Director of Wealth, Private Banking and Insurance Regulatory Compliance

In compliance with applicable laws, HSBC is committed to employing only those who are authorized to work in the US. Applicants must be legally authorized to work in the U.S. as HSBC will not engage in immigration sponsorship for this position.

Our purpose – Opening up a world of opportunity – explains why we exist. Here at HSBC we use our unique expertise, capabilities, breadth and perspectives to open up new kinds of opportunity for our more than 40 million customers. We’re bringing together the people, ideas and capital that nurture progress and growth, helping to create a better world – for our customers, our people, our investors, our communities and the planet we all share. 

The Compliance function is a Second line of defense (LOD) function, responsible for reviewing and challenging the activities of the Group’s businesses (also referred to as “the First LOD”) to ensure that they effectively manage as “Risk Owners” the Regulatory and Financial Crime Compliance risks inherent in or arising from the conduct of their activities and for which they are responsible. The Second LOD consists of 'Risk Stewards' who are independent of the commercial risk-taking activities undertaken by the First LOD. The Compliance function is a Risk Steward for a number of non-financial risks in accordance with HSBC Group’s risk framework.

The Director of Banking & Wealth Regulatory Compliance for US is the management leadership role responsible for ensuring that Regulatory Compliance in the US is effective in identifying, managing and mitigating Regulatory Compliance risks and ensure timely advice is provided to the WPB business as it relates to the individual wealth planning and core banking products.
The role requires strong partnership with the business to drive and accelerate the execution of Compliance programmes that directly impact business performance. This role is accountable for the implementation of policies into the business and as such it will require close collaboration with various Risk and business functions.

As our Director of Wealth, Private Banking and Insurance Regulatory Compliance you will:

• Primarily to support all products and delivery channels, to maintain an effective control framework and to ensure compliance with all relevant external laws & regulations, internal codes and policies and good market practices.  With primary focus on wealth and banking

• Provide advisory services to product specialists, Investment Counsellors, Financial Consultants and others in order to ensure clear understanding of regulatory compliance risk exposure with respect to clients, transactions and products

• To assist the business with the implementation of policy arising out of changes in Compliance within the United States and globally

• To exercise risk steward challenge, act as independent trusted advisor in governance forums, issue management, fostering a compliance culture and optimizing relations with risk owners and control owners

• To stay at the forefront of key regulatory changes for the region to ensure proactive communication with business and develop appropriate policy and framework to manage the changes

Impact on the Business

• Leadership to ensure proactive approach is taken to identify regulatory change and potential impacts on wealth and banking products in the US

• Development and continuous review for appropriateness of control framework to monitor Regulatory Compliance risk developments impacting on GPB&W in the US

• Leadership to develop implementation plans to quantify impacts and implement actions to address, manage and mitigate impacts of regulatory changes on wealth and banking products offered in the US

Customers / Stakeholders

• Reporting to the Head of WPB RC US relevant Regulatory Compliance risk matters

• Liaise with relevant stakeholders within the business in the United States, other Global Business and Functional teams to provide expertise and support on all Regulatory Compliance related matters

• Manage and foster a strong relationship with all relevant stakeholders and report on the activities of the US and ensure timely disclosure of relevant information, in relation to regulatory compliance related matters

Leadership & Teamwork

• Provide leadership to and develop the wealth and banking compliance team for the US liaising closely with local line managers

• Maintain and develop positive and professional working relationships with senior business managers and Compliance colleagues

• Create an environment for the delivery of consistent performance measurement, training, career management and succession planning across the US Compliance capability

• Give input on the strategy of the Head of WPB RC US for the sharing of Regulatory Compliance risk related compliance knowledge and best practice across US and the wider Compliance Function and Group

Operational Effectiveness & Control

• Create a framework for the effective risk-based monitoring of the implementation of Regulatory Compliance risk related policies and controls across US

• Implement, embed and monitor the adherence to the Compliance FIM in US

• Assist the US Head of WPB RC US with monitoring and assessing the resourcing, costs and spend of the US WPB team

Major Challenges

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 US Head of WPB RC, as a key senior member of the Compliance function to 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; being aware of, 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.

Management of Risk

This will be achieved by ensuring all actions take account of the likelihood of Compliance risk occurring and by addressing any areas of concern in conjunction with line management and/or the appropriate department.

Observation of Internal Controls

Managers are accountable for setting the ‘tone at the top’ which underpins the principles of a positive and effective internal control environment.  They should exhibit leadership and direction to their teams for establishing and maintaining an effective internal control environment, including the development and management of policies and procedures where appropriate.  Managers should also ensure that suitable processes are put in place to review and oversee that internal control environment against those policies.

The final fixed pay offer will depend on the candidate and several variables, including but not limited to, role responsibilities, skill set, depth of experience and education, licensing/certification requirements, internal relativity, and specific work location.

As an HSBC employee, you will have access to tailored professional development opportunities to ensure you have the right skills for today and tomorrow. We offer a competitive pay and benefits package including a robust Wellness Hub, all in a welcoming and inclusive work environment. You will be empowered to drive HSBC’s engagement with the communities we serve through an industry-leading volunteerism policy, a generous matching gift program, and a comprehensive program of immersive Sustainability and Climate Change Initiatives. You’ll want to join our Employee Resource Groups as they play a central part in life at HSBC, including the development of our employees and networking inside and outside of HSBC. We value difference. We succeed together. We take responsibility. We get it done. And we want you to help us build the bank of the future!

All qualified applicants will receive consideration for employment without regard to age, ancestry, color, race, national origin, ethnicity, disability or medical condition, genetic information, military or veteran service, religion, creed, sex, gender, pregnancy, childbirth, caregiver status, marital status, citizenship or immigration status, sexual orientation, gender identity or expression or any other trait protected by applicable law.