Regulatory Compliance Officer – Swap Dealer, Technology & Operations advisory (Associate)

Société Générale · London

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Responsibilities

As a bank, we are required to provide our clients, partners, employees but also the regulators with an irreproachable level of service, including in regulatory terms, which is increasingly important in the control of our economies.

The Compliance Service Unit (CPLE) is responsible for the definition and consistency of the compliance risk prevention and control system, and for coordinating the framework aimed at preventing, identifying, assessing, and controlling reputational risk.

In conjunction with the Business Units and other Service Units (BU/SUs), CPLE performs the following tasks with respect to compliance risk:

• Defining and implementing the overall normative framework of the Compliance service and monitors its implementation;

• Defining procedures and implementing a framework to ensure compliance with respect to compliance risks;

• Awareness-raising among Group employees regarding compliance risk and the strengthening of the compliance culture within the Group;

• Mapping and analysing Group compliance risk and general vigilance regarding issues likely to harm the Group's reputation or that of one of its activities;

• Performing the second-level control and supervision of the framework, including independently assessing compliance risk management within the entities/activities with a major impact on the Group's risk profile, and individually with respect to regulated employees, in compliance with the applicable regulations;

• Monitoring relations with supervisory and regulatory authorities, and representing the Societe Generale Group to these authorities, not including supervisory and regulatory authorities where the Legal function (SEGL/JUR) organises and coordinates the monitoring of these relations, in particular the Autorite de Controle Prudentiel et de Resolution (ACPR) and the European Central bank (ECB);

• Consolidating and monitoring significant compliance events in the entities.

The position sits within the UK Wholesale Compliance team support two entities: Societe Generale London Branch (SGLB) and Societe Generale International Limited (SGIL). This role is with the compliance team supporting the Global Banking Operations and Technology department. The team is based in the UK and covers several topics: compliance for Operations and IT departments, regulatory trade reporting, swap dealer (“SD”) and security-based swap dealer (“SBSD”) matters.

This role relates to SD and SBSD activities. In this area, the team acts a swap dealer compliance office and is is responsible for the ongoing compliance oversight of the implementation and management of the Swap Dealer Compliance Program with the CFTC Swap Dealer and the SEC Security-Based Swap Dealer Compliance Program for Société Générale SA (registered with both CFTC and SEC).

As the mandate of the team is wider than SD and SBSDs matters, the role may require involvement in other topics linked e.g. general compliance advisory for Operations teams, European Markets Infrastructure Regulation (EMIR) and the Securities Financing Transaction reporting (SFTR).

The role holder acts primarily as a regulatory SME for DFA and reports to the UK head of the Compliance team supporting global banking operations and technology.

The Swap Dealer Compliance Advisory team has a global mandate to proactively provide compliance and regulatory advisory services to Société Générale SA, acting through 14 dealing branches, including Societe Generale London Branch (“SGLB”).

The Swap Dealer Compliance Advisory team is the principal point of contact for the US Commodity Futures Trading Commission (“CFTC”) and the National Futures Association (“NFA”) on swap dealer-related matters, the US Securities and Exchange Commission on security-based-swap-dealer related matters and as subject matter experts in respect of the Dodd-Frank Act (Title VII) (“DFA”), as applicable. The role requires close collaboration with colleagues based in the US covering SD and SBSD matters and the functional manager of the team based in Paris.

Profile required

You will:

• Provide advice, support and assist SGLB and SGIL, including compliance advisors of the various business and support functions, on matters related to DFA Title VII and on other topics depending on availability:= (i) proactively providing compliance advice to and answer compliance queries, (ii) overseeing complaint handling investigation and resolution, (iii) providing compliance opinion as part of New Product Committees, (iv) reviewing marketing materials and ensuring they are compliant (when required), (v) establishing and maintaining a constructive, open relationship and dialogue with stakeholders in business unit and support unit, (vi) participating in projects to ensure that SGLB and SGIL are prepared for any required changes as a result of new regulatory developments or UK/EU divergences, (vii) assessing the level of regulatory and reputational risks associated with SGLB/SGIL transactions, projects or products and escalating to the appropriate governance for decision-making in accordance with the risk-based approach set out in the policies.

• Contribute to the assessment of compliance risk within SG SA/SGLB for DFA title VII requirements primarily as part of the annual exercise (both inherent risk and residual risk after mitigation).

• Raise awareness to SG SA, SGLB and SGIL staff, on compliance risk relating those regulations by (i) communicating regulatory changes and news, (ii) designing and delivering compliance training, (iii) actively encouraging a culture of compliance.

• Contribute to SG SA, SGLB and SGIL Compliance policies and procedures framework by providing compliance expertise in the drafting of the Compliance policies and procedures relating to DFA falling under the team’s perimeter.

• Identify, investigate, and report compliance breaches and incidents related to the team’s perimeter.

• Attend and represent SG at appropriate industry working groups on regulatory development topics as appropriate for DFA primarily. .

• Contribute to the production of reporting for the local SGLB Management Committees and SGIL governance, including at Board level.

• Support the preparation ofthe SG SA Swap Dealer Oversight Committee held on a quarterly basis.

• Provide DFA Subject Matter Expert (SME) advice on BAU matters business initiatives, projects, and audits.

• Provide support for the preparation of the annual CCO report exercise.

• Work closely with the Central team in Paris on common topics and projects related to those requirements.

• Assist with regulatory enquiries from FCA, CFTC, NFA or SEC including active participation in regulatory examination

What you will need:

• Proven track record working  in the financial services business covering wholesale banking activities.

• Broad scope of exposure to financial products in particular derivatives products and stock loan and borrows / repos activities

• Thorough understanding of OTC derivatives regulations primarily Dodd-Frank Title VII.

• Good written and oral communication skills

• Ability to work accurately under pressure

• Ability to analyse and interpret data and information

• Flexible/adaptability

• Ability to make decisions and to demonstrate assertiveness

• Ability to work on their own as well as being a team player

• IT literate, with a good command of the products within the Microsoft Office Suite

Why join us

People join for the impact they can have on us. They stay for the impact we have on them. A flatter structure offers visibility and exposure beyond that of our competitors, so you know our names, and we know yours. It's personable, human, and inspires success through passion. By encouraging open mindedness and a willingness to share ideas, we have adapted to market changes and thrived through innovation. Bringing words like “hard work” and “dedication” together with “community” and “respect” has enabled us to work collaboratively and build our future together. We call this Team Spirit and it's what makes us different. It's what makes you different.

Business insight

If you feel you have the required experience and qualifications, then please apply to the SG Resourcing Team, and we will manage your application. At Société Générale, we believe our people are our strength and are core to the success of our business. As such, we search for, recruit and appoint the best available person on the basis of aptitude and ability, regardless of sex, marital or civil partnership status, race, colour, nationality, ethnic or national origins, pregnancy, disability, age, sexual orientation, religion, belief or gender identity.

Diversity and Inclusion

We are an equal opportunities employer and we are proud to make diversity a strength for our company. Societe Generale is committed to recognizing and promoting all talents, regardless of their beliefs, age, disability, parental status, ethnic origin, nationality, gender identity, sexual orientation, membership of a political, religious, trade union or minority organisation, or any other characteristic that could be subject to discrimination.

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