Compliance Officer - Servicing Operations Quality Assurance
Servicing, Collections & Recoveries (including Recoveries Litigation) (“SCR”) is an award winning Business Team at Funding Circle, which plays a vital role for both our borrower and investor customers. To date, the team is 38 people and plans to reach over 60 agents by the end of 2019.
Due to its expanding size, and because Funding Circle has an objective to provide outstanding customer service, SCR now requires continuous, robust and independently monitored quality assurance practices, as well as constant support and challenge to ensure compliance across all areas (including policy or procedure breaches, formal complaints, fair communications and use of third parties).
Your role as a seasoned, experienced compliance professional with a full understanding of compliance principles, practices and standards will be to work closely within SCR to ensure Quality Assurance is free from bias and fair all round. You will also help the team develop its practices and procedures to deal with its regulatory obligations promptly and effectively. You will generally be able to handle day-to-day work independently and need only high-level instructions on new assignments.
The First and Second Line of Defense role is 100% dedicated to SCR and provides independent challenge as part of the SCR Senior Management Team. The role reports directly to the Head of SCR for Europe, but has close ties (and regularly attends team meetings of and liaising with) the Compliance Monitoring and Testing Team (which is part of Legal & Compliance).
You will learn about our innovative, global organisation by being based in London with the long-term potential to build out the function in our offices in Amsterdam and Berlin.
- Carry out both planned and ad hoc quality assurance reviews of different SCR team members, to identify non-compliance and to ensure that manager-reviews are fair and without bias.
- Review and help SCR continuously improve the quality assurance processes to be best-in-class and robust to external audit.
- Assist with internal and external audit processes and, where necessary, meet with institutional investors in order to discuss and present SCR quality assurance and regulatory compliance.
- Be responsible for all replies to formal complaints (currently running at around three per month), investigate root causes and help build out solutions and new procedures to reduce risk of future formal complaints.
- As requested carry out or assist with regular monitoring of external third party insolvency practitioner firms, debt collection agencies, process services, tracing agents etc.
- Attend Reputation & Conduct Committee meetings and other relevant committees (such as CASS) to represent SCR, present results of your work, and discuss related SCR proposals.
- Develop and/or maintain ad hoc and standard reports to Compliance and Business Team Management and Funding Circle risk committees.
- Provide advice to SCR and management on Compliance matters and issues, including those identified by Compliance Monitoring.
- Review and approve SCR communications and variations to communications, business standards and other compliance related materials.
- Assist building out a training program to ensure regulatory compliance by the SCR team.
- Develop and maintain an excellent technical knowledge of relevant regulations relating to Funding Circle and SCR specifically, keeping up to date with new developments and the latest regulatory position.
Legal & Compliance
- Assist with all elements of the Compliance Monitoring and Testing program which are assigned to you to enable consistent evaluation of performance across SCR from a Compliance Monitoring and Testing perspective (i.e. different to internal quality assurance).
- Present and discuss initial findings on SCR in respect of the Compliance Monitoring and Testing program. Escalate any material issues promptly and effectively. Reporting of issues should be measured and in context of the business and regulatory environment.
- Ensure Compliance Monitoring and Testing findings and risks are recorded in appropriate systems and follow-up with the first line and management on the resolution and closure of open issues.
- Participate in periodic review and update the Compliance Risk Assessment in line with the Enterprise Risk Management Framework.
Required Skills & Experience:
- Minimum of 3 years Compliance (ideally Financial Services) experience. Servicing, Collections and Recoveries experience would be an advantage.
- Practical understanding of regulations that affect Peer-to-Peer Lending platforms would be advantageous.
- Able to demonstrate excellent working knowledge of Financial Services regulation.
- Practical knowledge of risk management, monitoring and audit good practices.
- Great communicator - strong oral and written communications skills and an ability to influence and cooperate
- Curious – always seek to understand the root cause of any issue
- Entrepreneurial/self-starter – you may need to work independently to deliver significant volumes of work
- Commercial and practical approach to challenging issues with an ability to remain objective and independent
- Dynamic – you will be ambitious and able to adapt to changing circumstances
- Determined – you will understand and overcome obstacles
- Identification with our mission: 'To Build a Better Financial World'
- Alignment with our core values: Think Smart, Make It Happen, Be Open, Stand Together, Live the Adventure
At Funding Circle there’s a mission that drives everything we do. Around the world, we want to help small businesses get the finance they need to thrive, creating thousands of jobs as they drive the economy forward.
With teams in London, San Francisco, Denver, Amsterdam and Berlin, we’re fusing finance and tech to create new opportunities for those who want to achieve more.
At Funding Circle, we celebrate and support the differences that make you, you. We’re proud to be an equal opportunity workplace and affirmative action employer. We truly believe that diversity makes us better.