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MasterCard Director - Operational Compliance and Risk, Open Banking in St. Leonards, Australia

Our Purpose

We work to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. We cultivate a culture of inclusion (https://www.mastercard.us/en-us/vision/who-we-are/diversity-inclusion.html) for all employees that respects their individual strengths, views, and experiences. We believe that our differences enable us to be a better team – one that makes better decisions, drives innovation and delivers better business results.

Job Title

Director - Operational Compliance and Risk, Open Banking

Director - Operational Compliance and Risk, Open Banking

Who is Mastercard?

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential.

Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Overview

Leveraging Mastercard’s global payments network, our account-to-account business provides domestic and cross-border solutions to enable the frictionless future of payments. We help our customers leverage rich messaging functionality and applications to capture business and consumer payment flows both domestically and cross-border; offer solutions to connect, enable, and safeguard the Open Banking ecosystem, and protect banks and their customers from financial crime. All this is supported by account-based data insights and consulting to help our clients optimise their payment strategies across the world. The Open Banking team is looking to expand its product offering on a global basis and is currently launching in Australia.

We are committed to the highest standards of ethics and integrity. Ethics and Compliance are at the core of our company values and are essential to both the personal success of every Mastercard employee and to the success of the company. The role will be responsible for leading, strengthening, extending and sustaining a successful compliance program for Open Banking. The role will provide expert compliance leadership and direction to the Australia Open Banking business in order to identify and implement best practices in compliance and risk. The successful candidate will work cross-functionally with colleagues including, Product, Regulatory Affairs, Legal Counsel, Privacy/Data Usage, Global Ethics and Compliance and Internal Audit.

Responsibilities

The role will be a member of the Open Banking Compliance and Risk Function globally with specific responsibility to manage compliance operations for the Australia Open Banking business. Open Banking is regulated in Australia. Mastercard will be pursuing open banking license which requires support to set up internal policies, procedures and controls associated with regulatory obligations as part of accreditation process with ACCC in support for open banking launch in Australia.

The role will work closely with product operations, business and technical teams to set up internal controls, internal procedures and policies so that business is in compliance with relevant licenses. Correspond with the regulators and developing the internal reporting that will be in place for each compliance.

• Onboard new customers who will engage with the open banking platform through compliance checks as part of the customer enrolment process.

• Oversee execution of compliance processes and controls within the Open Banking business relating to licence conduct, AML, Sanctions, Export Controls, Anti-Corruption and Ethics.

• Strengthen the compliance infrastructure within the Open Banking business to ensure the business makes informed risk-based decisions regarding new opportunities, markets, local initiatives and product and service offerings and that appropriate compliance processes and controls are developed, documented and implemented.

• Manage compliance assurance monitoring program to ensure ongoing compliance with regulatory obligations. Conduct regular compliance gap analysis of internal controls to ensure compliance with various applicable laws; recommend and implement remedial actions and improvements.

• Update and maintain relevant compliance policies and departmental procedures.

• Review and assess new business projects and design of compliance controls to ensure adherence to company policy and procedures; delivery appropriate solutions to ensure robust and appropriate compliance controls are implemented.

• Act as an escalation point for compliance queries from other business areas.

• Provide compliance guidance and act as a role model for proper conduct for other business areas.

• Develop relationships with product development, business, sales and senior management within Mastercard’s Open Banking business.

Please note that roles within Mastercard evolve with the needs of the business and department. Therefore, the above is a guideline and by no means comprehensive.

Location

St Leonards, NSW, Australia.

All About You

• Experience managing compliance programmes within an authorized payments institution or financial institution setting.

• Knowledge of Anti-Money Laundering and Payment Services Regulations.

• Ability to interpret regulations and guidance in order to assess the impact and develop practical operational procedures to ensure ongoing compliance.

• Experience executing compliance programs, including design, implementation and oversight of controls.

• Self-starter who is flexible and able to work in a matrixed environment.

• Strong business acumen and solutions orientated.

• Must be able to work on complex issues of significant importance.

• Ability to juggle substantial competing demands and adapt to evolving priorities a must.

• Strong written and verbal communication skills.

• Attention to detail is critical.

• Knowledge and experience of Open Banking products beneficial.

Our benefits

We’ve been named a 2022 Great Place to Work. We offer generous benefit programs that are designed to ensure the financial, emotional, and medical safety of all our employees and their loved ones.

Highlights include:

  1. Heavily subsidised Private Health Insurance (approximately 70% of the insurance cost). This compliments other insurances we provide such as International Travel Insurance for your and your family, Life Insurance and Accidental Death insurance to ensure you can live your life healthy and carefree.

  2. 16 weeks of paid parental leave and 100% bonus eligibility for all employees who become parents by adoption, fostering or childbirth – regardless of gender, sexual orientation, or caregiver status.

  3. Financial support for adoption, surrogacy, or fertility treatments – regardless of gender, sexual orientation, or caregiver status.

Flexibility

We offer employees the opportunity to work remotely, have a flexible start time, or a combination of the two.

On Fridays, employees can use the end of their week as meeting-free, personal flexible time. Employees can use this meeting free time to either catch-up on e-mails, do project related work, continue their professional development through our learning portals or simply re-charge if they’ve had a busy week working extended hours.

Employees also have the flexibility to work anywhere, from one of our 210 offices, for four weeks a year. We encourage you to connect with peer communities for global collaboration. You could work from a shack in Tasmania for a few weeks hiking and eating fresh produce, or, if you’re planning a European getaway spend the first week or two working from your city of choice and then roll straight into your annual leave.

COVID-19 Considerations

We value the safety of each member of our community because we know we’re all in this together. In many locations, which may change over time, we’ve implemented a virtual hiring process and continue to interview candidates by video or phone. In addition, in some locations, only individuals who have been fully vaccinated will be permitted inside Mastercard offices until further notice.

In the US, Mastercard is a government contractor, which may legally require most Mastercard employees to be vaccinated unless a verified approved medical or religious exemption is granted. Further, we are currently making every effort towards having employees return to work in the office 2 days per week, if that makes sense for their team. Everyone must be vaccinated to enter Mastercard offices at this time. Therefore, we expect all candidates to be vaccinated or to be approved for a medical or religious accommodation prior to commencing work at Mastercard.

Corporate Security Responsibility

All activities involving access to Mastercard assets, information, and networks comes with an inherent risk to the organization and, therefore, it is expected that every person working for, or on behalf of, Mastercard is responsible for information security and must:

  • Abide by Mastercard’s security policies and practices;

  • Ensure the confidentiality and integrity of the information being accessed;

  • Report any suspected information security violation or breach, and

  • Complete all periodic mandatory security trainings in accordance with Mastercard’s guidelines.

Requisition ID: R-172314

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