Head of Risk

Valu-Trac is recruiting for a Head of Risk & Compliance to join its team.

Purpose of the role:
The Head of Risk & Compliance is responsible for ensuring management and the provision of effective Compliance and Financial Crime oversight, guidance and support to the Valu-Trac (“V-T”) teams ensuring appropriate challenge to the business and senior management in respect of regulatory risk and compliance with designated regulation and/or legislation, including ensuring appropriate policies, procedures and controls.

Risk & Compliance Team
The Risk and Compliance teams act as the second line oversight function across the Company.

The Risk team seeks to ensure that robust risk management and internal controls are delivered through the risk management framework, which forms an integral part of the firm’s decision-making. The Risk team provides independent assessment of the company’s overall risk and also provides regular reporting to both management and the Board and its committees.

The Compliance team provides support and oversight of the regulatory requirements across the business. The Compliance team delivers the output from the monitoring completed in line with the Board approved plan and provides regular reporting in relation to regulatory risk and conduct risk management.

Role Dimensions
Number of employees in area of responsibility: 5
Mandate: Submissions to the FCA (excluding those completed directly by Finance) the Depository and the NCA
Prescribed Responsibilities (SMF):
SMF 16 and SMF17 role holder, Head of Risk & Compliance and Money Laundering Reporting Officer (responsibility of the firm’s policies and procedures for countering the risk that the firm might be used to further financial crime)

Key Accountabilities

Senior Leader Accountabilities

Provide effective leadership throughout your area of responsibility, living V-T values at all times to maximise colleague experience and organisation performance.
Ensure up to date Operating Model information for own areas of responsibility and any changes progressed through the appropriate change management protocols
Effectively carry out required people manager activities for all direct reporting colleagues in line with organisation policies and practices, i.e. coaching, 121s, performance reviews, absence management.
Ensure targets and objectives of the team are met
Operate in line with and effectively contribute to the V-T governance framework
Ensure that work carried out in own areas of responsibility is in accordance with all legal, regulatory and internal V-T requirements
Identify, manage and report risks in own area of responsibility in line with the risk management framework and recognise risks in all areas of the business
Ensure that work carried out in own areas of responsibility is in accordance with all legal, regulatory and internal V-T requirements

Role Specific Accountabilities

Carries a ‘Duty of Responsibility’ under the Financial Services and Markets Act (FSMA) - this means if V-T breaches one of the FCA’s requirements as a result of actions from the area of the organisation for which the role holder is responsible, the role holder could be held accountable if reasonable steps have not been taken to prevent or stop the breach

Compliance and Financial Crime
Supervise the Risk & Compliance Team for certain key matters including:
Overseeing compliance with FCA regulations
Maintaining appropriate systems and controls to prevent the firm being used to facilitate financial crime
Ensuring that the Company identifies any changes in law and regulation by Horizon scanning on FCA issues and implementing a robust horizon scanning process to which other business functions contribute (such as HR, Company law, FOIA and data protection, etc)
Reporting to the Executive Risk Committee and Board Risk Committee on any compliance matters requiring escalation
Manage the relationship with key stakeholders including FCA and the depository, ensuring the firm meets their compliance management requirements and identifying regulatory and depositary issues for incorporation into the firm’s strategy Devise the annual compliance risk-based monitoring plan
Responsibility of the firm’s policies and procedures for countering the risk that the firm might be used to further financial crime
Maintain a positive relationship with UK Financial Conduct Authority and the Depositary.
Provide training and coaching to colleagues as required
Build compliance capability to ensure appropriate second line oversight for market abuse
Day-to-day Compliance team contact for Anti-Money laundering matters and third party due diligence, and provide resolution support and guidance.
Perform and report the outputs from a periodic Financial Crime Risk Assessment, and ensure remedial actions are agreed and owned, and tracked to conclusion. Prepare progress monitoring MI, as appropriate.
Maintain effective and timely Suspicious Activity Reports/Suspicious Transaction & Order Re