Anti-Financial Crime Advisory Head (Vice President)

About UOB
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. In Asia, we operate through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia and Thailand, as well as branches and offices. Our history spans more than 80 years. Over this time, we have been guided by our values - Honorable, Enterprising, United and Committed. This means we always strive to do what is right, build for the future, work as one team and pursue long-term success. It is how we work, consistently, be it towards the company, our colleagues or our customers.
About the Department
The Compliance function is a strategic partner and a trusted business enabler to the Board and senior management. It is our responsibility to ensure that the Group continuously fulfils its regulatory obligations in today's tight and dynamic regulatory landscape. To do that, we work closely with internal stakeholders to identify and to assess regulatory risks. This collaboration also includes developing practical solutions that integrate regulations into operational requirements as well as actively shaping and promoting stronger compliance culture and literacy in the Bank.
Job Objectives
The role is responsible for supporting the Country Head of Compliance in managing financial crime risk and leading the Anti -Financial Crime (AFC) Advisory team, driving the synergy of the team members across business segments and corporate functions.
Job Responsibilities
Strategic leadership/Strategy
• Set and implement the vision strategy, direction and leadership for AFC Advisory team, consistent with Country Head of Compliance's vision and strategy for the function and in support for the Bank's strategic direction and growth aspiration.
• Promote the culture and practice of compliance with compliance standards (including conduct business within regulatory requirements, and to high ethical standard) within the Culture, Values and the Code of Conduct of UOB.
• Provide governance and oversight over the implementation and localization of relevant AFC related Policies and Procedures relevant to Business Compliance in country to ensure compliance with such Policies and Procedures
• Establish close links with colleagues leading other Client Segments and/or Product lines/groups to achieve common platforms and work plans, implementing a "UOBWay" and One-Bank approach covering all clients
• Provide inputs to Country Business Operating Model design of relevant business segments and corporate functions
Business and Support Functions
• Develop a comprehensive understanding of the business model and strategy in order to provide substantial oversight support and challenging in order to enable appropriate and sustainable regulatory compliance outcomes in AFC space.
• Build and maintain an effective and constructive relationship with all key business and functional stakeholders that is based on trust, capability and integrity, providing timely, responsive and quality regulatory compliance advice and guidance to enable the business and functions to meet and achieve their strategic objectives.
• Provide advice, analysis (and challenge when appropriate) in relation to the Business and Support Functions including product design, new business initiatives, bespoke projects, remedial activities and transactional advice.
• To assist relevant Business and Functions in developing and reviewing internal regulations to ensure compliance with relevant regulations and handle issues related to the observance of the relevant regulations.
• To assist businesses in ensuring procedures are maintained and subject to periodic evaluation; and reporting to business and informing Business and Functions of the changes in relevant regulations on a regular or ad-hoc basis.
• Facilitates a robust assessment of the main financial crime risks through a risk and control self-assessment framework in collaboration with Business and Functions.
• Provide robust challenge to senior management and all relevant business and functions stakeholders where activities are outside risk tolerance/appetite and escalating as necessary, until appropriate oversight and ownership is achieved including actions and plans to address any remedial action needed.
• Work closely with the business, its operational teams and corporate functions to provide timely advice to ensure compliance with all relevant laws and regulations.
• Develop and maintain effective policies/processes/DOIs (including training, advice and support) to address financial crime risk across business segments and product lines/groups, aligning with relevant regulatory requirements.
• Provide governance and oversight over the implementation of AFC related policies and procedures relevant to BSUs' areas (to enable compliance with such policies and procedures).
• Provide support and challenge to the Bank's senior management to ensure that they establish and monitor appropriate processes for compliance with AFC related Policies, Procedures and Standards (including meeting regulatory obligations and maintaining high standards of conduct).
Risk Management
• Ensure proactive and timely identification, assessment, advice and dissemination of evolving regulatory changes/practices and associated risks, and proactive engagement in regulatory reform.
• Provide reports to relevant Group, Country and Business Risk and Control Committee and management group on key financial crime risks and issues pertaining to Business and Support Functions.
• Maintain adequate management MI/tracker across all aspect of AFC Advisory Coverage's coverage and responsibility to ensure all issues and matter pertaining to AFC are tracked, followed, regularly assessed and reported on, including oversight of risk acceptance and/or mitigating action plans.
• Assess risks arising from products/segments/geographies/customers/transactions.
• Ensure group standards are understood and implemented locally, with any identified exceptions, or need for more/less stringent standards escalated to Senior Management.
• Collaborate with other AFC/Compliance teams in either Group or country to anticipate horizon risks that may have a significant impact on the Bank and develop effective strategies to mitigate such horizon risks.
• Ensure effective management of financial crime risks and matters, and in collaboration with the rest of the Compliance team, effectively manage regulatory issues that have a significant impact on the Group.
Governance
• Attend relevant leadership meeting, and provide relevant reports to senior management and governance/risk committee.
• Be accountable for identification and escalation of potential risks and issues to senior management through appropriate governance channels, following relevant AFC related Policies, Standards and Procedures.
• Ensure appropriate product governance measures are in place so that product approval documents reflect all relevant regulatory requirements.
• Propose control effectiveness and efficiency improvements and simplifications where appropriate.
• Ensure the end-to-end life cycle of audit, assurance and regulatory reviews is managed appropriately, including tracking, remediation and preparing lessons learnt from such reviews.
• Assists the Senior Management in educating relevant Business and Functions on regulatory compliance issues in AFC space, and acts as a point of contact within Vietnam for AFC compliance queries from Business and Functions.
• To manage regulatory relationships at a Bank level and develop a plan to promote a pragmatic and healthy regulatory climate with regulator as assigned.
People and Talent
• Lead through example and build the appropriate culture and values. Set appropriate tone and expectations for the team and work in collaboration with risk and control partners.
• Simulate an environment where forward planning, priortisation, deadline management and streamlined workflows and collaborative, inclusive yet effective and efficient work practices are the norm.
• Promote and embed a culture off openness, trust and risk awareness, where ethical, legal, regulatory and policy compliant conduct is the norm.
• Set and monitor job descriptions and objectives for direct reports and provide feedbacks and rewards in line with their performance against those responsibilities and objectives.
• Assess competency and skill of the team on an on-going basis to ensure alignment of skill set to the risk management demands of the business.
• Ensure the provision of on-going training and development to ensure that team members are competent, suitably skilled and qualified for their roles, ensuring that they have effective supervision in place to mitigate any risks.
• Review team structure/capacity plan to ensure an effective and efficient risk management framework.
• Employ, engage and retain high quality people, with succession planning for critical roles.
• Regularly and on a timely basis appraise performance as well as proactively manage attrition when needed.
• Drive the migration of skill, knowledge, best practice and lesson learnt across the team.
Other tasks and responsibility as assigned from time to time by the Country Head of Compliance.