Head of Compliance

This role is a Senior Management Function (SMF16), as defined in the Statement of Responsibilities, and is subject to the PRA/FCA Individual and Manager Conduct Rules, as outlined in the Bank’s Staff Rules and Regulation Handbook. Additionally, this role holds Prescribed Responsibilities under the Senior Managers Regime as referenced in the Responsibilities Map.

 

MAIN PURPOSE OF

THE ROLE

• Manage the Compliance function within the Bank.
• Ensure that the Bank meets current and future regulatory rules at all times.
• Act as the Data Protection Officer for the Bank.
• To provide the Bank with expertise and capability in all aspects of regulatory compliance to support the Bank’s strategy and apply its vision and values.
• To assess regulation for applicability to the Bank’s activities, inform the first line business and support and control functions of applicable regulation, and monitor adherence to it.
• To provide the Board assurance that the regulatory control framework within the first line is robust, and commensurate to the activities the Bank undertakes.

 

KEY ACCOUNTABILITIES

• To develop compliance frameworks which ensure the Bank operates within regulatory rules, and that its policies are consistent with all relevant regulatory requirements at all times.
• To assist in providing an independent view of the Bank's compliance practices to the Board Committees and to senior management.
• To provide appropriate technical and professional expertise in respect of compliance for the Bank; particularly in respect of regulatory and conduct compliance, and Anti-Money Laundering, Counter Terrorist Financing, Anti-Fraud, and Anti Bribery and Corruption risks.
• To develop the Bank's policies in respect of Compliance matters to meet regulatory requirements and good market practice.
• To ensure that appropriate processes are developed for the assessment, measurement and management of all compliance activities
• To monitor and report on regulatory conduct and compliance.
• To provide independent assessments of the operation of risk management and control frameworks within the Bank from a regulatory compliance perspective.
• To maintain and update a forward-looking compliance monitoring plan, and to lead 2nd line regulatory compliance activity within the plan.
• To assess the compliance and financial crime risks of all new products and initiatives and document accordingly
• To be responsible for Bank training activities in respect of all compliance matters
• Maintain an understanding and awareness of financial crime laws and regulations; together with knowledge of the responsibility to report any instance of actual or suspicious money laundering and duty to avoid alerting the customer.
• Together with the MLRO submit reports and liaise with any information requests from regulators and law enforcement agencies.
• To be responsible for the Data protection control framework within the Bank from a 2nd line perspective
• Maintain an understanding of applicable data protection laws and regulations
• To effectively perform the duties of the Data Protection Officer as required by Article 39 of the GDPR, including but not limited to:

• Training all staff
• Conducting regular Data Protection assessments
• Maintaining data processing documentation

 

Senior Management Function

Under the Senior Management Function/ Prescribed Responsibility/ Certification attributed to this role, you have a duty of responsibility for managing or supervising that function; primary and direct responsibility for briefing and reporting to the governing body about that function and putting matters for decision about that function to the governing body of the firm.

 

 

SENIOR MANAGMENET GROUP

This role is part of the Senior Management Team (SMT) which plays an important role in the Bank as both leaders and decision-makers. Overall responsibilities are summarised below:

 

• Contribute to the Bank’s Strategic and Operational Plans, in conjunction with The Executive Committee (ExCo) and which are consistent with the aspirations of the Board.

•   Consider issues which are strategic or of vital importance for the Bank at the request of ExCo or under own initiative as a member of the SLT.

• Monitor the activities of the Bank to ensure they are in keeping the fundamental values, behaviours, ethical principles and strategic direction in which the Bank operates.
• Ensure compliance with all relevant regulatory requirements.
• Contribute to maintaining a robust and transparent organisational structure, with effective communication and reporting channels.
• Ensure the effective management of the Bank, its activities and decisions, are undertaken in the best interest of the Bank.

 

INTERNAL AND EXTERNAL RELATIONSHIPS

Major internal relationships are:

• (Reports to) The Chief Risk Officer
• The MLRO
• The staff within the risk and compliance function.
• Other Redwood team members
• Co-sourced compliance monitoring

Major External relationships include:

• The Bank’s regulators
• The Bank’s external advisers-particularly those advising on regulatory capital, liquidity, recovery and resolution matters, risks and requirements
• Outsourced internal audit

QUALIFICATIONS, SKILLS AND EXPERIENCE

Educated to degree standard and/or with a relevant professional qualification. At least five years conduct and compliance experience within financial services. Having a broad knowledge of the banking risk and compliance landscape and experience in dealing with senior management on compliance issues.

 

CULTURE AND VALUES

• Maintain at all times Redwood Bank’s high standard for ensuring colleagues and customers are dealt with swiftly and fairly, ensuring full consideration is given to the company’s brand values and to customer/colleague experience and outcomes”.
• Promote and adhere to the Bank’s Values – Certainty, Simplicity, Tireless, Integrity.
• Encourage and support others by listening, communicating, and working as one team.
• To provide clear and transparent leadership to any direct reports
• Effectively conveys information with clarity, integrity and certainty.
• Encourage and support others by listening, communicating and working as one team.
• Promote success with enthusiasm and positively share successes and outcomes.
• Ensure knowledge and skill set is current and evolving.
• Understand and comply with Conduct Rules prescribed by the Regulator, together with the Bank’s policies and procedures
• Maintain an understanding and awareness of financial crime laws and regulations; together with knowledge of the responsibility to report any instance of actual or suspicious money laundering and duty to avoid alerting the customer.
• Commit to sound corporate governance and the highest standards of ethical conduct in all activities.

 

 

 

Commercial in confidence

October 2024