Overview
The Sumitomo Mitsui Banking Corporation (SMBC) CPAD – Sanctions Compliance Team (“SCT”) is responsible for Bank Secrecy Act, USA PATRIOT Act, and OFAC Sanctions compliance for the NY Branch. The Vice President for Sanctions Governance supports management of the execution of the Sanctions Compliance Program., including oversight of policy-related documents, management of remediation of issues, management of responses to requests from internal and external auditors and regulators, spearheading the collection and provision of management information, and supporting implementation of the Target Operating Model (TOM).
SCOPE
The Governance Vice President role will take the lead in managing all the tasks assigned to the Sanctions Teams as we implement the TOM across the AD, including weekly written updates and communications with Group Companies. The VP will have responsibility for tracking all issues that are opened and exist for the Sanctions team and support the design and implementation of required remediation. The VP will support the challenge of the first line and advise on sanctions risks and controls. The VP will be responsible for ensuring that all information requested by internal and external auditors and regulators, as well as other internal testing teams, is provided in an accurate and timely manner, and is consistent across multiple audiences. The VP will provide support and training to other members of the Governance team and work collaboratively on various projects. The VP must be able to re-prioritize projects as priorities across the Sanctions team and FCC pillars are adjusted. The VP is expected to identify opportunities for efficiencies and process improvements, and drive implementation of related solutions. The VP will also support the Director of Governance on various special projects and other department related activities and work cross-functionally with other groups within Sanctions, and across the FCC area.
The VP role may either be that of an Individual Contributor or a Manager of a team of one to two, depending on the ultimate team structure.
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
The job responsibilities are described herein:
- Monitor progress and drive implementation of Sanctions Department tasks under the TOM. Coordinate with GCs as implementation is conducted across the AD.
- Track all issues affecting the Sanctions team, support the design and implementation of required remediation, and create required documentation for closure.
- Advise First Line on sanctions risks and controls and provide credible challenge.
- Identify opportunities for efficiencies and process improvements and lead remediation and resolution.
- Assist and support other members of the Sanctions Governance team, the wider Sanctions Compliance team, and other members of the FCC as needed.
- Manage the appropriate retention of documentation.
- Act as point person for the collection and presentation of data and documentation for internal and external auditors, regulators, and internal testing teams.
- File data and assist the Sanctions unit in completing the IAD or other closing forms for audit regulators
- Perform QC on matrix reporting forms, reviewing procedures, dispositions transactions, comment handling, and audit closings
- Maintain records, metrics, and other information required for Sanctions-related compliance maintenance in accordance with the bank’s records retention policies
- Prepare routine business correspondence (e.g., reports, agendas, charts, and presentations) and ad hoc requests
- Track all Sanctions unit analysts’ training webinars, ACAMS certificates, and seminars
- Assist the Governance Vice President or and Associate in creating training webinars and seminars for the entire Sanctions unit staff
- Assist Sanctions level One on FircoSoft Continuity/Trust Filtering on high transactions volume days
Qualifications
REQUIREMENTS
- Work Experience: 7 to 10 years of specialized experience in Financial Services Compliance, Payment System or Money Transfer preferred. Previous screening experience
- Education: Required: BA / BS Preferred: BA / BS (or equivalent experience)
- Licenses / Certifications / Registrations: CGSS preferred
- Language Skills: Business fluency in English
- Software Systems / Programming Languages Microsoft Office products including Teams; Sharepoint.
WORK ENVIRONMENT
SMBC’s “5 Values” guide the overall culture of the work environment – Customer First; Proactive/Innovative; Speed; Quality; and Team SMFG. 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 SMBC office environment.
TRAVEL
Percentage of travel required: 0 – 10%
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.