Head Of Compliance - KSA

Responsibilities

• Participates in setting the annual compliance objectives for the affiliated units / Saudi branches, approved by the Executive Director - Compliance Department / General Administration and with the CEO / Saudi Branches, and implements the annual objectives of the department approved by the Executive Director - Compliance Department / General Administration and with the CEO / Saudi Branches. Provides the Compliance Department / General Administration periodically with updates on the achievement of the planned goals.
• Sets the objectives for subordinate employees based on the approved annual plan, supervises the department’s and employees’ work administratively and operationally, ensures work is carried out with the required efficiency and accuracy, evaluates employee performance, and develops them to enhance the service level provided.
• Monitors activities related to evaluating the bank’s compliance with policies and legislations approved by the Saudi Central Bank, supervisory instructions, and other legal requirements. Ensures adherence to all regulations and laws related to banking operations in Saudi Arabia and takes appropriate actions based on evaluation results. Verifies the absence of any conflicts with instructions issued by the regulatory authorities in the home country and immediately informs the Executive Director - Compliance Department / General Administration if any conflicts arise.
• Reviews the Code of Professional Conduct, work ethics, and banking profession ethics and ensures compliance.
• Reviews and evaluates policies, procedures, work mechanisms, and recommendations regarding launching new products in coordination with concerned entities to prevent any obstacles, mitigate non-compliance risks—especially systemic risks, reputational risks, and financial penalty risks—and establishes principles of management approach and sound governance within the bank.
• Oversees the issuance of circulars and guidance manuals related to regulatory instructions for the bank’s operations to concerned parties based on work changes and updates, coordinating with the direct supervisor.
• Develops / updates compliance programs to verify the bank’s adherence to regulatory instructions and ensure compliance with all regulations and laws related to banking in Saudi Arabia. Updates this program according to developments and submits it to the direct supervisor for approval by the Compliance Committee / Board of Directors.
• Conducts periodic compliance audits based on the pre-prepared compliance program, prepares necessary verification matrices, evaluates control procedures addressing compliance risks, and reports findings and recommendations to the direct manager.
• Prepares matrices related to periodic disclosures, follows up on concerned entities' compliance with disclosure issuance within specified timeframes, supervises continuous updating of the periodic disclosures manual according to updates throughout the year, and informs the direct manager of any potential cases that might cause disclosure delays or data inaccuracies.
• Supervises / responds to inquiries from branches and bank departments in coordination with the direct supervisor concerning approved instructions, laws, and regulations. Provides advice and guidance on compliance-related matters to enhance the regulatory environment.
• Reviews / manages incoming and outgoing correspondence from the Saudi Central Bank and supervises outgoing communications, templates, and responses sent by regional management departments to various regulatory authorities, ensuring compliance with the approved issuance mechanism and verifying the authority of the individual addressing the regulator.
• Oversees responses to all customer-requested letters from branches and departments that do not have approved templates in the bank. Studies the frequency of such requests and proposes standardizing and distributing templates to branches and departments within the external letters issuance mechanism.
• Reviews bank systems, programs, and work procedures to ensure constant compliance with applicable legislation and instructions, including training programs.
• Monitors all updates issued by regulatory authorities concerning compliance topics and instructions from IRS / CRS, and submits these updates to the direct supervisor for review and inclusion in work procedures.
• Assesses non-compliance cases by evaluating the causes and the regulatory procedures implemented by the bank, provides recommendations to improve the compliance risk regulatory environment, and reports these cases to the Executive Director - Compliance Department / General Administration.
• Participates in workshops organized by operational risk departments related to compliance, evaluates control procedures, proposes amendments, and provides recommendations according to work developments to enhance the regulatory framework.
• Supervises data collection and validation in accordance with FFI agreements and CRS instructions for preparing related reports and submitting them to concerned authorities within specified deadlines. Also follows up on procedures to obtain IRS-related certifications from all relevant employees to enable the direct supervisor to provide required certificates to IRS authorities.
• Participates in reviewing the compliance risk file and conducts periodic regulatory audits.
• Officially reports immediately to the Executive Director - Compliance Department / Compliance Committee at the general administration level any cases of significant failure, deficiency, or violation of compliance.
• Prepares periodic reports on the bank’s compliance with governing instructions and laws, submits them to the Executive Director - Compliance Department / General Administration for review and inclusion in the department’s reports and statements at the banking group level. These are submitted by the Compliance Department to the Compliance Committee / Board of Directors and the Risk Committee / Board of Directors. Follows up on recommendations within the committee acknowledgments provided to the department.
• Supervises the execution department's work, ensures implementation of instructions from regulatory authorities, and the bank’s prompt response to these instructions to protect the bank's rights, and records transactions in the automated system according to work instructions and procedures.
• Supervises the self-supervision unit’s work, ensures required tasks are performed in accordance with regulatory instructions, and verifies the bank's compliance with the updated self-supervision unit’s policies and procedures to protect the bank's rights.
• Reviews internal and external audit reports and regulatory statements, follows up on department-related issues and observations to address them fundamentally and prevent recurrence.
• Ensures daily operations follow approved policies and procedures and within granted authorities to maintain the bank’s rights.
• Provides necessary support in responding to departments’ inquiries regarding compliance with FATCA or CRS laws.

Requirements

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