How you will fulfill your potential
Provide advice in real time to the Private Wealth Management business on compliance, regulatory, policy and reputational issues, as well as on new business initiatives and significant business changes affecting PWM, including on product suitability, client background and suitability assessment and risk profile evaluations
Refine compliance program, controls and surveillance tools which enables compliance to conduct in depth reviews
Work with Legal and other Compliance functions on regulatory inquiries and client issues
Ensure that appropriate policies and procedures are in place for PWM. Drive completion of updates and the creation of new policies in response to regulatory drivers, external factors and business changes while working closely with Legal and business personnel. Develop, implement and provide training on relevant policies and procedures in compliance with relevant regulations and firm policies/initiatives to the PWM business.
Test and monitor controls, surveillances and procedures to assess effectiveness in ensuring adherence to laws, regulations and firm policies and procedures.
Skills & experience we’re looking for:
University degree holder/relevant professional or industry qualification.
Minimum of 5-7 years relevant experience; preferably in compliance/control function. Regulatory/auditing background will also be considered
Good understanding of the regulatory framework for the private client business, and products
Strong analytical skills and ability to exercise sound judgment and manage execution under pressure
Experience in surveillance, operational flow of products and system knowledge is an advantage
Energetic, attentive to detail and capable of multi-tasking in a fast-paced environment
Excellent interpersonal skills and the ability to work effectively in a team-oriented setting, prioritize projects to meet tight deadlines. Highly motivated self-starter with an ability to work independently
Strong oral and written communication skills
Must be fluent in English and Chinese
Ability to read and write Chinese is preferable
To provide compliance support to Capital Markets HK FICC and GELP businesses and to work with the Wealth Management Compliance team to provide compliance support to Wealth Management HK brokerage business.
To prepare relevant compliance policies and procedures for the businesses.
To review regulatory rule changes issued by relevant regulators, exchanges, and other regulatory bodies and amend procedures where necessary.
To liaise where necessary with the relevant regulatory bodies and exchanges in relation to any queries raised by such bodies or to request guidance on any matters.
Participate as required in internal investigations into potential breaches of regulatory requirements or firm policy.
To assist assessments in any new initiatives undertaken by businesses by advising on any applicable regulatory requirements that may have an impact on such initiatives. This includes reviewing, advising on and drafting appropriate text from a compliance perspective for New Business Committee proposals.
To provide pro-active, timely advice on the relevant regulatory and firm policy requirements in respect of ad hoc queries, specific transactions, new product initiatives etc.
To promote observance of high standards of business conduct and ethical standards.
To conduct monitoring and testing on covered businesses.
To update the Regulatory Compliance Management tools and Issue Track when required.
To provide training to staff at all levels on the application of the relevant regulations and the standards expected.
To advise and assist Compliance colleagues in different jurisdictions on local regulatory issues or matters relating to cross-border businesses undertaken within the primary areas of responsibility.
To provide training and guidance to junior compliance staff in the team.
To provide backup support for other team members in HK.
To take up any ad hoc projects or tasks as assigned by the management of Compliance Team from time to time.
Good knowledge of regulatory framework including cross-border implications.
In-depth knowledge of HKMA, SFC and APAC exchanges rules and regulations.
Good knowledge of Global Markets products and their risk management policies and processes Good organisational and communication skills.
Ability to work well in a team and build relationships at all levels of the bank.
Ability to conduct duties expediently with the minimum of supervision.
Aptitude for accuracy, attention to detail, and hands-on approach.
Good computer literacy, knowledge of Word, Excel, PowerPoint, and Outlook essential.
Identify areas where a specific advisory developed control framework, compliance training, and compliance communications are required for WM HK/Asia to assist in promoting a strong compliance culture within WM HK.
Provide high quality, timely, technically accurate and wealth management client focused regulatory advice in response to client and investment product suitability, transactional and project related queries including permissible and non-permissible (“Do’s and Don’ts) business conduct across the geographical locations targeted by WM Asia mainly Asian markets, US and Canada.
Prepare and continuously enhance compliance focused management information as part of the on-going reporting obligations for Compliance team.
Participate in working projects/initiatives to provide compliance input including review and draft appropriate response for new business/product initiatives for HK and/or Asia.
Formulate, draft implementation approach papers and drive assigned compliance projects to completion.
Maintain on-going vigilance on potential gaps through analysis of regulatory fines and trends and identify opportunities to devise bespoke or enhance existing training and compliance policies.
Assist in completing a periodic review of all WM Compliance policies and procedures to ensure they reflect current regulatory, industry and applicable internal policies/Standing Orders, and ensure consistency with Head Office and WM Asia compliance policies and procedures where appropriate.
Assist in identifying and articulating enhancements to the WM Compliance monitoring framework based upon new regulatory developments and other internal initiatives particularly aspects of the framework focused upon WM Asia.
Assist in collating and from time to time formulating an appropriate response to requests for information pertaining to WM from other WM functions, internal audit and external regulators.
Assist in maintaining appropriate records for the WM complaints register, ensure complaints are handled and investigate in complaints in accordance with applicable regulatory rules and internal policies.
