The EIB, the European Union’s bank, is seeking to recruit for its Group Risk & Compliance Directorate (GR&C), Office of the Group Chief Compliance Officer (GR&C-OCCO), at its headquarters in Luxembourg, a Head of Group Operational & Regulatory Compliance Department (GORC)* – This is a full-time position at grade 8/9.

* internal benchmark: Department Head

Applicants will receive initial feedback early September 2023.

The successful candidate will be offered a definitive duration contract (CDD) of 5 years which may be renewed or converted in accordance with applicable policies and rules.

Purpose

The remit of the Head of Group Operational & Regulatory Compliance Department is to identify, assess, advise on, monitor, and report on the Compliance risk of the EIB Group (as defined by the Basel Committee on Banking Supervision) in the following risk categories:

• Money Laundering & Terrorism Financing
• Tax Avoidance and aggressive tax planning
• Market Abuse, Conflicts of Interest and other risks derived from the Market in Financial Instruments Directives (MiFID)
• Sanctions, Exclusions, and Human Rights

The remit also includes responsibility for Compliance Risk Assessment, the Compliance Monitoring programme, and the Testing Framework for the above risks, leading to the monitoring of, and reporting on, relevant key risk indicators and key control indicators.

As Department Head, you will support the EIB Group Chief Compliance Officer (GCCO) in developing and implementing the vision and overarching strategy for the management of Compliance risks under your direct remit, in conformity with EIBG policies. You will also contribute to the review of the Target Operating Model for the Group Compliance Function as 2nd line of defence, in line with best banking & market practices. You will liaise directly with the Project & Change Management team on transversal projects where GR&C-OCCO contributes and/or is impacted and will also have regular contact with peers in the 1^st line of defence.

Operating Network

Reporting to the GCCO, who in turn reports to the Group Chief Risk Officer (GCRO) and to the Management Committee, you will interact with the Governing Bodies, including the Audit Committee, as well as with the EIF. You will lead a staff of approximately 70 people, presently organised in 4 teams covering:

• Regulatory compliance and the enforcement of related policies and procedures, for risks related to money laundering, terrorism financing, tax avoidance, conflicts of interests and market abuse, at operational, institutional, and new products levels
• Sanctions, exclusions, and human rights risks, including the regulatory surveillance of applicable sanctions regimes for the EIB Group
• Assessment/review and issuance of independent opinions on the Compliance risks of individual Operations/Transactions, before submission to the Governing Bodies for approval
• Monitoring of all Compliance risks and testing of the design and operational efficiency of related internal controls.

Internally, you will interact with representatives from all EIB Group services at (Senior) Management level. Externally you will liaise, build, develop, and maintain relationships and co-operation with EU institutions, IFIs, and other relevant organisations.

Your primary responsibility will be, as described above, as Head of the GORC Department. Nonetheless, whenever necessary you may be requested to act as a back-up and provide support for other areas under GR&C-OCCO’s remit.

