Vice President, Corporate Compliance Risk Assessment - SMBC
New York, NY 10172
About the Job
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
The anticipated salary range for this role is between $140,000.00 and $196,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Role Description
SMBC Group is seeking a Vice-President for the Compliance Risk Assessment team (“CRA team”) within the Compliance Department Americas Division ("CPAD"). This role will report to the Director who serves as Compliance Risk Assessment team leader and will assist in managing a comprehensive compliance risk assessment framework to ensure the applicable regulatory compliance risks and internal controls are identified and assessed to determine the risk profile for applicable laws/regulations as applicable to respective legal entities. Note: the Compliance Risk Assessment excludes Financial Crime risks as those risks are assessed under a separate program.
The results of the risk assessment process will be utilized to drive monitoring and testing initiatives and refocus resources as new emergent risks are identified. This role will include conducting compliance risk assessments of certain U.S. legal entities in the role of subject matter expert (“SME”) as well as managing other SMEs outside of the CRA team in their conduct of compliance risk assessments for the legal entities they cover (primarily non-U.S. entities). Management reporting of the risk profiles and ongoing evolution thereof will be required.
The scope of this function will encompass SMBC Group’s Americas Division, inclusive of U.S. broker dealer and registered swap dealer; SMBC Group's wholesale and retail banking operations; U.S. and LATAM representative offices; Grand Cayman Branch; Canada Branch; Brazilian banking and trading subsidiary; and Mexican non-bank leasing affiliate. The primary focus of this role will be on the U.S. broker dealer and U.S. swap dealer.
The candidate should have a strong risk management / internal control mindset to apply and assess risk identification and risk mitigation. Additionally, a functional knowledge of U.S. securities/commodities laws and regulations (SEC, CFTC, FINRA) is essential.
Role Objectives
- Provide subject matter expertise and work with CRA team to conduct compliance risk assessments of various U.S. entities, particularly SMBC’s broker-dealer and swap dealer businesses.
- Lead meetings with business stakeholders to understand their products/services and related risks and controls. If necessary, work with business stakeholders to design action plans to address identified control gaps.
- Assist CRA team in managing the CRA process, including ensuring stakeholders complete required tasks in a timely manner and that CRA team retains all required documentation.
- Assist with the continuous enhancements to the design Compliance Risk Assessment (CRA) framework for the SMBC Group Americas Division.
- Remain informed of regulatory changes and how they impact the CRA framework, including with respect to the completeness of the CRA’s risk scenarios or the level of inherent risk posed by SMBC’s current activities.
- Learn how to utilize newly implemented CRA technology solutions and provide training to subject matter experts outside the CRA team who are required to use the tool.
- Provide leadership and guidance to CRA stakeholders as to the methodology, technical aspects and interpreting results.
- Develop risk dashboards designed to identifies the regulatory compliance risk profile on an ongoing basis.
- Support the integration of the CRA results with the activities of the Compliance Department, including with respect to documenting key controls as well as driving monitoring and testing plans.
Qualifications and Skills
- Bachelor’s Degree required; JD or MBA a strong plus (but not required).
- Minimum of 8-10 years of prior regulatory, compliance, and/or risk management experience.
- Experience conducting Compliance Risk Assessments either as a subject matter expert providing ratings or as a member of a CRA team.
- Experience working in a Compliance Advisory role covering either banking products/services or trading/capital markets businesses is a strong plus.
- Strong knowledge of U.S. securities/swaps regulations (SEC, CFTC, FINRA).
- Demonstrated track record of successfully managing projects.
- Ability to manage multiple projects simultaneously and re-prioritize workloads as necessary.
- Strong judgement, political astuteness, and sensitivity to cultural diversity.
- Ability to drive change and build consensus with relevant stakeholders.
- Strong analytical skills to understand project goals and interpret them into meaningful action.
- Ability to analyze results and identify trends / forecasting using resultant data and other available metrics (e.g., KPI, KRIs, etc.) while promoting measures to mitigate regulatory compliance risk.
- Strong interpersonal and communications skills (written and verbal) to successfully interface with all levels of management and maintain solid working relationships in a collaborative group environment.
SMBC’s employees participate in a hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process.
We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities consistent with applicable law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.