Financial Crime Assurance Manager London, England
Vanquis Bank
Full Time
London, England
24593 - 31227 GBP ANNUAL Today
Job description
We are part of PFG, a leading specialist bank for the millions of people in the UK who are not well served by mainstream lenders. Our purpose is to help put people on a path to a better everyday life with our clear and responsible approach to lending; an approach built on over 141 years of experience.
PFG is a unified group made up of two brands: Vanquis (cards and loans) and Moneybarn (vehicle finance). While they offer different products and services, they share the common purpose and customer-centric values at the heart of our group. We understand our customers are real people with varied life experiences, so everything we do from our products to our customer experience is designed with this in mind.
Responsibilities
This role operates within the Vanquis Bank Risk Function, reporting to the Money Laundering Reporting Officer (MLRO). The Financial Crime Assurance team conduct ongoing monitoring and reviews of financial crime related activities conducted within 1st line teams and deep dive assessments of specific areas of risk. This is to provide MLRO with independent assurance that systems and controls in these areas are operating effectively. This role supports the MLRO in the development and maintenance of a compliant and effective risk-proportionate financial crime framework across Vanquis Bank as well as being a significant contributor to key aspects of the financial crime programme:
- Supporting the MLRO across all Vanquis products and services by designing, implementing, developing an on-going assurance programme. This includes quality assurance strategies for 1st and 2nd line processes.
- To manage the Financial Crime Assurance team (1 FTE split across 2 colleagues) to ensure resources are appropriately allocated, are sufficiently trained and equipped to perform their roles.
- Developing and keeping up-to-date a risk based plan of assurance activities to undertake throughout the year. To ensure that material legal and regulatory risks facing the business are identified and considered in the construction of the plan, and ensuring the plan is updated as necessary.
- To own all financial crime assurance related processes and procedures such as testing methodology and review planning, ensuring they are updated regularly.
- The scoping and planning of reviews, including agreeing frequencies and thresholds for QC checks, agreeing terms of reference and methodologies for sampling and reviews and their pass rates.
- Conducting assurance reviews in line with the relevant testing methodologies, terms of reference and the timelines agreed with stakeholders.
- Preparing and agreeing draft reports and delivering independent reports, including any control deficiencies or issues, rating findings with appropriate materiality to the the relevant senior management (including MLRO and equivalent senior business stakeholders).
- Agree action plans with process owners to ensure issues identified are addressed in a risk-prioritised and timely manner.
- Tracking closure of identified and agreed gaps, and challenging the resolution of these issues to ensure all actions are truly closed and risks mitigated.
- Undertake periodic testing of the controls performed by the Financial Crime in line with the teams process level risk and control assessment.
- Keep detailed and sufficient records of all activities and ensure they are kept in line with the Banks internal processes and procedures.
Expertise
- Experience of conducting control testing, assurance or compliance monitoring reviews, or internal / external audit, ideally covering financial crime risks.
- A good understanding of the financial crime prevention environment including the relevant UK regulatory and legislative framework.
- Knowledge of the money laundering risks and typologies typically faced by a business with products offered by VBL.
- Demonstrable experience of operational risk frameworks and the application of appropriate and proportionate controls to mitigate risk
- Excellent communication (verbal and non-verbal) and inter-personal skills, with experience of dealing senior management. Confidence to challenge.
- High quality and demonstrable influencing, stakeholder management and presentation skills.
- A good working understanding of the Financial Crime requirements on the Bank, including under the following:
o FCA Financial Crime Handbook.
o Joint Money Laundering Steering Group Guidance
o The Money Laundering Regulations
o Fraud Act
o Bribery Act
o Criminal Finances Act
o Terrorism Act
o Proceeds of Crime Act
Working Conditions
- Hybrid working with 37.5 hours per week (standard hours) based in London, Bradford, Petersfield or Chatham with regular visits to other UK offices
Why Vanquis? Our colleagues are the most important part of delivering our purpose to put customers on a path to a better everyday life. If it wasn’t for their amazing efforts, ideas and energy we wouldn’t be the successful business that we are today. So we offer an attractive, competitive salary and benefits package for everyone including:
- Competitive base salary and rewards
- Discretionary bonus scheme
- 25 days holiday entitlement – with one day accrued for each year of service (to max 30 days)
- Defined contribution pension scheme
- Extensive opportunities for personal and career development
- Flexible and dynamic working policies
- A range of initiatives offered through our Sports & Social and Social Impact Programmes
- Perks at Work - A perks platform offering over 30,000 unique discounts
- Free tea, coffee and fruit
- Discounted gym membership
- Subsidised on-site restaurants
