Detail:JOB PURPOSE
The incumbent will be primarily responsible for the development and monitoring implementation of business risk and compliance framework as well as provide assurance on industry and regulatory compliance programs in line with prevailing legislative environment governing the financial sector in insurance.
REQUIREMENTS
✓ Degree in Law
✓ Certified Anti Money Laundering Specialist (CAMS) will be an added advantage
✓ 2-5 years compliance-related experience
✓ Experience in the insurance and financial services industry (preferred)
OPERATIONAL GOVERNANCE
✓ Assist with the operational implementation of the Group Governance Framework.
✓ Draft and review operational governance policies.
✓ Manage operational governance processes, e.g. drafting and updating of delegation of authority.
KNOWLEDGE
✓ Knowledge and understanding of legal principles and ability to interpret legislation.
✓ In depth knowledge of the requirements, implementation, and application of FAIS, FICA, TCF, PoPIA.
✓ Knowledge and understanding of compliance risk management principles.
✓ Knowledge and understanding of the Financial Services Industry.
✓ Knowledge of other legislation applicable to the business, e.g. Collective Investment Schemes Control Act, Companies Act, employment law.
COMPETENCIES REQUIRED
✓ Strong interpersonal, facilitation and presentation skills
✓ Self-driven
✓ Upholding standards
✓ Stakeholder management
✓ Cross-functional collaboration
✓ Strong analysis, planning and organizational skills
✓ Computer literacy
✓ Meticulous and ability to work accurately under pressure
✓ Ability to apply self-confidence and self-regulation
✓ Trustworthiness and conscientiousness by taking responsibility for personal performance
✓ Loyalty toward the organisation
✓ Commitment by aligning with organisational goals
✓ Ability to be assertive
✓ Attention to detail
✓ Controlled decision-making process
✓ Confidentiality and time management / prioritising
✓ Planning and scheduling workability to manage projects and processes
✓ Listening and organising ability to understand, organise, analyse, and respond appropriately
✓ Communication skills by remaining professional and applying effective communication in all areas
✓ Flexibility relating to work dealings, assist when required even if it’s not in your job description
✓ Enthusiasm for learning and self-improvement
✓ Be able to work accurately and effectively in a highly pressurised environment
✓ Accountability and a team player
✓ Meeting the competence, qualifications, and experience requirements to be registered as a Compliance Officer with the Financial Sector Conduct Authority would be advantageous
✓ 3-6 years’ experience as a Compliance Officer in the Financial Services Industry
✓ A thorough understanding and knowledge of compliance risk management and monitoring programmes
✓ A thorough understanding and knowledge of the regulatory requirements impacting on the various businesses (e.g. FAIS, FICA, LTIA, PPR, POPIA)
✓ Degree in Compliance / Legal or a similar field
✓ Ability to learn and adapt
✓ Analytical skills and the ability to work in a methodical and organized manner
✓ Proactive and resourceful and takes initiative.
DUTIES AND RESPONSIBILITIES
✓ Establishing, implementing, and maintaining a regulatory compliance management framework and function within the business in accordance with the overall risk management framework and group and licence holder requirements.
✓ Creation of compliance risk management plans and the monitoring of compliance in terms thereof.
✓ Management of compliance functions within the various regions of the business, where applicable, and external compliance providers.
✓ Assisting business in creating processes to mitigate the identified compliance risks within the business.
✓ Conduct SOPs conformance testing on all SOPs relating to prevailing legislation and processes and track management actions developed to address issues identified.
✓ Drafting and implementation of compliance policies.
✓ Training of employees on compliance policies and legislation, including the drafting of training material.
✓ Addressing compliance related queries from within the business.
✓ Creating a compliance culture within the business.
✓ Reporting to management, the stakeholder, and the relevant regulators on compliance on the business.
✓ Advising business on regulatory changes which may impact compliance management within the business.
✓ Establishing and maintaining relationships with regulators and other internal and external stakeholders.
✓ Complaint investigation and management.
✓ Enable the business to acquire new business within the legislative and operational framework.
✓ Ensure the reporting of cash transactions and suspicious transactions on a timely basis to the MD.
✓ Maintaining an ongoing profile of key risks and emerging trends across the business.
✓ Monitor and keep up to date with risk management, compliance, and legislative developments domestically and internationally.
✓ Maintain the operational Risk Register and track management actions. Collate and report risk events and corrective action taken.
✓ Implement the Legal Risk Management Programme and monitor all legal affairs with the business.
✓ Maintain awareness of regulatory framework and specific obligations within Financial Advisory and Intermediary Services (FAIS) Act, code of conduct, and requirements.
✓ Consult on an on-going basis with Operational managers to ensure conformance with applicable laws and regulations.
✓ Manage, oversee and monitor Financial Advisory and Intermediary Services (FAIS) compliance to ensure that representatives comply with all financial soundness requirements, licence conditions and annual levies.
✓ Perform statistical sampling and monitoring.
✓ Maintain register of representatives and informs Registrar of any changes.
✓ Responsible for the control of the Anti-Money Laundering and Anti-Money Laundering Foreign Account Tax Compliance Act (FATCA) regulations.
✓ Analyse received documents and interact with the Office Manager to advise if received documents are acceptable.
✓ Responsibility includes monitoring and validation of investor files, technical and documentary support to investor teams, updating of operational procedures and participation in compliance committees.
✓ Identify potential areas of compliance vulnerability and risk, develop, and implement corrective action plans for resolution of problematic issues, and provide general guidance on how to avoid or deal with similar situations in the future.
✓ Provide Compliance reports to Management so as to mitigate risk and assess success.
✓ Ensure effective risk management and internal control for area of responsibility.
✓ Administrative duties related to the above.
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