The Electronic Trading Compliance and Operational Risk (C&OR) Manager (eTrading C&OR Manager) is responsible for the independent compliance and operational risk oversight of the Front Line Unit (“FLU”) and for providing guidance and training to FLU staff across the various Fixed Income lines of business on laws, rules and regulations and compliance and operational risk policies applicable to electronic and algorithmic trading and related activities. The eTrading C&OR Manager is responsible for monitoring electronic trading business activities and processes, identifying and developing independent testing and other controls around the electronic trading function and related activities, and reporting on the state of the control environment as relating to electronic and algorithmic trading. The eTrading C&OR Manager also collaborates with other control functions to provide additional support for specific remediation efforts and share responsibility with the FLU, Electronic Trading Risk Management and other control functions for mitigating risks through the following core measures:
Reviewing and updating existing electronic trading compliance and operational risk policies and procedures and administering applicable training of FLU staff;
Providing input and challenge to the FLU on documentation and controls as part of the review process for new and significant changes to algorithms;
Participating in eTrading governance working groups and providing relevant regulatory, policy, monitoring and testing, and operational risk updates and provides second-line challenge to the FLU;
Developing, implementing and overseeing the execution of second line monitoring and testing controls of the FLU’s electronic and algorithmic trading and related activities;
Performing risk assessments of the FLU’s electronic and algorithmic trading control environment and making; and
Contributing to the resolution of issues by working with the FLU, control functions, internal audit and external regulators, as needed.
The eTrading C&OR Manager contributes to the requirements in the GCOR Policy aligned to compliance and operational risk officers, including but not limited to the following activities:
- Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective process and controls so that their day-to-day activities operate in a compliant manner.
- Proactively engages other C&OR officers, Enterprise Areas of Coverage (EAC) roles, and horizontal function roles to provide comprehensive oversight of FLU and CF activities.
- Identify, collect, validate and record internal loss events and “near misses.” Perform root cause analyses on internal loss events and develop remediation plans to strengthen controls.
- Identify, review and document relevant external loss events.
- Conduct compliance and operational risk assessments of FLU and CF, incorporating review of external loss events to assess control effectiveness.
- Provides independent review and challenge of the FLU/CF’s Risk & Control Self-Assessment (RCSA).
- Leads the efforts and/or contributes to monitoring and testing coverage plans and related metrics for Front Line Unit (“FLU”) or Control Function (“CF”).
- Monitor and test the effectiveness of the front line unit and control function compliance and operational risk controls.
- Identify aggregate, report and escalate compliance and operational risks, issues and control enhancements.
- Contribute to Scenario Analyses to provide a forward-looking estimate of hypothetical operational losses.
- Executes and/or provides oversight of governance and management routines.
- Identify compliance and operational risk training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation.
- Provides consultation to business leaders in preparations for regulatory exams and audits for FLU/CF and related Enterprise Areas of Coverage.
- Inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed.
- Escalate regulatory relations concerns to Compliance and Operational Risk Executive.
7-10 years in Compliance / Operational Risk function, ideally in an electronic trading role
Extensive experience in fixed income products and markets (including futures and FX) as well as technologies and systems
Must know fixed income laws, rules and regulations (local mandatory, globally preferred)
Excellent verbal and written communication skills with knowledge of and proficiency in the use of systems, technology and case management terminology, and the ability to translate technical terms into plain English
Self-starter / go-getter with the ability to identify an issue, initiate a solution, and see it through to completion, including involvement with the front line unit, control function and regional compliance partners (i.e., self-motivated, operates with a sense of urgency and strong attention to detail)
Ability to build broad-based business relationships across the organization
Must be able to communicate (i.e., present) effectively in large forums, including with senior level management, and across functions
Will be required to make strong recommendations and provide sound guidance to effectively advance projects across a globally integrated enterprise
Degree Required: Bachelor’s Degree or equivalent experience; May require FINRA registration, Series 7, 14, 24, as indicated by job code
1st shift (United States of America)
Hours Per Week: