Overall Purpose of Role
Barclays will be undergoing a significant amount of regulatory change in 2024 and 2025 as a result of the introduction of Basel IV for both our UK and Irish Regulated entities.
This role will be involved in execution of independent assurance activities on Prudential regulatory reporting that Barclays is responsible for, ensuring the implementation from the production teams is consistent with the regulatory requirements that Barclays is bound by for both calculation of regulatory requirements and associated disclosures (COREP/Pillar 3).
The incumbent of this role will help lead the assurance activity from the Reg Cap TC perspective in Chennai, working with counterparts in London to plan and execute the assurance activities required from a change implementation perspective and on going BAU. This role will sit within the Reg Cap TC Assurance team.
Key Accountabilities
- Establishing and enhancing the existing assurance activities with in the Reg Cap TC and embedding these within existing policies and standards.
- Maintain and develop the assurance framework activities to be undertaken for Basel IV (EBA and PRA)
- Responsible for planning and executing the assurance cycles for Prudential Regulatory Reporting in multi year future cyles
- Documentation of the assurance outcomes for senior management, identifying areas of improvement and remedial plans to resolve.
- Has the ability to undertake and manage re-performance and data accuracy testing across the Prudential Regulatory disclosures (COREP and Pillar 3) with assistance from technical SMEs in London.
- Responsible for maintaining and updating the prioritsation and scoping methodologies for assurance using prior experience in similar roles related to assurance and audit.
- Help build out the assurance team within Chennai and lead a team of skilled individuals on delivering assurance activities and outcomes per the framework.
Person Specification
- This role needs someone that has a proven track record of delivery audits or assurance at a senior level with at least 5 years experience within that field and can perform the audit/assurance related activities.
- Experience should be within the financial reporting function within a large tier bank (preferable) or prudential regulatory reporting function within a large tier bank (desirable)
- Excellent organisational skills, able to react to complex challenges with focused plans and contingencies and a forward-thinking focus that anticipates future challenges and how to resolve through the assurance activity they will be responsible.
- Must have an understanding of financial markets, financial and/or regulatory reporting, risk, governance and controls.
- Must have an awareness of the prudential rules and regulations (calculation and disclosures) so that they can confidently maintain the assurance framework and be confident in running assurance cycles.
- Identify and implement enhancements to the control frameworks, ensure these meet our governance policies, with a specific focus to assurance.
- Excellent communication skills (oral and written) with proven experience dealing with senior stakeholders.
- Strong interpersonal skills to build relationships across the bank - creates and maintains a culture in which trust and mutual respect are valued, challenging people and systems that do not support this. Uses influencing strategies and conveys a strong vision to achieve results and obtain buy-in across the organisation.
- Comfortable working across virtual teams and embraces the opportunity to work across various functions and locations.
- Sets high standards for self and others, leads by example and delivers to a high standard consistently through themselves and others.
- Demonstrates strong leadership, be able to guide and coach other members of the team to reach their full potential and actively manages their professional development.
Essential Skills/Basic Qualifications
- Qualified Accountant ACA or equivalent with experience within financial audits/assurance
- Prior experience in a top tier bank or similar financial institution, or a large blue-chip corporate
- Strong written, Excel and PowerPoint skills and previous experience of having managing and working with large volumes of data in an audit/assurance environment.
- Excellent stakeholder engagement skills and understanding and executing requirements / expectations.
- Excellent analysis and problem-solving skills with a specific focus on assurance and ensuring stakeholders can support in helping resolve challenges/issues.
Purpose of the role
To identify, assess and mitigate prudential regulatory reporting risks, provide oversight on regulatory reporting, and maintenance of open communication with regulators to ensure that the bank's activities and operations comply with all applicable laws, regulations, and internal control policies.
Accountabilities
- Identification and assessment of prudential regulatory reporting risks arising from the bank's activities, products, and services. Development and implementation of strategies to mitigate prudential regulatory reporting risks, ensuring compliance with all applicable laws, regulations, and internal control policies, and conduct regular compliance reviews and audits to identify and address potential compliance gaps or violations.
- Assessment of the effectiveness of the bank's internal control processes and governance framework, including addressing any weaknesses or gaps that could lead to regulatory reporting non-compliance, and implementation of measures to strengthen internal controls.
- Preparation and submission of regulatory reports to authorities, and provision of support to other departments in their preparation and review of regulatory reports.
- Analysis and presentation of regulatory data to provide insights into business performance, identify trends, and support decision-making.
- Development and implementation of training programmes to educate employees on regulatory requirements and compliance responsibilities.
- Communication and liaising with regulatory bodies, prompt responses to inquiries and provision of requested information, and representation of the bank in meetings with regulators.
- Management of the selection, implementation, and maintenance of regulatory reporting systems and software applications, including collaboration with IT colleagues to integrate regulatory reporting systems with other enterprise systems.
Director Expectations
- Provide expert advice to senior functional management and committees to influence decisions made outside of own function, offering significant input to function wide strategic initiatives.
- Manage, coordinate and enable resourcing, budgeting and policy creation for a significant sub-function.
- Escalates breaches of policies / procedure appropriately.
- Foster and guide compliance, ensure regulations are observed that relevant processes in place to facilitate adherence.
- Focus on the external environment, regulators, or advocacy groups to both monitor and influence on behalf of Barclays, when appropriate.
- Demonstrate extensive knowledge of how the function integrates with the business division / Group to achieve the overall business objectives.
- Maintain broad and comprehensive knowledge of industry theories and practices within own discipline alongside up-to-date relevant sector / functional knowledge, and insight into external market developments / initiatives.
- Use interpretative thinking and advanced analytical skills to solve problems and design solutions in often complex/ sensitive situations.
- Exercise management authority to make significant decisions and certain strategic decisions or recommendations within own area.
- Negotiate with and influence stakeholders at a senior level both internally and externally.
- Act as principal contact point for key clients and counterparts in other functions/ businesses divisions.
- Mandated as a spokesperson for the function and business division.
All Senior Leaders are expected to demonstrate a clear set of leadership behaviours to create an environment for colleagues to thrive and deliver to a consistently excellent standard. The four LEAD behaviours are: L Listen and be authentic, E Energise and inspire, A Align across the enterprise, D Develop others.
All colleagues will be expected to demonstrate the Barclays Values of Respect, Integrity, Service, Excellence and Stewardship our moral compass, helping us do what we believe is right. They will also be expected to demonstrate the Barclays Mindset to Empower, Challenge and Drive the operating manual for how we behave.
