a critical forward looking role and requires strong partnership with business to drive and accelerate the execution of Regulator Compliance and Financial Crime Compliance programmes that directly impact business performance.   

 Key Job responsibilities

The responsibilities of the role holder, would inter alia include:

• To provide advisory services to Private Banking business in order to ensure clear understanding of compliance risk exposure with respect to clients, transactions and products.

• Advisory for HBAP INM WPB in relation to Regulatory Compliance and Financial Crime risks
• Maintain an effective control framework and to ensure compliance with all relevant external laws & regulations, internal codes and policies and good market practices. Articulate the Regulatory Compliance and Financial Crime risks for HBAP INM WPB

• Responsible for governance of Regulatory Compliance and Financial Crime risks exposures, providing analysis, reporting and governance to HBAP INM that is independent of the product and distribution team
• Assist the senior management of HBAP INM, the leadership of the Compliance function, and other colleagues on all material compliance related matters. 

• Manage the relationship with relevant regulators on behalf of HBAP INM WPB

• Agree and oversee the implementation, embedding and monitoring of the adherence to the Compliance FIM and CMP risks stated in LoB FIM

Assist compliance leadership in establishing and implementing strategic objectives and effective delivery of critical services to the Group / ASP related to Regulatory Compliance and Financial Crime risks 

Customers / Stakeholders

• Drive stakeholder interconnectivity
• Builds strong networks and relationships
• Strong stakeholder management
• Drives customer centricity to be at forefront throughout implementation of changes
• Escalation point for issues

Leadership & Teamwork 

• Present interventions to senior leaders at governance forums with clarity. Understand and incorporate challenges presented and provide solutions to move forward.
• Provide business insight and working practices to consultant teams
• Support the ongoing integration of Simplifying Growth through wider network rollout
• Maintain excellent working relationships across the GPB Business, particularly with the wider direct team
• Be an ambassador for Simplifying Growth, epitomise the core values of open, connected and dependable.
• Operate with the highest level of integrity at all times.

Operational Effectiveness & Control 

• To continually reassess the operational risks associated with the role and inherent risk in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructuring and the impact of new technology.
• To adhere to, and be able to demonstrate adherence to, internal controls
• To challenge existing control frameworks in line with Simplifying Growth initiatives
• Drive professional standards throughout the business

Major Challenges

The Role holder must ensure that he/she is consistently focused on the components of the role that add day to day value to the business and supports in identifying, managing and mitigating Regulatory Compliance and Financial Crime Compliance risk.  Any non-value added activities should be ceased or transferred to a more appropriate part of the team.

• Drives and motivates teams to continuously improve and develop
• Ensure compliance with all business management and operation objectives. Actively endorse and display expected HSBC & GPB cultural behaviours.
• Establish strong working relationships across Relationship Management, Products and Services, PBGB functional teams and the collective HSBC Group/HSBC Private Bank businesses generally.
• Leading continuous change at pace
• Be aware of all internal procedures and champion changes whenever they occur.
• As a key senior member, 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 compliance;

Qualifications/ Knowledge & Experience

• Graduate in any discipline with meaningful exposure and experiece in a relevant risk or audit profile
• Significant experience (10+ years) as a regulator, or a senior compliance manager across all areas of Compliance risk within a global firm, in the financial services industry.  Experiece in providing coverage and advisory on compliance risk for Private Banking businesss is preferable.
• Leadership experience and a strategic thinker
• Excellent communication and inter-personal skills, with experience of dealing with senior executives at all levels including the capacity to articulate the case for risk management and policy in the language of business.
• Extensive knowledge of FCC & RC regulations and guidance.
• Extensive knowledge of the HSBC Group structure, its business and personnel, and a deep understanding of HSBC’s corporate culture. (For Internal staff)
• Lateral thinker with an ability to interpret, develop practical soution and solve complex issues.
• Proven/Excellent leadership skills/ability to matrix manage.
• Excellent communicator with strong inter-personal and influencing skills.
• Experience developing an assurance model and leading a review team.
• Ability to lead change, contributing to joining up with the other teams in Risk and Business at Country level
• Experience of dealing with regulatory matters and confident interaction with Regulators

Additional Information :

Mandatory to successfully complete Anti-Money Laundering and Sanctions training and post-course assessment, as required 

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Issued by The Hongkong and Shanghai Banking Corporation Limited, India