Duties & Responsibilities:
As a Compliance Officer at a leading FSP, you will play a pivotal role in ensuring that our organization complies with relevant legislation efficiently and effectively. Your responsibilities will include:
- Providing legal advice and opinions to the management as needed.
- Offering support to the Compliance Department in the implementation of legislation and approval of debarment charge sheets.
- Keeping the company informed about the latest legislative developments impacting our business.
- Updating policies and procedures to align with legislation and ensuring they are written in plain language.
- Formulating and collating comments on proposed new legislation and communicating changes to line management.
- Organizing strategic sessions to discuss the potential impact of regulatory changes and coordinating feedback.
- Ensuring compliance with laws, regulations, and industry requirements by updating policies and procedures.
- Developing policies where necessary and ensuring that existing policies and procedures are updated in line with legislation.
- Strategically planning for business adjustments in response to legislative developments.
Regulatory Universe:
- Providing input to the Regulatory Universe.
- Being responsible for the completion and maintenance of the Regulatory Universe.
Compliance Risk Management Plans (RMPs):
- Adopting Risk Management Plans (RMPs) in consultation with the embedded business risk management function.
- Developing RMPs in collaboration with the embedded business risk management function.
- Ensuring the appropriate use of the compliance risk management tool.
Advisory:
- Analyzing and identifying compliance risks and providing advice to management, relevant committees, the business risk management function, and employees.
- Offering assistance and advice on compliance issues related to new businesses, products, marketing campaigns, promotional items, trademarks, and other projects.
Reputational Risk:
- Safeguarding the reputation of the company by ensuring compliance with related reputational risk policies and procedures.
Monitoring:
- Creating a compliance monitoring plan in consultation with the embedded business risk management function and tracking progress.
- Monitoring, in conjunction with the embedded business risk management function and the combined assurance structure, the adherence to the Compliance framework, legal and regulatory standards, to identify areas of improvement and detect significant compliance breaches and exposures.
- Ensuring there is an RMP for all high-risk legislation pertinent to the Business in line with the compliance plan for the year.
- Utilizing Exclaim for self-monitoring of high-risk legislation as identified in the Regulatory Universe process.
- Assisting the Business in conjunction with the embedded business risk management function in resolving compliance audit issues.
- Establishing a line of communication with the relevant executive committees of the company through the Group Head: Legal and Compliance to monitor compliance with regulatory requirements.
Compliance Manuals, Standards, Policies/Procedures & Training:
- Being responsible for the maintenance of the Compliance Manual.
- Assisting in the development, drafting, and updating of policies and related training programs as needed.
- Participating in the delivery of training and awareness programs.
Regulatory Requirements:
- Remaining aware of regulatory and legislative developments and practices of regulatory authorities relevant to the Business.
- Assisting the Business in implementing existing, new, and amended regulatory requirements.
- Assessing and advising the Business on the impact of regulatory developments.
- Providing input or comments regarding the drafting of proposed regulatory requirements.
Compliance Culture:
- Actively promoting the Compliance Function to establish a culture of compliance that contributes to prudent risk management by the Group.
- Cultivating relationships within the Business by proactively seeking Compliance involvement in their dealings.
Feedback, Reporting & Escalation:
- Utilizing established mechanisms for reporting and resolving non-compliance with regulatory requirements.
- Immediately reporting material compliance-related matters to the Group Head: Legal and Compliance for communication to the group Chief Executive Officers (Life and Holdings).
- Contributing to and involving the embedded business risk management function in the annual sustainability reporting process.
- Informing the Group Head: Legal and Compliance and/or the Group Chief Executive Officer (Life and Holdings) about regulatory inspections and acting as a conduit for significant information requests, comments, and findings.
- Completing formal monthly and quarterly compliance reports as required by various Group governance structures and regulatory requirements.
- Collaborating with the business to plan corrective actions regarding audit and regulatory findings, monitoring their timely and effective implementation, and escalating progress and results.
Complaints:
- Overseeing the efficient and effective management of the Complaints Department, including the complaints management process.
- Overseeing dispute resolution management.
- Overseeing the Management of training and awareness on Complaints Matters.
Broker Advisory & Intermediary Relations:
- Overseeing the management of the Debarment Process in accordance with legislative requirements, approved policies, and manuals.
- Overseeing the management of policy replacements,, complying with legislative requirements, approved policies, and manuals.
- Overseeing the management of the requirements of the Credit Control Committee.
- Overseeing debt collection management.
- Overseeing the management of monitoring compliance with broker agreements.
Other:
- Being tasked to act as an approved Compliance Officer in terms of applicable legislation.
- Creating and maintaining an appropriate electronic record and filing system.
Business Planning/Decision Making:
- Preparing annual compliance and monitoring plans for combined assurance and, if relevant, FAIS monitoring teams, and submitting them to the Exco for approval.
Value Management:
- Striving to influence a continual reduction in costs within the areas under control.
- Ensuring that services delivered remain cost-effective and efficient.
Requirements:
Formal Education:
- LLB Degree or relevant qualification.
- A post-graduate qualification in compliance risk management is an advantage.
Experience:
- A minimum of 8 years' experience in the Long-term Insurance industry, including at least 5 years in Regulatory Compliance Risk Management.
- Experience in compliance monitoring principles.
If you are a highly motivated and qualified professional seeking a challenging role in regulatory compliance, we encourage you to apply and be a part of the dynamic team. Join us in our commitment to compliance excellence.
