Bank Regulatory Compliance Advisory - Associate - SMBC
New York, NY 10172
About the Job
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
The anticipated salary range for this role is between $79,000.00 and $128,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Role Description
This role contributes to the overall success of the Compliance Department as a key contributor to the Compliance advisory function of the Americas Division. This position will work directly with the Advisory Team, the first line of defense (“1LOD”) as well as the heads of US Compliance verticals to build a bank regulatory compliance program covering US state and federal banking rules applicable to SMBC including, but not limited to Federal Reserve Act Sections 23A/B and Regulation W inclusive of business process and controls optimization, risk remediation and control enhancement, and regulatory compliance.
The CPAD group within SMBC serves as a 2LOD compliance function responsible for overseeing and monitoring the firm's compliance risk. The Associate Advisory Compliance Officer role supports the CPAD Bank Advisory team in building and maintaining a bank regulatory compliance program to help ensure compliance with applicable state and federal banking rules applicable to SMBC branches, representative offices, and other entities of SMBC's US operations. The role also involves providing compliance advice and support to business lines who utilize SMBC bank branches and certain other group companies. Incumbents may assist in development and execution of compliance coverage plans, provide compliance advice to support current transactional activities/structures and new products, assist in development of compliance/business policies and procedures, as well as oversee various assigned projects to improve efficiencies. Individuals at this level must understand the firm's different businesses and products, as well as the rules to which the areas/products are subject.
Role Objectives
- Support Bank Advisory Compliance (BAC) team in developing and maintaining processes and practices to provide second line compliance coverage of relevant state and federal banking rules (e.g. Regulation W, Regulation D, Anti-Tying, Permissible investments/activities, Regulation Y, US Bank Holding Company Act, etc.).
- Assist with and perform regular recurring 2LOD controls/monitoring and maintain relevant logs and documentation
- Support business line compliance advisory staff on execution and administration of projects/initiatives (e.g. policy communications, control implementation) and tasks (e.g. breach review and management)
- Liaise with other compliance departments to assist with execution of BAC directives
- Responsible for creation of group risk and metrics reporting
- Manage processes for tracking and execution of reg changes, policy development/reviews, training material, etc
- Work closely with other supports units to help create and maintain best practice across the Firm.
Qualifications and Skills
- Knowledge of general compliance themes and processes. General understanding of banking rules helpful
- Ability to effectively communicate with staff and management of SMBC bank branches, representative offices and certain affiliate companies.
- Ability to build consensus among stakeholders.
- Attention to detail and discipline to follow up on issues until resolved.
- Must be well organized with prioritization and project management skills
Work Experience:
- 5 to 7 years of specialized experience
- Regulatory compliance experience at banks or broker dealers.
Education:
- Required: BA / BS
- Language Skills:
- Business fluency in the following language(s): English
SMBC’s employees participate in a hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process.
We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities consistent with applicable law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.
