We work to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. We cultivate a culture of inclusion for all employees that respects their individual strengths, views, and experiences. We believe that our differences enable us to be a better team – one that makes better decisions, drives innovation and delivers better business results.
Job TitleDirector, Compliance & Risk, Open BankingJob Description – Director, Compliance and Risk, Open Banking
Who is Mastercard?
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential.
Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Leveraging Mastercard's global payments network, our account-to-account business provides domestic and cross-border solutions to enable the frictionless future of payments. We help our customers leverage rich messaging functionality and applications to capture business and consumer payment flows both domestically and cross-border; offer solutions to connect, enable, and safeguard the Open Banking ecosystem, and protect banks and their customers from financial crime. All this is supported by account-based data insights and consulting to help our clients optimise their payment strategies across the world. The Open Banking team is looking to expand its product offering on a global basis.
At Mastercard we are committed to the highest standards of ethics and integrity. Ethics and Compliance are at the core of our company values and are essential to both the personal success of every Mastercard employee and to the success of the company. The Vice President, Compliance and Risk, Open Banking will be responsible for leading, strengthening, extending and sustaining a successful compliance program for the Open Banking business globally and supporting the business in its expansion into new markets. The role will provide expert compliance leadership and direction in order to identify and implement best practices in compliance and risk. The successful candidate will work cross-functionally with colleagues including, Product, Regulatory Affairs, Legal Counsel, Privacy/Data Usage, Global Ethics and Compliance and Internal Audit.
Key Role Responsibilities
• Member of the Open Banking Compliance and Risk Function globally.
• Open Banking is currently regulated in Denmark and requires Aiia to maintain its PSD licence to support its products and services. The licence requires Aiia to have an MRLO in place to be responsible for Aiia AML programs.
• As the Director for Compliance and Risk and MLRO, be responsible for the Mastercard Open Banking Services [MCOBS] AML and sanctions program in Denmark and Europe as well as have accountability for the compliance and risk programs across MCOBS.
• Oversee execution of compliance processes and controls within the Open Banking business relating to licence conduct, AML, Sanctions, Export Controls, Anti-Corruption and Ethics.
• Manage and evolve the global Open Banking AML program in line with global best practice and regulator expectations.
• Strengthen the compliance infrastructure within the Open Banking business to ensure the business makes informed risk-based decisions regarding new opportunities, markets, local initiatives and product and service offerings and that appropriate compliance processes and controls are developed, documented and implemented.
• Manage compliance assurance monitoring program to ensure ongoing compliance with regulatory obligations. Conduct regular compliance gap analysis of internal controls to ensure compliance with various applicable laws; recommend and implement remedial actions and improvements.
• Update and maintain relevant compliance policies and departmental procedures.
• Review and assess new business projects and design of compliance controls to ensure adherence to company policy and procedures; delivery appropriate solutions to ensure robust and appropriate compliance controls are implemented.
• Produce regular MI for management and other internal stakeholders.
• Act as an escalation point for compliance queries from other business areas.
• Provide compliance guidance and act as a role model for proper conduct for other business areas.
• Develop relationships with product development, business, sales and senior management within Mastercard's Open Banking business.
Please note that roles within Mastercard evolve with the needs of the business and department. Therefore, the above is a guideline and by no means comprehensive.
This role is based in Denmark.
All About You
• Experience managing compliance programmes within an authorised payments institution or financial institution setting.
• Knowledge of Anti-Money Laundering and Payment Services Regulations.
• Ability to interpret regulations and guidance in order to assess the impact and develop practical operational procedures to ensure ongoing compliance.
• Experience executing compliance programs, including design, implementation and oversight of controls.
• Self-starter who is flexible and able to work in a matrixed environment.
• Strong business acumen and solutions orientated.
• Ability to demonstrate thought leadership.
• Risk management and internal controls focused.
• Must be able to work on complex issues of significant importance.
• Ability to juggle substantial competing demands and adapt to evolving priorities a must.
• Strong written and verbal communication skills.
• Attention to detail is critical.
• Knowledge and experience of Open Banking products would be beneficial.
• Formal Compliance certification, e.g. ACAMs or ICA or industry equivalent would be preferable.
We value the safety of each member of our community because we know we're all in this together. In many locations, which may change over time, we've implemented a virtual hiring process and continue to interview candidates by video or phone. In addition, in some locations, only individuals who have been fully vaccinated will be permitted inside Mastercard offices until further notice.
In the US, Mastercard is a government contractor, which may legally require most Mastercard employees to be vaccinated unless a verified approved medical or religious exemption is granted. Further, we are currently making every effort towards having employees return to work in the office 2 days per week, if that makes sense for their team. Everyone must be vaccinated to enter Mastercard offices at this time. Therefore, we expect all candidates to be vaccinated or to be approved for a medical or religious accommodation prior to commencing work at Mastercard.
Corporate Security Responsibility
All activities involving access to Mastercard assets, information, and networks comes with an inherent risk to the organization and, therefore, it is expected that every person working for, or on behalf of, Mastercard is responsible for information security and must:
- Abide by Mastercard's security policies and practices;
- Ensure the confidentiality and integrity of the information being accessed;
- Report any suspected information security violation or breach, and
- Complete all periodic mandatory security trainings in accordance with Mastercard's guidelines.
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