Head of Business Compliance

Role       : Head of Business Compliance
Location : Abu Dhabi                           

Role Purpose:

The Head of Business Compliance is helping ADIB to meet its mission to become a top tear Islamic Financial Group by providing sustainable and customer-focused financial solutions, aiming to create value for ADIB's stakeholders. It is a dedicated role responsible for providing strategic and operational compliance support and partnership to the business lines including Retail Banking Group (RBG) and Wholesale Business Group (WBG). 

The Head of Business Compliance will functionally report directly to the Group Head of Compliance with matrix reporting to the Global Head of Retail Banking and Global Head of Wholesale Banking Group and will play a critical role in ensuring that all initiatives, activities and products within the Business lines follow regulatory requirements, internal policies, and are within Compliance Risk Appetite. 

The position will promote the embedding of a culture of compliance within the business I First Line of Defense and give the compliance function a "seat at the table" by actively participating in business forums and proactively liaising with Group Compliance. Logistically, this GCD-funded role will be embedded within the Retail Banking business to reflect the contribution of Retail Banking within ADIB's universal banking model, but it will act as an independent second line control function to execute relevant aspects of compliance and conduct through provision of advice and constructive challenge in a manner proportionate to the nature, size and complexity of ADI B's business.

The Head of Business Compliance will operate in a multi-location mode reflecting the operating model of RBG and WBG and have two senior direct reports covering Business Advisory for the two main business lines, I.e. Head of Retail Business Compliance and Head of WBG, Treasury and Credit Business Compliance.
    
Key Accountabilities of the role      

 

• Regulatory Advisory: Act as a primary point of contact for regulatory advice across the bank's business units. Support in the interpretation and implementation of regulatory changes and their impact on the bank's operations, ensuring that business units remain informed and compliant.

• Surveillance: Develop an understanding of the ADIB business models and strategy in order to provide oversight support and challenges. Conduct evaluation and assessment of the effectiveness of ADIB's compliance commitments and requirements across various business lines, identifying potential gaps and risks to be addressed, working closely with Regulatory Affairs (RAU) and Compliance Monitoring and Testing (CMAT) teams.
• Policy Development and Implementation: Oversee the development, implementation, and maintenance of the compliance partnerships policies and procedures. Support in applying these policies across all business units and update in response to regulatory changes.
• Reporting: Support development and implementation of a comprehensive reporting mechanism on business line specific compliance matters, in coordination with the RAU and CMAT, to ensure timely and accurate reporting of compliance issues, trends, and key risk indicators to senior management and relevant committees.
• Strategic Compliance Leadership: Support the vision, strategy, direction and leadership of GCD in ADIB. Support and promote the culture of compliance with regulatory standards and conduct best practices, including performing business within regulatory requirements and to high ethical standards. Provide strategic compliance guidance to all business units, including Retail Banking and Digital Banking, as and when needed. Ensure that compliance considerations are integrated into business strategies, new product developments, and operational processes.
• Training and Awareness: Support the development and delivery of compliance training programs tailored to the needs of different business units. Promote a culture of compliance through regular awareness initiatives and engagement with employees at all levels.
• Support Incident Management: Support in the response to compliance incidents, including investigations, remediation, and reporting. Ensure that incidents are managed in a timely manner and that lessons learned are integrated into future compliance strategies.
• Relationship Management & Partnering: Support and maintain an effective and constructive relationship with key business to ensure a good understanding of compliance requirements across RBG and WBG and associated subsidiaries of ADIB, from CBUAE and SCA perspective.

               Work closely with the Regulatory Affairs team on the interpretation of regulations issued by regulator impacting retail business units.

• New Product & Service Propositions: Support in ensuring that product governance measures on conduct, financial crime and compliance are in place for the new product review process; by assessing that regulatory requirements are reflected in product documents.
• Regulatory Engagements: Support management of regulatory engagement with ADIB's regulatory authorities (i.e., CBUAE and SCA), whose rules the Bank is subject to. Assist business units in obtaining approvals / no-objections from regulatory authorities and act as a point of contact for ADIB in the Bank's interactions with CBUAE and SCA where ADIB businesses require feedback from regulators or for regulators when they request specific information from ADIB.
• Regulatory Examinations: Support business units during examinations from regulatory authorities (i.e., CBUAE and SCA).
• Remediation Guidance: Advise business units in formulating their remediation action plan for regulatory, RCSA, Internal/external audit issues, related to compliance.
• Compliance Projects Oversight: Participate in and monitor relevant compliance­ related projects for the business units.
• Escalations: Ensure that the Group Head of Compliance is well informed of critical business units advisories, initiatives, escalations., and issues.
• Shari'ah Compliance: Maintaining a constructive and effective relationship with Shari'ah Compliance Department of Group Internal Shari'ah Control.

Other: Any other special task/assignment assigned by the Group Head of Compliance. Responsibilities does not encompass the operations of information technology systems used to implement any policies and procedures.

Specialist Skills / Technical Knowledge Required for this role:
 

Education, experience and qualifications:

• Minimum of 10 years of experience in compliance roles within the banking industry, with at least 5 years in a leadership capacity.
• Strong knowledge of the UAE banking 
• In-depth knowledge and experience of Islamic Banking products
• Strong strategic thinking and leadership abilities, excellent communication and advisory skills, and the ability to influence senior stakeholders
• Strong Relationship Management and Collaborative skills
• Solution-focused
• Bachelor's degree in finance, law, business administration, or a related field
• Ability to manage relationships with regulatory authorities
• Ability to challenge the First Line of Defense on compliance related matters applicable to ADIB
• Strong analytical and problem-solving skills, with the ability to navigate complex compliance challenges.
• Proven ability to lead and inspire teams, driving a culture of compliance across the organization.

Specific Responsibility Areas (Non- Business Lines) Required for this role:

• Regulatory Authorities (i.e. CBUAE and SCA)
• Group Legal
• Group Marketing