Role Title: Finance Regulatory Policy – EU Lead
Overall purpose of role
The Policy FTC provides three services across Barclays: Governance, Advisory and Change. The successful candidate will be the lead in respect of all EU prudential requirements, recognising the increasingly distinct nature of the rules and supervisory expectations following Brexit. The successful candidate will be responsible for ensuring that Barclays consistently meets its obligations under ECB SSM capital, leverage and liquidity rules through the provision of interpretative advice and training to the business, setting internal policies and standards, and working with senior management on those items with the most significant impact on our metrics or where significant judgment is required. This will include identifying future regulatory changes, advising on their likely implementation path to ensure Barclays is prepared and representing the group’s interests externally with peers and regulators. They will work as part of the global team to ensure consistency of approach across the group, while taking account of EU specificities.
·Ensuring full coverage of the EU prudential ruleset from an interpretation and implementation perspective.
·Ownership of the end-to-end process for documenting the “house view” on regulatory requirements, interpretations, and treatments for both new products and structured transactions.
·Working closely with both Risk and Legal to ensure that treatments, interpretations and policies applied are reflective of both economic reality and the contractual effect of transaction documentation.
·Leading technical discussions and briefings with the Joint Supervision Team (“JST”), and providing support to Barclays Europe senior management through their own supervisory touchpoints.
·Secretary of the EU Regulatory Management Oversight Committee: a senior group including the Barclays Europe CFO and CRO that is the decision-making forum for items with a material impact or material judgment. The role holder will be responsible for recommending and ensuring consistent application of the Committee’s escalation criteria and for applying Group-wide Regulatory Principles.
·Maintaining relationships with EU-based banking organisations to discuss technical interpretative points.
·Representing Barclays on industry groups such AFME and ISDA in respect of major changes to the prudential rules.
·The successful candidate will coach global team members, helping them to further develop technical analytical ability, product and business knowledge, influencing and people skills.They will also source new talent and help identify career paths for existing team members, to ensure an appropriate mix of seniority over time.
Stakeholder Management and Leadership
The role involves working with a senior and diverse group of internal stakeholders within Finance, Risk, Legal, Regulatory Relations, Government Relations, Treasury and Investor Relations.The successful candidate will need to be comfortable working at a corporate rather than purely a team level to ensure we comply with prudential requirements and respond effectively to regulatory change. Superior stakeholder management skills are required to balance the commercial needs of the business, the practical constraints experienced by supporting infrastructure/control functions and the franchise value of the broader group.
The role also involves interaction with a diverse group of external stakeholders including, supervision and technical staff from Central Bank of Ireland & the European Central Bank, government officials, trade associations and auditors. The successful candidate will own JST escalation and communication on prudential policy interpretation matters affecting Barclays Europe – they will therefore have a key part to play in ensuring Barclays deals with its regulators in an open and transparent manner.
Decision-making and Problem Solving
Decision-making and problem solving is core to the role, whether personally analysing significant, often confidential, issues or helping team members to complete their own analyses. The successful candidate will be skilled in identifying and evaluating alternative interpretations, assessing the relevance of existing internal and external precedents and ensuring a full understanding of issues before decisions are made. They will also need to recognise this work cannot exist in an academic / technical bubble; to ensure the best service and use of resources, they will need to ensure that they and their team quickly identify which initiatives are likely to gain traction and which are more speculative in nature.
Financial Regulatory Policy is a judgmental area. The successful candidate will acknowledge the risk of their technical interpretations, and those of their team, being challenged by auditors or regulators. They will need to have the personal resilience to live through cases where they are subsequently told by management, a second line function the regulator that they disagree with the judgment they have made. Strong control/governance discipline will enable the successful candidate to determine the most appropriate mitigation for this, to ensure they can explain their thinking and justify why it seemed (and continues to seem) reasonable.
Risk and Control Objective
Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise-Wide Risk Management Framework and internal Barclays Policies and Policy Standards.