UK LCO

Recruiter
Pure Search
Location
London
Salary
Competitive
Posted
02 Aug 2017
Expires
15 Aug 2017
Sector
Legal
Contract Type
Permanent

Key Responsibilities

  • The UK LCO is responsible for ensuring that the regulatory responsibilities of London are properly addressed either directly, or through coordinating with the Global Business Compliance Department. He/she has direct responsibility for the Central Compliance and Financial Security Departments. For Financial Security matters, the UK LCO is assisted by the Head of Financial Security who is London MLRO.
  • The UK LCO is required to:
  • Allocate responsibility (in whole or in part) to members of Compliance and Financial Security department and ensure those responsibilities, reporting lines and any delegated responsibilities are communicated to and accepted by those persons reporting to them.
  • Ensure that staff employed within areas of the UK LCO's direct responsibility are competent and adequately trained and that they are aware of and adhere to agreed policies and rules;
  • Provide management, leadership, direction and support for the Central Compliance and Financial Security teams;
  • Develop, organise, monitor and review the performance of the Central Compliance and Financial Security teams;
  • Provide technical advice and training to members of the team as necessary;
    • The UK LCO, in conjunction with the management of Global Business Compliance, must ensure that applicable third-party rules and regulations are being addressed as necessary including, but not limited to:
  • The FCA and PRA Handbooks (with the exception of issues relating to prudential regulation);
  • Exchange Rules (where the London branch is a member of that exchange);
  • Relevant overseas regulatory rules that impact on Branch business;
    • The UK LCO will ensure that the Branch's Management and staff are provided advice and assistance through the issuance of opinions on transactions, clients, new activity and products, and any change of organisation or business model that may impact the Bank's compliance risk profile and on any other compliance issues and matters. This advice and assistance may be provided either directly by the LCO, through the departments for which he/she has direct responsibility or through co-ordination with Global Business Compliance.
    • The UK LCO will support the Management and the Business Heads of the Branch to assess the material risks of their identifying and assessing the compliance risks associated with the Bank's business activities, including in relation to implementation of new organisation, the development of new activities and products and the proposed establishment of new business or customer relationships, or material changes in the nature of such relationships. This support may be provided either directly by the LCO, through the departments for which he/she has direct responsibility or through co-ordination with Global Business Compliance.
    • The UK LCO will ensure that an appropriate control and monitoring process with respect to compliance policies is implemented. This will be achieved by performing regular compliance risk assessment and carrying out or ensuring completion of risk based controls on activities and transactions. This work may be carried out by those teams directly controlled by the LCO or in co-ordination with Global Business Compliance.
    • The UK LCO ensures that Departments under his/her direct control:
  • Provide relevant compliance training and information to all areas of London, whether by means of induction courses, specific training courses, compliance policies, other regulatory bulletins or information;
  • Assess compliance risks across business and implement appropriate compliance controls and monitoring;
  • Assist with ad hoc projects, investigations and any client complaints;
  • Contribute to internal policy developments as required;
  • Provide that business continuity requirements for the compliance department are met.
    • The UK LCO must ensure that Audit points or recommendations relating to Compliance & Financial Security made by internal or external auditors or regulators/exchanges are addressed in a timely manner.
    • The UK LCO is responsible for preparing and monitoring the Compliance & Financial Security budget, within the general guidelines given by CPL HO, and, in conjunction with Global Business Compliance management, ensure the adequacy of the compliance and financial security resources for the Branch to be able to manage and cover its regulatory risks.
    • The UK LCO is the primary contact point for dealing with UK regulators.
    • The UK LCO represents Compliance and Financial Security on a number of internal and external committees.
    • The UK LCO will implement Group or Group's Compliance tools.

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