Head of Risk & Permanent Controls, UK & CASS Oversight Officer Head of Risk & Permanent Controls, UK & CASS  …

in London, United Kingdom
Permanent, Full time
Last application, 17 Sep 21
upper end of banding
in London, United Kingdom
Permanent, Full time
Last application, 17 Sep 21
upper end of banding
This role would suit a CASS oversight specialist who would enjoy being part of a collaborative growing team in the UK branch of a European Bank and asset servicing provider. Working closely with the risk team in mainland Europe, you would be responsible for developing the financial and non-financial risk framework (including operational risks) and act as CASS Oversight Officer for the UK Branch and the Depository subsidiary.

Our client is a European Bank and one of Europe’s leading asset servicing providers with over 4,000 employees in eleven countries. The core services include Depositary, Global Custody, Fund Administration and a range of Market Solutions, including FX, Securities Finance and Execution. The UK Branch was established in 2015 and provides services to Pension Funds and Asset Managers.

This role is UK-based but working closely with the Risk team in Paris, Luxembourg, Amsterdam and the various Branches. As an employee of a small Branch, the role will also require direct engagement with the local business teams, including Depositary, Fund Accounting, Business Development and Relationship Management.

Key Responsibilities

UK Branch Oversight & Governance

  • Member and Secretary of the UK Compliance and Risk Committee (RRC).
  • UK Branch financial regulatory reporting (e.g. GABRIEL).
  • Maintain/develop and deliver local AML/CTF, Risk and Permanent Controls frameworks.
  • Promote and ensure adherence to the Branch’s risk and internal control policies and procedures and all relevant regulations and legislation.
  • Develop, review and maintain oversight of the Risk Program and related periodic reporting.
  • Identify potential areas of regulatory or risk vulnerability, develop and implement corrective action plans for resolution of problematic issues. Provide general guidance on how to avoid or deal with similar situations in the future.
  • Advise the Management Advisory Committee (MAC) of the Branch and the Chief Risk Officer of the Bank of emerging risk issues and updates in applicable regulations.
  • Liaise with external auditors to ensure appropriate disclosure of information and where necessary, oversee and ensure risk with deficiencies, if any.
  • Review external audit findings and implement new policies and procedures, where appropriate.
  • Participate in UK RCC meetings; maintain records of such meetings, ensure development and implementation of policies, procedures and tasks arising therefrom.
  • Prepare and oversee the preparation of reports to Internal Control and Risk and Compliance committees regarding risk violations. Keep management up-to-date on violations and efforts to mitigate future instances
  • Advise AML Group with respect to handling risk queries, such as Know Your Client (“KYC”) documentation, applying the AML/CTF KYC checklists for investors in client funds, and working with Investment Managers on queries.
  • Review Factiva hits and when necessary, work with AML Group to determine specific enhanced due diligence to be applied if the hit cannot be cleared.

Risk & Permanent Controls

  • Develop financial and non-financial risk framework including operational risks.
  • Develop UK risk policies, in conjunction with Head Office Risk function.
  • Maintain and deliver risk assessment policy and procedures.
  • Group Risk reporting.
  • Support the identification, assessment, measurement and reporting of operational/outsourcing  risk and mitigation of same.
  • Implement policies, procedures and tools concerning depositary control, fund accounting and custody risks monitoring and reporting of incidents; risk mapping; new process implementation.
  • Manage UK Risk register and escalate and mitigate as necessary.
  • UK Matrix incident management. 
  • Manage Financial risk matters in the context of client requests (as directed by business)  and approvals by Group.
  • Participate in Client Review process.
  • Act as the UK representative in companywide projects.
  • Keep the procedures manual for the department up-to-date.
  • Devise improvements and efficiencies to Risk operating procedures.
  • To participate in all relevant training courses, internal and external.

CASS Oversight Officer

  • To act as the CASS Oversight Officer (CASSOO) for UK Branch and the Depositary subsidiary
  • Ensure the UK Branch and Depositary are CASS compliant by owning the CASS Monitoring Plan, and undertaking the day to day oversight. 
  • Maintain CASS expertise and ensure CASS knowledge remains current .
  • Identify all applicable CASS Rules, and new regulatory updates.
  • Liaise with the Group to manage CASS Oversight and document findings. Prepare annual CASS Monitoring Report.
  • Own the CASS RP and ensure this is maintained and updated as required.
  • Escalate CASS matters where necessary.
  • Report to UK MAC and other committees (as required) regarding Branch and subsidiary CASS matters.
  • Lead on the annual FCA CASS audits.
  • Prepare and submit CASS data via appropriate regulatory returns to ensure compliance with CASS rules.
  • Support UK Compliance in developing and maintaining CASS Policy.
  • Arrange annual CASS training for relevant UK employees.

Legal and Regulatory Responsibilities

  •  Comply with all applicable legal, regulatory and internal Compliance requirements, including, but not limited to, the London Compliance Manual and the AML/Financial Crime Policy.
  • Maintain appropriate knowledge to ensure to be fully qualified to undertake the role. Complete all mandatory training as required to attain and maintain competence.

Key Internal contacts

·       UK Branch senior management

·       Risk & Permanent Controls Departments in Paris and Luxembourg

·       Head of Risk & Permanent Controls at other branches

Key External contacts

·       Local Regulators,  Client Compliance & Risk contacts,  Auditors

·       Other service providers


Experience /Qualifications

Essential :

A minimum of 5 years’ relevant experience operating in a financial services firm, undertaking a compliance and/or risk role.

A minimum of 3 years’ hands on experience with CASS oversight.

A minimum of 3 years’ experience in a Securities Services firm.

Regular direct communication with the UK regulator

Excellent verbal and written communication skills

Desirable :

Degree in finance, economics, accounting, business or legal.

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