Regulatory Business Analyst

We are looking for a Regulatory BA and Functional QA with 5+ years of experience to own both the business analysis and functional testing lifecycle across regulatory technology programmes. You will translate complex regulatory requirements into clear functional specifications and then validate delivered solutions through structured functional testing, UAT coordination, and data validation activities. This dual-skilled role makes you equally effective in requirements workshops and test execution — bridging the gap between regulatory obligation and technology delivery with precision and authority.

Key Responsibilities

Regulatory Business Analysis

• Lead requirements elicitation for regulatory programmes — engaging compliance, legal, risk, operations, and technology teams to define clear functional and data requirements.
• Translate regulatory obligations — MiFID II, EMIR, ASIC, APRA, or equivalent — into well-structured user stories, BRDs, data mapping documents, and acceptance criteria.
• Conduct regulatory change impact assessments — analysing updated rules and schema changes to define functional changes required across regulatory systems.
• Map current-state (AS-IS) and future-state (TO-BE) regulatory processes — identifying gaps, inefficiencies, and compliance risks.
• Maintain requirements traceability — managing RTMs to ensure all regulatory requirements are addressed through design, testing, and sign-off.
• Define data mapping and transformation logic — documenting field-level mapping rules, validation logic, and derivation rules for regulatory report population.
• Monitor regulatory change landscape — tracking ASIC, APRA, and global regulatory developments to proactively identify upcoming obligations.

Functional QA & Testing

• Design and execute functional test cases — validating regulatory system outputs against requirements, field mapping specifications, and acceptance criteria.
• Write and execute SQL queries for data validation — verifying field population, transformation logic, and submission accuracy against source system data.
• Conduct end-to-end reconciliation testing — comparing regulatory report outputs against golden source systems to identify breaks and data quality issues.
• Validate regulatory schema compliance — testing report XML / JSON outputs against regulatory validation rules and field format requirements.
• Support and coordinate UAT — engaging business users, compliance officers, and operations teams to validate functionality and obtain sign-off.
• Manage defect triage and resolution — logging, prioritising, and tracking defects in Jira with clear regulatory impact assessment.
• Support regression testing for regulatory change releases — maintaining and executing regression test packs across reporting cycles.

Stakeholder Management & Delivery

• Engage stakeholders across compliance, legal, risk, operations, and technology — translating between regulatory language and technology delivery terminology.
• Facilitate requirements workshops, process design sessions, and UAT coordination meetings.
• Contribute to Agile delivery ceremonies — sprint planning, backlog refinement, and retrospectives — as an embedded BA / QA in engineering delivery teams.
• Produce clear documentation — functional specifications, data mapping documents, test plans, defect reports, and UAT sign-off evidence for governance and audit.

What We're Looking For

1. 5+ years of experience in regulatory business analysis and & or functional QA in capital markets or financial services.
2. Deep knowledge of regulatory frameworks — MiFID II, EMIR, ASIC Derivative Transaction Rules, APRA prudential standards, or equivalent.
3. Strong capital markets domain knowledge — derivatives, FX, fixed income, equities — trade lifecycle, product characteristics, and regulatory reporting obligations.
4. Proven requirements documentation skills — BRDs, user stories, data mapping, process maps, and acceptance criteria.
5. Solid functional testing skills — test case design, UAT coordination, data validation, and defect management for regulatory systems.
6. Advanced SQL skills — complex querying for data validation and reconciliation across Oracle, SQL Server, or PostgreSQL.
7. Strong stakeholder management skills — engaging compliance, legal, risk, and technology teams confidently.
8. Agile delivery experience — Jira and Confluence in sprint-based delivery teams.
9. Excellent written and verbal communication skills — clear, audit-quality regulatory documentation.

Nice to Have

• Experience with trade reporting platforms — DTCC GTR, REGIS-TR, UnaVista, or equivalent.
• Familiarity with regulatory schemas — ESMA EMIR Refit, ASIC RG 251 — including XML / JSON field validation.
• Knowledge of LEI, UTI, and UPI validation.
• Exposure to Calypso, Murex, or equivalent capital markets platforms.
• CBAP / CCBA Business Analysis certification.
• ISTQB Foundation — Testing certification.
• Experience with Australian regulatory reporting — ASIC Derivative Transaction Rules and APRA prudential reporting.