Deliver specific training in this area as directed.
Ensure timely escalation of regulatory and reputational matters to the Head of Compliance, WM HK.
Degree holder in Economics or related discipline.
Minimum 10 years of relevant work experience either within compliance, legal, regulatory or audit experience pertaining to wealth management.
Detailed understanding of HK’s regulatory environment and developments impacting the wealth management industry. Similar knowledge of Singapore regime would be an advantage.
In-depth understanding of securities and futures brokerage business as well as industry best practice approaches and needs.
Strong understanding of wealth management products (especially FX, fixed income and equities), brokerage business, banking, credit, custody and trust products and services.
A clear and concise communicator and be comfortable representing compliance views in discussion.
Articulate and comfortable presenting at business forums or delivering training for stakeholders of various levels of seniority.
Thorough record-keeping abilities and attention to detail.
Self-motivated and focused team player.
Good interpersonal and strong written and verbal communication skills.
Strong engagement skills, confident and ability to deal with potentially contentious issues effectively with all levels of seniority.
Strong analytical and solution driven mindset.
Technological proficiency or inclination, including Excel skills.
Ensuring compliance with statuary and regulatory requirements.
Review of new legislation and how we should respond (e.g.China's Cyber Security Law review).
Compliance communications to all staff.
Ethics and Compliance Policy management.
Ad hoc compliance training.
Overseeing staff contracts including PRC law firm liaison.
Legal advice on research methodology (especially for investigations).
On-boarding of hedge funds (including establishing compliance processes for each client).
Preparing the agenda and other documents for all meetings of the board of directors.
Managing the companies Share Incentive Scheme.
Liaising with auditors in relation to material required for the board.
Maintaining statutory books, including registers of members, directors and secretaries.
Maintaining the register of shareholders and monitoring changes in share ownership of the company.
Reviewing real estate contracts for all offices.
Designing all contracts with third parties.
The Central Compliance Team is part of the Group Compliance function and responsible for developing, implementing and maintaining regulatory compliance policies and procedures for the Group as well as licensing, so as to ensure compliance with relevant regulatory requirements. The Department provides training, support and guidance to employees on regulatory and compliance matters, undertakes monitoring activities and plans, manages and undertakes Group Compliance projects which may be assigned from time to time.
The Head of Central Compliance will contribute to the leadership of to the Compliance Department and lead the Central Compliance team in performing Licensing matters, Staff Dealing and Compliance Declarations monitoring, Disclosure of Interest and Regulatory inquiries processing. Registration and renewals of staff licenses, assisting in the development, implementation and maintenance of compliance monitoring programs as well as coordinating with regulators on inspections and perform tasks assigned by his/her manager from time to time. While the main focus is on the Hong Kong Regulatory requirements, additional work to help support the global operations will be required.
To be the Compliance lead continuing the build-out of the firm’s Compliance programme for the Central Compliance team business.
Work seamlessly across the various entities forging consistency within the Group.
Advise businesses on implementing adequate procedures and controls with regulations, laws and codes.
Develop policies and procedures as necessary, including consulting stakeholders and business.
Direct risk reviews, remediate gaps, drive solutions, and manage projects to ensure a compliant outcome.
Identify, assess and plan for the potential impact of new regulation globally across the Compliance function.
Take the lead in providing information in relation to SFC regulatory inquiries, ad hoc investigation, survey and follow-up questions.
Handling various notifications including incidental/suspicious violation and ensure the SFC notification requirements are followed.
Leading the SFC licensing matters, including license applications, terminations, notifications and submission of Annual Returns, in a timely manner.
Ensuring that processing staff’s outside account requests, review staff’s outside account statements, clear alerts generated by the in-house staff dealing and compliance declarations system.
Following-up with new joiners to complete their compliance declarations upon joining and also on an annual basis.
Handling Disclosure of Interest, short position and other regulatory reporting.
Undertaking certain Compliance monitoring tasks.
Maintaining Internal Records including training and licensing details.
Promoting ideas for process improvement and assist in their implementation.
Performing tasks assigned by the Group Head of Compliance from time to time.
Skills and Experience
Degree holder required, preferably in Law, Accounting or related discipline.
Familiarity with or direct experience in Compliance, including significant retail, wealth management, institutional brokerage, licensing, surveillance and monitoring.
Experience dealing with business leads, change management and delivering projects.
Good knowledge of securities laws, specifically the SFC regulations, operations, products and services, especially those of Hong Kong.
Self-motivated, independent and pleasant personality with excellent inter-personal skills.
Attention to detail, organisational and multi-tasking skills. Ability to manage competing stakeholders.
Management experience required and ability to demonstrate leadership.
Demonstrated ability to drive change across an organisation and develop new solutions.
Multilingual with excellent written and spoken English and ideally Mandarin too, Cantonese beneficial.
Educational / Professional Qualifications
The person should preferably have not less than 8 years of financial services industry. Degree in Law/Accounting and/or other relevant professional qualifications.
Knowledge of SFC, rules and regulations and subsidiary rules and regulations of the relevant Stock Exchanges.