PRIMARY OBJECTIVES:

The Scheme Assurance Executive role is focused on ensuring alignment between the bank's operational and technical processes, scheme requirements, regulatory standards, and industry best practices. The key objectives of this role are as follows:

Scheme Compliance: Conduct comprehensive assessments based on scheme requirements to validate the bank's operations against specified criteria, ensuring compliance with industry norms and regulatory directives.

Regulatory Compliance: Continuously monitor and verify the bank's processing activities to ensure adherence to relevant regulatory standards. Address any instances of non-compliance promptly and collaborate with internal teams to implement corrective measures.

Continuous Improvement: Actively contribute to enhancing operational efficiency and scheme compliance within the bank. Identify areas for process, procedure, and system improvements and drive their implementation.

Scheme Expertise: Develop a deep understanding of operational and technical requirements within schemes such as the Faster Payments Service (FPS) and CHAPS. Provide guidance and training to internal teams to ensure comprehensive compliance with scheme standards.

Documentation and Reporting: Maintain detailed records of compliance assessments, findings, and action plans. Prepare reports and documentation for both internal and external audits to ensure transparency and accountability.

Collaboration: Work closely with cross-functional teams, including IT, operations, risk management, and compliance, to foster a unified approach to scheme assurance and compliance. Encourage effective teamwork and communication.

Scheme Changes: Stay abreast of any changes or updates to scheme requirements and ensure timely adjustments to the bank's operational processes to maintain compliance.

Risk Mitigation: Identify and assess potential risks associated with scheme compliance and take proactive measures to mitigate these risks, thereby safeguarding the bank's reputation and ensuring customer satisfaction.

Key Responsibilities:

Scheme Assessment: Conduct comprehensive assessments in accordance with the specific requirements of payment schemes such as FPS and CHAPS. Verify that the bank's processes, systems, and procedures align with the rules and regulations of the schemes.

Regular Assessment: Perform regular assessments to monitor ongoing compliance with scheme requirements. Promptly identify and address any deviations or non-compliance issues that may arise.

Regulatory Compliance: Collaborate with internal teams to ensure that the bank's processing operations consistently adhere to regulatory requirements and standards established by relevant authorities.

Continuous Improvement: Take an active role in fostering a culture of continuous improvement within the bank. Identify opportunities to enhance operational processes to meet or surpass scheme requirements more effectively.

Scheme Expertise: Develop and maintain expertise in the operational and technical requirements of FPS, CHAPS, and other relevant payment schemes. Provide guidance to internal teams to ensure comprehensive understanding and adherence to these requirements.

Documentation: Maintain accurate and up-to-date records of scheme assessments, findings, and actions taken to address any issues or deficiencies. Prepare reports for management and scheme authorities as needed.

Training and Education: Collaborate with the Scheme Assurance Manager to deliver training and educational resources to internal teams, ensuring a thorough understanding of scheme requirements and compliance measures.

General Responsibilities:

• Foster positive relationships with all members of the management team.
• Assist the Senior Operations Manager in formulating plans and strategies for the Bank, driving business growth, and achieving strategic objectives set by the department and bank executives.
• Monitor and evaluate the effectiveness of all internal and external operational processes. Provide timely, accurate, and comprehensive reports on the Bank's operational status.
• Ensure compliance with operational delivery rules and regulations. Maintain effective controls over all supervised business units and support internal and external auditors as necessary.

Requirements

A bachelor’s degree or equivalent professional qualifications combined with relevant exposure in an equivalent position in a regulated Financial Institution.

SKILLS AND EXPERIENCE

• Minimum 2-3 years experience within the industry
• Proven experience in scheme assurance, compliance, or a related role within the financial industry.
• Strong understanding of payment schemes, with a focus on FPS and CHAPS.
• Excellent attention to detail and analytical skills.
• Effective communication and interpersonal skills to work collaboratively with cross-functional teams.
• Ability to interpret and apply complex regulatory requirements.
• Strong organizational and documentation skills.
• Commitment to continuous improvement and staying up to date with industry changes.

Benefits

• 25 days annual leave entitlement 
• Pension scheme, 4% employer contribution 
• Private Medical Insurance 
• 60-40 Hybrid working after successful probation period