Swap Dealer Compliance VP at State Street

Swap Dealer Compliance seeks a Compliance Officer to advise internal stakeholders on implementation and development of Securities & Exchange Commission (“SEC), Commodity Futures Trading Commission (“CFTC”) and National Futures Association (“NFA”) swap dealer requirements, including leading the development of relevant  compliance program elements including policies and procedures, training, risk assessments, issues management, governance and management reporting, and assisting in the remediation of noncompliance matters. This position will require engagement with the business, including Global Markets Financing Solutions, as well as with Compliance, Legal, Operations, Enterprise Risk Management, Finance and Audit stakeholders. Knowledge of SEC security-based swap dealer regulations is preferred as this role will lead on the build out of the SBSD Compliance framework and structure, assist the SBSD and SD and their Chief Compliance Officers (CCOs) to satisfy their regulatory obligations. 

Why this role is important to us

The Compliance Department prevents, detects and mitigates compliance, regulatory and reputational risk across State Street and helps to strengthen our culture of compliance through the compliance oversight program. As a second line independent control function, Compliance assesses compliance, regulatory and reputational risk; monitors for compliance with new or amended laws, rules and regulations; designs and implements controls, policies, procedures and training; conducts independent testing; investigates, surveils and monitors for compliance risks and breaches; and leads the banks’ responses to regulatory examinations, audits and inquiries. Compliance team members come from a wide range of academic and professional backgrounds, such as law, accounting, sales, and trading. We look for those who possess excellent analytical abilities, sound judgment, curiosity, problem solvers who are able to adapt to changing regulatory needs. This role will lead the design and implementation of the SBSD Compliance Program.

What you will be Responsible for

• Leading the design, implementation and enhancement of the SEC Security-Based Swap Dealer Compliance Program, including participating in SBSD implementation workstreams, coordinating the SBSD registration process, and drafting SBSD Compliance policies and procedures

• Assisting in responding to regulatory inquiries, audits, examinations and investigations, and liaising with regulators (SEC, CFTC & NFA)

• Supporting the CCOs in administering the duties to oversee the bank’s Security-Based Swap Dealer and Swap Dealer Compliance Programs

• Reviewing and educating internal stakeholders on regulatory updates and engage in advocacy and industry discussions on swap dealer matters

• Advising the business on regulatory requirements, developments and expectations across the swap dealer regimes including swap data reporting, business conduct, recordkeeping, margin and other areas

• Assisting with the development of training for Associated Persons to educate and remind employees of their obligations and expected behaviors 

• Serving as an escalation point and coordinate remediation of non-compliance issues 

• Assisting in drafting CCO annual compliance reports for the CFTC Swap Dealer and SEC Security-Based Swap Dealer and presenting report to senior management

• Periodically assessing the effectiveness of the relevant SEC, CFTC and NFA rules on a periodic basis together with obligations, risks and controls, including risk assessment activities

• Assisting in developing monitoring and testing to review and challenge controls and implement obligations with Compliance and business teams, and work with Audit on ongoing reviews

What we value 

• 5+ years’ experience in and knowledge of SEC Security-Based Swap Dealer, CFTC & NFA swap dealer regulations

• Ability to understand the compliance issues involved with the Global Markets Business, swaps and security-based swap regulation.

• Experience writing and implementing policies and procedures, management information and reports

• Extensive knowledge of financial services products, markets, laws, rules and regulations relevant to OTC derivatives, Equity Derivatives, FX, swaps, Interest rate swaps, futures and options

• Experience with the monitoring, and testing of compliance programs  

• Strong interpersonal skills and the ability to manage processes and drive change and accountability with key internal stakeholders 

• Effective communicator with senior stakeholders both verbally and written, including experience delivering trainings

• Work effectively with personnel in different office locations and in different time zones

• Exceptional attention to detail and strong analytical skills

• Proficiency in Excel, PowerPoint, and Microsoft Office

Education & Preferred Qualifications

• Bachelor’s degree in a relevant field 

• JD preferred but not required