Senior Manager - Market Conduct Risk

Job Title:

Senior Manager - Market Conduct Risk

Reports to:

CRO

Division:
Risk Management Division

Section/Unit:
Market Conduct Risk Unit

The Senior Manager – Market Conduct Risk is responsible for establishing, maintaining and enhancing the Bank's independent Market Conduct Risk Framework as part of the Second Line of Defence, ensuring effective oversight of conduct risks across the Bank in accordance with the UAE Central Bank Consumer Protection Regulation, Consumer Protection Standards, Market Conduct Risk-Based Supervision Framework, SME Customer Protection Regulation and other applicable regulatory requirements.

The role is responsible for providing independent challenge and oversight over the effectiveness of the First Line's management of conduct risks throughout the customer lifecycle, promoting fair customer outcomes, strengthening conduct culture, overseeing market conduct governance arrangements, assessing emerging conduct risks using a risk-based supervisory approach, and providing assurance and reporting to Senior Management, the Board and relevant Board Committees.

The role also supports regulatory engagements, thematic reviews, conduct risk assessments and continuous enhancement of the Bank's conduct risk governance framework.

Governance and Oversight

• Ensure the bank's conduct risk policy is reviewed regularly by senior management in accordance with regulatory requirements
• Define and communicate clear roles and responsibilities to operationalize consumer protection standards and conduct risk frameworks
• Conduct oversight of functions owning and embedding Code of Conduct, Conflicts of Interest, Whistleblowing, ABC in line with Consumer Protection Standards and Regulations
• Develop, maintain and continuously enhance the Bank's Market Conduct Risk Framework, methodology, taxonomy and governance standards
• Establish a risk-based conduct supervision methodology covering all business lines, products, customer segments and distribution channels
• Ensure conduct risk is appropriately integrated within the Bank's Enterprise Risk Management Framework and Risk Appetite Framework
• Provide independent oversight and challenge over First Line implementation of Consumer Protection Standards throughout the customer lifecycle
• Oversee governance relating to Vulnerable Customers and Financial Inclusion

Risk Assessment

• Review controls established by first-line owners to mitigate misconduct risks in third-party dealings; escape gaps to senior management
• Establish, maintain and regularly review a risk register for misconduct risks across all business units
• Perform enterprise-wide conduct risk assessments using a risk-based supervisory methodology
• Identify inherent and residual conduct risks across products, services, channels and customer journeys
• Conduct thematic reviews based on emerging risks, complaints, regulatory findings, incidents and market developments
• Develop and maintain the Conduct Risk Universe and Conduct Risk Register
• Recommend enhancements to mitigate identified conduct risks

Consumer Protection Regulations

• Independently oversee implementation of Consumer Protection Regulation and Consumer Protection Standards
• Challenge effectiveness of customer disclosures, transparency and communications
• Oversee product governance arrangements including target market assessments and product suitability
• Review fair value / Value for Money assessments for products
• Provide oversight over customer onboarding, servicing, complaints, vulnerable customer treatment and account closures
• Challenge the effectiveness of complaint root cause analysis and remediation

Product Governance

• Independently challenge New Product Approval processes to ensure customer risks have been adequately assessed
• Review customer outcomes throughout the product lifecycle
• Ensure conduct risk assessments are completed before launch of new products or material product changes

Regulatory Engagement

• Lead Market Conduct regulatory engagements with CBUAE
• Coordinate responses to regulatory examinations
• Track remediation plans arising from supervisory reviews
• Monitor implementation of regulatory developments

Talent Management

• Assess and enhance existing…