Chief Operating Officer & Head of Compliance

Reports to: Board of Directors

Role Overview

We are seeking a highly experienced individual to serve as Chief Operating Officer (COO) and Head of Compliance for our Maltese entities. These roles have been structured explicitly to eliminate conflicts of interest, ensuring that the integrity and independence of the Compliance function are preserved.

Key Safeguards:

1. The COO role focuses solely on the oversight of outsourced operational activities, with no involvement in day-to-day operational management.
2. The Compliance Officer role remains independent, with no oversight responsibilities over the COO’s day-to-day activities.
3. The COO’s activities are subject to independent monitoring by the Internal Auditor, as per Rules R1-1.5.3.1 and R1-1.5.3.2 of Part BI of the Investment Services Rules, R3-2.7.32 of Chapter 3 of the Financial Institutions Rulebook (FIR/03), and paragraphs 31–33 of the EBA Guidelines on Internal Governance under Directive 2013/36/EU.

This ensures the effectiveness of the second line of defence and compliance with internal governance standards.

Key Responsibilities

COO Responsibilities:

Oversight of Outsourced Operational Activities

• Monitor and oversee outsourced operational activities performed at the Group level, ensuring compliance with regulatory requirements and internal policies. Responsibilities include:
• Operational AML activity: Supervise outsourced AML operations to ensure regulatory alignment and risk mitigation.
• Operational Safeguarding activity: Oversee safeguarding of client funds, including reconciliation and segregation processes, as performed by outsourced teams.
• Operational IT activity: Ensure operational IT resilience and compliance with DORA (Digital Operational Resilience Act).
• Operational EMIR reporting: Oversee outsourced processes for accurate and timely EMIR reporting.

Risk Management and Monitoring

• Develop a framework for independent monitoring of outsourced operational activities to ensure alignment with regulatory and business objectives.
• Provide regular updates to the Board and Internal Auditor on the performance of outsourced operational functions.

Stakeholder Management

• Act as the primary liaison with Group-level operational teams, ensuring clear communication and accountability for outsourced activities.
• Collaborate with the Internal Auditor to ensure an independent review of all operational oversight activities.

Independent Monitoring of COO Role

• The COO’s activities are independently monitored and reviewed by the Internal Auditor to ensure that compliance with operational oversight responsibilities is objective and unbiased.
• Reports to the Board are reviewed by the Internal Auditor to maintain transparency and eliminate conflicts of interest.

Head of Compliance Responsibilities:

Regulatory Compliance

• Lead the Compliance function, maintaining independence from day-to-day operational activities.
• Ensure compliance with all applicable regulations, including MFSA rules, DORA, AML/CFT obligations, and EMIR reporting requirements.
• Implement compliance monitoring plans to provide effective oversight of the outsourced operational activities.

Policy and Procedure Development

• Develop and maintain robust compliance policies and procedures, ensuring they align with regulatory requirements and industry best practices.
• Conduct regular reviews of compliance frameworks to identify and mitigate risks.

Second Line of Defence

• Provide independent assurance that outsourced operational activities comply with regulatory standards, with no overlap or conflict with the COO role.
• Conduct compliance reviews, independent of operational oversight activities, and escalate findings to the Board and Internal Auditor as necessary.

Regulatory Engagement

• Represent the company in discussions with regulators, auditors, and other external stakeholders on compliance matters.
• Proactively address regulatory concerns and implement solutions to meet governance and compliance expectations.

Key Requirements

• Extensive experience in compliance and operational oversight roles, preferably in the financial services sector.
• Strong knowledge of MFSA rules, DORA, AML/CFT regulations, and EMIR reporting requirements.
• Demonstrated ability to oversee outsourced operational activities while maintaining an independent compliance function.
• Proven ability to manage relationships with regulators and auditors.
• Exceptional leadership and communication skills, with a focus on collaboration across multiple teams and jurisdictions.

Preferred Qualifications

• Professional certification in compliance, risk management, or related fields (e.g., ICA, ACAMS).
• Familiarity with Rules R1-1.5.3.1 and R1-1.5.3.2 of the Investment Services Rules, FIR/03, and EBA Guidelines on Internal Governance.

Conflict Mitigation and Compliance with Governance Rules

This role is specifically designed to address and comply with the following governance requirements:

1. Independence of the Compliance Function: The Head of Compliance function operates as a fully independent second line of defence, with no involvement in COO-related oversight activities.
2. Independent Monitoring of COO Role: All COO activities are subject to oversight by the Internal Auditor, ensuring objective assessment and reporting to the Board.
3. Compliance with Governance Frameworks: This structure adheres to Rules R1-1.5.3.1 and R1-1.5.3.2 of Part BI of the Investment Services Rules, R3-2.7.32 of Chapter 3 of FIR/03, and EBA Guidelines on Internal Governance (2013/36/EU).

This ensures a robust governance structure, preserving the independence and effectiveness of both the Compliance and COO functions.

Application Process:
Interested candidates should submit their CV and a cover letter detailing their relevant experience and qualifications.