Hong Kong Trustee Chief Risk Officer - Risk and Compliance

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Our Risk and Compliance function has a critical role to play in supporting, challenging and advising across all areas of the business through establishing policy, monitoring profiles, and identifying and managing forward-looking risk and compliance. We focus on creating an environment that encourages our people to speak up and do the right thing, as well as protecting our customers, the organisation and the integrity of the financial markets in which we operate. Already an industry-leader in many respects, we want to continue setting standards and evolving to respond to strategic changes.

We are currently seeking an experienced individual to join this team in the role of Hong Kong Trustee Chief Risk Officer - Risk and Compliance.

Background:

• HSBC Securities Services operates 2 trustee companies in Hong Kong via the Global Trustee and Fiduciary Services (“GTFS”) team. These two legal entities are HSBC Institutional Trust Services (Asia) Limited (“HTHK”) and HSBC Provident Trustee (Hong Kong) Limited (“HPFT”).
• HTHK acts as a trustee of a Unit Trust (“UT”) or provides custodian services to a mutual fund (in the form of corporate entity) which is different from custodian appointment under the Open-Ended Fund Company (“OFC”).  

Role Purpose:

• The key purpose of the role is to lead the management of risks within the GTFS Hong Kong team in accordance with the HSBC Group Risk Management Framework (“RMF”). In particular, focusing on the daily operations and activities performed by the GTFS Hong Kong team in relation to HTHK and HPFT.
• The risk management oversight encompasses managing and developing a comprehensive process for assessing, identifying, monitoring and reducing pertinent business risks that could interfered with HTHK and HPFT business objectives and goals. In addition, advising GTFS Hong Kong executives in the management of operational, reputational as well as other risks applicable to HTHK and HPFT.
• The jobholder will also need to ensure that the HTHK and HPFT Board are informed of the risk profile of the respective entity.
• There is a shared oversight responsibility with the Compliance function (both Regulatory and Financial Crime) and Legal function in supporting these two entities for achieving sustainable customer outcome and ensuring appropriate risk management structure, policies, processes and strategies are in place to enable and protect unit holder and member interests as well as HSBC business.

Principal Accountabilities and Responsibilities: 

Policy and Governance 

• Provide independent advisory and challenge to HTHK and HPFT ExCo to define the entity’s Risk Strategy, Risk Appetite (ensuring alignment with Group Risk Appetite where necessary) and oversee the management of key risk exposures.
• Oversee the implementation and ongoing effectiveness of risk management framework and the associated procedures and controls; where appropriate, including assessment through stress testing and scenario analysis.
• Oversee HTHK and HPFT overall risk portfolio, by reviewing and challenging the risk and reward trade off, ensuring exposures are managed in a consistent and systematic way in accordance with parameters set by the Risk Appetite Framework.
• Review HTHK and HPFT dispensations and ensure alignment of both entities’ RMF to the current Group RMF with support from AMH Enterprise Risk Management (“ERM”) team, Compliance function (both Regulatory and Financial Crime) and Legal function.
• Establish and lead risk governance relating to both entities and attend wider Risk Governance (e.g. AMH RMM) as required.

Risk Appetite

• As Risk Owners are accountable for managing risks they own for their business, developing an appropriate Risk Appetite for HTHK and HPFT, in collaboration with the respective CEO, CFO and Risk Stewards before proposing the RAS to the respective Board for approval.
• Oversight of robust and appropriate data quality and systems controls in place in relation to the calculation of the Risk Appetite metrics.
• Escalating to the CEO, AMH CRO and Board any material breach of Risk Appetite and ensure appropriate action plans are in place for risks outside of Risk Appetite Tolerance level.

Core Operational Risk Management

• Contribute to, review and constructively challenge both entities’ RCA (e.g. RCA scoping decisions or assessment outcomes), based on HSBC Risk Taxonomy.
• Contribute to, review and constructively challenge scenario assessment outputs prepared by the business and provide guidance to Risk Owners in presentation of scenario results relevant to HTHK and HPFT.
• Advise Risk Owners to set Key Risk Indicators (“KRIs”) for their business; monitor preventative thresholds and trends.
• Together with AMH ERM team, advise and challenge Risk Owners, Control Owners and NFR team on the identification, impact assessment, resolution and investigation of material internal risk events/operating incidents relating to HTHK and HPFT. 
• Identify material external risk event with support from AMH Enterprise Risk Management (ERM) team, advising Risk Owners, Control Owners and NFR team on mitigation.
• Review and challenge Risk Owners, Control Owners and Risk Stewards on management responses relating to HTHK and HPFT business.
• Oversee implementation of strategic change projects and overall transformation agenda for both entities.

Manage key relationships with internal and external stakeholders, developing and maintaining strong working relationships with:

1. Internal: Risk and Compliance, Finance, Legal, Internal Audit, HTHK & HPFT Executive Team, HTHK Board and HPFT Board/Audit & Risk Committee.
2. External: regulators, industry bodies, auditors, customer, government and their agencies.
3. Collaborating with Compliance function to build a positive risk and compliance culture through communication and education on risk management to promote integrity, transparency and accountability so as to mitigate risks associated with non-compliance with laws, rules, regulations and codes of conduct. 

Oversight and Reporting

• Review First Line control monitoring (plans and execution activities) related to both entities.
• Advice and challenge Risk Owners, Control Owners and Risk Stewards to ensure adherence of both entities to framework and policy for the risk area as well as respond to material events; identify areas for improvement and required policy dispensations for both entities.
• Together with AMH ERM team, identify operational risk learning needs for both entities and oversee the creation/embedding of initiatives.
• Together with AMH ERM team, Compliance and Legal, provide advice relating to third parties service providers appointed by both entities. 
• Chair both entities’ Risk Management Meeting and oversee comprehensive risk reporting to relevant committees, ensuring governance is clear and effective by meeting with the respective Board without management present.
• Ensure robust processes are in place to deliver on regulatory and management reporting requirements.