Head of Compliance & Risk

Role Purpose

The key objective of the Head of Compliance and Risk is to ensure that the Registered Person complies fully with all its legal and regulatory obligations relating to Financial Services, AML/CFT and Data protection.

Primary focus will be on regulatory compliance assessing the conformity of Laws, Regulations together with internal code of conduct, policies and internal procedures with legal obligations and best practices applicable to our client.

The role will hold the key person positions of MLCO and Compliance Officer (CO).

Risk and Compliance Key Responsibilities

To support the CCRO and MLRO and act as the CO and MLCO to ensure that the business remains compliant with all relevant laws, regulations, legislation and best practice.

To work alongside the CCRO to provide guidance to management and staff  so that the business remains compliant with all relevant laws, regulations, legislation and best practice.

To support the CCRO and MLRO and act as a contact point for all Fiduciary and Fund matters.

Assist with performing compliance monitoring programmes and writing relevant reports.

Foster a positive culture of compliance by working proactively with the business lines to ensure that best practices are followed in accordance with the applicable laws, rules, regulations, and internal policy.

Support and assist on new and or revised business strategies, initiatives, and projects, which may include assisting the business in assessing the risks associated with new/ revised strategies and recommending and or assessing mitigation efforts to reduce risk exposure.

Support as required in advising business units on the development of action plans to implement new or changed requirements for the businesses. Action plans may include the development of or changes to existing training materials, policies, procedures, system, and other controls, monitoring/testing processes, and reporting.

Support the monitoring of regulatory development and engagement trends in respect of Trust and Funds and provide updates and reporting as appropriate / required.

Liaise with the relevant Internal control functions in relation to Trust and Fund compliance matters including the provision of technical support and guidance when required.

Support technical excellence by searching out external best practice, monitoring technical and professional developments, sharing knowledge and encouraging others to do the same in the best interests of our client and its clients.

Develop and recommend changes and improvements to operating models, procedures and practices based on subject matter expertise and understanding and market best practice.

Communicate and adhere to policy and procedures to ensure good operational, financial and project management, policy and procedural compliance and early identification and effective resolution or escalation of issues that arise.

Contribute to the development, implementation and maintenance of management information, analysis and reporting framework that supports and informs timely and effective business management and decision making at all levels.

Contribute to the implementation and monitoring of the application of policies, governance frameworks, procedures, practices and standards to ensure quality, effective risk management and regulatory compliance.

Escalating any identified potential weaknesses in the current systems and controls.

Compliance Officer duties

​Act as the appointed Compliance Officer.

Act as the principal regulatory contact with the JFSC on regulatory matters, subject to the agreed internal escalation arrangements and the reporting lines set out in this role profile.

Oversee the maintenance of an effective compliance framework for local regulatory requirements, including recommendations for new or amended policies and procedures where required.

Ensure a consistent, proportionate and risk-based approach is applied to compliance matters and that compliance issues are resolved or escalated in a timely manner.

Review the annual compliance plan and the compliance monitoring programme, present them for approval where required, and report on outcomes to the Board and relevant committees.

Ensure that regulatory developments, inspection findings and external audit findings are assessed and translated into appropriate action plans, training, procedures or controls.

Consult with external legal advisers on difficult regulatory compliance issues where appropriate.

Keep informed about regulatory change, trends and best practice and assess their potential impact on systems and controls.

Money Laundering Compliance Officer duties

Where appointed as MLCO, act as the key person responsible for oversight of  AML/CFT compliance arrangements.

Ensure that AML/CFT policies, procedures and controls remain comprehensive, proportionate, risk based and aligned with applicable legislation, the AML/CFT Handbook and relevant Codes of Practice.

Ensure that the AML/CFT compliance monitoring programme is maintained, risk based, delivered and reported to the Board and relevant committees.

Establish and maintain mechanisms for the identification, monitoring and reporting of AML/CFT compliance matters, including material control weaknesses.

Act as a principal point of contact for staff on day-to-day AML/CFT compliance matters and ensure appropriate guidance is provided.

Support the development of AML/CFT compliance awareness through training, feedback from monitoring and lessons learned from reviews or audits.

Ensure that existing and new AML/CFT policies are reviewed before Board approval and that required changes are implemented through agreed action plans.

Consult with external legal advisers on complex AML/CFT compliance issues where appropriate.

People

Hold weekly team meetings addressing current work, outstanding work and any other matters arising within, or impacting, the team.

Oversee the day-to-day management for the delivery of the Risk and Compliance Team ensuring people are working efficiently and effectively.

To act as a first point of contact for team members with technical or client related queries.

To provide regular and informal feedback to direct report(s).

Set relevant and stretching objectives for team members and carry out regular (minimum of quarterly) performance and development conversations and record on the people system.

Qualifications and Experience

Minimum ICA Diploma

Extensive experience in Trust and Funds Compliance

Excellent knowledge of regulatory and legal requirements with respect to economic sanctions

Knowledge & experience of providing guidance on sanctions to staff / management.

Hold or be studying towards a recognised and relevant professional qualification.

Skills/ Behavioural Competencies

Be able to work collaboratively with other departments

Communication – written & verbal to all levels of the organisation and to external third parties including regulators

Decision Making – consider & recommend escalation to the Board, Regulators and relevant government agencies

Influencing –persuade and influence management and staff 

Project Management – participate and where necessary lead/manage

The regulatory environment is ever changing and, therefore the role requires a pro-active and innovative approach to risk management.