Compliance Reviewer

Sumitomo Mitsui Banking Corporation Malaysia Berhad; Malaysia; On-site; MYR 100,000 - 150,000; Full time

Job summary

A leading global financial institution in Malaysia is seeking a Compliance Officer to carry out independent reviews and manage compliance risks. The successful candidate will prepare reports for management and ensure compliance with regulations. A degree in Regulatory Compliance and 5-7 years of relevant experience in financial institutions is required. Strong communication skills and a grasp of compliance laws are essential for this role.

Qualifications

• Minimum 5 - 7 years of relevant working experiences in compliance matters for Financial Institutions.
• Strong grasp of compliance of a Financial Institutions.
• Well-versed in laws and guidelines of local authority.

Responsibilities

• Identify Regulatory Compliance, ML/TF/PF and sanctions risks; recommend control measures.
• Prepare timely and accurate reporting to Management and Committees.
• Participate in the annual risk assessment exercise.

Skills

Regulatory Compliance

Compliance review

Communication skills

Education

Relevant Degree or Certification in Regulatory Compliance

Job description

Headquartered in Tokyo, Sumitomo Mitsui Banking Corporation (SMBC) is a leading global financial institution and a core member of Sumitomo Mitsui Financial Group (SMBC Group). Built upon our rich Japanese heritage since 1876, we put our customers first and provide seamless access to, from and within the Asia Pacific region. SMBC is one of the largest Japanese banks by assets and maintain strong credit ratings across our global integrated network. We work closely as one SMBC Group to offer personal, corporate and investment banking services to meet the needs of our customers.

With sustainability embedded within our strategy and operations, we are committed to creating a society in which today’s generation can enjoy economic prosperity and well-being, and pass it on to future generations.

JOB SUMMARY

• Carry out independent review to provide assurance that controls are in place in managing Regulatory Compliance, Money Laundering/Terrorism Financing/Proliferation Financing ("ML/TF/PF") and sanctions risks;
• Prepare timely and accurate reporting to Management, Risk Management Committee ("RMC"), Board Risk Management Committee ("BRMC"), Regional Office and/or Head Office to facilitate their oversight functions in managing compliance risks.

KEY RESPONSIBILITIES

Identification of Compliance Risks

• Identify Regulatory Compliance, ML/TF/PF and sanctions risks; recommend control measures to mitigate compliance risks; and carry out timely follow up on the actions required by the relevant stakeholders;
• Support the development of the annual review plan which is in line with the Global / Regional Procedures and meeting the local regulatory requirements;
• Keep abreast with new and developing regulatory themes and risks and develop personal capacity and capabilities to undertake such reviews;
• Undertake proper planning in conducting the compliance review and execute the review in a diligent and timely manner;
• Execute additional reviews whenever required or requested, particularly in the areas of AML/CFT/CPF to provide assurance that internal requirements/processes are being complied with;
• Participate in the annual risk assessment exercise as part of the effort in establishing the annual review plan;
• Ensure proper documentation of compliance reviews including scoping consideration, testing workpapers and conclusions.
• Follow up closely with the stakeholder/department Local Compliance Coordinator on the stakeholder’s progress on open action items in a timely manner and facilitate timely closure before the agreed timelines and validate closure/completion of items.

Reporting

• Document review results in a standardized report with quality for Director of Review Team’s review;
• Provide timely reporting of the review results to the local management, RMC, BRMC, Regional and Head Office; whenever applicable.
• Provide timely updates on the progress of the open action items arising from the compliance reviews results to the local management, RMC, BRMC, Regional and Head Office; whenever applicable.

Policy and Procedures

• Provide support to the Director of Review Team in maintaining updated Review Procedures. Continuously enhance review procedures to ensure review processes and procedures keep up to date with latest regulatory developments and changes in the Banks and Groups strategies, business model and products and services.
• Review the sampling methodology as and when required;
• Recommend areas for improvement to simplify or enhance the review process.

Communications

• Maintain close follow up and contact as well as timely support to the team members;
• Maintain good relationship with the stakeholders in carrying out the compliance review function;
• Proactively follow up with the stakeholders to facilitate the closure of the issues raised;
• Provide proper advice and follow up with the stakeholders to seek Management, RMC or BRMC’s approval when the stakeholders are unable to meet the committed timeline on the required actions;
• Liaise with the Internal Audit Department, Regional Audit, as well as the regulator as and when required;
• Timely escalation of issues and matters to the Director of Review and Head of Compliance Department.

POSITION SPECIFICATIONS

• Relevant Degree or Certification in Regulatory Compliance
• Minimum 5 - 7 years of relevant working experiences in compliance matters for Financial Institutions.
• Strong grasp of compliance of a Financial Institutions
• Well-versed in laws and guidelines of local authority
• Good personality and communication skills.

Sumitomo Mitsui Banking Corporation (SMBC) operates globally with extensive overseas branches that offers a broad range of financial services. Due to its incorporation of a wholly owned subsidiary in Malaysia, SMBC is now inviting you to be part of its talent pool where you can grow with us. This is indeed a good opportunity for you to chart your career collaboratively with SMBC to greater heights.

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