FCSO Transaction Monitoring Lead - Kuala Lumpur, Malaysia - Standard Chartered Bank

    Standard Chartered Bank
    Standard Chartered Bank Kuala Lumpur, Malaysia

    2 weeks ago

    Standard Chartered Bank background
    Full time
    Description

    Role Responsibilities

    Role Purpose

  • The purpose of this role is to provide strategic and tactical management of FCSO Transaction Monitoring teams in GBS Malaysia.
  • Support the Global Head, Transaction Monitoring discharge their key responsibilities around Process Ownership at Group-level for the Transaction Monitoring as set out in the ERMF, as it relates to:
  • Identification and management of the processes and associated risks including activities which are carried out by other businesses or functions, or which are hubbed or outsourced;
  • Implementing the RCSA to monitor the effectiveness of the controls and standards governing the end-to-end process;
  • Being responsible to the Process Universe Owner, Risk Framework or Policy Owners, and implementing the control requirements applicable to the process;
  • Escalating significant risks and issues to the Process Universe Owners, relevant RFO or Policy Owners

    • Accountabilities

  • Managing the relevant Transaction Monitoring processes within approved Group risk appetite, and breach escalation, including:
  • Implementation of process/control metrics to monitor the adherence to the group risk appetites,
  • Prompt escalation of any risks or control weaknesses in the process as executed and prompt remediation. Development of appropriate treatment plans to mitigate risks or controls weakness identified.
  • Review of key metrics and trends to identify issues with effectiveness and opportunities for efficiency in the Transaction Monitoring process.
  • Provide input into design and enhancement of all Transaction Monitoring solutions. Training and development of resources to address all applicable risks
  • Adequate capacity planning and resourcing to ensure relevant processes can be executed within established risk tolerances and Case Analysis Duration (CAD)
  • Ensure that the relevant Transaction Monitoring team is appropriately resourced and has appropriate capability to effectively implement the process as required
  • Ensure that the process implemented by the FCSO is operating as efficiently as possible, whilst ensuring quality is appropriately maintained
  • Adherence of AA processes to all applicable Risk Type Frameworks (including FCC, Compliance, Operational...) set by the respective Group RFOs
  • Engagement of Second Line of Defence for approval, guidance, and challenge
  • Implementation of process and control change to satisfy local and extra-territorial regulatory obligations, as well as emerging risk threats
  • Implementation of the Group policies/standards and Country Addendum (from 2LOD) and Group DOI/guidance and Country variation (from 1LOD) to mitigate the applicable risks and risk sub-types, in line with local country FCC regulations
  • Assessment, Monitoring and Mitigation of FCC risks relating to Surveillance and Operations
  • Data aggregation, risk reporting and data quality of group Management Information related to AA process
  • Building and maintaining senior management relationships within the Bank, with peer organizations, legal / consulting firms, and key regulators to understand, and (where appropriate) align with top market practices, with a

    • Strategy

  • Ensure compliance with relevant Group Transaction Monitoring Standards
  • Implementation of the FCSO right-shoring strategy providing input into FCSO MT discussions
  • Contribute to the Surveillance strategy, recognise and respond rapidly to strategic opportunities & business change
  • Participate in & drive strategy with key stakeholders such as CFCC, Business, Legal & Compliance more broadly, Technology, Finance and other Operational support areas.
  • Build a good understanding of Transaction Monitoring processes at other peer institutions and regulatory expectations. Keep track of industry developments and emerging practices and be a thought leader and influencer in leading such changes
  • Participate in relevant industry forums to understand and influence Transaction Monitoring process improvements
  • Provide advice, support and input to policies, procedures / DOIs that are impacted through the Transaction Monitoring or monitoring program
  • Enable the setup of necessary programs to imbed sustainable, effective, and efficient processes and solutions enabled by innovation
  • Set and implement the vision, strategy and direction for surveillance and aligned functions/ process(es), consistent with the vision and strategy for FCSO and in support of the Group's strategic direction and growth aspirations
  • Define and articulate the vision and future state for surveillance with the Group's aspiration for financial crime compliance, adopting best industry practice as much as possible

    • Business

  • Support Client Segments, Products and Functions to achieve business objectives, support financial targets through an effective Transaction Monitoring Surveillance program that is scalable and efficient operational management and delivery of exception client service
  • Supporting relevant countries to meet relevant Transaction Monitoring requirements
  • Act as the key operations contact point for all engagement with regulators and external organisations as it relates to the FCSO Transaction Monitoring processes and its activities.
  • Create and own the annual Performance Management plan for the end to end Transaction Monitoring process, aligned to capacity planning and budget.
  • Agree the performance targets for FCSO for inclusion in the annual Performance Management plan with key stakeholders where appropriate.

