Compliance Monitoring & Testing, Vice President (Team Leader)

Job Level: Vice President

Job Function: Governance & Assurance

Location:

Jersey City, NJ, US, 07311

Employment Type: Full Time

Requisition ID: 7095

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. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.

In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

The anticipated salary range for this role is between $138,000.00 and $185,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.

Role Description

SMBC's Compliance Department Americas Division is seeking a Vice President of Banking Compliance Monitoring and Testing. The Vice President is responsible for execution of the monitoring and testing program. This role will work with SMBC's U.S. wholesale banking operations; representative offices; Grand Cayman Branch and certain non-bank leasing subsidiaries/affiliate. This position has direct reports.

The candidate should have functional knowledge of applicable U.S. banking laws and regulations with specific emphasis on Alphabet Regulations such as Reg. W, Cross Border, Privacy, Lending, Flood, Volcker, BHCA, Japanese Firewall for Japanese Firms, Third Party Risk Management, Personal Account Dealings, Asset Management among other Banking 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

Executes monitoring and testing activities for the M&T Program
Serves as the examiner-in-charge responsible for compliance monitoring and testing engagements primarily for Banking Activities or thematic AD-wide reviews
Assists in the development and refinement of monitoring and testing scripts
Prepares information requests, announcement memoranda and Kick-Off Memos to start Compliance Reviews
Performs Control Design Effectiveness analysis and review of the rules and regulations under review
Performs assigned field work to validate the efficacy of internal controls and direct oversight of assigned staff and their assignments.
Ensures that cohesive work papers are prepared for each engagement in accordance with departmental standards.
Identifies underlying issues and escalation / validation thereof with stakeholders
Drafts exceptions logs, manages factual accuracy with stakeholders and oversees reporting for issuance to management and stakeholders
Assists in the registration and tracking of identified issues and corrective action plans to validate remediation efforts
Oversees and participates in the tracking and validation of issues raised during monitoring and testing activities until closure
Stays abreast of changing regulatory requirements and SMBC’s business model to maintain a solid foundation of the applicable regulatory framework.
Assists in the consolidation and reporting of results within local and Head Office reporting as requested
Assist in preparation of the Annual Plan with the Team Lead based on the results of the Compliance Risk Assessment

Qualifications and Skills

BA/BS Required
10+ years of Banking and Compliance Experience
Has a Compliance Testing, Bank Regulatory or Internal Audit background
Requires a solid understanding of the Volcker Rule and requirements
Able to manage work independently and effectively and escalate to senior management
Able to execute monitoring and testing with team and lead and manage as well
Able to work independently on projects with little oversight
Able to learn quickly and dissect complicated issues within a large and complex financial institution
CRCM certification a plus

SMBC’s employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.

SMBC provides reasonable accommodations during candidacy for applicants with disabilities consistent with applicable federal, state, and local law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.