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Purpose of the Job
Quintet Private Bank is a leading private bank in the wealth management sector; we are committed to our clients and their families, and pride ourselves on our personalised service based on a deep understanding of what clients want to achieve. Compared to others, we are small (<2,000 employees across 50 European and UK locations) with an ambition to stay true to our purpose to be the most trusted fiduciary of family wealth. Quintet Luxembourg provides Depositary Bank services and must comply with regulatory requirements to ensure investors' protection. Part of the Depositary duties, the team Alternative Asset Monitoring performs ownership verification and recordkeeping for assets that cannot be held in custody. The Senior Officer of Alternative Assets Monitoring is responsible for a portfolio of clients investing in alternative assets, including complex structures, such as real estate, infrastructure, private debt and equity.
The Quintet Business Risk Management (BRM) function is a first line risk function which aims to:
Manage the customer complaints;- Steer the first line of defence at Quintet in ownership of risks pertinent to their business by leading the newly created function of Business Risk Management;
- Consolidate analyses of regulatory initiatives and their implementation at both Group and local level;
- Ensure consistent approach and standard outcomes on the above.
The role of the Officer, Business Risk Management in Belgium is to analyse customer complaints and ensure the set up of a local robust 1st line of controls framework. This is a key role to enable the front organisation to manage their business risks appropriately. The role holder reports locally to the Belgium Head of Business Risk Management. (S)he is expected to work closely and collaboratively with the Group BRM team, the business and the local 2nd and 3rd line of defence functions (compliance, risk and audit).
Key Accountabilities
Leadership
Contribute to the design and implementation of a strong first line of defence function, and coach other team members in Belgium;- Support the first line functions in developing appropriate processes and controls that aim to ensure that the risks related to the business are identified, analysed, measured, monitored, managed, reported and kept within the limits of the bank’s risk appetite and that the business activities are in compliance with external and internal requirements.
Identification, Management and Monitoring
Identify and deal with all customer complaints and analyse them to determine the corrective action to be taken (commercial gesture or compensation to the customer, operational incident requiring an action plan, etc.);- Ensure strong business risk procedures and processes are documented, implemented and maintained. This includes implementation of regulatory initiatives for the group and locally, as appropriate;
- Support the Risk Control Self-Assessment (RCSA) in Belgium by engaging with the business to identify and assess risks against existing controls, ascertain issues/control weaknesses and develop actions to remediate control gaps and improve processes;
- Ensure risk incidents and risk issues are captured in the risk tools and escalated in a timely way;
- Conduct root cause analysis on new risk incidents and risk issues and recommend process improvements and develop preventive and corrective action plans;
- Develop and maintain the first line controls framework (design and operating ct proactive risk reviews on business processes end-to-end to identify improvement opportunity areas;
- Monitor Key Risk Indicators;
- Maintain industry awareness, best practice insight and regulatory knowledge.
Reporting and Communications
Write internal memos to follow-up to customer complaints and write letters to customers to inform them of the decision taken;- Analyse control results and define measures to address weaknesses together with the local business leads;
- Produce reports/dashboards/key metrics on the risk profile and on control effectiveness for the Group BRM management;
- Escalate significant issues and lessons learned to Group BRM management.
Knowledge and Experience
Proven Business Risk and / or Compliance experience, in particular in a Controller function;- Experience in managing customer complaints;
- Strong on execution and managing conflicting demands & priorities.
Attributes and Qualities
Excellent ability to write customer correspondence or internal analyses- Ability to communicate effectively, influence and persuade at various levels;
- Be able to evolve in a matrixed / changing and complex environment;
- Global understanding of private banking processes is a strong advantage;
- Work together, collaborate with all businesses and engage stakeholders to work with a common purpose.
Technical Skills
Risk, Compliance, 1st line Controls;- Expertise in MS Excel;
Languages Skills
Fluent in French or Dutch (written and verbal and passive knowledge of the other);- Fluent in English (written and verbal).
