Senior Compliance Officer – PIC – Assistant Vice President

BNPParibas is a leading bank in Europe with an international reach. It has a presence in 73 countries, with more than 196,000 employees, including around 149,000 in Europe. The Group has key positions in its three main activities: Domestic Markets, International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors.

BNPParibas Corporate and Institutional Banking is a globally recognised leader offering capital markets, securities services, financing, treasury and advisory solutions.

CIB UK Compliance is an independent function responsible for providing specialist support to UK Senior Management, Business and Functions in managing Compliance risks, typically acting as Second Level of Defence for Compliance-owned risks, including Market Integrity, Protection of Interest of Clients, Financial Security and Professional Ethics.

Joining us, you’ll become an integral part of a dynamic team that spans nationalities, cultures and backgrounds, drawing together people from around the globe and reflecting our commitment to international placements.

Background to PIC (Protection of the Interests of Clients)

• Protection of interests of clients (PIC) is a fundamental component of the corporate culture of BNP Paribas and is a shared responsibility of all its employees. The BNP Paribas Group places responsibility towards its clients at the very heart of its strategy.
• This is evident by the fact that protection of interests of clients is a central theme in the BNP Paribas Group Code of Conduct.
• Furthermore, clients are becoming better informed and knowledgeable, and eager to assert their rights and they are supported in this by both regulatory principles and actions as well as media attention.
• The implementation of MiFID II has brought enhanced elements in investor protection and it is necessary for BNP Paribas to further adapt and strengthen its culture of protecting client interests against a fast evolving regulatory landscape.
• Compliance has a central role in this in working with the business lines within the Corporate and Institutional Banking Division (CIB) and sometimes with Retail Banking & Services as require.

Purpose:

• Provide reasonable assurance to the Head of UK CIB PIC that up to date PIC policies and procedures, and appropriate organisational arrangements are in place locally which are consistent with Group requirements and all laws and regulations that are applicable to the UK CIB business activities.
• Coordinate a consistent and coherent UK launch and implementation plan for PIC policies and processes.
• In cooperation with the Compliance Regulatory Affairs team, lead and develop a mapping of regulatory requirements, provide regulatory analysis on the impact and implement into policies on PIC matters.
• Assist in the provision of a proactive vision of PIC related risks as well as a comprehensive assessment of Compliance set-up to mitigate these risks in CIB. This includes the four PIC Generic Risks:
  • Risk of selling a product or service that does not meet the client’s needs and situation;
  • Risk that misleading and/or unclear information is given to the client that does not allow him/her to make an informed decision;
  • Risk of not acting in the interests of clients by giving priority to the interests of the BNP Paribas Group, its employees, its partners or others; and
  • Risk that clients’ Complaints are not properly handled.
• Recommend adjustments in terms of organisation, policies, procedures and practices whenever appropriate to reduce PIC Risk, comply with new regulations /legal requirement and anticipate/react to regulators, consumers In collaboration with relevant Advisory Compliance teams, assist in advising Management on escalated PIC related issues in relation to new lines of business, new product lines, new distribution channels, sales and revenues budget. Assist in the organisation and delivery of appropriate training sessions within Compliance and the Business as required and in coordination with PIC Domain.
• Contribute to and relay the purpose and role of the PIC Community within local compliance with the support of the PIC Domain in accordance with the global strategy defined at Group level.
• This role will have a broader scope to expand to work more transversal aligned to UK Regulatory & Territory Office’s mandate including but not limited to reviewing PIC related matters across non-CIB entities as well as regulatory implementation initiatives with Compliance Regulatory Affairs team.

• Identify and assess key PIC related risk areas across UK CIB activities based on business units, e.g., activities, product types, client profile, distribution channels etc. and applicable regulatory frameworks (local regulations, jurisprudence) and relevant Group policies.
• Review and provide second line of defence recommendations on processes, identified gaps and market practices around PIC matters, for example, product governance, distribution channels, sales force remuneration schemes, inducements, suitability, client information, complaints handling, record keeping and traceability etc.
• Assist with the provision to Compliance and Management of a clear and updated view of the PIC regulatory framework for UK CIB activities.
• Advise and support Management on PIC issues in relation to new lines of business, new product lines, new distribution channels, sales and revenues budget.
• Provide PIC expertise and TAC/NAC proposals, assisting with and developing solutions where appropriate, in full collaboration and transparency with the relevant Compliance Advisory teams.
• Assist in the identification of the need for PIC thematic reviews or deep dives and, as directed, perform such focused and targeted reviews on PIC relevant issues in coordination and cooperation with other Compliance Domains and Compliance units.
• Monitor the operation and effectiveness of the UK CIB Client Complaints and Expression of Dissatisfaction processes as Compliance second line of defence, including the submission of complaints returns, provision of appropriate MI and any follow up actions.
• Monitor any PIC incidents, cases and litigations and escalate where relevant as a Compliance second line of defence.
• Raise the awareness & adherence of local business Management to PIC regulatory requirements.
• Define and monitor relevant Compliance MIs and KPIs, reporting and dashboards relating to PIC.
• Coordinate with other Domains and Compliance units as well as Conduct, Regulatory initiatives and provide value added PIC expertise.
• Draft reports, co-ordinating inputs, and other relevant slides and notes for committees annually in consultation with relevant PIC stakeholders on key PIC themes in a relevant year.
• Maintain and enhance the second line of defence UK CIB Compliance framework for managing conflicts of interest, together with the Market Integrity and Professional Ethics domains.
• Maintain and enhance the UK CIB Compliance framework for ensuring that clear, fair and not misleading information is provided to clients, supporting and challenging as a Compliance second line of defence.
• Co-ordinate with the UK CIB Compliance Regulatory & Territory Office, including UK CIB Regulatory Affairs, with any regulatory implementation related to PIC and any ongoing compliance processes that mitigate PIC risks, including implementation, roll out and BAU tasks (e.g. training, policy update, management information etc.) related to the FCA Consumer Duty and UK Clients Policy.
• Support the UK CIB Compliance Regulatory & Territory Office, including UK CIB Regulatory Affairs, which may involve representing UK CIB Compliance in relevant industry association working groups in relation to PIC topics.
• Act as the PIC Single Point of Contact ‘SPOC’ for UK CIB Compliance, promoting the importance of PIC compliance matters.

Competencies required:

• Assertiveness
• Impact and sound judgement
• Decisiveness
• Self-starter
• Good communication skills
• Team player
• Inter-personal skills
• Adaptability
• Proactive and solution driven

Technical skills and qualifications required:

• Knowledge and understanding of relevant rules and regulations
• Good understanding of the products and services manufactured and sold by CIB UK

BNP Paribas promotes equality of opportunity and is committed to ensuring that no individual is discriminated against on the grounds of age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity, race, religion or belief, sex or sexual orientation.

As an employee with BNP Paribas London Branch, we want to make sure that you are rewarded for your commitment. As such, you will be entitled to our award winning benefits package which includes a generous holiday allowance of at least 34 days (including bank holidays), a non-contributory pension of 12%, private healthcare, GP service and dental cover all as standard, along with a number of personal insurances such as income protection, life assurance and personal accident insurance. We believe in ensuring all our employees have a positive work life balance so in addition you will also have access to a variety of flexible lifestyle benefits such as cycle to work and green car leasing schemes, season ticket loans and reduced cinema and gym membership to name a few.

For further information, and to apply, please visit our website via the “Apply” button below.