Compliance Monitoring & Testing - Swap Dealer Compliance Vice President

Sumitomo Mitsui Banking Corporation – SMBC Group; Jersey City (NJ); On-site; USD 100,000 - 125,000; Full time

Job summary

An established industry player is seeking a Vice President for Compliance Monitoring & Testing in Jersey City. This pivotal role involves executing the M&T program, focusing on compliance for swap dealer operations. The ideal candidate will have extensive experience in financial services and swap dealer regulations, ensuring adherence to U.S. laws while managing complex compliance tasks. Join a dynamic team where your expertise will help shape the regulatory landscape and drive effective compliance strategies. If you're motivated and ready to tackle challenges in a fast-paced environment, this is the opportunity for you.

Qualifications

• 4+ years of swap dealer experience and 7+ years in financial services.
• Strong knowledge of U.S. laws related to swaps dealers.

Responsibilities

• Responsible for all facets of compliance monitoring and testing engagements.
• Prepares information requests and validates internal controls.

Skills

Swap Dealer Experience

Financial Services Experience

Compliance Testing

Internal Audit Background

Knowledge of U.S. Laws and Regulations

Communication Skills

Ability to Multi-task

Adaptability

Job description

Compliance Monitoring & Testing - Swap Dealer Compliance Vice President

Job Level: Vice President

Location: Jersey City, NJ, US, 07311

Employment Type: Full Time

Requisition ID: 4662

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries.

SMBC's Compliance Department Americas Division is seeking a VP of Swap Dealer Compliance Monitoring & Testing (M&T). The VP is responsible for execution of the M&T program. This position will principally serve as a team member for M&T annual planning, monitoring and testing reviews. This role will have coverage for SMBC's Swap Dealer operations. The candidate should have functional knowledge of applicable U.S. laws and regulations, Additionally, a familiarity of the U.S. regulatory environment, risk identification / mitigation, and managing the workflows for monitoring and testing engagements is essential.

Role Objectives

• Serves as the examiner-in-charge responsible for all facets of compliance M&T engagements.
• Assists in the development and refinement of M&T monitoring scripts.
• Prepares information requests and announcement memoranda.
• Performs assigned field work to validate the efficacy of internal controls and direct oversight of assigned staff and their assignments.
• Performs Control Design Effectiveness analysis and review of the applicable rules and regulations.
• Ensures that cohesive work papers are prepared for each engagement in accordance with department standards.
• Identifies underlying issues and escalation / validation thereof with stakeholders.
• Drafts issue memoranda and reports for issuance to management.
• Assists in the registration and tracking of identified issues and corrective action plans to validate remediation efforts.
• Stays abreast of changing regulatory requirements and SMBC’s business model to maintain a solid foundation of the applicable regulatory framework.
• Participates in the annual risk assessment process of applicable laws and regulations.
• Assists in the consolidation and reporting of results within local and Head Office reporting.

Qualifications and Skills

• 4+ years of swap dealer experience
• 7+ years of financial services experience
• Compliance Testing, NFA or Internal Audit background
• Able to work independently on projects with little oversight
• Able to learn quickly and dissect complicated issues within a large and complex financial institution
• Strong knowledge of U.S. laws, rules, and regulations pertaining to swaps dealers, including Title VII of the Dodd-Frank Act, associated CFTC regulations, and NFA rules
• Functional knowledge of swaps and other derivative products
• Strong verbal and written communication skills
• Able to multi-task and perform work functions efficiently and timely
• Motivated and action-oriented
• Adaptable and able to evolve and change with Bank Transformation