Assistant Vice President - WPB COMPLIANCE ADVISORY HK

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HSBC is one of the largest banking and financial services organisations in the world, with operations in 64 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We are currently seeking an experienced professional to join our team in the role of Assistant Vice President - WPB COMPLIANCE ADVISORY HK.

Principal responsibilities

Impact on the Business / Function

• Proactive approach is taken to identification of Regulatory Compliance risk change and potential impacts on WPB Business Model in HASE.
• Continuous review for appropriateness of framework to monitor Regulatory Compliance developments impacting on WPB in HASE.
• Implement programmes to quantify impacts and implement actions to address, manage and mitigate impacts of regulatory changes on WPB in HASE.
• Implement as required market product suitability, sales and staff remuneration policies and systems that ensure that WPB’s exposure to Regulatory Compliance and reputational risks is managed, in a practical and effective manner, including efficient and reasonable deployment of resources and an understanding of the business operations and needs.
• Establishes and implement global standards and strategic policies which ensure WPB’s exposure to current risks and emerging arising risk is managed appropriately, in a commercially focused and practical manner.
• Reviews and assists in the effective deployment of the Regulatory Compliance Assurance function.

Customers / Stakeholders

• Lead / liaison with relevant stakeholder within WPB in HASE, other Global Business and Functional teams to provide expertise and support on all Regulatory Compliance related matters
• Interaction with Regulators and industry bodies in  Hong Kong, on Regulatory Compliance matters relating to WPB
• Ensure the appropriate timely and relevant risk information is provided to WPB Management. 

Leadership & Teamwork

• Strong communication and working relationship within WPB business, other Functions and Global Businesses to ensure implementation of new disciplines.
• Assist Senior RC WPB Manager to take timely action in order to maximum effectiveness of the team.
• Share best practice with teams and other business lines.
• Maintain and develop positive and professional working relationships with WPB business.
• Provide support to team members to ensure their objectives are achieved timely and their duties are discharged. 

Operational Effectiveness & Control

• Focus on implementing the aligning the WPB operating practices with changes in Global Compliance Advisory Standards
• Resolve any/all identified issues promptly, and escalate concerns to management as appropriate to ensure timely awareness of any material concerns.
• Maintain and observe all HSBC control standards and implement and observe the Group Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators.
• Maintain awareness of operational risk within assigned portfolio and minimise the likelihood of it occurring including its identification, assessment, mitigation and control, loss identification and reporting.
• Manage operational risk, including its identification, assessment, mitigation and controls, loss identification and reporting within the department.    

Major Challenges (The challenges inherent in the role that require a continual test of the role holder’s abilities)WPB is an extremely diverse business and is facing an increasingly regulated and complex global environment with often little consistency between laws and regulations in different jurisdictions and regulators taking a far more aggressive approach in ensuring local compliance with their requirements and imposing increasingly stringent sanctions for breaches.

• It is the role of RC WPB Manager to assist the Senior Compliance Advisory WPB Manager, Head of Compliance Advisory and senior management within WPB in achieving a balance between the demands of regulators, external bodies and governmental initiatives, WPB business and ultimately the Group’s shareholders and customers; being aware of the political, management, regulatory and reputational implications of a particular decision and courses of action.
• In order to effectively manage change in a volatile environment, the jobholder is required to have a broad and deep understanding of businesses, regulatory and industry issues, as well as the competitive landscape. The incumbent will be required to stay abreast of the rapidly changing regulatory environment as it relates to Compliance Advisory and the more stringent regulatory interface and intervention across multiple jurisdictions, which is complicated further given the dynamic nature and differing pace of change
• The incumbent is required to ensure the consistent application of the highest Risk management standards notwithstanding the complexities of products and business operations in HASE. Risk is forward looking. The incumbent would identify, plan and implement change programmes to ensure that the WPB remains in line with regulatory requirements. A balance must be maintained between the local, regional and global priorities. The incumbent would need to balance between sometimes conflicting needs and priorities of different teams within Risk departments and across countries.