The Risk & Compliance Department, which comprises Credit Risk, Derivatives Risk, Enterprise Risk, Investment Risk, Compliance and Regulatory Development, forms the second and third lines of defense in our global risk management framework. The Department monitors the financial, operational and regulatory risks in the business and the related controls in place to manage these risks. These teams provide independent oversight of the risk management performed by the first line businesses. Risk & Compliance comprises around 120 members of staff, based across three main locations: London, Denver and Pan Asia (Australia, Hong Kong, Singapore and Tokyo).
Within the Risk & Compliance Department, the dedicated Regulatory Development team provides pro-active coverage of Global regulatory developments. This function, along with support from its Compliance, Legal and Risk colleagues, is responsible for:
- Identifying and researching applicable EMEA financial services regulations throughout their individual development lifecycles;
- Offering views on the scope and impact of potential new EMEA regulations, including to external stakeholders via targeted lobbying activities;
- Ensuring that information on Global regulatory developments and their possible impact is disseminated across relevant business areas, to senior business representatives and to Boards; and
- Providing high-level assurance over the delivery of key Global regulatory developments.
Overview of the Role
The role as Regulatory Development Manager will be to advance our understanding of, contribution to and assurance over the delivery of Global markets- and conduct-related regulatory change. This will include regulatory change being led by the business, as well as change specifically affecting the Risk & Compliance Department.
It will help ensure that EMEA markets- and conduct-related regulatory developments are identified researched and issues disseminated across relevant business areas.
In addition, this role will play a part in the development of the Regulatory Development function and framework within the firm over the next 18 months.
Duties and Responsibilities
- Contribute to the development of an operating model for the Regulatory Development function for the firm. This will include:
o Regulatory development framework; Regulatory impact assessment;
o Regulatory traceability approach (and tools); Regulatory development tracking;
o Resource requirements; and System / tool requirements.
- Play a key role in identifying, assessing and researching the impact of new or changing EMEA markets- and conduct-related regulations on the business.
- Act as advocate for the firm, and industry as appropriate, on key EMEA markets-and conduct-related regulatory changes. This might include developing “lines to take”, drafting position papers, lobbying.
- Track Global markets- and conduct-related regulations through their development processes.
- Contribute to the Regulatory Change Forum, which is responsible for providing high-level assurance that all regulatory change is delivered in line with requirements.
- Provide advisory support across the business on regulatory developments. This may include taking a lead role in major EMEA regulatory changes such as SMCR.
- Where necessary, support core functions (IT, Ops, Front Office, third parties, etc.) on technological developments in order to ensure regulatory adherence.
- Produce regulatory analysis / reporting to allow senior members of the business (including ExCo and the Board) to understand current EMEA markets- and conduct-related regulatory developments.
- Maintain awareness of how the business is implementing markets- and conduct-related regulatory change within each department. Provide challenge if implementation is at risk.
- Perform an ongoing appraisal of changes in the regulatory environment.
Work with Compliance, Legal and Risk on the assessment of regulatory requirements.
- Contribute to communication efforts for Regulatory Development.
Technical Skills and Qualifications
- Detailed understanding of (and expertise in) EMEA regulatory developments, both the process of regulation and the application of regulation to the business.
- Risk and control experience in a financial organization preferred.
- Fund and distribution experience welcomed.
- Understanding of the asset management business (front, middle, back office) desirable.
- Excellent communication skills, stakeholder management and presentation skills.
- Strong analytical skills and attention to detail, with the ability to produce high quality documentation appropriate to various audiences.
- Excellent project and change management skills.
- Self-motivation and enthusiasm – a completed finisher able to work on their own initiative and focus on delivery.
- Challenging, inquisitive and straight talking.
Ongoing competence in the role to be assessed by:
- Annual Performance Appraisal
- Completion of all assigned Compliance training