Job Title: Off Market Rate Check (OMRC) Surveillance Manager
New York, NY
Accounting/Auditing, Finance/Economics, Financial Services, Information Technology, Installation, Maintenance, and Repair, Military, Executive Management, Research & Development
Off Market Rate Check (OMRC) Surveillance Manager
Surveillance roles are responsible for the identification and management of undesired risk activities including conduct risk and financial crime risk. They are responsible for integrating prescribed and required forms of surveillance in the business, complimentary to existing process/systems.
The function leads in developing, implementing and operating systems and processes to identify risks outside defined risk appetite.
The key area of focus will be the implementation of the conduct surveillance and analytics strategy across Business Line(s) in order to identify misconduct of our staff and our counterparties.
Role holder will carry out activities which will include most of the below:
Identify potential new forms of staff or counterparty misconduct eg conduct, FCR, etc
Determine whether these could be identified through the surveillance team’s current systems, processes, people and the data sets surveilled.
In liaison with the Change Team, prioritise the development of the systems, processes, people and data sets needed to (better) identify these new forms of misconduct for their business/asset class.
Partner with regulatory change and other regulatory SMEs to understand new and revised regulatory requirements, codes of practice etc, ensuring surveillance is correctly positioned to satisfy regulatory requirements and changes and that any impact is disseminated to the appropriate Businesses
Input into and track the development of these new surveillance capabilities.
Ensure that all alerts are satisfactorily escalated and resolved.
Assist line management in the conduct of crisis management.
Provide support and guidance for our expanding off-shoring function
By looking across the alerts (ie holistically) identify improvements the way in which alerts are generated to improve the effectiveness and efficiency of the surveillance process.
Carry out in investigations requested by Regulators, senior management and the businesses/asset classes into certain practices, businesses, individuals and events. Escalate, as appropriate, any material findings or incidents of misconduct highlighted by these investigations.
Coordinate or produce regular MI reports to key internal stakeholders including analysis of the MI.
Dealing with the alerts once they have already been passed through a first (level one) filter by the offshore team.
Foster a close relationship with key front office and support function stakeholders.
Assist team members with the implementation and roll-out of a new surveillance tools and models.
Present surveillance output at internal control and governance forums.
Support the Conduct Surveillance and Analytics team in the resolution of audit and control findings
Liaise with change management and technology and aid surveillance in delivery.
Analysing and exploring multiple data types in order to identify anomalies and patterns of risk
Understanding financial products and HSBC’s business processes around these
Working across various technology platforms (surveillance, analytics, trading platforms, etc.)
Impact on the Business
Assists management with the transfer of the OMRC function from Product Control to Surveillance
Drives the implementation of the OMRC framework as a global risk control function
Analyze and investigate potential instances of off market trades.
Leads the review of the OMRC India team peformance
Assists management in challenging the Markets business with regards to both management of specific risks and overall operational risk management
Identifies and escalates areas for operational risk management improvements in a Global Business / Function including where dispensations to policy are required
Challenge existing surveillance tools and models and contribute to the creation and development of new models and detection tools.
In addition to surveillance, the incumbent will create and maintain new Compliance and Operational Risk related Management Information Reporting.
Customers / Stakeholders
Deliver fair outcomes for our customers and ensure own conduct maintains the orderly and transparent operation of financial markets
Networks and builds relationships with stakeholders, anticipating and identifying their needs
Develops close and effective working relationships with stakeholders to ensure common understanding of critical issues
Ensures ability to meet the skill development needs of each member of their team, where appropriate, in order to deliver appropriate and sustainable outcomes for stakeholders
Supports embedding of an appropriate operational risk culture through the Global Business / Function
Develop strong relationships with the first line of defense (Front-office, Operations, Product Control, Market Risk) and RC Advisory teams.
Engage and collaborate with Global Manager – Unauthorized Trading and the global Surveillance team.
Monitor and ensure adherence to agreed performance levels.
Draw on relationships to deliver enhancements to the process and technology used by OMRC.
Production of high quality Management Information in a timely manner in order to facilitate meaningful and actionable dialogue with stakeholders.
Leadership & Teamwork
Communicate a clear vision for OMRC that is aligned to the overall HSBC vision, Values and goals, and inspires and engages people to create an inclusive, high performing, customer-centred culture.
Lead, develop and motivate the India team to attract, retain and develop the capacity, capability and talent to provide for succession and ensure delivery of business objectives.
Set expectations, share best practice and manage, monitor, coach and develop team leaders and others to ensure that they maximise their performance, meet the required standards, and continuously develop their capabilities and experience.
Lead and encourage constructive cross-country and cross-business teamwork by demonstrating collaboration and matrix management in action and challenging actions and behaviours that are not consistent with HSBC's diversity policy and/or the best interests of the business and its customers.
Actively participate in global team meetings, bringing solutions / suggestions / recommendations to the table.
Ability to work unsupervised and efficiently prioritize.
Strong interpersonal skills with the ability to communicate effectively with both Compliance and Business Management.
Ability to guide the team and act as an escalation point to support the resolution of complex issues.
Operational Effectiveness & Control
Manage the processes, infrastructure and resources needed to deliver agreed team plans and targets, identifying and implementing improvements and collaborating with colleagues to maximise end to end integration, effectiveness and efficiency.
Maintain a robust and efficient control environment across operational risk to ensure good operational, financial and project management and compliance with HSBC policy and procedures, together with early identification and effective resolution or escalation of issues that arise.
Lead the development, implementation and maintenance of a global management information, analysis and reporting framework that supports and informs timely and effective business management and decision making at all levels.
Lead the implementation and oversight of operational risk policy and governance frameworks, procedures, practices and standards to ensure quality, effective risk management and regulatory compliance.
Ensure robust and timely record keeping, evidencing monitoring activities undertaken and action taken.
Maintain the HSBC internal control standards including the timely implementation of internal and external audit points, together with any issues raised by external regulators.
The Off Market Rate Checking (OMRC) process currently sits within various product aligned teams in Product Control. There is an initiative underway to transfer this responsibility to the Group Regulatory Surveillance (GRS) team within Regulatory Compliance.
This role will lead the transition of the US OMRC process by analyzing and assessing the current state and, in collaboration with global surveillance counterparts, designing and implementing the new process within GRS US.
Following ownership transfer, the role holder will be responsible for overseeing the team in India performing the first line review of alerts produced. A key responsibility will be to develop relationships with the business in the US in order to ensure the efficient and effective operation of the escalation process. The role holder will need to have the ability and confidence to challenge the business when responses are not satisfactory.
As the function will be new to Group Regulatory Surveillance, the role holder will have an ongoing responsibility to review and improve the processes, thresholds, data management, etc. to ensure the function is robust and effective.
The role will have a dual reporting line into the US Head of Surveillance and the Global OMRC Manager (based in London).
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Qualifications & Requirements
Prior experience of OMRC would be preferable
Experience of Global Markets and products traded therein is essential
Qualified accountant with a Product Control background is preferred
Ability to support decisions with sound reasoning. Ability to clearly articulate business and regulatory implications of analysis and findings.
Excellent understanding of trade lifecycle, P&L and Risk is essential.
Strong analytical skills.
Evidence of collaboration with key stakeholder functions as well as providing credible challenge to the business/desk supervisors in their daily risk management.
Evidence of engagement in project management / change initiatives.