Job Description
Our purpose – Opening up a world of opportunity – explains why we exist. Here at HSBC we use our unique expertise, capabilities, breadth and perspectives to open up new kinds of opportunity for our more than 40 million customers. We’re bringing together the people, ideas and capital that nurture progress and growth, helping to create a better world – for our customers, our people, our investors, our communities and the planet we all share.
Global Regulatory Policy & Advisory (‘GRPA’) is responsible for establishing HSBC’s Group level, and certain regional level, prudential regulatory capital policies, and for advising business lines on the impact of these policies on transactions and new products. GRPA acts as a Second Line of Defence and provides technical regulatory capital support and guidance to functions and businesses on a full range of transactions and prudential regulatory capital issues, including the establishment of interpretations and governance processes to mitigate regulatory risk. GRPA also monitors new rule developments and other ongoing changes to the prudential regulatory capital landscape. GRPA covers key aspects of prudential policy, including risk weighted assets (RWAs), capital resources, Liquidity ratios, and leverage ratios, across all relevant risk areas e.g. credit risk, counterparty credit risk, securitization, and Credit Valuation Adjustment (‘CVA’). GRPA currently maintains a presence in key locations across HSBC, including the UK, Hong Kong, the US, France / EU, Mexico, and India / Middle East.
This position provides an opportunity to join the US GRPA team as a technical subject matter expert with a focus on providing policy guidance on the new Credit Valuation Adjustment (‘CVA’) capital requirements within the US Agencies’ proposed adoption of the ‘Basel III Endgame’. Specifically, the role will lead on the analysis and interpretation of the new CVA rules in the US, with an expected emphasis on all aspects of the both the Basic CVA approach (‘BA-CVA’) and the Standardized CVA Approach (‘SA-CVA’). The role will be based in New York City, however qualified candidates based outside of the New York City area may be considered.
As our Regulatory Policy Manager - Credit Valuation Adjustment you will:
- Track new policy developments and formulate HSBC’s regulatory capital policies accordingly, providing detailed, actionable guidance, distributed to a wide range of stakeholders. The US GRPA team is responsible for monitoring new developments impacting the US prudential regulatory capital regime, as administered by the US Agencies - the Federal Reserve, OCC, and FDIC
- Produce and review regulatory opinions on complex transactions and new products to ensure compliance with Group regulatory policies
- Provide technical support and guidance to internal colleagues across all businesses and functions
- Provide technical support on the implementation of new regulatory requirements
- Drive HSBC’s response to future regulatory developments and influence the external development of regulatory policy by writing public responses to new proposed standards and discussion papers
- The CVA Regulatory Policy Manager will be responsible for leading on the development of a full library of policy interpretations which lay out HSBC’s approach to aspects of the US CVA rules which may be silent or ambiguous
For this role, HSBC targets a pay range between $148,300.00 and $240,000.00.
The final fixed pay offer will depend on the candidate and a number of variables, including but not limited to, role responsibilities, skill set, depth of experience and education, licensing/certification requirements, internal relativity, and specific work location.
At HSBC, our overall goal is to provide a competitive Total Reward Package, with an appropriate mix of fixed pay, and variable pay, as part of an employee’s overall total compensation and benefits. Variable pay generally takes the form of discretionary, annual awards (sometimes referred to as a “bonus”). Additionally, HSBC offers a wide range of competitive and flexible benefits designed to help you improve your health and well-being, finances, and lifestyle.
Requirements
You´ll likely have the following qualifications to succeed in this role:
- Strong technical working knowledge of the prudential regulatory capital rules relating to the calculation of regulatory capital resources, RWAs, and the leverage ratio, with an emphasis on CVA RWAs under both the BA-CVA and SA-CVA methodologies
- Knowledge of these concepts under US (Fed / OCC / FDIC) rules is essential. Knowledge of these concepts under Basel / BCBS rules, and under UK / PRA rules is highly desirable
- Knowledge of the historical / existing CVA capital framework under US, BCBS, and/or PRA rules is also desirable
- Excellent communication skills, both written and verbal, including the ability to diplomatically provide feedback on draft prudential regulation to both internal and external stakeholders
- Strong problem solving skills
- Strong Second Line of Defence / control mind-set with the ability to independently support other control functions that are responsible for ensuring the regulatory capital requirements are followed
- Ability to work and thrive across a multi-location team of technical specialists
- Professional approach and presentation, ability to autonomously manage a wide range of stakeholders including senior management across Risk, Finance, Front Office, and other areas
- In depth understanding of the regulatory treatment of a broad range of financial products, in particular OTC derivative contracts and CVA risk covered positions
- Ability to act as an advisor and challenger to business lines and other control functions on all aspects of regulatory capital policy
- Ability to formulate and articulate defensible interpretations of ambiguous rule text
- Ability to prioritise competing deliverables for a broad range of stakeholders
In compliance with applicable laws, HSBC is committed to employing only those who are authorized to work in the U.S. Applicants must be legally authorized to work in the U.S. as HSBC will not engage in immigration sponsorship for this position.
As an HSBC employee, you will have access to tailored professional development opportunities to ensure you have the right skills for today and tomorrow. We offer a competitive pay and benefits package including a robust Wellness Hub, all in a welcoming, diverse and inclusive work environment. You will be empowered to drive HSBC’s engagement with the communities we serve through an industry-leading volunteerism policy, a generous matching gift program, and a comprehensive program of immersive Sustainability and Climate Change Initiatives. You’ll want to join our Employee Resource Groups as they play a central part in life at HSBC, including the development of our employees and networking inside and outside of HSBC. We value difference. We succeed together. We take responsibility. We get it done. And we want you to help us build the bank of the future!
All qualified applicants will receive consideration for employment without regard to age, ancestry, color, race, national origin, ethnicity, disability or medical condition, genetic information, military or veteran service, religion, creed, sex, gender, pregnancy, childbirth, caregiver status, marital status, citizenship or immigration status, sexual orientation, gender identity or expression or any other trait protected by applicable law.
