AVP - OTC Derivatives Trade and Transaction Reporting Control Specialist
At HSBC, the health and well-being of our employees remains of utmost importance. Many of our roles are permitted to work from home (in states in which HSBC is licensed to operate) until further notice. Upon resumption of normal operations, this role may be performed at our New York, New York office
Overall Summary of the Job:
The Trade and Transaction Reporting team provides control monitoring and oversight of HSBC’s trade and transaction reporting to regulators and exchanges.
This role will be responsible for building and maintaining controls for OTC Derivatives reporting such as CFTC derivative reporting and SEC Security-based Swap (SBSR) reporting.
The role holder will require the capability to read and apply regulatory obligations and transform them into business requirements as well as ensuring existing reporting systems and processes are meeting those obligations.
Successful candidates include those with backgrounds in OTC Derivatives Trade & Transaction Reporting, Compliance, Control and Data Analysis/Scientist backgrounds
Primary Responsibilities/Essential Functions:
- Monitor and review reporting exceptions (daily, weekly & monthly) to provide analysis and spot potential underlying issues.
- Correct and repair reporting exceptions where applicable via both automated systematic tools and manual reporting.
- Review Quality Assurance Test (partial tests require manual execution) result to evidence reporting completeness and accuracy and capture potential reporting gaps and issues.
- Perform issue root cause analysis and apply sound judgement to determine appropriate action owner/s (Compliance, IT and Operation). Organize and chair internal working groups (where necessary) to work with action owners to devise and implement proper remediation.
- Proactively engage systems/processes owners to understand and explain the reporting technical infrastructure and data flow supporting regulatory reporting. Suggest improvements and design Quality Assurance Tests to mitigate potential reporting risks within the risky areas.
- Partner with Trading, Compliance, IT and Operations on roll-out of new products to ensure adherence to the existing trade and transaction reporting obligations.
- Responsible for managing the delivery of changes driven by IT, operational and regulatory-related updates to ensure the firm remains in compliance with relevant trade and transaction reporting regulatory requirements.
- Prepare management information pack and chair monthly governance meeting with senior stakeholders (including Trading, Sales, Compliance, Technology and Operations) to facilitate discussion around critical items require management attention, such as key reporting issues, instance, regulatory fines and upcoming regulatory changes.
- Ensure the firm remains a prominent member of the market by representing HSBC Operations at external forums related to relevant initiatives (for example, ISDA working groups); Collecting internal views and opinions and communicating them to the market while documenting and distributing results and decisions to key internal stakeholders.
- Work with Operations Regulatory Project Managers responsible for other global regulation (EMIR, HKMA, etc.), as appropriate, to ensure global compliance and process consistency where possible.
- Organize and chair internal working groups and meetings with the global Operations teams, Compliance and other stakeholders, as appropriate, to communicate requirements, agree tasks and owners and track implementation.
- Work closely with the global Operations, IT, Compliance, and Front Office teams to build required system changes that will ensure the firm is compliant with all regulatory mandates and industry go-lives by their various deadlines.
- Maintain relationships with various market vendors such as Broadridge, MarkitSERV, DTCC and ICE to ensure HSBC is aware and aligned to their regulatory- and initiative-related solutions
- Perform other job-related duties as assigned.
- Collect internal positions and opinions, come to consensus and represent that position to management and the industry.
- Performs according to prescribed procedures.
Management of Risk (Operational Risk / FIM requirements)
- Each employee must be aware of the Operational Risk scenario associated with the role and acts in a manner that takes account of operational risk considerations.
- Each employee must ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues.
- Each employee must promote an environment that supports diversity and reflects the HSBC brand.
Observation of Internal Controls (Compliance Policy / FIM requirements)
- Each employee must maintain HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators. Any failures to comply with the above should be reflected in year end performance assessments.
- Each employee must understand, follow and demonstrate compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which the jobholder is involved, specifically Internal Controls and any Compliance policy including, inter alia, the Group Compliance policy.