CIB – Prime Services Business Control Officer (BCO) – Hong Kong – Executive Director
Location: HK-Hong Kong-Hong Kong-One Island East / 31141
CIB – Prime Services Business Control Officer (BCO) – Hong Kong – Vice PresidentAbout J.P. Morgan Chase & Co.
J.P. Morgan is a leader in financial services, offering innovative and intelligent solutions to clients in more than 100 countries with one of the most comprehensive global product platforms available. We have been helping our clients to do business and manage their wealth for more than 200 years and we keep their interests foremost in our minds at all times. This combination of product strength, intellectual capital and character sets us apart as an industry leader. J.P. Morgan is part of J.P. Morgan Chase & Co. (NYSE: JPM), a global financial services firm with assets of $2.0 trillion.
J.P. Morgan's Corporate & Investment Bank is a global leader across banking, markets and investor services. The world's most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.Prime Services is part of the Investor Services business which is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. Investor Services leverages the firm's unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $16.9 trillion in assets under custody and $7.3 trillion in assets under administration. For more information, go to http://www.jpmorgan.com/Department Summary:The BCO team consists of skilled risk and control experts who act as trusted advisors to the business and are responsible for ensuring a strong and consistent control environment is deployed from front office to back office across our Prime Brokerage, Equity Financing, and Agency Clearing and Collateral business’s within the APAC region.Position Summary / Key ResponsibilitiesThe BCO is responsible for establishing a strong presence as a regional lead, monitoring and evaluating the control environment and aligning with global partners on a continuous basis.The BCO will spearhead the first line risk and controls management oversight of the end to end system of controls that are designed to mitigate inherent risks and will drive a program through active engagement, thematic reviews, risk analysis and control deep dives to continuously manage and reduce the Business’s residual risk profile. To meet these objectives, the BCO will partner closely with other BCO’s and the wider business partners including Audit, Legal, Compliance, Business Management, Product, Finance, Risk, Technology and Operations to establish governance and systems that identify, quantify, manage and monitor risk at the most granular level.The BCO is also responsible for synthesising controls data into concise messaging for Senior Management review and discussion. Additionally, the BCO will work closely with stakeholders to consolidate critical control issues.On a day to day basis, the BCO team will be responsible for1. Business Control Oversight & Governance
- In partnership with Business Executives, establish and drive business control forums, ensuring agenda and materials effectively cover critical business operating risk
- Preparing the business for controls audits and other client audit engagements. The analyst will ensure the PwC requirements are understood and communicated, and issues or potential exceptions are resolved
- Executing ad hoc / analytical requests
- Address regulatory, compliance and customer issues with urgency and accountability
- Build and maintain strong relationships with key stakeholders and ensuring the BCO is the ‘trusted partner’ to the business.
- Enhance the firmwide control framework to ensure consistency and transparency through clear oversight and defined accountability2. Phoenix management / Risk Control Self Assessment (RCSA):
- Coordinate semi-annual refresh and substantiation of RCSA’s
- Approve new phoenix / RCSA items and track to completion
- Perform pre-closure review of all Action Plans to ensure actions gave been sufficiently executed
- Proactively ensuring local and global awareness as to the status of high severity Phoenix Action Plans.
- Serve as central point of contact for all Phoenix related queries and provide guidance as and when required3. Incident Management:
- Early identification and escalation of control problems, ensuring timely and appropriate resolution
- Facilitate incident reviews with key stakeholder’s to agree root causes and ensure the delivery of high quality action plans and remediation to address control / risk issues
- Ensure high quality Incident / error management reports are produced
- Monitor for closure of remediation plans and undertake QA reviews.4. Thematic reviews, risk analysis, risk deep dives:
- Facilitate deep dive reviews upon request and on a risk based approach
- Review internal risk event data for trends, thematic themes and perform deep dives where necessary
- Maintain the business control initiative tracker and execute on a prioritisation basis.
- Formalise a Quality Assurance plan to test the operational effectiveness of key controls
- Minimum 10 years of Investment Banking or experience in finance sector
- Prior experience at senior or supervisory level in a relevant corporate, operations, risk or control function would be beneficial
- Demonstrable understanding of Prime Services products
- Highly motivated self-starter who takes ownership
- Good organisational skills - manages & prioritises multiple tasks across different time horizons within deadlines
- Investigative mind-set, able to see issues at both a high-level and in detail.
- Strong analytical, problem solving & process re-engineering skills
- Strong team player with excellent partnering and influencing skill
- Proven track record of initiating policy and control improvement and driving programs and that enhance transparency, governance or control.
- Business degree or professional qualification is highly regarded
- Disaster Recovery Planning
- Management Reporting
- Process Reengineering
- Quality Assurance
- Risk Analysis