Head of Compliance

Overview:

The Head of Compliance is responsible for developing, overseeing and implementing compliance programs, governance structures and initiatives to ensure that activities are conducted lawfully, ethically, and in compliance with relevant regulations including particularly those of the UAE SCA. This role involves close collaboration with various departments including Legal, Finance, HR and IT to assess and manage compliance risks, monitor activities, and develop strategies to mitigate potential issues. The Head of Compliance plays a pivotal role in fostering a culture of compliance and ethics throughout the organization and ensuring adherence to global regulatory changes.

• Systematically review business operations quarterly to ensure compliance with internal policies, procedures, and regulatory requirements implementing and using compliance management systems and software for effective oversight.
• Ensure the identification and documentation of compliance risks, areas for improvement, and potential gaps in existing processes, collaborating with internal and external auditors and consultants as necessary.
• Establish ongoing monitoring mechanisms to ensure continuous compliance with evolving laws and regulations.
• Design and ensure effective compliance controls and checks within the organization's processes to proactively manage compliance risks.
• Ensure that all compliance processes, policies, and procedures are up-to-date and aligned with current legal and regulatory standards.
• Ensure the continuous enhancement of compliance processes to improve efficiency and effectiveness in managing compliance risks leveraging industry best practices and technology.
• Work closely with Finance, HR, Legal, and IT departments to address compliance issues and implement cohesive strategies and solutions.
• Facilitate the implementation of best practices in compliance management across the organization, fostering a culture of continuous improvement.
• Ensure the development, update, and maintenance of compliance policies, procedures, and guidelines to reflect the latest regulatory requirements.
• Ensure the investigation and review of manual triggers and red flags are raised during day-to-day operations.
• Conduct thorough risk analysis to understand the potential impact of identified issues.
• Provide actionable recommendations and reports for risk mitigation and management to senior management and relevant stakeholders.
• Develop comprehensive training programs to educate employees on compliance requirements and ethical standards.
• Increase awareness and understanding of compliance issues through regular training sessions and workshops, ensuring all employees stay informed about changes in laws, regulations, and internal policies.
• Oversee and ensure the compilation and preparation of detailed compliance reports for senior management, regulatory agencies, and external stakeholders.
• Ensure timely and accurate submission of required reports to regulatory authorities, maintaining compliance with all reporting requirements.
• Communicate compliance status, findings, and recommendations effectively to all relevant stakeholders, ensuring transparency and accountability.
• Lead internal investigations into compliance concerns, ethics violations, or reports of misconduct, recommending and overseeing the implementation of appropriate corrective actions to address identified issues.
• Maintain thorough documentation of investigation processes, findings, and outcomes.
• Conduct regular and ad-hoc compliance audits to ensure adherence to established policies and procedures.
• Analyse audit findings and provide comprehensive reports on compliance status and areas needing improvement.
• Ensure the implementation of corrective measures to address any identified non-compliance issues, ensuring continuous improvement and adherence to regulatory standards.
• Ensure accurate and comprehensive records of all compliance activities are kept, including audit findings, corrective actions, and training records, ensuring confidentiality and security of sensitive information.
• Ensure that documentation meets regulatory and internal standards for completeness and accuracy.
• Promote a culture of compliance and ethics within the organization by encouraging responsible and ethical behaviour, engaging employees at all levels to understand and embrace the importance of compliance.
• Engage employees at all levels to understand and embrace the importance of compliance.
• Lead a team of compliance professionals, demonstrating a strong commitment to compliance and ethical standards in all activities.
• Uphold company values throughout business practices and utilise sound judgment in decision making.
• Any other additional duties as may be required by management based on needs of the business

Minimum Experience

• A minimum of 15+ years working experience in a similar role, including experience managing a team of compliance professionals.
• Proven experience in compliance, regulatory affairs, or a similar role within the Wealth Management and Asset Management sector of the financial services industry, having dealt previously with regulators including either SCA/FSA/MAS/HKMA etc.
• Experience of conducting trade surveillance or equivalent monitoring activities.

Required Qualifications

• Relevant Master’s degree in business, law, finance, or a related field.
• United Arab Emirates (UAE) Securities & Commodities Authority (SCA) accreditation is desirable.
• Certification in compliance (e.g., Certified Compliance & Ethics Professional, Certified Regulatory Compliance Manager, CISI certificates, International Compliance Association certifications) is preferred.