Overview
JOB SUMMARY
Within SMBC’s Compliance Department Americas Division (CPAD), the Financial Crime Compliance (FCC) is seeking a BSA/AML and OFAC Risk Assessment Team Lead (Vice President). The role will manage a comprehensive risk assessment methodology to ensure the applicable regulatory compliance risks and internal controls are identified and assessed to determine how the BSA/AML and OFAC compliance program aligns with its risk profile. The role will support the development of risk mitigation strategies to lower overall residual risk exposures and the identification of opportunities for improvement to BSA/AML and OFAC policies, procedures and processes.
The results of the risk assessment process provide SMBC New York Branch’s Senior Management with an objective assessment of potential BSA/AML and OFAC risks. Understanding the Branch’s BSA/AML and OFAC risk profile assists in identifying control gaps, developing and implementing corrective actions to address identified gaps, and allocating resources to remediate those gaps.
The candidate should have a strong functional knowledge of applicable U.S. banking laws and regulations with specific emphasis on Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”); and sanctions laws and regulations. Additionally, a risk management / internal control mindset to apply and assess risk identification / mitigation is essential. The scope of this function will encompass SMBC Group’s Americas Division.
The anticipated salary range for this role is between $142,000 and $195,000. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Responsibilities
PRIMARY RESPONSIBILITIES
The job responsibilities are described herein:
- Drives the design and implementation a comprehensive BSA/AML and OFAC Risk Assessment framework for the SMBC Group Americas Division identifying the inherent risk of applicable laws/regulations/rules and assessing the efficacy of internal controls to derive residual risk profile.
- Supports management’s leadership and guidance to Risk Assessment stakeholders as to the methodology, technical aspects and interpretation of results.
- Compiles data and prepares risk dashboards designed to monitor the risk profile on a periodic basis.
- Coordinates with key stakeholders to develop and administer control surveys. Maintains effective channels of communication with business and other units to understand BSA/AML and OFAC risks and internal control mitigants for each area.
- Develops relevant KRIs/KPIs and project management reports to communicate results and manage project timelines.
- Develop and manage robust and detailed project plans that may include multiple sub-plans and cross-functional dependencies.
- Assess the reasonableness of risk assessment weights and thresholds. Performs analysis and quality control on metrics and risk assessment results.
- Stays abreast of the changing regulatory landscape and updates the Risk Assessment methodology as necessary.
CRITICAL JOB KNOWLEDGE AND CORE COMPETENCIES/SKILLS
- Bachelor’s Degree required; Advanced Degree highly preferred; Minimum of 7 years of prior regulatory, compliance, and/or risk management experience.
- Financial services experience and knowledge of wholesale banking products as well as commercial leasing business, preferred; Securities and swap dealer experience is a plus.
- Strong knowledge of U.S. banking laws and regulations with emphasis on BSA/AML and sanctions laws regulations.
- Demonstrated track record of increasing management responsibilities and project management responsibilities
- Ability to manage multiple projects simultaneously and re-prioritize workloads as necessary. Demonstrates strong judgement, political astuteness, and sensitivity to cultural diversity.
- Strong interpersonal and communications skills (written and verbal) to successfully interface with all levels of management and maintain solid working relationships in a collaborative group environment.
Qualifications
REQUIREMENTS
- Work Experience: 7 to 10 years of specialized experience in Financial Services
- Education: Required: BA / BS ; Preferred: MA / MS / MBA
- Licenses / Certifications / Registrations: CAMS preferred
- Language Skills: English
WORK ENVIRONMENT
SMBC’s “5 Values” guide the overall culture of the work environment – Customer First; Proactive/Innovative; Speed; Quality; and Team SMBC. This job is performed in a secured bench seating office environment, using standard office equipment (i.e., desktops, phone, etc.) The role may regularly require long hours and occasional weekend work, as job duties and team priorities demand.
PHYSICAL DEMANDS
The physical demands described here are representative of those that must be met by an employee to successfully perform this job: Standard SMFG office environment.
This job description is not designed to cover or contain an all-inclusive list of duties and responsibilities that are required of the position. Duties and responsibilities may change as SMBC deems necessary, including other duties and responsibilities assigned at any time with or without notice. At any given juncture, certain of the duties and responsibilities listed in the job description may constitute essential functions of the job.
SMBC provides equal employment opportunity to all individuals regardless of their race, color, creed, religion, gender, age, sexual orientation, national origin, disability, veteran status, or any other characteristic protected by federal, state, or local law. Further, SMBC takes affirmative action to ensure that applicants are employed and employees are treated during employment without regard to any of these characteristics. SMBC maintains affirmative action plans for minorities, women, persons with disabilities, and veterans.