    • Risk Management

  • Make recommendations (and/or implement) to relevant stakeholders on possible risk management responses to identified risks and/or findings of concerns from investigations.
  • Inform senior management and relevant in-country FCC with regard to regulatory breaches (or where risk tolerances have been breached) and ensure that actions are taken quickly to remediate and/or activities are ceased.
  • Analyse significant financial crime risk events (, SAR's, non-compliant transactions, production orders) to ensure that all connected parties, particularly cross-border are identified and reported at the appropriate levels internally across all relevant jurisdictions.
  • Apply Group and FCC policies and processes (AML surveillance, client screening, risk assessment) to manage risks.
  • Anticipate horizon risks in the area of financial crime that may have a significant impact on the Group and develop effective strategies to mitigate such horizon risks.
  • Compliance with internal Outsourcing Policy and Procedures whilst also adhering to local regulatory rules across SCB jurisdictions
  • Ensure appropriate Service Level Agreements (SLAs) and Service Review Meetings (SRMs) are in place between in-country Business/FCC and FCSO for any outsourced processes and activities
  • Provide advice on the application of risk management frameworks.
  • Maintain oversight of risk mitigating action plans.

    • Governance

  • Track significant issues arising from FCC/FCSO metrics, FCC Assurance activities, Audit reviews and regulatory inspections, providing validation of issue closure where necessary.
  • Propose control improvements, enhancements and simplifications where appropriate.
  • Support all control checks undertaken under the Operational Risk Framework (ORF).
  • Periodic reporting and timely escalation of significant risks and issues arising from FCC/FCSO Monitoring and Assurance activities.
  • Be accountable for identification and escalation of potential risks and issues to senior management through appropriate governance channels and the Quality Assurance framework.
  • Attend relevant leadership meetings.
  • Support senior oversight of FCSO.
  • Ensure tracking and remediation of surveillance and investigations related regulatory findings.
  • In the event of serious regulatory breaches, or where risk tolerances have been breached, ensure senior management are informed and that actions are taken quickly to remediate and/or activities are ceased.
  • Prepare and cascade lessons learned from audit findings, FCC assurance activities and specific investigations.
  • Define metrics and/or key risk indicators (KRI) especially for AML, Sanctions.
  • Collate, analyse and interpret data in reports to senior management and relevant governance/risk committees.
  • Design and maintain dashboards and metrics that allow FCC to dynamically monitor financial crime risk and operational performance for key FCC processes.
  • Analyse and interpret data to produce reports that help the bank identify and manage emerging areas of risk / vulnerability and thus drive remediation action within the FCC function.
  • Provide leadership to the FCC network as part of the Group senior FCC management team.

    • Regulatory & Business Conduct

  • Display exemplary conduct and live by the .
  • Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
  • Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
  • Lead the FCSO to achieve the outcomes set out in the Bank's Conduct Principles: Fair Outcomes for Clients; Effective Operation of Financial Markets; Financial Crime Prevention; The Right Environment.
  • Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
  • Support relevant stakeholders to respond to regulatory questions.
  • Represent the Group through relationships with key regulators, relevant industry and vendor / user groups.

    • Project/Change Management

  • Measure outcomes on Change initiatives/ program post-implementation to evaluate benefits realisation.
  • Manage and protect business as usual (BAU) capability during change programmes, as well as during the execution and delivery of the Remediation initiatives through project phase and into BAU.
  • Provide subject matter expert advice, guidance and support to the project managers on managing change.
  • Lead or influence significant programmes of work in support of the financial crime compliance objectives.
  • Review new business requirements and provide solutions where required.
  • Provide skilled resources to support project/programme delivery.

    • Business Continuity Management

  • Responsible to ensure BCM framework adequately supports the business strategy. Where necessary to provide executive sponsorship for major BCM initiatives.

    • Key Stakeholders

  • FCC Controls representatives in group and country.

    • Qualifications

    Training, licenses, memberships and certifications

    Minimum 15 years of relevant work experience in the following areas:

    [For screening:

  • Sanctions and screening (name and transaction) surveillance skills
  • Analysis skills:able to analyze data, working knowledge of Internet and MS Office Suite & independently assimilate, analyse and evaluate information from disperse data sources to determine a course of action ( case closure or escalation), and record and communicate this decision clearly and concisely.
  • Banking: knowledge in terms of customers, products and transactions
  • Banking operations experience (Client Due Diligence, payments, trade, markets or other) and service oriented attitude.
  • Excellent communication in English (articulation and writing).]

    • [For Monitoring:

  • AML and terrorist financing surveillance skills in relation the respective country jurisdiction, and client types.
  • Analysis skills: able to analyze data trends and out of pattern activities, working knowledge of Internet and MS Office Suite & independently assimilate, analyse and evaluate information from disperse data sources to determine course of action ( case closure or escalation), and record and communicate this decision clearly and concisely.
  • Banking: knowledge in terms of customers, products and transactions with expertise in at least one customer segment (retail, corporate, private banking, correspondent banking)
  • Banking operations experience (Client Due Diligence, payments, trade, markets or other) and service oriented attitude.
  • Excellent communication in English (articulation and writing).]

    • Our Ideal Candidate

    Role Specific Technical Competencies

  • Compliance Policies and Standards
    Compliance Advisory
    Compliance Review and FCC Assurance
    Surveillance (including Screening and Monitoring)
    Investigations
    Compliance Risk Assessment
    Regulatory Liaison
    Manage Change
    Manage Projects