Head of Compliance and Regulatory Risk, UK recruitment

Overview

The Commonwealth Bank of Australia is seeking to hire an experienced Compliance Manager to support the UK Branch to ensure that all business activities, transactions and processes are conducted in accordance with the legislative framework in the UK and in Europe, as well as liaising with colleagues in other jurisdictions as needed.

The Commonwealth Bank is one of Australia’s leading providers of integrated financial services including retail, business and institutional banking, funds management, life insurance, broking services and insurance services. The Bank has over 45,000 employees in Australasia, Europe and North America; a market capitalisation of over A$70bln; and has maintained its AA credit rating through the recent financial crisis. The Bank has had operations in London since 1913, and the office currently provides specialist investment, advisory and financial services to our clients across Europe.

Institutional Business Banking (IBB) Risk Management provides the Institutional Banking Markets (IBM) and the Business Private Banking (BPB) business units with specialist risk management services, including Compliance, Operational Risk and Credit Risk. IBM and BPB are two of the client-facing business groups within the Commonwealth Bank. IBM and BPB clients include the bank’s corporate, institutional, business and premium retail clients.

Duties and Responsibilities of the Role

The successful candidate will have a direct reporting line to the General Manager IBB Risk Frameworks and Portfolio Analysis located in Sydney and will work with the UK Leadership Team on a daily basis to provide advice on regulatory matters and assist with the resolution of regulatory problems. This role is also responsible for the execution and maintenance of the compliance monitoring framework and reporting programs in the UK Branch, and is subject to the FSA’s “Approved Person” regime.

The successful candidate will be responsible for:

• Proactively evaluating and advising on compliance issues in relation to product/process initiatives and reviews.

• Developing and maintaining co-operative and effective working relationships within the branch with customers and stakeholders.

• Contribution to the design, implementation and on-going improvement of branch compliance manuals, policies, procedures and systems.

• Advising management of changes to regulations which affect customers or business processes, and take appropriate actions to ensure ongoing compliance where necessary.

• Contributing to the review of material completed by Group Regulatory Compliance for consideration and impact to the branch.

• Contributing to the development of compliance learning and development across the branch.

• Undertake duties required of the Money Laundering Reporting Officer for the UK branch; and

• Management of UK compliance team (currently 2 staff).