Accountabilities

Strategic & Operational Management

• Create a vision, and develop an overall strategy for the management of all Compliance risks under the GCCO’s remit, including short-, medium-, and long-term perspectives; As such, formulate and oversee the implementation of the Department’s operational objectives
• Supervise the ongoing implementation of the change management programme intended to strengthen Compliance-related activities in both the 1st and 2nd Lines of Defence. Promote changes and cooperate actively with other services to streamline and simplify processes and procedures. In this context, actively engage in the EIB Group digitalisation strategy
• Steer the effective implementation of relevant key processes to ensure conformity with the relevant EIB Group (EIBG) policies and guidelines, as well as with applicable European banking regulations (“Best Banking Practices”)
• Identify, assess, and advise the GCCO on the Compliance risks of the EIB Group under your remit, including for new products; monitor these risks and regularly report to the GCCO on the outcome and risks exposures
• Lead the set-up of an effective oversight as 2nd Line of Defence on all EIB Group Compliance risks, at operational and institutional level
• Ensure the day-to-day operational management of the Department and report regularly on the results achieved. Establish and manage the resources and means to implement the overall functional strategy and policies in the most effective and efficient manner
• Drive the implementation of EIB Group Compliance risk policies and procedures, in consultation with the EIF and on behalf of the GCCO. In this context, propose and implement a Group oversight programme
• Manage the budget of the Department in line with the defined procurement strategy of the Directorate, ensuring that projects are cost-efficient. In this context, adhere to the organisation’s short, medium, long-term financial objectives
• Support the GCCO including in interactions with the Bank’s Governing bodies and other IFIs/MDBs, on a regular basis
• Represent the GCCO on Steering Committees/Boards, as appropriate
• Promote and preserve a network of external contacts and a close cooperation and partnership with institutions of the EU, IFIs, and associations active in relevant sectors
• Maintain a constructive cooperation with other Directorates/Departments and services of the Bank.

People Management

• Lead, manage, develop, and retain the resources needed to implement the agreed strategy and policies, setting, and monitoring the objectives
• Ensure an adequate and optimal allocation of resources (staff and tools) to cope with priorities and urgencies
• Ensure that the staff under your direct and indirect supervision has the adequate competencies, objectives, and motivation to implement the strategy and deliver results
• Promote effective cooperation and team spirit throughout the Department, Directorate, Bank and Group, as well as the effective and timely dissemination of information
• Foster a climate of development in which staff is growing in skills and expertise to prepare for future developments and changes.

Qualifications

• University degree (minimum an equivalent to Bachelor), preferably in a relevant field and to post-graduate level

• At least 10 years of relevant professional experience, preferably gained in a large commercial or public banking group or development finance institution and governed by European banking regulations
• A solid and demonstrated experience in Compliance and its operationalisation in a business context (2^nd Line of Defence), and a solid understanding of the associated issues, challenges, policies, and methodologies
• At least 5 years of experience in managing teams of professionals, ideally in an international context
• Knowledge of EIB Group objectives, strategies, and relevant policies
• The ability to drive change within an environment where digitalisation plays and will play an important role, ideally in relation to the Compliance role and responsibilities
• Understanding and the capacity to anticipate the role of the Group within the EU policy framework would be considered an asset
• Prior working relationships with the relevant parts of the European Commission or other institutions of the EU would be preferred
• Familiarity with the management of non-financial risks falling under the responsibilities of the Directorate would be an advantage.
• Excellent knowledge of English and/or French (*), with a good command of the other.

Competencies

Find out more about EIB core and managerial competencies here

(*) Unless stated explicitly as a required qualification, a good command of French is not a pre-requisite for hire. As both English and French are however official working languages of the EIB, proficiency in both languages is a pre-requisite for your future career development. Any language clause in your contract must be fulfilled in order for you to be eligible for a promotion (either via the annual appraisal cycle or via an internal selection process). Proficiency is understood to mean the attainment of level 5 of the Inter Institutional language courses, corresponding to B1.2 of the Common European Framework of Reference for Languages (CEFRL). The Bank offers appropriate training support.

We are an equal opportunities employer, who believes that diversity is good for our people and our business. We encourage all suitably qualified and eligible candidates to apply regardless of their gender identity/expression, age, racial, ethnic, and cultural background, religion and beliefs, sexual orientation/identity, disability, or neurodiversity.

Applicants with specific needs are encouraged to request reasonable accommodations at any stage during the recruitment process. Please contact the EIB Recruitment team [email protected] who will ensure that your request is handled.

By applying for this position, you acknowledge the importance of maintaining the security and integrity of the Information of the EIB Group. In case of selection for the position you agree to comply with all measures (policies, controls, document classification and management) implemented by the EIB Group to prevent unauthorised disclosure of any information or any damage to the EIB Group reputation.

Deadline for applications: 25^th August 2023

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