Regulatory Compliance Specialist; Part-Time

Location(s): New York, NY
(Hybrid: 3 day / week in office)

Seeking an experienced Regulatory Compliance Specialist to serve as the independent second-line compliance lead for a New York branch of a European banking group.

The consultant will own the local risk-based compliance plan, perform compliance testing and risk assessments, establish and monitor key risk indicators (KRIs), prepare quarterly compliance risk reporting, and oversee regulatory compliance governance.

A key workstream is establishing and certifying the applicability of U.S. regulatory requirements, obligations, and exemptions to the organization's European home-market operations, including extraterritorial requirements under SEC, CFTC, BSA/AML, and OFAC frameworks.

The consultant will operate independently from the first line and may use their own firm's methodology for risk assessment, testing, execution, and reporting.

The New York branch supports a wholesale-only activity set that includes:

• Liquidity management for Group Treasury, including execution of transactions in financial instruments
• Financing products and trade finance
• Guarantees and standby letters of credit
• International trade finance products subsequently offered and documented in the home market
• Direct loans
• Syndicated loans
• Revolving credit facilities

The branch does not provide cash management services, maintain client accounts, provide payments or FX services, or hold licenses to provide financial instrument services to clients.

• Develop and maintain an annual risk-based Compliance Plan for the branch.
• Perform local compliance risk assessments covering Conduct Risk and Financial Crime Risk.
• Assess inherent risk, evaluate control effectiveness, and determine residual risk.
• Use the applicable risk and control objective library as the reference framework.
• Document conclusions and prioritize compliance activities based on residual risk.
• Calibrate conclusions with Group Compliance.
• Update the plan when material risks emerge.
• Report material changes to Group Compliance.

• Perform in-depth second-line compliance testing of key controls.
• Assess both control design and operating effectiveness.
• Execute embedded controls where applicable.
• Perform or coordinate model validation where required.
• Review and challenge testing or validation performed by external specialists.
• Document testing activities, findings, severity assessments, and remediation plans.
• Report findings to branch and Group Compliance stakeholders.
• Independently assess remediation adequacy and monitor remediation progress.

• Verify that effective processes exist for identifying and assessing U.S. regulatory requirements.
• Provide independent oversight of first-line regulatory screening activities.
• Ensure local requirements are appropriately aligned with Group-level requirements.
• Communicate regulatory developments, trends, emerging risks, implementation status, and gaps to Group Compliance.
• Independently establish and certify the full scope of U.S. regulatory requirements, obligations, and potential exemptions applicable to the Group's European home-market operations.
• Assess extraterritorial regulatory requirements, with particular emphasis on SEC and CFTC requirements applicable to securities and derivatives activities.

• Assess the relevance of Group KRIs to local branch operations.
• Identify the need for additional local KRIs, including Regulatory Compliance Risk indicators.
• Collect quarterly KRI data.
• Liaise with first-line stakeholders regarding KRI changes.
• Coordinate requests for new, amended, or revoked KRIs.
• Manage escalation and remediation related to KRI threshold breaches.

• Financial Crime Risk
• Conduct Risk
• Regulatory Compliance Risk
• Compliance testing and audit findings
• Open and overdue findings
• Criticality classifications
• Remediation status
• KRI trends and threshold breaches
• Material events and emerging risks
• Regulatory breaches and systemic control failures
• Regulatory interactions
• Risk-based compliance plans and activities
• New Product Approval Process (NPAP)
• Regulatory screening activities

The reporting must provide a consolidated view of the branch's compliance risk profile, identify material changes in exposure, assess control effectiveness, and provide forward-looking risk considerations.

• Assess compliance implications arising from new product…