Director, Business Risk - Cayman Branch
BE PART OF A BANK LIKE NO OTHER. When you work with the world's most innovative companies, you know you're making a difference. Our clients are the game changers, leaders and investors who fuel the global innovation economy. They're the businesses behind the next medical breakthroughs. And the visionaries whose new technologies could transform the way people live and work. They come to SVB for our expertise, deep network and nearly forty years of experience in the industries we serve, and to partner with diverse teams of passionate, enterprising SVBers, dedicated to an inclusive approach to helping them grow and succeed at every stage of their business. Join us at SVB and be part of bringing our clients' world-changing ideas to life. At SVB, we have the opportunity to grow and collectively make an impact by supporting the innovative clients and communities SVB serves. We pride ourselves in having both a diverse client roster and an equally diverse and inclusive organization. And we work diligently to encourage all with different ways of thinking, different ways of working, and especially those traditionally underrepresented in technology and financial services, to apply. Job Description The Liquidity Solutions team sits within Product and manages a panoply of on-balance sheet and off-balance sheet client solutions. Liquidity products are designed for clients initiating/deepening a deposit relationship with SVB as well as those deploying newly raised funding from the private and public markets into market-based investment vehicles. Overall, the Liquidity Solutions team has product responsibility for $160B+ in deposits and ~$200B in off-balance sheet client investments (Money Fund sweep, Repo, Asset Management). Liquidity Business Management is a horizontal team that oversees the financial and operational aspects of the Liquidity Solutions business (executive reporting, analytics, financial reporting, trade processing, reconciliations, forecasting, budgeting, and vendor management, etc.) as well as has significant regulatory and risk management responsibilities (SOX Controls, SOC1, Cayman Branch Operating Committee, Control ITM, Regulatory reporting). This position is within the first line and will lead the 4 person Cayman branch team responsible for Cayman client on-boarding & client due diligence (CDD) requirements specific to Cayman Islands Monetary Authority (CIMA) regulations. In addition to managing the team, this role will be responsible for managing overall AML risks associated with Cayman clients as well as Governance risks related to branch management. The role is expected to understand the AML & Governance requirements laid out by CIMA and ensure compliance either through execution by the Cayman branch team or through collaboration with SVB partners groups that provide services to the branch. SVB, through its Cayman branch, offers deposit products for corporate banking clients by offering sweep and non-sweep money market accounts, time deposits and operating accounts. The segment of SVB's client base inclined to utilize these products typically are based outside the US or have subsidiaries based outside the US, in various locations such as the UK, Israel, Canada, and Asia. Client Due Diligence & Cayman Branch Team Management Responsible for people management and operational execution of the Cayman Branch team. Maintain a risk-based approach (RBA) for both client acceptance and ongoing monitoring. Manage team process, protocols and procedures related to on-boarding, Requests for Information (RFIs), Politically Exposed Person (PEP) reviews, Address Monitoring, and periodic client documentary reviews. Partner with RA teams to ensure RBA framework is understood by relationship management teams supporting clients with Cayman deposit accounts. Partner with Client BSA Risk and centralized KYC teams that support Cayman team for transaction monitoring and client profile updates. Ensure Cayman Client Due Diligence documents are kept up-to-date by managing overlapping processes between Cayman Branch team, Relationship Management teams, Operations team, Client BSA Risk team, and KYC team. Engage with technology & transformation office partners to integrate/enhance team processes within Documentum (document storage), Client Relationship Management (CRM) database (client forms), and SCUBA (automated onboarding). Collaborate with Managing Director, Business Management and Human Resources Business Partners to build out Cayman Branch team competency framework Governance Activities Supporting Operations of an International Bank Branch Lead quarterly Cayman Branch Operating Committee (CBOC) meetings, maintain updated CBOC charter, Cayman branch business plan, and CBOC forward calendar Maintain management oversight of regulatory submissions to CIMA performed by Cayman branch team, regulatory affairs, regulatory reporting, and corporate tax teams Manage and continually enhance risk & control framework that currently includes Key Risk Indicator reporting, Business Risk Officer (BRO) reporting, annual control ITM review, internal audit reviews. Engage with Cayman Agent Bank, vendor relationship supporting the branch with CIMA regulatory and reporting requirements, to ensure appropriate support and timeliness of updates Leverage dedicated Cayman compliance team to develop subject-matter-expertise with CIMA regulations. Augment Cayman branch team procedures based on compliance team feedback and annual updates to AML & Governance policies. Ensure Cayman AML risk assessments result in a strong control environment and/or medium-to-low residual risk. Respond to informational requests during CIMA on-site inspections, SVB Internal Audits, and SVB prudential visits to the Cayman Islands Outsourcing Agreements & Executive Reporting Engage with senior management of bank service providers (eg operations, IT, HR, Compliance, legal, finance, audit, financial crimes, etc.) to ensure uninterrupted support and alignment to service level agreements (SLAs). Conduct annual review of Outsourcing Agreement to include: Materiality Assessment of bank service provider teams (ie do we need a service schedule and SLAs) Engagement with bank service providers teams to refresh service schedules, thresholds and SLAs Obtain signatures on Service Schedules from Executive Committee direct reports Author Annual Outsourcing Agreement Due Diligence Memo Application of principles outlined in CIMAs Statement of Guidance (SOG) on Outsourcing and SVB's Intra-Group Outsourcing Framework. Collaborate and develop best practices through engagement with business partners responsible for SVB's other stand-alone branches (Canada, UK, Germany) Participate in discussions with China segment to keep abreast of market dynamics and relevancy of Cayman branch products Manage material preparation for quarterly business review with SVB bank president on the activities, accomplishments, and dependencies of the Cayman branch #LI-FA1 For nearly forty years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group's businesses, including Silicon Valley Bank, offer commercial, investment and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. 2021 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB Financial Group is an equal opportunity employer. At SVB, we have the opportunity to grow and collectively make an impact by supporting the innovative clients and communities SVB serves. We pride ourselves in having both a diverse client roster and an equally diverse and inclusive organization. And we work diligently to encourage all with different ways of thinking, different ways of working, and especially those traditionally underrepresented in technology and financial services, to apply. Silicon Valley Bank is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.