Job Description
Reporting to the Chief Risk Officer, the purpose of OM Group Compliance is to establish and maintain mechanisms and systems of internal control to assist the OM Board of Directors and Managing Executives in meeting legal, regulatory and supervisory obligations and to promote and sustain a sound compliance culture. This includes ensuring legal and regulatory compliance implications are integrated into material strategic, financial and operational decisions. It is the responsibility of the OM Group Compliance Manager to assign clear ownership for the oversight of different categories of regulatory compliance risks facing the OM Group.
Specific OM Group Compliance and subsidiary Compliance Function responsibilities are to:
1. Establish and maintain an effective regulatory compliance framework that includes a regulatory compliance strategy and appetite.
2. Ensure an effective regulatory compliance management system is in place for identifying, assessing, monitoring, managing and reporting on material compliance-related risks to the business.
3. Ensure the regulatory compliance management system addresses compliance-related risks on an enterprise-wide and individual operating entity basis and is embedded across the OM Group, particularly in all the regulated subsidiaries and the material operations.
4. Implement and maintain compliance risk indicators and performance measures for monitoring the levels of compliance risk being incurred by the business in relation to the defined appetite limits.
5. Implement and maintain adequate compliance governance structures including written policies, procedures, processes, systems and methodologies.
6. Oversee compliance control adequacy and effectiveness, mitigating management actions and exposure versus appetite limits and identify operating model deficiencies and capability gaps.
7. Meet regulatory obligations applicable to the function and be aware of key issues and concerns raised by regulators, while coordinating regulatory interaction where necessary. Oversee the timely submission of all regulatory applications and returns by the business.
8. Advise the relevant Board and Managing Executives on compliance culture, the monitoring and measuring thereof and contribute to the development and maintenance of the desired culture, including embedding principles of 1st Line risk ownership and 2nd Line independence.
9. Advise and challenge the relevant Board and Managing Executives from a compliance perspective on strategic decision making and business planning objectives to ensure they fully understand the implications of decisions being taken and possible mitigating actions to limit compliance exposures.
10. Develop and implement an annual functional operational plan and advise the business on the design and implementation of compliance controls and related mitigation processes, projects and change programmes. The provision of such advice may not compromise the principles of 1st Line compliance ownership and 2nd Line independence.
11. Ensure employees undergo training on regulatory compliance obligations and the OM Code of Ethics and have access to confidential mechanisms to report compliance and ethical breaches.
12. Report to the relevant Board and Managing Executives on:
• The compliance risks to the business and on material compliance issues, including the outcome of regulatory visits, control breaks, breaches and mitigating management actions.
• The extent to which the business is ready to comply with new or emerging laws and regulations.
• The level of progress with the delivery of the annual functional operational plan and the adequacy of resources for the Compliance Function.
Closing Date
25 September 2024
