Assistant Vice President, Global Markets Regulatory Change
Location: New York, New York
Internal Number: 0000HAXD
At HSBC, the health and well-being of our employees remains of utmost importance. Many of our roles are permitted to work from home (in states in which HSBC is licensed to operate) until further notice. Upon resumption of normal operations, this role may be performed at our New York, New York office.
Global Markets Regulatory Team manages the day to day oversight of a diverse program targeted at managing the Markets & Securities Services' business readiness for the suite of regulatory commitments. This role reports to the Americas Head of Regulatory Change. Key responsibilities include:
To be accountable assessing the global impact of new / proposed / changing regulations (US Originating Regulations) on the Global Markets business.
To manage Global Markets' interaction with support functions as needed to support Global Markets regulatory requirements.
To support the Front Office's engagement during regulatory exams related to relevant regulations.
To monitor the compliance with CFTC Swap Dealer, SEC Securities Based Swap Dealer, Volcker Rule and other regulatory policies by exercising strict control and challenges within the Global Markets business and with functions supporting the business.
To assist with continual improvements related to policies & procedures, controls and other tenants of MSS compliance programs.
Manage remediation of regulatory MRAs or internal findings
Administer governance meetings covering emerging regulations and ongoing regulatory change programs
Impact on the Business
Ensure strong governance and control environment for new regulatory initiatives originating from the US, and for BAU governance of existing regulations.
At the regional head's direction, work with GM desk heads, regional COO's, and global regulatory leads to drive the GM regulatory agenda
Support the business on delivering AOP targets through ongoing simplification of the regulatory control environment (ex: leveraging automation, global scale, and resource location mix.)
Ensure tracking of progress, significant issues and resolution thereof is in place, and that this is regularly reported to appropriate governance.
Customers / Stakeholders
Americas Head of Regulatory Change
Global Head of Regulatory Change
Regional Head of Markets and Regional COO
Regional GM business line COO's
Regional GM Heads of the business
Global Asset Class Regulatory Leads
Heads of Regulatory Compliance (Swap Dealer and Markets Advisory)
Products/ Regional Heads & Business Managers and other Markets management office staff are regularly appraised of significant issues.
Leadership & Teamwork
Deploy regulatory changes with courageous integrity, further embed the Values within the organization and continue the development of team as a trusted business partner.
Work with the Business and other project stakeholders to drive the change agenda for Markets.
Ensure there is a collegiate and coordinated approach in respect of all work streams and across the front office and GBM infrastructure, HUSI and Group.
Educate the GM business on the management of regulatory risks
Operational Effectiveness & Control
Ensure that the group standard change, non-financial risk and project governance processes are adhered to and projects deliveries are in line with stated objectives.
The global Geo-political and regulatory environment creates the opportunity for continuously changing compliance requirements.
Managing large population of policies, procedures and controls - finding efficiencies while maintaining robust compliance programs.
Book of work can shift from year-to-year or month-to-month depending on rulemaking and regulator focus areas.
Critical to build strong working relationships with the business and functions. This role requires the ability to work through "influence" rather than command and control.
In recent years the banking industry has evolved dramatically, driven by changes in business and economic environment, in legislation, in competitive pressures and in enabling technologies.
A number of challenges lie ahead we need to remain profitable and competitive, while maintaining regulatory compliance.
The business is faced with incoming regulatory changes, while managing a remedial book of work off the back of internal and external examinations. Strong initial implementations which consider a robust, properly resourced and control BAU operating environment will help to mitigate the back-end risks of post-implementation exams.
Regulatory "change" is continuous; the business must be able to continually assess its regulatory control environment and manage for continuous improvements to stay in-line with market and regulatory expectations.
Management of Risk
Is aware of the Operational Risk scenario associated with the role and acts in a manner that takes account of operational risk considerations, with a focus on Compliance driven regulatory risks.
Observation of Internal Controls
Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
Understands, follows and demonstrates compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which the jobholder is involved, specifically Internal Controls and any Compliance policy including, inter alia, the Group Compliance policy
Employment eligibility to work with HSBC in the U.S. is required as the company will not pursue visa sponsorship for these positions.
Sound understanding of Financial Markets, demonstrating strong numeracy and understanding of the financial services industry - prefer experience in Global Markets
Knowledge of regulatory environment environment in which large global banks operate, some subject matter expertise expected.
Strong Proactive and strong organizational skills.
Very strong analytical and writings skills, able to synthesize complex information and situations into messaging for management
Excellent communication and negotiation skills.
As an HSBC employee, you will have access to tailored professional development opportunities to ensure you have the right skills for today and tomorrow. We offer a competitive pay and benefits package including a robust Wellness Hub, all in a welcoming, diverse and inclusive work environment. You will be empowered to drive HSBC's engagement with the communities we serve through an industry-leading volunteerism policy, a generous matching gift program, and a comprehensive program of immersive Sustainability and Climate Change Initiatives. You'll want to join our Employee Resource Groups as they play a central part in life at HSBC, including the development of our employees and networking inside and outside of HSBC. We value difference. We succeed together. We take responsibility. We get it done. And we want you to help us build the bank of the future!
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
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