Mod-compliance & Risk Management Associate
3 weeks ago
Introduction:
Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.
Overview:
The incumbent will assist in monitoring, controlling and reporting the related risks of the Branch’s Global Markets and Treasury business, analyzing market information and price movements, putting forward suggestions as to the risks. Also, s/he will be responsible for reviewing routine reports, conducting other tasks assigned by the head of department, etc.
**Responsibilities**:
Implement BSA/AML/OFAC/Sanctions Compliance Program in Front Line Unit
- Assist to maintain, update and communicate MKD/MOD compliance operational procedures or compliance operational guidance as necessary to ensure the processes and practices conform to the Bank and MKD/MOD unique money laundering, terrorist financing and other illicit financial activity risk profile.
- Assist to maintain open communications with MKD/MOD staff by keeping them informed of regulatory updates, changes in internal policies and procedures and others emerging compliance risks. Deliver compliance related training to staff tailored to the business units’ BSA/AML/OFAC/Sanctions risks, and staff members’ specific functions, roles or responsibilities.
- Promptly escalate compliance issues as necessary to relevant LCD Teams, Deputy Chief BSA Officer, Chief BSA Officer, and other LCD Management.
- Assist to track remediated action items of Compliance related issue
Compliance Specific Tasks
- Assist to work with MKD and FID for new FI non-customers/counterparty onboarding and/or existing counterparty refresh. Periodically or annually reconcile counterparty name list with FID.
- Assist to perform transaction monitoring for MKD uninitiated transactions.
- Assist to perform a product risk rating scorecard for any MKD new product or annual refresh of existing MKD products in LCD Risk Assessment Engine (RAE).
- Assist to perform a monthly validation on MKD transactions for all products in LCD Risk Assessment Engine (RAE).
- Assist to perform an annual BSA/AML/OFAC Sanctions Risk Assessment and Horizontal Risk Assessment.
- Prepare an annual OFAC Screening Checklist Form.
- Assist to conduct the Compliance Risk Control Testing.
Risk Management Responsibilities
- Assist to provide inputs/feedback to IRM risk management policies and procedures.
- Assist to identify and escalate KRI warning line and limit breaches according to the KRI Procedure.
- Assist to produce FLU risk reporting for applicable risk areas, and report to Senior Management, IRM and risk committees as appropriate.
- Assist to remediate issue or monitor issue remediation according to action plan, validate issue closure documentation for FLU owned business identified issues.
- Assist to conduct risk assessments pertaining to the respective risk areas (e.g., ERA, RCSA).
- Assist to maintain a control inventory, process mapping and other documentations as applicable.
- Assist to develop control testing plan.
- Assist to conduct control testing, report results, monitor control issue remediation as applicable and validate issue closure documentation.
- Attend risk management related training.
- Assist ORD in conducting security monitoring investigation as needed.
- Assist to coordinate risk management related requests from internal/external audit, Head Office and regulators within FLU.
Other Department Responsibilities
- Conduct Quality Assurance on Anti Bribery and
- Anti-Corruption (ABAC).
- Perform Bank wide LGO Anti Bribery and
- Anti-Corruption (ABAC) Risk Assessment.
- Perform monthly ERM Strategic and Reputation Risk reporting for MKD/MOD and TRY.
- Perform monthly ORD Operational Risk reporting.
- Perform Bank wide FFIEC Cybersecurity Risk.
- Assessment Tool (FCAT) for MKD, MOD and TRY.
- Perform Bank wide Wholesale Payment Risk Assessment (WPRA) for TRY.
- Other ad-hoc QA assignment of MKD/MOD/TRY projects or system testing.
Qualifications:
- Bachelor’s degree is required, preferably in Finance, Accounting, or banking and investment related majors; Master’s degree or above is highly preferred.
- Minimum of 2 years of experience in the BSA/AML/OFAC and other sanctions compliance and risk management is required
- 1-2 years of experience in the regulatory compliance experience is required
- Solid understanding of the financial services background is required
- Knowledge of U.S. banking regulations and compliance practices with strong emphasis on all aspects of BSA/AML/OFAC/Sanctions/CTF.
- BSA or sanctions training and/or certificate is preferred but not required
- CAMS (Certified Anti-Money Laundering Specialist) and/or credentia
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