Important Role of a Senior Manager, Compliance Advisor in Retail Banking
The role of a Senior Manager, Compliance Advisor in Retail Banking is a pivotal position within financial services. This role is essential in mitigating risk and ensuring that corporate initiatives and processes align with relevant laws and regulations. Performing as the second line of defense, the Compliance Advisor delivers quality results, offers expert compliance advice to different business lines, and plays a crucial part in executing or participating in corporate processes. The article further delves into the specific responsibilities and qualifications required for this role.
Responsibilities of a Senior Manager, Compliance Advisor
A Senior Manager, Compliance Advisor is responsible for a wide range of tasks. These include identifying potential internal and external risks, maintaining expert knowledge of relevant laws and regulations, performing and reviewing control assessments, and providing guidance on compliance risks. This role also involves active participation in compliance testing and third-party compliance. As a compliance expert, the Senior Manager, Compliance Advisor supports business lines by offering advice on compliance requirements, assisting in the development and maintenance of the Compliance Program, and influencing adjustments to processes, procedures, and controls.
The role also requires active involvement in governance activities, such as Compliance Requirements, Compliance Risk Assessments, Business Change Management (LAUNCH), Issue and Event Management, among others. The Senior Manager, Compliance Advisor also participates in reporting activities for Senior Leadership, such as Monthly Business Reviews and Quarterly Compliance Reviews.
Experience and Expertise Required
The position typically requires at least a Bachelor’s Degree or equivalent military experience. It also demands at least six years of experience in compliance, risk, legal, or audit within financial services, and a minimum of three years of experience in the operations, servicing, systems, or platforms within retail banking. Preferred qualifications for the role include a Master’s Degree or Juris Doctor, more than seven years of experience in compliance, risk, legal or audit within financial services, experience with models, data science or artificial intelligence, and compliance certification(s) such as CRCM (Certified Regulatory Compliance Manager), ACAMS (Certified Anti-Money Laundering Specialists), or CIPP (Certified Information Privacy Professional).
Conclusion
The role of a Senior Manager, Compliance Advisor in Retail Banking is both challenging and rewarding. It requires a high level of expertise, knowledge of relevant laws and regulations, and the ability to provide effective compliance advice to different business lines. This role is pivotal in maintaining the integrity of the banking sector, and it plays a significant role in protecting the interests of both the bank and its customers.
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