VP- Compliance – Magnati

To support the Group Personal Banking (“GPB”) Compliance Team, provide Compliance advisory to FAB Payment Company and ensure appropriate oversight of compliance risks for the operations of the Payment Company.

Strategic Contribution

• Support implementation of the Bank’s Compliance strategy within the PB teams remit to ensure vertical alignment and horizontal integration with other interfacing departmental strategies. 

People Management

• Not applicable – As of March 2021, no staff members are planned for this team.

Budgeting and Financial Planning

• Support the SVP & Head of Group PB Compliance to prepare and recommend the Payment Company’s budget and monitor adherence to budget, while ensuring all sectional activities are conducted in line with the approved guidelines.

Policies, Systems, Process & Procedures

• Provide necessary business advisory for compliance matters in order to support the Payment Company to adhere to Group Compliance policies, procedures and processes.

Continuous Improvement

• Identify opportunities for continuous improvements to related systems, processes and practices based on risks and control deficiencies identified.

Reporting

• Provide guidelines to the Technology, Data & Reporting Team on KPI’s and KRIs for reporting to senior stakeholders.
• Prepare MI related to Payment Company for reports to the CBUAE, and other regulators as and when required.

Advisory and Administration

• Provide Compliance advice to internal and external stakeholders as required.
• Develop and strengthen relationships to promote best practices and ensure a good understanding of Compliance requirements across Payment Company.
• Develop Payment Company policy and where necessary procedures in line with FAB Group Compliance Policy and Procedures
• Provide business advice for the Payment Company new policy, procedures and process.
• Provide advice for the Payment Company product review process and financial promotions.
• Advise Business Units with technical insights and build credibility based on an understanding of their challenges related to products, customers and transactions.
• Provide updates to Payment Company business on compliance requirements, best practices, market news, international regulations, hot topics and regulatory changes.
• Support Payment Company business units during CBUAE audits and in responding to ad-hoc requests from CBUAE.
• Coordinate with FAB Group Compliance functions to provide recommendations on compliance risks as and when needed; otherwise, advise Group Compliance on decisions being made
• Connect requestors to Compliance colleagues to obtain approvals (where required), track and maintain records of decisions for the business unit.
• Review account closures following decision to exit for Compliance reasons.
• Provide support in regulatory and/or policy breach handling and breach reporting.

Specific Accountability;

• Act as the first point of contact for Compliance related matters within Payment Company.
• Support Payment Company business units to adhere to Group Compliance policies, procedures and processes.
• Provide Compliance advice to Payment Company teams in a timely manner.
• Develop, strengthen and manage relationships with Payment Company teams to promote best practices and ensure a good understanding of Compliance requirements.
• Provide Compliance feedback to Payment Company teams regarding changes in their business SOPs or products in line with compliance requirements. 
• Attend periodic compliance-business meetings with the heads of Payment Company to discuss compliance related matters and concerns.
• Assist in conducting compliance awareness and training sessions for Payment Company staff on a periodic basis and in line with the function’s training plan.
• Understand the end-to-end processes of Payment Company products, highlight possible compliance related concerns, and assist the teams to mitigate these concerns.
• Financial Promotions, Gifts / Hospitalities: Attend to escalated requests by Payment Company business units.
• EWRA: Assist in the rollout and follow-up of all EWRA related requests and assessments in relation to Payment Company.
• Risk and control self-assessment (RCSA): Assist in the rollout and follow-up of the RCSA related to Payment Company Compliance function
• Audit Issues: Follow up on audit issues related to Payment Company Compliance (Internal / External)
• Review new Products Programs, Policies, Procedures and other governance documents and provide Compliance recommendation to business. Escalate to SVP Compliance as and when required. 
• Acts as a Subject Matter Expert (SME) for the Payment Company and Payments products, provide them with Compliance advice on both Regulatory Compliance (RC) and Financial Crime Compliance (FCC) risks associated with all of business new initiatives, new products & new projects. Escalate to PB Group Head of Compliance, SVP – as and when required.
• Be open, flexible and adaptable to carry out any other responsibilities that may be requested/assigned by the PB Group Head of Compliance, SVP.

FRAMEWORKS, BOUNDARIES, & DECISION MAKING AUTHORITY:

• Functions within the framework and boundaries of Group policies as well as overall organisational and governance frameworks.
• Authorised to take decisions as per the approved authorisation matrix.