Compliance Monitoring & Testing - Swap Dealer Compliance Vice President

Sumitomo Mitsui Banking Corporation (SMBC)
remote work
United States, New Jersey, Jersey City
Nov 22, 2024
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 Rail Services LLC, Manufacturers Bank, 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 $128,000 and $178,000. 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 VP of Swap Dealer Compliance Monitoring & Testing (M&T). The VP is responsible for execution of the M&T program. This position will principally serve as a team member for M&T annual planning, monitoring and testing reviews. This role will have coverage for SMBC's Swap Dealer operations. The candidate should have functional knowledge of applicable U.S. laws and 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 Serves as the examiner-in-charge responsible for all facets of compliance M&T engagements. Assists in the development and refinement of M&T monitoring scripts. Prepares information requests and announcement memoranda. Performs assigned field work to validate the efficacy of internal controls and direct oversight of assigned staff and their assignments. Performs Control Design Effectiveness analysis and review of the applicable rules and regulations. Ensures that cohesive work papers are prepared for each engagement in accordance with department standards. Identifies underlying issues and escalation / validation thereof with stakeholders. Drafts issue memoranda and reports for issuance to management. Assists in the registration and tracking of identified issues and corrective action plans to validate remediation efforts. Stays abreast of changing regulatory requirements and SMBC's business model to maintain a solid foundation of the applicable regulatory framework. Participates in the annual risk assessment process of applicable laws and regulations. Assists in the consolidation and reporting of results within local and Head Office reporting. Qualifications and Skills 7+ years of swap dealer experience Has a Compliance Testing, NFA or Internal Audit background Able to work independently on projects with little oversight Able to learn quickly and dissect complicated issues within a large and complex financial institution Strong knowledge of U.S. laws, rules, and regulations pertaining to swaps dealers, including Title VII of the Dodd-Frank Act, associated CFTC regulations, and NFA rules Functional knowledge of swaps and other derivative products Strong verbal and written communication skills Able to multi-task and perform work functions efficiently and timely Motivated and action-oriented Adaptable and able to evolve and change with Bank Transformation Additional Requirements D&I Commitment Responsible for fostering a culture of diversity and inclusion, holding leaders accountable for creating an inclusive environment through awareness and practice of equity in recruiting, developing, and promoting diverse talent. 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. We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities consistent with applicable law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.