Head of Compliance

• Gain a comprehensive understanding of the existing compliance framework, policies, and procedures.
• Conduct an initial assessment of the framework against IOM regulatory requirements, identifying potential gaps or areas for enhancement.
• Develop a detailed action plan outlining proposed improvements and timelines for implementation.
• Establish strong working relationships with the IOMFSA supervision team, the IOM Board, Group CCO, the MLRO, and other key internal stakeholders.

• Act as the R13 Head of Compliance Controlled Function holder, fulfilling all associated responsibilities and maintaining fitness and propriety.
• Oversee compliance with all conditions of the licence and applicable Isle of Man regulatory requirements.
• Establish, maintain, and oversee robust, documented arrangements (policies, procedures, systems, and controls) appropriate to the nature, scale, and complexity of the business (Class 8(2a) & (4)) for compliance with all regulatory requirements.
• Ensure appropriate segregation of duties, safeguarding of client assets (including relevant funds under Class 8 rules), maintenance of records, and fair treatment of clients.
• Develop, implement, and manage the Compliance Monitoring Program (CMP), ensuring compliance activities are effectively tracked, assessed, and reported.
• Ensure prompt action is taken to remedy any identified deficiencies in compliance arrangements or controls.
• Maintain statutory registers required by the Rule Book, including those for Conflicts of Interest (Rule 8.10), Breaches (Rule 8.17), and Complaints (Rule 8.32).
• Establish and maintain comprehensive policies for managing financial, legal, regulatory, operational, and group-related risks.
• Ensure appropriate procedures and controls are in place for identifying, measuring, monitoring, and controlling relevant risks.
• Oversee the effectiveness of the company's internal controls framework related to compliance and risk.
• Ensure the business resumption and contingency arrangements (Rule 8.14) are appropriate and tested.  
• Act as a primary point of contact for the IOMFSA on compliance matters, fostering an open, honest, and cooperative relationship.
• Manage regulatory inquiries, examinations, audits, and reporting requirements for the Isle of Man.
• Prepare and present timely and accurate compliance reports to the Board of Directors, Group CCO, senior management, and, where required, the IOMFSA.
• Provide leadership, oversight, and guidance to the MLRO.
• Possess sufficient knowledge and understanding to oversee compliance aspects related to other Controlled Functions within the IOM entity.
• Participate in the due diligence process for proposed Controlled Function holders, ensuring fitness and propriety assessments are conducted thoroughly before notification/application to the IOMFSA.
• Where authorised by the Board, sign regulatory declarations on behalf of the regulated entity related to Fitness and Propriety (e.g., on F&P 1 and F&P 2 forms).

• Minimum 5 years of compliance experience within the financial services sector, with experience in a senior compliance role.
• Bachelor's degree in Law, Finance, Business, or a related field. Relevant professional compliance qualifications (e.g., ICA Diploma) are highly advantageous.
• Demonstrable integrity, competence, capacity, and sound financial standing, meeting the IOMFSA's requirements for holding a Controlled Function.
• Proven ability to operate with appropriate independence and influence senior management and the Board. Experience in overseeing compliance professionals.
• Experience within the FinTech, Payment Services, or E-Money industry is highly desirable.
• Proven experience in building and managing compliance frameworks and dealing directly with regulators (specifically the IOMFSA).
• Excellent written and verbal communication skills, with the ability to articulate complex regulatory requirements clearly to various audiences (Board, staff, regulators). Demonstrable integrity, competence, capacity, and sound financial standing, meeting the IOMFSA's requirements for holding a Controlled Function.
• Leadership & Management: Proven ability to operate with appropriate independence and influence senior management and the Board. Experience in overseeing compliance professionals.

• Experience with AI-powered compliance technology or data analytics.
• Experience in managing compliance across multiple jurisdictions (understanding group context).

Your specialist: Sally Fenton

Quote job ref: 16554

Hi, I'm Sally and this is one of the job roles I am looking after for this super business. If this job is of interest for you, please submit your CV and we will come back to you to arrange the next staging.

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