ROLE OVERVIEW
TEAM OVERVIEW
The JTC Risk & Compliance Team undertake the following core
activities:
Identification Risk identification
and advise;
Management Design and implementation
of controls to mitigate and manage risk;
Monitoring & Detection Monitor and report as
a second line of defense on the effectiveness of those controls in the
management of JTC’s exposure to risks;
Resolution Work with the business
to resolve challenges arising;
Advisory Advise the business on
rules and controls;
Regulatory Relationship Manage regulatory
relationships and respond, participate and/or coordinate with regulatory,
audit or other third party inspections, reviews or requests for information;
Client Compliance For recognised, regulated
funds, Fintech and Schedule 2 business clients requiring regulatory services,
provision as above
PURPOSE OF
JOB
To act as a member of the Risk and Compliance function, in
maintaining and enhancing a strong compliance framework and culture throughout
the business.
The primary activity of the role holder will be to focus on the maintenance and execution of the Compliance Monitoring Programme (“CMP”) which aims to:
- Enhance JTC’s risk management framework, in particular the risk management framework of recognised, regulated funds, JPFs, Fintech and Schedule 2 businesses’ by ensuring and monitoring continued regulatory compliance;
- Inform the Boards on the effectiveness of JTC’s controls;
- Proactively identify control weaknesses, incidents and breaches of relevant legislative and regulatory requirements;
- Target business improvements to reduce legal, regulatory, sanctions, financial, and reputational risks; and
- Collect data to inform the completion of regular internal and client compliance reporting and regulatory declarations.
MAIN RESPONSIBILITIES AND
DUTIES
In fulfilling the role described
above, and having regard to JTC’s policies, procedures and practices, the role
holder will have the following responsibilities and duties for Jersey:
Identify:
- Support the Jersey Risk & Compliance team in the development and timely maintenance of the register of applicable Jersey Laws, Orders and Codes mapped to associated controls, policies and procedures to assess and rate residual risks and determine mitigating actions including compliance monitoring actions.
- Through the assessment of Compliance Monitoring results and associated work, identify opportunities for improvement and produce recommendations for amendments to policies and procedures to the Jersey Head of Risk & Compliance.
Manage:
- Ensure that the Compliance Monitoring Programme remains aligned to the management of the key regulatory risks faced by JTC and its clients, periodically examining the scope of the CMPs and making recommendations for amendment / improvement.
- Support the Jersey Risk & Compliance team to establish and maintain comprehensive written procedures in relation to the CMP.
- Maintain a thorough understanding of applicable legal and regulatory requirements and appropriate JTC Policies and Procedures.
- Support the Jersey Risk and Compliance as necessary in the completion of any thematic testing or monitoring or ad-hoc compliance monitoring reviews.
- Maintain entity risk registers, including JFSC correspondence, breaches, errors, complaints and litigation registers
Monitor & Detect:
- Execute the Compliance Monitoring Programme of ongoing and periodic ‘second line of defense’ assessments within agreed deadlines to provide assurance on the adherence to (and effectiveness of) operational performance, controls, policies, procedures and systems designed to mitigate and manage identified risks.
- Adhere to good monitoring working practices by maintaining working papers demonstrating work undertaken, clearly communicating monitoring objectives, scope of testing and proposed timescales. Follow acceptable sample testing parameters and use a variety of testing approaches including interview, file review, data analysis, reviewing corporate documents and recorded conversations.
- Agree monitoring findings with the relevant business areas and ensure the timely production and provision of monitoring reports, emerging risks, patterns and/or trends and make recommendations for management responses and/or corrective actions to ensure continued compliance, appropriate risk mitigation and/or alignment to JTC and its clients’ risk appetite.
- Inform and support the completion of regular internal and client compliance reports and regulatory declarations.
- In consultation with senior management, escalate any serious incidents of identified non-compliance to the relevant compliance officer and the Board for further action.
Resolve:
- Maintain an accurate schedule of CMP findings and remedial action points and inform and support the delivery of clear reports on unresolved issues to relevant committees and Boards.
- Escalate overdue actions to senior management and assist senior management to track the timely completion of all findings.
- Support the management and resolution of any breaches and errors, to include investigation and remediation where appropriate.
Advise:
- Proactively monitor, report and raise awareness of frequent CMP findings and trends.
- Assist with monitoring industry developments and taking forward any action points arising.
- Promote awareness of regulatory principles and requirements on a day-to-day basis and contribute to the education of other members of staff in this regard.
- Support and shadow JTC Jersey’s Key Person role holders.
Regulatory Relationship:
- Support senior management in managing regulatory relationships through the timely provision of information to support regulatory submissions and queries.
ESSENTIAL REQUIREMENTS
- Understanding of risk factors
- Hands on and collaborative approach
- An ability to work in an organised manner and having attention to detail
- An ability to work towards deadlines
- A relevant AML/Compliance professional qualification (ICA Diploma)
- Excellent verbal and written communication skills
Key Relationships
Internal
- R&C Jersey – Compliance and Client Compliance Teams
- PCS and ICS administration teams (at all levels)
- New Business Teams
- Client Review Teams
- Other support services teams
- Other offices within the JTC Group (as and when required)
External
- Auditors
- Regulatory bodies
- Other industry professionals such as banks, intermediaries and any outsourcing partners.