Head of Risk and Compliance

Job Mission:

To provide a Compliance and Risk service to the Directors and employees of the companies to ensure all relevant activities adhere to all appropriate regulatory requirements.

Lead and manage the Compliance team to ensure procedures and services delivered adhere to the regulations that apply to a regulated financial services business.

Ensure all relevant regulatory requirements are met including the FCA’s Conduct Rules and Principles.

Monitor and brief senior leadership on regulatory themes and pronouncements as appropriate.

Engage with clients as appropriate to enhance OPAL’s service.

Participate in and contribute to the broader management group of the businesses.

Principal Job Objectives

• Ensure the Compliance function has the correct level of regulatory oversight and that procedures and monitoring activity adequately support the mandatory requirements expected for a regulated financial services business.
• Provide Compliance and AML oversight and hold the associated FCA Senior Management functions SMF16 Compliance Oversight and SMF17 Money Laundering Reporting Officer
• Act as the Data Protection Officer.
• Ensure regulatory returns are completed accurately and in a timely manner
• Review and communicate relevant regulatory developments to ensure the business is prepared for and able to comply with any new requirements.
• To keep up to date all details of your Supplier Contracts and renewals held within the Supplier’s Drive, ie Lexisnexis, Information Commissioner to ensure we remain in Contract and stay within the terms agreed.
• To ensure you update the Governance Schedule to be presented in the Quarterly Board Meeting.
• To ensure all Director’s applications/or removals to the FCA are undertaken in a timely manner, pre-populating with the assistance of the Director and HR and the Director and Board are kept up to date with the application/removal without delay.
• Act as Chairman of the Risk Committee, be responsible for the maintenance of the Risk Register and for identifying and monitoring risk through monthly meetings and distribution of Minutes to the Board and SARC. Report on Risk to the OPAL Board.
• As owner of the of Training and Competence Scheme you willensure in conjunction with HR that it is suitably documented and monitored annually.
• Maintain appropriate relationships with relevant regulatory organisations.
• Manage and carry out the Compliance Monitoring Plan in order to analyse the company’s compliance with regulatory requirements including FCA obligations, Data Protection, Fraud Prevention and measures, Consumer Duty Basic Principalsand anti- money laundering.
• Create and deliver the OPAL annual review programme ensuring reviews are undertaken in a timely manner, minimum 4 reviews a year and reported quarterly to the Board.
• Maintain and govern the OPAL’SBreach Register, ensuring Breaches are reported and completed to a high standard and within the agreed SLA’s.
• Oversee and input into OPAL’s complaint management service including maintaining the OPAL clients’ Complaint Register.
• Analyse regulatory and procedural breaches and ensure that remedial actions have been taken to mitigate against future occurrence
• Own and monitor the operation of OPAL’s PEP and Sanctions screening tool to satisfy the regulatory requirements of OPAL’s clients.
• Maintain the Compliance Manuals of both firms.
• Produce and present quarterly compliance reports to the OPAL and SFPL Boards.
• Assist in other compliance matters as directed by the OPAL and SFPL Boards.
• Escalate any ISO security risk within OPAL to the CSO.
• Act as OPAL ISO security Risk Owner for Compliance and ensure ISO audits are completed accurately and on time in liaison with the CSO.
• To ensure all applicable laws attributable to OPAL are reviewed and maintained in the ISMS at least annually.
• As OPAL Compliance Risk Owner implement controls, document procedures and complete risk assessment reviews as required
• As OPAL Risk Owner be responsible for the protection of assets detailed in the Consolidated Risk Register.
• As OPAL Risk Owner ensure that any Compliance security breaches are completed within 24 hours as per the procedures, escalating any residual risk to the CSO.

Essential knowledge, skills and experience required at recruitment

Minimum of 10 years experience in Financial Services, preferably in the Investment and Life Protection sectors, with least 5 years in the Compliance sector

Appropriate qualifications in financial services

Strong interpersonal and communication skills and able to identify and build important strategic relationships internally and externally

Display sound and proportionate judgement

Display a commercial outlook

Ideally 5+ years in management roles

Strong awareness of the FCA handbook and data protection

Additional Knowledge required to become fully competent

Good understanding of administration and systems within the companies.

Familiarisation with the companies’ products and services

Good understanding of ISO27001 and ISMS

Good understanding of our Client Relationships and Contractual obligations