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Associate Director, Regulatory Risk and Control (Financial Services)
Ref No.: 16-01085
Location: Jersey City, New Jersey
Position Type:Direct Placement
Start Date: 02/27/2015
BACKGROUND and PURPOSE
Our holding company is a BHC and ultimately will become a US International Holding Company (IHC) subject to the Dodd Frank Regulation YY requirements. This introduces a significant additional set of regulatory returns to the inventory of regulatory returns that the US entities are required to submit to the NY FED, California FED, SEC, OCC and other US regulators.

Regulatory return misstatement is a material risk for all US banks and Foreign Banking Organizations in the US that attracts a significant reputational risk and risk of action by our regulators that may impact our ability to conduct business. CFO Attestation of the completeness and accuracy of the regulatory returns (and controls that ensure this) is being implemented across many of the institutions under guidance / recommendation by the FED which is supported by a control attestation by the functions of the bank that contribute information into these returns. Attestation is accompanied by personal liability to the CFO and other officers in many cases.

This role is responsible for managing the risk of regulatory return misstatement on a number of fronts including
  • Interpretation of regulatory guidance as it relates to Regulatory returns to US regulators.
  • Independent review of regulatory returns which is a periodic check of individual return lines and follow up of the underlying information to ensure completeness and accuracy of the return line items and the correct interpretation of the regulatory requirements. This process should be aligned to the FED BHC / IHC Audit which undertakes a similar approach on an annual basis.
  • Establish and run the US Regulatory Reporting Committee which has governance oversight for the completeness and accuracy of the Regulatory returns and the controls that support this. This committee will be chaired by the US BHC/ IHC CFO and will include membership of key executives from all bank functions that contribute to the information and/or the controls over the regulatory returns.
  • Implementation of a comprehensive framework across all regulatory returns to identify the key risks (to misstatement),define control standards and recommended controls to be implemented to manage these risks and a RCSA process aligned to an assessment of these controls.
  • Collaborate with other risk and control functions and functions themselves to identify the risks of regulatory return misstatement that originate in their functions and the enhancement / introduction of controls to manage that risk.
  • Implement above framework initially over the Y9C / 009 / 14 M/Q/A returns and then expand across the full inventory of regulatory returns.
PRIMARY/RESPONSIBILITIES
Establish / build and lead a team of Regulatory Risk and Control individuals within Finance reporting to the CFO with the following responsibilities.
  • Establish and run the formal 2nd line of defense for Regulatory return production
  • Interpretation of regulatory guidance as it relates to Regulatory returns to US regulators.
  • Dialogue with the regulators where interpretation of regulation requires clarification
  • Providing guidance to implementation teams on regulatory treatment for new requirement and appropriate controls to be implemented
  • Understand the drivers of the regulatory returns the data and the controls that substantiate that data in order to prioritise the material risks and implementation of controls / attestation in this way.
  • Provide training to the organization on the roles / responsibilities everyone has regarding the completeness and accuracy of regulatory return filings.
  • Implement incident tracking so that potential control issues are identified quickly and the impact on the regulatory returns assessed and remediated and also where required reported to the regulatory and senior management.
QUALIFICATIONS
  • Requirements include proven regulatory and control framework implementation capabilities, advanced communication skills, people management skills (virtual team management), ability to drive change through an organization and influence senior executives of the organization.
Required
  • Minimum 5-7 years of experience in Finance with focus on US regulatory reporting, risk and control or Internal Audit.
  • Experience in an investment bank finance environment
  • Passion and understanding of US regulatory reporting environment
  • Results orientated and a team player / relationship builder high degree of personal impact
  • Strong control orientated / presentation and communication skills
  • Ability to influence senior management and advance change across an organization.
Preferred
  • Regulatory experience of CCAR / Y9C / 009 / Focus / TIC reporting.
  • CPA or equivalent
  • Bachelor's degree