Regulatory Compliance Specialist

REGULATORY COMPLIANCE SPECIALIST (Contract)

New York, NY, United States (On-site)

Contract (2 months)

Published 2 days ago

root cause analysis

Risk & Compliance Management

CAMS/CRCM certifications

Banking products

The branch is seeking an experienced compliance consultant to act as the local, independent second-line compliance resource for its New York operations. The role is the branch's compliance function in practice: it owns the local risk-based compliance plan, performs compliance testing, sets and monitors local key risk indicators, and produces quarterly compliance risk reporting to Group Compliance.

A distinctive element of the mandate is a U.S. regulatory certification workstream: establishing the full population of U.S. requirements, obligations and available exemptions that apply extraterritorially to the Group's European home-market operations, with particular focus on securities and derivatives activity in scope of the SEC and the CFTC.

The consultant applies the risk assessment, testing and reporting methodology of their own firm and is expressly not bound by the Group's standard operating procedures. Deliverable templates are provided by Group Compliance.

The New York branch supports a narrow, wholesale-only activity set:

Liquidity management for Group Treasury, including execution of transactions in financial instruments

Financing products and trade finance, including guarantees and standby letters of credit — predominantly supporting client guarantees to public authorities and rental obligations

Facilitation of international trade finance products that are subsequently offered and documented in the Group's home market

Direct loans, syndicated loans and revolving credit facilities

The branch does not provide cash management services (no client accounts, payments or FX) and does not hold licences to provide financial instruments services to clients.

The branch currently carries no major or critical residual compliance risks. Historically, risk-based monitoring and testing has been performed roughly annually by Group compliance staff based in Europe; this engagement establishes a permanent local capability.

Develop and maintain an annual risk-based Compliance Plan for the branch, ope rationalising the Group Compliance mandate to run risk-based monitoring and testing programmes.

Perform a local compliance risk assessment covering the Conduct Risk and Financial Crime risk categories, using the Group's Risk and Control Objective Library (generic risks, control objectives and expected controls) as the reference set. Group Compliance supplies equivalent input for Regulatory Compliance Risk.

Assess inherent risk, evaluate actual controls, and conclude on residual risk.

Document conclusions in a local compliance plan that concludes on the control environment and proposes and prioritises compliance activities by residual risk.

Calibrate conclusions with Group Compliance so the plan feeds consistently into quarterly risk communication. Group Compliance consolidates local plans into the Group plan.

Update the plan when material risks emerge and report changes to Group Compliance.

Subject to annual approval of the compliance plan by Group Compliance:

Compliance testing- the primary activity. In-depth testing of one or more controls within a process or area, assessing both design and operating effectiveness of key compliance controls.

Embedded controls- where the compliance function is control owner and executes the control. May or may not become relevant.

Model validation- in-depth assessment of model risk across design, governance and implementation. Applicable only to systems used exclusively by the branch, i.e. not in the Group's home markets. Where model validation is outside the consultant's own competence profile, the consultant coordinates qualified external resources and reports the outcome independently.

Review and challenge of testing or validation performed by other external specialists, reporting on the adequacy of that work.

Document all testing activity and formally report findings, severity assessments and remediation plans to the relevant branch and Group Compliance stakeholders.

Verify that the branch maintains effective processes for identifying and assessing local U.S. requirements alongside Group-level requirements, and that these are adequately aligned and translated into local branch regulations. Screening is…