Main Purpose of the Role
The Operations Regulatory Assurance function was formed in April 2019 to provide an embedded (but independent) assurance oversight of core regulatory functions performed within Operations. From an initial remit of Trade & Transaction Reporting, the scope of this team is expanding to cover assurance over the CASS (Client money and assets) processes and controls which are under increasing internal and external scrutiny.
As such, there is a requirement for an experienced CASS subject matter expert whose role will be to build out a dedicated assurance capability for CASS within the Regulatory Assurance team. The ideal candidate will have very thorough knowledge of the detailed CASS rulebook and the applicability of the core rules to Investment houses and credit institutions. Ideally, the individual will have held senior level oversight (either in the capacity of a Certified individual or as the appointed oversight function under SMR – CF10a or SMF18) for CASS and will have held responsibility for CASS at a senior level within a financial services organization.
The role holder will be responsible for establishing the internal assurance function for CASS and for undertaking comprehensive and detailed assurance reviews of core CASS processes which are relevant to the CASS footprints of 3 of the organisation’s legal entities - MUFG Securities (EMEA) plc, MUFG Bank London Branch and MUFG Securities (NV). The appointed candidate will be required to face off to senior committees and stakeholders (externally) in respect of the assurance work undertaken on CASS, as well as fulfilling a liaison role with any external assurance providers. A core element of the role will be to partner with the Operations oversight function within the Group’s heads office division to ensure they are fully apprised of CASS issues and remediation progress against these.
The preferred candidate will have a good grasp of technology platforms which are used across the industry to support core CASS processes (such as the granular FRC Risk Assessment matrix, internal and external client reconciliations etc.), and will leverage this knowledge to support MUFG in their efforts to embed technology solutions within its CASS Operations.
The individual will bring specific and generic CASS expertise from previous organizations and from the wider industry (through participation / membership of industry forums / bodies) and apply this to maturing the assurance function for CASS within MUFG.
• Determine the approach, design, implement and embed the operating model for CASS internal assurance work within MUFG entities.
• Bring existing knowledge of CASS rulebook (particularly CASS 1 & 1A, CASS 3, CASS 6, CASS 7 and CASS 10) from other organizations and ensure that this understanding remains current and relevant
• Apply specific CASS expertise / knowledge from other firms to identifying ‘best practice’ for CASS processes and controls within MUFG
• Challenge any practices, processes or controls which are applied to CASS within MUFG – where these appear not to be correct or in line with the applicable rules
• Work as a partner to the senior team within the (BAU) Regulatory Control function to ensure that all aspects of the CASS assurance agenda are understood, agreed and fully supported
• Liaise with internal and external (senior) stakeholders and attend / present at senior committees on CASS assurance work / remediation
• Be a key stakeholder of the CASS Control Committee
• Provide consultative support to key members of the Level 1 CASS team within Operations Regulatory Control and partner with them in the optimization of BAU processes
• Understand the BAU Operations models and work with line management in the functions to ensure the culture of CASS is embedded throughout the Level 1 teams
• Actively engage / participate with CASS industry forums / committees to stay abreast of changes / developments which may have relevance for MUFG
• Support internal education and training of CASS – particularly at the senior level of the organization
• Work with senior stakeholders across the 2nd and 3rd lines of defence to increase the level of management confidence around CASS compliance
• Support the line function by acting as an SME in accessing CASS considerations for proposed new products and projects (Investment and non-funded change initiatives)
Skills and Experience
• Minimum 7 to 10 years working with the CASS rules in an Investment Bank environment (ideally having held a CF10a / SMF18 designation)
• Understanding of transaction life cycle flows and core operations functions
• Excellent functional knowledge with industry standard applications
• Fully conversant with the FCA Client Asset Sourcebook
• Thorough understanding the FRC audit standards applicable to CASS external assurance reviews
• Proficient with core Microsoft desktop software applications
• Educated to A Level
• Experience of having liaised with / held dialogues with the regulator in respect of CASS compliance
• Experience of having represented CASS themes on the agenda of senior governance committees (e.g. Audit Committee, Board)
• Relevant experience of having built out assurance capabilities (whether or not CASS related)
• Relationships / experience of external assurance providers (‘Big 4’ or niche consultancy firms) who provide independent, third party CASS assurance
• Cross Operational function experience
• Analytical and problem solving skills
• Strong presentation skills
• Bachelor Degree and/or Master’s Degree
• Excellent communication skills
• Results driven, with a strong sense of accountability (proven track record of delivery)
• A proactive, motivated approach
• The ability to operate with urgency and prioritise work accordingly
• Strong decision making skills, the ability to demonstrate sound judgement
• A structured and logical approach to work
• Strong problem solving skills
• A creative and innovative approach to work
• Excellent interpersonal skills
• The ability to manage large workloads and tight deadlines
• Excellent attention to detail and accuracy
• A calm approach, with the ability to perform well in a pressurised environment
• Strong numerical skills
MUFG is committed to embracing diversity and building an inclusive culture where all employees are valued, respected and their opinions count. We support the principles of equality, diversity and inclusion in recruitment and employment, and oppose all forms of discrimination on the grounds of age, sex, gender, sexual orientation, disability, pregnancy and maternity, race, gender reassignment, religion or belief and marriage or civil partnership.
We make our recruitment decisions in a non-discriminatory manner in accordance with our commitment to identifying the right skills for the right role and our obligations under the law.
We are open to considering flexible working requests in line with organisational requirements.