Posted
Ref: HP905-928
Job description / Role
Job Purpose:
Job holder is responsible to assist with the provision of testing and quality assurance over the implementation and execution of areas that fall under the responsibilities of Business Risk & Governance. To implement the internal control framework within Wholesale Banking Group and associated governance across key risk areas and ensure that all risks have adequate controls in place. The role holder is responsible for assisting in the undertaking of Quality Assurance reviews and preparation of reports for each functional review as per the Bank's internal procedures to document identified observations and ensure the Bank is protected from a regulatory perspective
Principal Accountabilities:
• Quality Assurance of Implementation of process and governance related changes for the 1st line of defence, following the methodology and strategy set by the department head.
• This will involve monitoring key controls on a cyclical basis and reporting the findings via written reports.
• Exercising oversight, monitor, investigate and enforce corrective actions in respect of all controls, processes, regulatory and compliance guidelines across all customer touch points in WBG.
• Reviewing Policies and Procedures related to WBG/TBG products based on regulatory guidelines and/or observations from Audit, Operational Risk, AML/Compliance/ Fraud etc.
• Reviewing Audit and Internal Control reports on coverage teams, Trade and PCM/Escrow Operations, engaging with relevant teams and suggesting MAPs for issues reported therein
• Ensuring RCSA are done as per the framework for all WBG/TBG processes / functions
• In conjunction with Ops Risk, facilitate development of Risk, Control and Security Assessments (RCSAs) which identify the key risks, their impact and the relevant controls.
• Leading and facilitating RCSAs refresh workshops, in order to support functions, manage their key risks.
• Involves challenging management when good business risk management is not evident e.g., poor RCSA's, slow resolution of outstanding issues. Escalate should be made where necessary.
• Develop and manage annual BRG plan for the execution of key activities
• Review and assess impact of key regulations related to WBG - process and technology
• Provide guidance and input on key regulatory concerns or matters requiring attention as highlighted by internal and external stakeholders
• Managing relationships with key contacts and stakeholders. These are likely to include Chief Compliance Officer, Head of Operational Risk and Chief Internal Audit and other Coverage GM's.
• Regularly present on compliance matters to senior management of WBG and recommend strategic or operational amendments for WBG activities
• Quality Assurance on the coverage activities including but not limited to new customer onboarding, customer annual reviews, customer call reports, ongoing due diligence, etc.
• Coaching and training staff of all relevant staff to embed the right culture.
• Monitoring customer onboarding procedures of frontline staff to ensure compliance with regulations and internal policies.
• Monitoring on MAP's, issues and closure by the agreed timelines, through engagement with FLOD to achieve closure of MAP's.
• Test the quality of submission against agreed MAPs before submission to audit for the closure report.
• Responsible for incident management reporting, including governance and coordination with respective units for closure of actions evolving from the incidents.
• Testing of WBG adherence to the new product approval policy.
• Testing the controls over the 1st line of defence activities within the WBG units.
• Perform QA reviews by following the approved annual quality assurance schedule, work with relevant stakeholders to assess adherence to processes and strength of control framework.
• Identify gaps and recommend corrective actions to ensure the Bank is protected from compliance risk perspective.
• Draft reports of each functional review and record & track the implementation of review observations and recommendations.
• Assist in the undertaking of Quality Assurance reviews in relation to core compliance responsibilities based on the planned schedule and keep track of all proposed control enhancements; draft reports for each functional review as per the Bank's internal policies and procedures documenting the identified gaps and recommended corrective actions.
• Support with the preparation of control testing and quality assurance plan for the year for WBG, to document and list the reviews planned for the year based on identified observations or recommendations for improvement.
• Conducting quality reviews and audits on the BRG processes and deliverables, and identifying gaps, issues, and improvement opportunities.
• Collaborating with the BRG stakeholders, such as the Wholesale Bank business units, the Risk Management department, and the Internal Audit department, to ensure alignment and consistency on the quality and compliance expectations and requirements.
Requirements:
Requirements
Education and Experience
• Bachelor's Degree as a minimum from a recognized university.
• Minimum 5 years of experience in quality assurance, audit, risk management, or compliance roles in the banking or financial services industry.
• Minimum of 2 years' experience in control testing/ quality assurance role.
• Knowledge and understanding of the Wholesale Bank products, services, and operations, and the applicable regulatory and compliance requirements and standards.
• Past working experience in a relevant role, i.e., Proven experience of implementing 3 Lines of Defence Models, with focus on testing 1st Line of Defence Controls.
About the Company
In 1969, when we at Commercial Bank of Dubai started out little did we know that sheer grit and determination would get us where we are today. An Emiri Decree issued by His Highness the Late Sheikh Rashid Bin Saeed Al Maktoum, the founder of modern Dubai, laid the cornerstone of Commercial Bank of Dubai. We started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait. A minority stake was held by a few UAE businessmen.
By 1982, little more than a decade later, we evolved into a National Public Shareholding company. A feat complimented by an exponential increase in the capital base and mammoth restructuring of our operations. The feather in the cap came when the Government of Dubai became a key shareholder.
Over the decades, we have transformed ourselves into a progressive and modern banking institution. We are supported by a sturdy financial base and reigned by a strong and stable management. The proof of which lies with our customers who have stood by us over the years.
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