Chief Compliance Officer - London, United Kingdom - Bank of England

Bank of England
Bank of England
Verified Company
London, United Kingdom

1 month ago

Tom O´Connor

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Description

Chief Compliance Officer (Head of Compliance)

-

(

008672

)

Primary Location UK-ENG-London


Job Risk


Organisation RISK DIRECTORATE


Job Posting 28-Mar-2023, 2:35:21 AM

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
The Bank of England is a diverse organisation.

Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.


Risk management in its broadest sense is at the core of the Bank's mission and is central to everything we do.

As well as the diverse policy risks managed by the Bank's three policymaking committees, the Bank is also exposed to a wide array of financial and non-financial risks.


The Risk Directorate was created following the 2018 internal Risk Governance Review and houses the second line of defence risk and compliance functions charged with providing effective oversight of the Bank's financial and non-financial risks and helping the Bank to ensure that it is in compliance with internal policies.

The Directorate brought together various second line functions - Bankwide Risk, Financial Risk & Resilience, and the Bank's central Compliance Division, including Privacy.

The Risk Directorate also includes Business Continuity Management.

Internal Audit forms the third line of Defence for the Bank and is part of the Risk Directorate for administration purposes but operates independently


Department Overview
The Bank's reputation for integrity and impartiality are key to maintaining our ability to discharge our mission. The Compliance Division works with policy owners and helps to ensure compliance with all Bank wide internal policies.

In furtherance of this goal, Court has recently approved the Compliance Framework which consists of five pillars:
policies, awareness, culture, controls, and breaches.

The Division's strategy, which is set by the Chief Compliance Officer, is to embed each of the five pillars into the DNA of the institution by overseeing the institution-wide internal policies, designing and delivering training on compliance matters, handling breaches and designing a control programme to ensure ongoing adherence to the policies.


Building on this strategy will require outstanding leadership skills, in order to support the Compliance Division; and outstanding influencing skills, both verbal and written, in order to influence stakeholders across the Bank and leverage the various compliance "spokes" which reside within first-line business areas.


Additionally, the Compliance Division has direct responsibility for the central components of privacy risk and compliance with the GDPR legislation.

Some of the key priorities for the year include:

Policies:

The Compliance Division is responsible for maintaining the Policy Bank, which is the central repository for all Bank-wide policies.

The Division is currently developing a Policy Governance Manual that will inform its ongoing approach to updating and amending policies, ensuring that they are sufficiently clear, adequately communicated, appropriately endorsed and consistent with other internal documents, such as the Staff Handbook and Our Code.


Awareness:

Compliance is developing new case-study based training that will be tailored to specific audiences, such as new Heads of Division.

Compliance will also chair a working group on Bank-wide mandatory e-learning, ensuring that all mandatory e-learning is fit for purpose.


Culture:

Compliance will support the Secretary of the Bank in the revision of Our Code and make the associated enhancements to the annual attestation process.


Controls:

Compliance, in conjunction with ERRD, has been working on a project to document the Bank's key policy linked controls.

Once the controls are documented and uploaded into the Risk Management system, Compliance will work to assess and test whether they are being adhered to.

Compliance will also identify the management information to evidence that adherence.


Breaches:

Compliance is taking a tougher stance towards breaches and has recently updated the Breach Management Policy and will be working with the People Directorate on implementation.


Respond to legislative developments which the Bank needs to comply with, including the Modern Slavery Act and Corporate Criminal Offence (prevention of tax evasion).

Leading, with the Data Protection Officer, the management of privacy risk in the Bank

The key functions of the role are to:

  • Embed each of the five pillars of the Compliance Framework into the DNA of the Bank, partnering closely with policy owners and other control functions;
  • Ensure the smooth functioning of the Compliance Division's 'business as usual work', including: producing compliance management information, running the new joiner and annual atte
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