Head of Compliance, Asia, Wealth Management

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As the Head of Compliance for Schroders Wealth Management in Asia, you will work closely with the senior management, team heads, client documentation and front office staff. You will be assisted by two Compliance Officers and report directly to the Deputy Head of Compliance, Wealth Management who sits in London. You will be a key member of the Divisional Compliance function and collaborate with other Compliance heads in the Wealth Management Division to ensure consistency and the highest standards across all Wealth Management entities. 



Overview of role 


You will provide strong leadership and management of the Compliance function in the Wealth Management business in Singapore and Hong Kong. You will assist and advise Schroders’ senior management in managing the Asian wealth management businesses in a way which meets the current and prospective regulatory standards set by the Division and the Group, regulators and expected by our clients. You will collaborate closely with the senior management team in Singapore and Hong Kong and within the Division and Group, including Group Internal Audit. 



Additional responsibilities include: 

  • provision of compliance advice (including training on compliance matters), disclosure and reporting, monitoring and support to specified business areas within Schroders & Co (Asia) Limited ( SCAL) and Schroder & Co Hong Kong Limited (SWMHK) in line with the Global Compliance Charter.
  • act as the prime contact of SCAL for the Monetary Authority of Singapore.
  • act as the prime contact of SWMHK for the Securities and Futures Commission of Hong Kong
  • act as the focal point for anti-money laundering activity within SCAL & SWMHK, providing support to the business and assistance to senior management in fulfilling their responsibility to establish and maintain effective anti-money laundering systems and controls.
  • represent Compliance at the relevant senior committees and company boards, as appropriate, including the SCAL & SWMHK Management Committee and the SCAL & SWMHK Boards
  • maintain contacts with external lawyers and/or Wealth Management Legal for legal advice whenever needed
  • collaborate effectively and constructively with Deputy Head of Compliance, Wealth Management, and his delegates, including the Schroders Head of Compliance, Asia Pacific (based in Singapore), reporting and escalating key compliance issues and risks as appropriate. 


Key Responsibilities 


a) Compliance 

  • Have primary responsibility for providing advice and support to the staff and management of SCAL and SWMHK in meeting both local and global compliance standards, identifying regulatory changes and propose required actions and assisting management in making appropriate management decisions in the light of key compliance issues, risks and priorities.
  • Develop and maintain local documentation including standard terms and manuals to ensure they are up to date, reflecting current working practices, relevant regulatory requirements and Schroders Group policies.
  • Agree an Annual Plan for undertaking periodic surveillance reviews of compliance arrangements, reporting any findings to senior management, as per the Global Compliance Charter, and tracking the resolution of the issues identified. Be proactive in identifying compliance risk areas.
  • Assist in the undertaking of periodic thematic compliance monitoring reviews as required.
  • Oversee the management of and have primary responsibility for the recording and reporting of complaints and breaches.
  • To ensure that the SCAL’s and SWMHK’s management are kept up to date with the latest regulatory developments and to contribute to compliance consultations as appropriate. Oversee SCAL’s and SWMHK’s compliance with local laws, regulations, internal policies and procedures and to carry out regular assessments of their adequacy in proportion to the risk, nature, scale and complexity of the business.
  • Review marketing materials from a compliance perspective, where appropriate.
  • Maintain positive and effective relationships with regulators and assist in responding to the day-to-day requests from external and internal auditors on regulatory/ compliance matters.
  • Coordination on compliance issues with Divisional and Group Compliance. 

b) Money Laundering Avoidance 

  • Act as SCAL’s and SWMHK’s MLRO. In Hong Kong this is a SFC Manager in Charge function.
  • Identify money laundering risks and document SCAL’s and SWMHK’s risk profile and risk management policies and procedures.
  • Receive and review internal suspicious activity reports. Decide if these should be reported to the relevant authorities and liaise with external parties as required. Inform Deputy Head of Compliance, Wealth Management of the submission of suspicious activity reports to the authorities.
  • Ensure that adequate arrangements are in place to provide staff with money laundering awareness and training sessions in AML, KYC and other compliance areas relevant to staff
  • Monitor the operation and effectiveness of SCAL’s and SWMHK’s anti-money laundering systems and controls and to provide a report to senior management and the Head of Compliance, Wealth Management – at least annually. 


c) Legal 

  • Maintain contacts with external lawyers and Wealth Management Legal for legal advice whenever needed.
  • Coordinate legal issues with Wealth Management Legal. 


d) Risk

  • Implement a local risk framework, in collaboration with WM Divisional Risk, to include effective governance and reporting structure.
  • Act as the local risk manager, providing support and advice on risk issues locally, collaborating and coordinating with WM Divisional Risk as necessary
  • Implement a Risk Event management process and manage Events as they arise
  • Facilitate the completion of the Risk & Control Assessment programme annually
  • Implement and manage a risk policy framework in SCAL and SWMHK
  • Report on risk issues locally and divisionally on a timely basis 


e) Projects 

  • Contribute to projects regarding compliance, AML, legal and risk and control aspects. 


f) Reporting 

  • Advise the Deputy Head of Compliance, Wealth Management of local AML legislation and any significant issues for escalation to senior management and provide the Head of Compliance, Wealth Management with copies of suspicious activity reports made to local authorities, in respect of local legislation.
  • Keep the Deputy Head of Compliance, Wealth Management informed of significant regulatory developments and/or issues and changes to SCAL’s or SCMHK’s organisation or responsibility
  • Keep the Deputy Head of Compliance, Wealth Management informed of significant risk developments and/or issues and changes in Singapore or Hong Kong which have an impact on the application of the Risk Framework.
  • Keep the Head of Legal, Wealth Management informed of significant legal issues accordance with Group policy. 


Essential Skills 

  • At least 10 years of relevant work experience and excellent knowledge of MAS and SFC regulatory frameworks, AML/CFT and any other relevant regulations;
  • Degree graduate (e.g. Law, Banking, Finance) or any other equivalent professional education
  • IBF Compliance certificate or any other equivalent diploma
  • Experienced in investment management, wealth management or private banking
  • Able to understand and transform regulations into guidelines, policies and procedures, and undertake respective staff training
  • Experienced in reporting AML and analysing potential risk clients
  • Experienced with handling legal and operational risk management issues
  • Excellent spoken and written English (another Asian language an advantage)
  • Very good communication and presentation skills. Able to apply and explain complex regulation in a clear, principled and business focused manner. Able to communicate at a professional level with people at different levels, seniority, style and motivation
  • Able to exercise excellent judgement in the face of business, regulatory and inter-personal challenges and pressures
  • Able to plan and own team’s strategy and priorities against a backdrop of changing demands and/or external events on a long term basis
  • Have the ability to represent Schroders and lead high level meetings with key clients, regulators and executive stakeholders in Singapore, Hong Kong, London and within the whole Group
  • High analytical skills, willingness to undertake training and to stay up to date at all times
  • Ability to work under pressure, deal with flexible working hours
  • Enthusiastic approach to work and highly motivated
  • Good time management and excellent organisational skills
  • Good knowledge of MS word-applications

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