Director, Volcker Compliance - Central Office

 SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.

 

In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

 

The anticipated salary range for this role is between $165,000.00 and $215,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.

Role Description

To support SMBC Americas’ business growth strategy, SMBC has established a global Volcker Office to ensure global consistency and adherence to the requirements of the Volcker Rule. Overall, the candidate should have a strong functional knowledge of the Volcker rule, and be able to implement, and manage SMBC’s compliance program for the Volcker Rule. On a day-to-day basis, the position works closely with various businesses and control functions to help ensure that the bank appropriately addresses the regulatory risks relative to the Rule. The position will also work and communicate with global stakeholders and regional Volcker Offices on various aspects of Volcker compliance. The Director will be responsible for rigorously supporting the Executive Director and managing the Volcker Program while working closely with senior stakeholders across SMBC globally.  

Role Objectives:

Program Implementation:

• Assist to implement an enhanced Volcker Program to include (i) quarterly metrics reporting, (ii) six pillar compliance program, (iii) annual CEO attestation framework, and (iv) heightened standards for documentation.
• Contribute to the overall design and implementation of the Volcker Program and/or related technology strategy to deliver sustainable, scalable solutions.

 

SMBC Collaboration:

• Build relationships with key internal/external stakeholders centered on collaboration, flexibility, and thoughtfulness, assisting stakeholders across the bank in understanding Volcker obligations.
• Review and enhance critical Volcker Rule processes within its U.S., Tokyo, and EMEA regions, working with core Finance teams and other key colleagues (Technology, Risk, Compliance, etc.). 
• Support, guide, and define roles and responsibilities cross-functionally and regionally with both 1LOD, 2LOD, and 3LOD.
• Assist to advise the business on regulatory developments and related control enhancements and act as an escalation point of contact.
• Collaborate with various teams to review, analyze, and assess existing processes to identify areas where centralized oversight or additional controls may be required.
• Help to perform ongoing monitoring and provide transparent reporting to impacted stakeholders and senior management.
• Review RENTD methodology periodically, in line with Volcker expectations. Work closely with business and Market Risk in supporting Volcker RENTD framework; implementation of critical data model transformation and data quality control remediation projects.

 

Regulatory Coordination:

• Communicate with regulators on the organization’s Volcker-related matters and coordinate with stakeholders globally to align on expectations and delivery. 
• Assist in coordinating with regional Compliance coverage, internal and external subject matter experts, business, and senior management to enhance and implement consistent global standards for the Firm's global Volcker Program.

 

Volcker Office Responsibilities: