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Head of Compliance and Operational Risk Job Details

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Head of Compliance and Operational Risk (Ref: bis-00000842)
Sector, Sub Sector: Other
Compliance Type: Regulatory/Compliance
Expertise: -
Company: Bank for International Settlements
Location: Basel Europe, Other, Switzerland
Employment Type: -
Job Description:


The Bank for International Settlements (BIS) is an international financial institution that promotes central bank cooperation and provides banking services exclusively to central banks. Based in Basel, Switzerland, with representative offices for Asia and the Pacific in Hong Kong SAR and for the Americas in Mexico City, the BIS has staff from some 50 countries.

The BIS seeks a Head of Compliance and Operational Risk for the BIS headquarters in Basel, Switzerland.



Purpose of the job

The purpose of the compliance function is to ensure that the activities of the BIS and its staff are conducted in conformity with the BIS Statutes, applicable laws and regulations, the Bank's Code of Conduct and other internal rules and policies, and generally in accord with relevant standards of sound practice. On the basis of the Bank's Compliance Charter, the compliance function identifies and assesses compliance risks, and guides and educates staff on compliance issues. It also performs a monitoring and reporting role and, in cooperation with the Legal Service, also an advisory role.

The Head of Compliance and Operational Risk is responsible for the interpretation or application of the Code of conduct or any relevant service note. He is also in charge of the ethics function at the BIS. The Chief Administrative officer together with the Head of Compliance can approve exceptions to the code of conduct.

The Head of Compliance and Operational Risk shall meet with the Audit Committee of the Board at least once a year and shall have a right of direct access to the Audit Committee on compliance matters.

The Head of Compliance and Operational Risk has the overall responsibility for monitoring the operational risk exposure of the BIS. In this respect, he/she should be informed of the results of all self-assessments by the business areas, all material operational losses, and the status of outstanding action plans. He/she should ensure the consolidation of this information and report to the appropriate level of Management and the Board.

The Head of Compliance and Operational Risk acts as secretary to the Compliance and Operational Risk Committee (the 'Committee'), which provides a forum for considering important compliance and operational risk matters within the BIS and informs or advises the Bank's Executive Committee as appropriate.

Principal accountabilities

  • Ensures that all compliance and operational risks associated with the Bank's activities are identified and assessed.

  • Ensures that the Bank's compliance and operational risk procedures and guidelines are promptly followed up, any identified deficiencies reported and, where necessary, formulate proposals for amendments.

  • Provides staff with guidance and advice on the appropriate implementation of the rules and standards through policies and procedures and other documents such as compliance manuals and practice guidelines or the Operational Risk policy.

  • The Head of Compliance is responsible for the interpretation and application of the Code of Conduct and any relevant service note. The Chief Administrative Officer together with the head of Compliance may authorise exceptions to the Code of Conduct.

  • The Head of Compliance is also the contact point for staff members who wish to express concerns about situations which are, or have the potential to be, an infringement of the Code of Conduct (eg business ethics violations, mobbing, harassment).

  • Ensure the monitoring of compliance by performing regular and comprehensive compliance risk assessment and testing 'including spot checks to test compliance with rules and procedures, making enquiries into operational anomalies, and carrying out investigations.

  • Responsible for reporting on a regular basis to Management on compliance and operational risk matters ' the reports should refer to the compliance risk assessment and testing that has taken place during the reporting period, significant operational risk incidents, any identified breaches and/or deficiencies, and the corrective action taken.

  • Responsible for reporting at least annually to the Audit Committee of the Board of Directors.

  • Responsible for assisting Management and line managers in educating staff on compliance and Operational Risk issues, and acting as a contact point within the Bank for queries from staff members.

  • Responsible for implementing and monitoring anti-money laundering procedures.

  • Responsible for the interpretation of compliance with the Bank's Personal Account Trading Rules.

  • The Head of Compliance and Operational Risk will need to ensure close coordination and cooperation with Management, the Legal Service, Risk Control, Internal Audit and other relevant units.

    Job Requirements:
    Qualifications

  • Advanced degree in a related subject area and 10'15 years experience

    Skills

  • Proven experience in a compliance, audit, controlling or related function within a major financial institution

  • Strong knowledge of banking operations and accounting

  • Experience working in an international environment or with cross-border issues

  • Excellent writing abilities in English

  • Excellent interpersonal skills

  • Personal initiative, multicultural sensitivity

    Work experience

    10'15 years work experience after higher education

    • Job Ref No: bis-00000842