Senior Manager, Regulatory Advisory

Description

Operating in the UAE for over 50 years, CBD manages the financial requirements of some of the largest corporates and businesses operating in the country, driving the UAE economy. Over the years, CBD has transformed into a progressive and modern banking institution winning multiple awards for its digital initiatives, credit cards, bank accounts, mobile app features and services.

CBD has been recognized as the number one bank in the UAE on the Forbes list of The World’s Best Banks 2022.

As we continue to build upon our successes, we are looking for ambitious individuals who are passionate about the banking and finance industry and the markets in which CBD operates. Just as important to us is your ability to demonstrate a talent for dealing with people - your colleagues and our customers - and delivering service that really goes the extra mile.

Job Purpose

This position ensures that: a) the Board of Directors, senior management, and employees are in compliance with directives issued by the regulatory authorities, b)a relationship-based contact exists to receive/direct/resolve compliance issues/directives, and c) a key internal resource is present with which concerned parties may communicate on regulatory matters.

The role holder responsible for implementing and managing an effective regulatory compliance control framework to ensure adherence to laws, regulations and guidelines relevant to CBD’s business activities. The role holder is therefore responsible for ensuring that the Bank is conducting business in compliance with all applicable rules and regulations with no compromise for any breaches.

Principle Accountabilities

• Identify regulatory developments, requirements, and industry trends. Maintain regulatory intelligence through continuous monitoring of regulatory landscape; identify risks, mitigation, and resolution strategies
• Ensure that all regulatory submissions are accurate, submitted within the required timelines and in conformance with appropriate regulations and guidelines.
• Maintain up-to-date knowledge on domestic and international regulatory requirements. Remain current on regulatory developments, requirements, and industry trends to ensure that the Bank complies with regulations in the UAE and markets in which it has exposures
• Develop and maintain compelling relationship with relevant regulatory authority (CBUAE) to ensure CBD’s reputation and credibility.
• Develop and strengthen relationships to promote best practices and ensure a good understanding of compliance requirements for relevant units across CBD
• Work closely with relevant stakeholders and opine on the interpretation of regulations issued by regulators (CBUAE)
• Maintain an effective regulatory register for CBUAE examiners and remediate the back-book of regulation implementation gaps.
• Ensure that all compliance risks in relation to the relevant units are appropriately identified through risk assessments performed across Business units, Control, and Enablement units. 
• Advise relevant units in the implementation of required controls for complying with the applicable regulations
• Act as a regulatory compliance SME for the new product review process by assessing compliance/regulatory requirements and the impact of proposed new products and services
• Advise Business units with technical insights into the matters involving compliance with complex regulations and build credibility based on an understanding of their challenges related to products, customers, and transactions
• Ensure timely remediation of compliance-related gaps identified in RCSA, internal/external audits, regulator’s supervisory audits related to relevant units
• Support Head, regulatory compliance and advisory in critical analysis of approach and interpretation of Regulatory requirement for solution approach and planning
• Prepare applicable MIs and align with Head, regulatory compliance and advisory before onward submission to relevant committees and Senior Management
• Ensure that CBD Board and Management Committees, Chief Compliance Officer, and the Group’s Senior Management are well informed of critical compliance regulatory and advisory plans, initiatives, escalations, and issues
• Be a point of contact for all correspondences with CBUAE and co-ordinate with internal stakeholders accordingly
• Ensure there is a regulatory & advisory reporting matrix along with standard operating procedures (SOP) in place for managing day to day activities with internal and external stakeholders.
• Review applicable MIs shared with relevant committees and Senior Management
• Involvement in critical analysis of approach and interpretation of Regulatory requirement for solution approach and planning.
• Assist on a needs basis to manage the end to end regulatory engagement process that includes recording and dissemination of regulations issued by CBUAE and tracking of implementation until closure to ensure compliance with regulatory requirements
• On an ongoing basis, identify failure points and implement checks with support from relevant stakeholders to ensure control effectiveness.
• Ensure that CBD Board and Management Committees, Group Head of Compliance, and the Group’s Senior Management are well informed of critical compliance regulatory and advisory plans, initiatives, escalations, and issues.
• Ensure a strict governance and oversight of all regulatory activities across the bank.
• Support Head of Regulatory Compliance and Advisory with regulatory examinations and audits; and ensure observations/findings if any are tracked and monitored until closure.
• Deliver face-to-face regulatory compliance and advisory training to relevant units where applicable
• Ensure effective implementation of the CBD’s compliance strategy within the regulatory compliance and advisory team’s remit to ensure vertical alignment and horizontal integration with other interfacing departmental strategies

Requirements

Experience & Qualifications

• BA or Master’s Degree in Finance, Business, or a related subject.
• At least 12 years of experience in the banking/financial services sector (and eight years in a Regulatory Compliance role)
• Well versed with local regulations issued by CBUAE, banking systems, concepts, and banking best practices.
• Historic track record in dealing and managing regulators

Skills

• Exemplary knowledge of the regulatory environment, regulatory structures, market contacts, market practice, and industry groups.
• Ability to quickly acquire knowledge of regulations and rules that apply to the Bank
• Strong interpersonal skills with the ability to communicate with impact
• Can build healthy professional connections, influence outcomes, simplify complex topics into actionable recommendations for decision-making.
• Ability to perform innovative thinking to solve complex problems with no established precedence while balancing risk, speed, and accuracy