Head of Risk & Compliance, Litmus Venture - SC Ventures
Litmus is a market first joint venture in the supply chain financing space, which was co-created with a key multinational client. Litmus seeks to provide a single point of convergence for the anchor/corporate treasury and their supply chain finance ecosystem partners to manage their entire Accounts Payable and Accounts Receivable financing workflow. Litmus acts as a single integration channel and operating system for anchors to avail capabilities and connect to all their relationship banks in one platform while providing an end to end visibility on the supply chain finance programs and ongoing requirements to the Anchor clients.
Through the modularization of the tech architecture, Litmus is a fully customizable supply chain solution, tailored to the requirements of each Anchor client giving complete control in the hands of the Corporate Treasury. Litmus will enable consistent and repeatable price discovery, workflow automation, open new sources of liquidity and provide analytics by using AI and machine learning to monitor the health of their supply chain finance ecosystem The Role & Responsibilities Strategy
Formulate the overall risk management strategy of the venture Business
- Develop and implement the risk governance framework for Litmus, to include:
- Formulate/adapt Litmus RMF from the SCV RMF
- Participate in Litmus Risk committees and forums
- Support BAU processes for risk identification and reporting
- Support operational risk management of Litmus
- Participate in third line audits
- Formulate the risk management and operational capability of Litmus:
- Review of business and risk management strategy
- Review of risk governance, policies and standards
- Review of risk profile
- Focus on driving Conduct, Financial Crime and Compliance (CFCC) considerations across all activities within the venture.
- Responsible, with the CFCC team, for leading and driving the strategic adoption of data management framework fit-for the venture across key CFCC considerations including use of AI/ML, data quality, data privacy and records management
- Continuously enhance the Risk framework and methodology, keeping abreast of external practises through research and participation in industry forums.
- Support the end-to-end Risk process, ensuring a strong understanding and discipline of implementation of Risk across teams
- Participate & ensure that for all Second-Line accountabilities within the Risk Type Framework, are being consistently delivered effectively and efficiently.
- Assist in the development and delivery of training to raise the overall skillsets of the function (both technical and soft skills); this to include development and execution of training interventions, e.g. report writing and soft skills
- Fully adhere to all agreed governance (e.g. committees) and other routines (regular meetings, attendance at other forums) for Litmus. Act as an advocate for Litmus and more broadly, SC Ventures, its objectives and best practice.
- Adhere to such other process and governance requirements as requested by line management, from time to time.
- Validate that all activity adheres to the Risk Management Framework, with a specific focus on ensuring an effective framework for the management of Risks within the team as they pertain to the role.
- Demonstrate an awareness and understanding of the regulatory framework in which the Group operates, and the regulatory requirements and expectations relevant to the role.
- Deliver 'effective governance'; capability to challenge colleagues effectively; and willingness to work in an open and cooperative manner with all.
- Responsible for collaboration and deployment of the appropriate governance model to properly manage CFCC risk covering key aspects including (but not limited to): shareholder representation, board membership, delegation of authority, senior manager responsibilities etc.
Regulatory & Business Conduct
- Responsible to collaborate and deploy the appropriate framework to manage third party risks posed by unconventional third parties relationships including (but not limited to) business partnerships, joint ventures and alliances
- Responsible for collaboration and deployment of appropriate governance model for Artificial Intelligence and Machine learning
- Identify and assess sources of CFCC risks and ensure that systems and controls are appropriate to mitigate and manage risks within acceptable risk tolerance levels. Report on material CFCC risks.
- Challenge and maintain the right balance between risk prudence and pace of innovation set by the new competitor landscape.
- Collaborate on preparation and cascade audit plans and findings, CFCC assurance activities and investigations to relevant stakeholders.
- Provide timely escalation and relevant oversight information to the board and SCV Governance on key CFCC risks and control issues
- Display exemplary conduct and live by the Group's Values and Code of Conduct.
- Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Litmus. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
- Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters
- Business Leadership - Venture core leadership team, Joint Venture partner/shareholders
- SC Ventures Risk and Compliance Team
- SC Ventures Governance Team
- SC Ventures Functional teams
- Group Risk Teams/RFOs
- First Line and Third Line stakeholders
- Key change, operations and technology partners / vendors
Experience and Qualifications
- As delegated by line management from time to time.
About SC Ventures
- 10-15 years of experience in operational risk in financial services - with broad experience across diverse business models within banking and Fintech
- Strong general experience and expertise within risk management, and experience in digital-related risks (technology risk, ICS Risk, resilience)
- Knowledge of key regulatory and supervisory frameworks.
- Strong stakeholder management, communication and influencing skills
- Project management / PMO
- Creativity and appetite for continuous improvement
SC Ventures ("SCV") was established in 2018 with the purpose of "Rewiring the DNA in Banking" by bringing three distinct areas together:
The eXellerator Lab, enabling innovation at large in the Bank by supporting intrapreneurs and their ideas, collaborating with fintech's through the SCV Fintech Bridge and engaging with clients and co-creation ideas
The Investment Fund ("Fund"), tasked to acquire minority stakes in fintech companies ("fintechs") whose technology has been successfully validated in the Group
Venture building, with the objective of exploring new business models ("ventures"), in the way it engages existing new customers and markets.
There are c.65 team members (excluding individual ventures), including dedicated colleagues from the Group's support functions, based in Singapore, Hong Kong, Shanghai, Nairobi, London and San Francisco.