Compliance Manager (Part time 2.5 days per week)

This is a compliance role, working for one of the biggest pension schemes in the UK. It sits within the wider bp group, which is focused on discovering, developing and producing energy in the countries where bp operates. This role sits within the BP Pension Fund and is an FCA regulated Senior Manager position.

BP Pension Trustees Limited (‘the Trustee’ or ‘BPPTL’) is the corporate trustee that manages the BP Pension Fund (‘the Fund’), bp’s UK defined benefit pension fund. The Fund, with assets of around 25bn and 60,000 members, is one of the largest private sector pension funds in the UK. Reporting to the Managing Counsel of BPPTL, the Compliance Manager will be responsible for supervising BPPTL’s in-house FCA-regulated investment manager, BP Investment Management Limited (‘BPIM’), from a compliance, risk and MLRO (money laundering reporting officer) perspective. The incumbent is responsible for advising and monitoring BPIM’s compliance programme. The compliance function is responsible for leading all aspects of business activities within the regulatory environment, ensuring that the activities meet the requirements of various legal and regulatory agencies.

The role holder will also act as the designated compliance professional and Money Laundering Reporting Officer in BPIM, where they will be a Senior Manager appointed as SMF16 (Compliance Oversight) and SFM17 (Money Laundering Reporting Officer) under the Senior Managers Certification Regime (“SMCR”). The role will also involve strategic projects relating to BPIM including looking at the long term strategy. The role assists BPIM management in understanding and addressing all applicable regulations, including maintaining compliance policies and review procedures. It will also act as liaison, with its colleagues in Legal, Company Secretariat, Risk and wider BPPTL partners. Will also be required to collaborate closely with bp’s specialists in other business functions and with internal group specialists in compliance and ethics, money laundering and internal control to ensure that BPIM’s policies are considered as standard process and in line with the wider group approach (where appropriate).

The role holder also provides support to BPIM and the wider Fund in respect of:

• Supporting BPPTL and the Fund on regulatory and FCA issues around derisking
• Ad hoc advisory on regulatory matters (e.g. Margin and Clearing, responsible investment and ESG)
• General E&C advice: AML, ABC, Conflicts of interest.

The role holder will also have dotted reporting lines to both the BPIM chair and the bp group’s Ethics & Compliance function.

Key Accountabilities:

• Review, update and report on compliance policies, procedures and systems and controls, and continue to develop a risk-based compliance programme for BPIM and the Fund.
• Respond to compliance queries and help the Fund (including BPIM) keep up to date on regulatory developments.
• Maintain the BPIM Compliance Manual and compliance related policies in light of improvements identified and any regulatory changes and ensure that these are communicated in BPIM as appropriate.
• The Compliance Manager is accountable for ensuring the control framework over investment activities and associated monitoring.
• The role is responsible for compliance monitoring for all aspects of compliance with regulation (particularly FCA) and the design and operation of the quarterly compliance monitoring system.
• Acts as Money Laundering Reporting Officer (SMF17), accountable to the FCA and reporting on this on an annual basis to the BPIM board.
• Ensure training of FCA-registered staff in BPIM: responsible for selection of the required training programmes for BPIM staff and the maintenance of the records for FCA compliance purposes which demonstrate that the appropriate training has taken place.
• Provide risk reporting for the BPIM board and BPIM-related input into Fund-wide risk framework reporting.

Key Challenges:

• Keep abreast with legal and regulatory changes and their implications for the business and ensure implementation of appropriate responses to ensure the business complies.
• Manage multiple internal & external collaborators.
• Actively network with peer group.

Essential Experience and Job Requirements:

• Degree level education or equivalent experience.
• Prior authorisation as FCA Senior Manager (SMF16 and SMF17) helpful, but not crucial (minimum requirement to be Conduct Rules staff).
• In-depth knowledge of FCA regulated firms.
• Strong interpersonal skills with the ability to liaise with all stakeholders and counterparties of BPIM and BPPTL.
• Excellent verbal, written communication and interpersonal skills.
• Great teammate skills with the ability to work independently.
• Strong work ethic and attention to detail and process.
• Align with bp’s values, and have the courage to speak up.

Other Relevant Information:

The Compliance Officer and Money Laundering Officer roles in BPIM are regulated positions under SMCR (SMF16 and SMF17) and are therefore FCA-regulated.

Additional Information:

• A company culture where we respect our diverse and unified teams, where we are proud of our achievements and where fun and the attitude of giving back to our environment are highly valued.
• Possibility to join our social communities and networks.
• Learning opportunities and other development opportunities to craft your career path.
• Life and health insurance, medical care package.
• And many other benefits.

We are an equal opportunity employer and value diversity at our company. We do not discriminate based on race, religion, colour, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform crucial job functions, and receive other benefits and privileges of employment. Don’t hesitate to get in touch with us to request any accommodations!

Travel Requirement: Up to 10% travel should be expected with this role.

Relocation Assistance: This role is not eligible for relocation.

Remote Type: This position is a hybrid of office/remote working.

Skills: Communication, Compliance Risk Management, Courage, Data Analysis, Decision Making, Ethical judgement, Facilitation, Fund Compliance, Global trend analysis across society, economies and structures, Influencing, Knowledge Sharing, Presenting, Regulated Market (RM), Regulatory Compliance, Regulatory Risk Assessment, Risk Compliance, Risk Management, Risk Reporting, Stakeholder Collaboration, Stakeholder Engagement, Stakeholder Management, Stakeholder Partnerships, Strategic Thinking.